My Sources Say No. As I See It, Yes. Probably.

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"We have had a huge hit on the back of a deterioration on the demand side for autocatalysts," said Stephen Briggs, a metals strategist at RBS Global Banking & Markets.

"But the market is pricing in much of the worst now and in doing so it has brought prices down to levels where producers are struggling to make money.

"The fear must be now that projects in the future will be postponed, delayed or cancelled," he said.

Platinum has slumped 65 percent from an all-time high of $2,290 an ounce hit in March this year on the back of expected supply problems linked to a power shortage in South Africa, source of four out of five ounces of the world's platinum.

Investors have been spooked by a spate of poor car sales numbers from around the world, most notably in North America. U.S. car sales fell to 25-year lows in October, while November sales in Europe and Asia have tumbled.

Major carmakers including GM and Toyota <7203.T> have said they will cut output in response.

Platinum prices are particularly exposed to falling car sales, as around half the global supply of the metal is consumed by automakers for use in catalytic converters.

The survey of a dozen analysts also showed gold price forecasts have been cut by just under 9 percent for 2009 to an average $849 an ounce, from a previous view of $930 in July. The year-on-year fall in gold prices will also be softer than the decline in other metals, with the median gold forecast of $849 only 3 percent off the $874 predicted for this year.

Analysts point to falling inflation as a reason for gold's decline.

"Normally when you have a move from inflation fears to worries about disinflation and deflation, gold should suffer," Societe Generale commodities strategist Jesper Dannesboe said. The direction of the dollar will also be closely eyed.