Meanwhile, the new government says it will sign long-term contracts with Norway's power-intensive light-metals and timber industries to help keep them in world business.

ECONOMIST: Norway

Low demand during 2011 was caused by high rare earths prices from both heavy and light rare earths metals, which despite their fluttering prices, remain historically high.

FORBES: 2012 Outlook: Uncertainty Continues For Rare Earths Prices, China Still Major Player

U.S. economic data released Tuesday was light and had little impact on precious metals prices.

FORBES: P.M. Kitco Metals Roundup: Gold Ends Up on Technical Buying, Bullish Outside Markets

As such, light vehicles will provide the base and platinum group metals markets with a solid source of demand growth.

FORBES: Kitco News Roundup