Friday, June 23, 2006

XAU, XAG Intraday Elliott Waves

The Gold Silver ratio (XAU / XAG) = ~ 57.16, Dow Jones Gold ratio ( Dow / Gold = ~ 18.92, Gold / Crude Oil = ~8.24.

More gossip regarding China:

China can convert part of forex reserves to gold - central bank officials
06.22.2006, 09:24 PM

SHANGHAI (XFN-ASIA) - Two central bank officials suggested China can convert part of its foreign exchange reserves to gold holdings to head off risks from the depreciation of the US dollar, state media reported.

Converting part of foreign exchange reserves to gold can protect and increase the reserve assets, the official Shanghai Securities News reported,

citing an article written by Zhao Qinming, an official at the central bank's financial research institution and Luo Bin of its accounting department.

The article was published on the latest edition of China Money - a monthly magazine controlled by the People's Bank of China, the central bank, the paper said. – source

See HUI(potential)buy signals

It will take more time then I previously thought, but both gold and silver will head higher to new highs. I believe that an orderly appreciation in the price of gold and silver is welcomed and shouldn't pose no treat what so ever. – This is my opinion

Here are spot gold and silver intraday charts with Fibonacci lines and the Elliott wave count. Click on the charts below to enlarge:

XAU intraday chart

XAG intraday chart

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