Thursday, August 03, 2006

Silver Weekly Chart

Silver is clearly on the lead, already trading above the July top, gold will soon follow.

China should actively manage 20-30 pct of forex reserves - govt economist

BEIJING (XFN-ASIA) - China should set aside 20-30 pct of its foreign exchange reserves to be actively managed, a government economist said.

Xia Bin, head of the financial research institute within the Development Research Center, a think tank under the State Council, also said that China should increase its holdings of gold 'at the appropriate time.'

He said that the overly rapid accumulation of foreign exchange reserves could imperil management of the economy, and that steps should be taken to put excess reserves to work...- source

Below is a weekly spot silver chart with what I think are very important Fibonacci numbers. If you trade gold and silver then pay attention to this numbers.

Silver Weekly Chart

1 comment:

bubble_watcher said...

Silver, too, also looks very bullish. The ETF, SLV appears to mirroring the spot price of silver very well for now.





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