Gold in Euro and China...

I see a possible head and shoulders pattern on the intraday gold euro spot chart.
The price target should be ~493 Euro per one gold OZ.



Click on the chart below to enlarge:




China Leads From The Front By Doubling Its Gold Reserves This Year

Interesting to read that the National Development and Reform Commission has stated that China intends to more than double its gold reserves to 1,270 tonnes this year. According to figures released recently by the World Gold Council on official gold holdings this will put it on a par with Switzerland in 6th position. In 2005 China increased its gold reserves by 20 per cent to 620 tonnes and now it is going to add a further 650 tonnes. Down at the bottom of the list, or very close to it, is the poor old UK with a paltry 311.2 tonnes thanks to the devious machinations of Chancellor Brown. On one side is Venezuela and just below is Belgium – not the usual place for a once proud empire. And what about Australia, Canada and South Africa, the three countries which traditionally prided themselves on their mining. None of them feature in the Top Twenty gold holders.

China still has some way to go to catch up with the US which is said to have 8,133.5 tonnes of gold stored in Fort Knox. The word ‘said’ is introduced deliberately as the gold depository at Fort Knox is a classified facility. No visitors are permitted, and no exceptions are made. Back in the 1970s a man named Edward Durrell claimed that substantially all of the US Gold Reserve being stored at Fort Knox had gone. A modest amount remained, but the rest had been shipped to London in 1967 and early 1968 for sale by President Johnson in an ill-fated attempt to keep the price of gold at US$35 per ounce. Since then there have been variations on this story and the sad thing now is that the US government retains so little credibility that no one knows what to believe. source