But the prospect of Chinese economic officials tightening monetary policy has negativedemand implications for raw commodities, including the precious metals.
In particular, the impact of the credit crunch, by restricting the availability of mortgage finance, is having a negative effect on demand in both Europe and America.
"Foreign exchange has had a very negative effect on housing demand and will have an effect on house prices, " says Michael Ball, author of the RICS' annual survey.