I want to insert a graphic or a picture, it should be visible in Excel, but
linked with the file, so that when the file content changes, it is changed in
Excel too!

I have charts in png-format as automated outputs of a statistics application.
The file names are constant, but every month the content of the file is
different. Because the application produces new charts and saves them under
the same filename.
The links were updated automatically in Excel sheets with the XP version of
Office. It was also possible to insert the pictures as linked object in the
earlier version. What happened with this feature? In Word 2003 it's possible
to link a picture file through: Insert/ Picture/From file... The
"Insert"-Button has the option to link the content, which is not the case in
Excel!

My question again: How do I paste linked (not embedded!) pictures in Excel
2003, so that the picture can be updated and visible in Excel? I don't want a
hyperlink or an icon to open the files.

Thanks!