Spot gold managed to get above US$1225 last night, in part because of expectations that central banks will be buying. This Globe and Mail report notes that the China-gold-reserve debate continues, with another official weighing in: "Zhang Bingnan, a senior official of the China Gold Association, said there was more scope for China to step up gold purchases, but only over the long term, and not in the open market, adding that he was voicing a strictly personal view."
At least seemingly, an earlier cautionary statement by central bank vice-governor Hu Xiaolian is being interpreted as also meaning "please don't step on our turf."
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