gld inventory under 790 tons, page-116

I reckon Chinese government is quietly and happily accumulating their gold reserve.

During 1970s boom and burst circle, Gold price soared 20 times from $38 to $800 (real term U$2,300 adjusted), then dropped to $300, which still 7 times from its start point.
Last boom, Gold went from $300 to $1,900, 6 times, currently $1,253, only 4 times.

Emerging markets have been experiencing high inflation last decades, Brazil interest rate 10.5%, China currency has been devaluing dramatically domestically. China's property prices increasd about 10 times over last 15 years in majority cities. Thats why Chinese government encourages individuals to buy and hold Gold.