It would be missleading to view Chinese and Russian gold purchases in isolation.
The Chinese and the Russians have been reportly selling USD denominated assets and USDs and moving into a range of other assets. Part of that money has found its way into Australia. A major reason for the advance of the AUD from parity to 1.10 earlier this year was the foreign central bank purchase of AUD bonds.
I think that the real story isn't rising price of gold (or AUD and AUD bonds). It is the falling price of the USDs.
