It's not impossible that the G20 proposal to sell the IMF gold dampened the gold price and it's just as likely that this new announcement caused the price to rise.
It's a shot across the bows of those shorting gold. It warns them that China is in the market and has enough resources to buy the entire supply of gold several times over. It might cause a shake-out, even a panic, in the paper gold market, especially if there is not enough physical gold to cover contracts.
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