I agreed with you. Not only is China quietly storing Gold, other countries like India was recently piling up too.
There is also a more severe scenario why gold may be the saviour. Have a look at the articles below.
Looming Debt Crisis
http://ozstock.blogspot.com/2010/01/looming-debt-crisis.html
On the catastrophic collapse of the Dollar
http://ozstock.blogspot.com/2009/12/on-catastrophic-collapse-of-dollar.html