"I also find it hard to imagine that Chinese regulators would...

"I also find it hard to imagine that Chinese regulators would tolerate naked shorting of gold futures contracts or anything along those lines. "

I think you are wrong there. When it becomes evident the amount of money to be made trading in paper gold then it will become irresistible to all in the know, including Chinese. The place is so riddled with graft that the banks are already selling gold certificates based on "unallocated" gold. ETF's are the next level up. There is unlikely to be any repercussions as the people making the money also make the rules! Just like in the West!

I factor gold manipulation into all my gold trading. Only a fool wouldn't. Good luck to those who try to stop it but don't hold your breath.