However which way you want to cut it, these two Mineweb articles...

However which way you want to cut it, these two Mineweb articles are very revealing:

First, Perth mint sales:
http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=204319&sn=Detail

"Gold sales from Australia’s Perth Mint, which refines most of the country’s bullion, tumbled in August... Sales of gold coins and minted bars dropped 46 percent to 30,430 ounces last month from 56,488 ounces in July, according to data from the mint. Demand in August was 73 percent lower than the pace in April...

The U.S. central bank is expected to start cutting back its $85 billion-a-month asset-buying program from next week, according to a Bloomberg survey on Sept 6, even after jobs data for August missed expectations. Sales of gold coins by the U.S. Mint retreated in August to the lowest level in six years."

Second, Indian imports:
http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=204455&sn=Detail

"Despite the fact that official gold imports have crashed 95 percent in August, to a meagre 2.5 tonnes as compared to 47.5 tonne in July, the Indian government could well be looking to impose a fresh round of duty curbs on the import of precious metals.

The fall has eased pressure on the Indian government, which has been struggling to contain the widening current account deficit (CAD) and the depreciation of the Indian rupee to the US dollar. "