Skol - I appreciate your bearish gold views because they add...

Skol - I appreciate your bearish gold views because they add balance to the debate but sometimes you just talk out your backside.

China is on record as having 1054 tonnes of gold. That was in 2009. Despite some official denials that China has been adding to its "official" reserves the country produces 400 tonnes a year and exports none of it. China also imports 500+ tonnes a year over the past 4 years so where is it all going. Even if "official" reserves have not moved gold in China has increased some 3,500 tonnes in the past 4 years. Maybe its all held by private citizens and don't forget this is a Government that encourages its citizens to buy gold.

Whatever gold's price the Chinese play a long game, its not about quarterly performance stats, its a game of stealth.

This gold retreat could continue and even if we get to 1200 I'd say thats a moral victory for you Skol with you 800-1000 calls the past few years - lucky you're not marking that to market quarterly eh?