Gold picked up in Asian trade this morning, edging above $US1005/oz - and the word is that Beijing is suggesting it may put up its hand for the entire 403 tonnes of the yellow metal about to be put on sale by the International Monetary Fund.
And the IMF sale could start as early as next week.
Reports indicate that China is bargaining to get the gold at a cut rate - arguing that such a sale would mean that gold not coming on the market and so depressing the metal's price. They may have a point.
At present gold prices, China would have to part with $US13 billion - chickenfeed, especially to a country that is clearly building a large reserve of gold as a hedge against currency devaluations that would see the value of its foreign reserves sliced and diced.
Click here for more on China's potential purchase of IMF gold.
