China's massive trade surplus is fast shrinking, however. The rate of foreign-currency hoarding is slowing right alongside, but its gold imports just overtook domestic mine output for the year as a whole.
If you've been following along, then you'll remember how gold can make financial crises fun. Gold price bulls have been so short of worries to keep them awake at night, in fact, many will no doubt be grateful for the 20% plunge of late 2011.
Some and eventually more than all of Monday's gains in gold were handed back by speculators this morning as a further rise in the US dollar and a hefty slide in crude oil made life a tad more difficult for the bulls in the yellow and white metals.