Well, I guess you could say that it had the predictable effect. Gold promptly sold off about $12 before recovering most of this by the end of the trading day. The Chinese are getting to be every bit as good as Wall Street when it comes to manipulating the markets. They will pick up more gold at lower prices than otherwise possible as they downplay their involvement in the gold market. Who can blame them? China has a rising foreign exchange resrves to contend with.
Gold continues to migrate from weak to strong hands as the shenanigans continue.
