China to Purchase IMF Gold!?!
We definitely need some additional confirmation of this story before feeling confident of its veracity, but Russia's PRAVDA is reporting (second-hand from a "Finmarket News Agency") that China's central bank intends to purchase the remining 191.3 tons of IMF gold.
One could only really call this a rumor at this stage until we get confirmation from another source, but it may well have been a catalyst behind today's strong intraday surge in gold above the $1,100 mark.
I'm not reporting this as a news story, but rather suggesting that it's something to keep an eye on. If a central bank buyer for the IMF gold is announced, I believe that will mark the beginning of the end of this minor correction after the run to $1,220.