Zhang Bing Nan of China Gold Association (view his slides here) when asked about the West to East flow gave what I think is a classic Chinese answer: the globe is round so what is East and what is West, which got a laugh. Other comments:

   no matter who you lend your dollars to it is not safe; not the same with gold

   fortunate we have different perspectives on gold (ie you Westerners want to sell while we want to buy)

   gold in people’s hand makes them feel safe

   Asians unlike westerners as don’t have same financial products hence they buy gold