ICBC (and China) appears to firmly believe that in the long term, gold has to rise, simply from its direct correlation with the combined world central bank's balance sheets as shown in an ICBC presentation, with the current movements in the gold price described as "short-term fluctuation in a long-term rising chart". It has to be recognised that China does not think of gold from a < 1-year viewpoint, it takes more of a 5, 10, 20 or even 50-year outlook and beyond.

Yes gold and other precious metals may weaken,and the US$ may strengthen for the next 2 yearsand have "a bit longer in the sun", but ultimately for those that are patient, China expects gold to recover and steadily increase against a falling US$, with Shanghai becoming the centre of world gold trading yet again...in RMB/g.