by Michael J. Kosares, Gold Seek:

Since the World Gold Council reported that it could not identify the source for 300 tonnes in official sector gold demand in early November, speculation has been rife about who the whale might be. Opinion is now coalescing around China as the buyer in question, according to a recent Nikkei Asia report. “China likely bought a substantial amount of gold from Russia,” analyst Itsuo Toshima told Nikkei. There is some evidence to support the claim. Chinese customs authorities, according to the same report, announced an “eightfold” surge in gold purchased from Russia in July. In addition, the report cites China selling $121.2 billion in U.S. Treasuries this year, “the equivalent of roughly 2200 tonnes of gold.”