gold today

[Mike Barskey]

Gold has so far had a minor spike today relative to the US$ - roughly $15. Any insight as to why?

[Bill St. Clair]

1.5% swings in the price of gold are pretty normal occurrences. That one DID happen all of a sudden, shortly after 10am today, so it was likely a large purchase by somebody, but I don't find anything less than 5% to be interesting.

[Mike Barskey]

Ah, OK. Thanks.

[doobie]

China buying a lot of gold probably.

[bigmike]

I've actually been following China's purchasing of a lot of copper.

[John Edward Mercier]

They've been on a kick for industrial resources...
It almost has a menacing feel to it.

[rogervw]

I've actually been following China's purchasing of a lot of copper.

Better than FRN/US Treasuries I guess.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5160120/A-Copper-Standard-for-the-worlds-currency-system.html

[John Edward Mercier]

I think China is looking to build its commodity reserves and provide for a base to a free-floating Yuan.

The US has a pretty strong commodity base under its physical currency, but not so much in the fractional reserves of debt.
Its quite possible the Chinese are accumulating less USD and thus just aren't buying more US Treasuries to maintain an inflation hedge within that area.