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It's probably both... seems a strong move of capital
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China has been buying physical gold and storing it for many years, even foreign gold holdings by melting down the bullion and putting its own stamp on it, they have been accumulating incessantly for more than 1 decade, but now they may have greatly increased the speed of acquisition
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Looks like they feel the pressure of putting the BRICs system in place very fast
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Or a lack of dollar trust after seeing freezing and expropriation of Russian assets
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That's a factor, too. Stupid clown world in action...
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Do you see gold prices as an indication that BRICs are actually diversifying into gold, or is it more a signal of dollar weakness? I know China and India are probably increasing physical gold holdings.