World Gold Council and ICBC enter strategic partnership

http://www.prnewswire.com/news-releases/world-gold-council-and-icbc-enter-into-strategic-partnership-to-promote-chinas-gold-market-89671087.html

World Gold Council ("WGC") and Industrial and Commercial Bank of China ("ICBC") have signed a memorandum of understanding (MOU) for strategic cooperation within China's gold market. This agreement will enhance the exchange of market information between WGC and ICBC to promote domestic demand for gold, encourage investment into China's gold market, as well as jointly develop and market new gold investment products within the country.

For reference, the ICBC is China's largest bank in terms of assets, and the largest bank in the world in terms of market capitalization.

One has to wonder if this will establish a floor on the price of gold, if the world's largest producer and second largest consumer of gold will step up its consumption. One also has to wonder why US banks and financial institutions are NOT encouraging clients into gold holdings. Perhaps it could be that fee thing--and the almighty USDollar. The plot thickens...