China Approves Gold-Backed ETPs as Domestic Buyers Chase Bullion

This will go one of two ways:

1) these new Chinese ETP's will just be vehicles for more price manipulation of paper gold,

2) this is further evidence that the Chinese want to accumulate physical gold at lower prices, and eventually backing the yuan with gold.

I guess there's a third scenario:  all of the above.

http://www.bloomberg.com/news/2013-06-10/china-approves-gold-backed-etps-as-domestic-buyers-chase-bullion.html