``I have been revisiting estimates of the quantities of gold being absorbed by China, and yet again I have had to revise them upwards... There is ... compelling evidence mine output and scrap are being accumulated by the government in its own vaults, and not being delivered to satisfy public demand.... Taking the WGC's figures for the Rest of the World gives us new global demand figures, which throw up a shortfall amounting to 9,461 tonnes since the Lehman crisis, satisfied from existing above-ground stocks.''

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