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Whether the skittishness seen in this lukewarm start to gold speculation in China is a result of a wait and see on the gold price or an expression of preference for physical, remains to be seen. In any case, it serves as further confirmation that conventional wisdom is frequently wrong when it comes to early projections.

Conventional wisdom was evidently challenged today as well, as markets took some news that may have been negative in terms of face value and treated it as a much more desirable outcome to the possible alternative. Never mind, speculation and theorizing will abound this weekend about just what took place here today. As one of our astute readers from overseas questioned in the wake of today's events, Does [wearing] tinfoil protect against metal falling from a great height? Guess not.

Jon Nadler is Senior Analyst, Kitco Bullion Dealers Montreal