If the common wisdom is correct, that China sailed through the global crisis and is less dependent on stagnant western economies for growth, why the rocketing demand for gold? It is usually seen as a defensive asset, but China’s imports of gold from Hong Kong – a proxy for overall import demand – have trebled since 2010. The World Gold Council predicts it will this year overtake India as the world’s largest gold market.

The usual assumption is that the Chinese want to shield themselves from problems in the eurozone and US. But this also suggests that many Chinese are far more worried about the sustainability of their economic miracle than outsiders realise.

Who is buying all the gold bullion? Many assume it is the People’s Bank of China. After all, with $3.18tn in foreign exchange reserves, gold is a safe alternative to hard currencies. Beijing is not transparent about how it deploys these reserves. But the PBoC has periodically admitted that it is looking to diversify away from dollars. Gold-buying mystery solved?