I've got a post up on corporate site riffing of a recent Jeff Clark article on the same issue, adding in some comments on declining Indian demand and how the bullion banks would have played it.
Click here to download the pdf article.
I'll be posting a bit more stuff on the corporate site from now on as I'm off a project I've been working on, so more time to focus on the commentary. You'll see from the pdf format I'll be writing under the Treasury department name. We are looking to beef up the commentary and analysis, maybe with a dedicated subsite under perthmint.com.au. More info to follow and will be interested in feedback and suggestions.