Paul Mylchreest (investment analyst, Credit Agricole Cheuvreux International) published an impressive gold market report covering some of the complex fundamentals driving this great gold bull market. It appears that the disagreement (regarding gold role in the global monetary system) is expending itself from the central banks arena into commercial banks arena as well.
If the findings about central banks gold lending are true, the immediate conclusion would be: some central banks have been providing huge subsidy for commercial banks on the expense of their public. Doing so, not only severely mismanaging public funds under their supervision but also causing great damage to usually poor countries heavily dependent on gold export.
Please read the report here.