Yesterday, the Chinese government revised its 2012 economic growth forecast to 7.5% from 8.0%, with Wen Jiabo, the Chinese Premier, citing inflationary pressures and global growth concerns as the reason for the downward revision. According to Wen, the government intends to reduce its reliance on foreign capital and external spending and will increase its efforts to expand consumer demand. Along with a decline in the Aussie and Kiwi Dollars, gold fell to below $1700 an ounce. On OpenBook, investors’ sentiment for gold is heavily bullish. Quite a few of OpenBook’s gold traders were caught flat footed by the China news. Read more