DB: Takes Note of China's Growing Influence

Thinks a Correction Under $3200 "Unlikely"

We believe that the demand picture makes a greater than-5% correction unlikely; from today's USD 3,395/oz this indicates a likely floor around USD 3,200/oz. The key constituents of the demand picture include the expanding role of official investment, Asian physical investors' acceptance of a higher price, and greater China ETF inflows, [Not US Fund buying]