18 Sep Buying gold in Hong Kong less attractive with investors choosing to pull their gold out
Financial Times, Tuesday, 17 September 2019 – Investors pull gold from Hong Kong as tensions rise, Download PDF
This article refers to investors deciding to pull gold out of Hong Kong as tensions escalate.
Private gold investors in Hong Kong are looking to move their gold out of the financial powerhouse as the country experiences it’s worst political crisis since the 1997 handover to Chinese rule.
Managing Partner, Joshua Rotbart of J. Rotbart Co., spoke to the Financial Times expressing concerns regarding the movement of millions of dollars of gold bullion out of Hong Kong.
Hong Kong gold investors get nervous
Here is a quote from the FT Article… “
“We don’t see any interest from new purchasers of gold to keep it in Hong Kong at the moment,” Mr Rotbart, a managing partner of J Rotbart & Co, said. “If someone now buys gold they will keep it elsewhere, and the immediate alternative is Singapore.”
Political uncertainty in Hong Kong shows little sign of easing
Major private gold investors in Hong Kong are rapidly losing confidence in the Hong Kong gold market and are choosing to move their physical gold and gold bullion to alternative locations such as Singapore
J. Robart & Co., helping clients buy gold
J. Rotbart & Co., which helps clients with purchasing gold, and other precious metals, says it has seen an increase in demand for bullion storage in Singapore from new clients — even when they’re based in Hong Kong or mainland China.
Wealthy mainland Chinese clients are looking to buy gold in Singapore rather than in Hong Kong, Mr Rotbart said. “For Chinese clients, if you see [People’s Liberation Army] armed cars on the border and you hear the government saying we may need to enter Hong Kong, then that’s not an offshore centre any more,” he said.
Read the full article at FT.com.