Investors withdraw gold from Hong Kong

More and more wealthy individuals are withdrawing their gold from Hong Kong, according to the Financial Times. Investors are concerned about the unstable political situation and are therefore moving their gold to alternative locations such as Singapore and Switzerland. This trend started last year when the first protests broke out in Hong Kong. China wants to expand its influence in the city-state, much to the dismay of the local population. Investors don't like uncertainty and are therefore already transferring gold abroad.

"Investors move their gold from Hong Kong to Singapore because they don't like risk and uncertainty. They are concerned about stability and legislation. In the eyes of gold investors, this could develop into concerns about the safety of the precious metal and its ownership," Bullionstar's Ronan Manly told the Financial Times. According to Joshua Rotbart, a precious metals trader in Hong Kong, about ten percent of his clients have moved gold in the past twelve months.

Gold in storage

Hong Kong is a gateway to the Chinese gold market, because a lot of gold goes to the Chinese mainland via this city-state. Due to its independent status, many Chinese also store gold in Hong Kong. That could change if the city-state loses its independent status. In that case, Chinese people who want to store their precious metals abroad will move to other locations, such as Singapore or Switzerland.

When it comes to storing precious metals, safety is paramount. This is also a top priority for Holland Gold. That is why we only offer storage of precious metals in locations that meet the highest security requirements. Via AunexumSafe you can have your precious metals stored insured and fully registered in both the Netherlands and Switzerland.

For more information on the storage of precious metals, please this information page on our website or contact us on +31(0)88-4688400 and klantenservice@hollandgold.nl.