Private investors have begun to shift their holdings of gold from Hong Kong, months into the financial centre’s worst political crisis.
Gold is moving to Singapore and Switzerland as some individual investors eye other offshore jurisdictions to store their holdings of the precious metal, according to companies that sell gold in the city.
Gold is regularly flown between Hong Kong and Singapore, mostly in the form of kilo bars, depending on local prices for gold in both cities. One of Hong Kong’s main gold vaults is run by the international airport.
The movement of gold is also being portrayed as part of a shift in the private wealth management business in the region to Singapore. Philip Klapwijk, a managing director of Precious Metals Insights, who lives in Hong Kong, said: “There is a general shift in the private wealth business towards Singapore and the latest things in HK have only accelerated that.
Via Financial Times
