Hong Kong’s wealthy take their gold holdings out of town

With the passage of the security law for Hong Kong, the wealthy in Hong Kong are reportedly carrying their gold out of the city.

It is reported that the rich people of Hong Kong took their gold out of the city for fear of the security law drafted for Hong Kong in China last month.

According to the news in the Financial Times, about 10 percent of the gold assets of private investors have moved outside of Hong Kong in the past 12 months due to the expectation that China will tighten security measures.

Joshua Rotbart, Hong Kong chief of Hong Kong-based gold company J Rotbart & Co, said, “Many customers now see Hong Kong as more risky than other regions. Singapore and Switzerland are the most alternative destinations. Hong Kong residents want to store their gold elsewhere after the law passed. ” says.

Ronan Manly, Precious Metals Analyst at the Singaporean gold company BullionStar, said: “Investors are moving gold from Hong Kong to Singapore because they do not like risks and uncertainties. Investors’ concerns about the security of their gold and property rights grew enormously. ” He speaks in the form.

Gold price has been on a steady rise since March. The ounce of gold, which was traded at $ 1400 in March, is almost $ 2100 in recent days.

Finally, investors’ attempts to move their physical gold outside of Hong Kong remind us how easy it will be in Bitcoin.

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