Gold Bullion Moved From Hong Kong by GoldCore – Shows Importance Of Being Able To Easily Move Gold

We have emailed and phoned all GoldCore Secure Storage clients with assets in Hong Kong and strongly encouraged them to move their assets to Singapore.

GoldCore have also suspended trading of all gold and silver bars and coins in Hong Kong for the foreseeable future due to a fall in demand for assets stored there and the increasing risks.

Specifically we see the risks as follows:
– The scale and nature of violent protest has worsened in recent days
– A top police official warned this week that Hong Kong’s society “has been pushed to the brink of a total breakdown”
– Hong Kong has been downgraded and the property market and economy have slowed sharply and they are in a deepening recession
– Potential for a crack down by the Chinese government which may compromise the mobility, liquidity and marketability of assets
– There is speculation that currency controls may be imposed in the coming weeks or months
– We do not see the situation improving in the near term and indeed see it worsening which will impact Hong Kong politically and economically

We take the recent developments very seriously. We can not ignore the deteriorating political situation in recent days and the increasing medium and long term financial and economic risks.

Civil unrest is now destablising Hong Kong and political instability may compromise the liquidity and, in a worst case scenario, the move-ability and safety of assets. Already we have seen a deterioration in liquidity and premiums in Hong Kong given the political unrest and economic instability.

It is prudent to take steps to assuage concerns of clients and to manage the risks which we are concerned may materialise in the medium and long term.

It highlights the advantages of owning physical gold in terms of accessibility, portability and liquidity and the importance of owning gold in the safest jurisdictions.