| GoldCore directors have been monitoring the political and economic situation in Hong Kong for the last year. It has clearly deteriorated in the last two weeks and we are now erring on the side of caution in terms of our client's who store assets there. 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. |
GoldCore.com was founded in 2003 and has become one of the leading bullion brokers in the world for both delivery and storage.
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almost christian
2019-11-20 at 11:31 (UTC 2) Link to this comment
I have friends in Hong Kong, some are true believers in the protest. But they all admit that some of these protesters are being paid.
R Sinclair
2019-11-20 at 11:38 (UTC 2) Link to this comment
They want to increase theirtaxes and pay them to the US
Stephen Flood
2019-11-20 at 11:50 (UTC 2) Link to this comment
This is a very important podcast and marks an event that demonstrates the importance of owning segregated and allocated gold and silver – you can move your metal far quicker and in response to a changing world far easier than if you own pooled metal or digital metal or ETF metal. Our clients know that we stand on the global watch tower constantly assessing risks as we see them and protecting clients interests. If you own digital gold you should inquire today if you can move your metal and in doing so understand what the related costs of that move would be – you may be shocked to see just how exposed you may be.
FullofHope
2019-11-20 at 13:22 (UTC 2) Link to this comment
thanks guys – must order more from goldcore – customer for years – excellent service. 5*
yankeezulu777
2019-11-20 at 18:35 (UTC 2) Link to this comment
Excellent insight as usual!
Philip Quinn
2019-11-21 at 00:07 (UTC 2) Link to this comment
thanks fellas, excellent content, as usual. I pray for the people of Hong Kong.
Ronald Brumwell
2019-11-29 at 00:47 (UTC 2) Link to this comment
All of the Hong Kong situation is a CIA induced coupe. Just like Bolivia, Ukraine, Venezuela, Syria etc.
Ciaran Coyne
2019-12-02 at 12:00 (UTC 2) Link to this comment
Thanks boys. The Irish gata