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Hong Kong recalls gold reserves, touts high-security vault

Posted By admin On September 4, 2009 @ 12:53 pm In Money Watch | Comments Disabled

Chris Oliver
MarketWatch [1]
Friday, September 4, 2009

HONG KONG (MarketWatch) — Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city’s airport, in a move that won praise from local traders Thursday.

The facility, industry professionals said, would support Hong Kong’s emergence as a Swiss-style trading hub for bullion and would lessen London’s status as a key settlement-and-storage center.

(ARTICLE CONTINUES BELOW)

Hong Kong recalls gold reserves, touts high security vault 150709banner2 [2]

“Having a central government-sponsored vault would create a situation where you could conceivably look at Hong Kong as being a hub, where metal could be traded for the region,” said Sunil Kashyap, managing director at Scotia Capital in Hong Kong, adding that the facility was the first with official government backing in the region.

The Hong Kong Monetary Authority, which functions as the territory’s unofficial central bank, will transfer its gold reserves stored in other vaults to the depository later this year, the Hong Kong government said in an earlier statement.

Full story here. [1]


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URLs in this post:

[1] MarketWatch : http://www.marketwatch.com/story/hong-kong-recalls-gold-reserves-from-london-2009-09-03

[2] Image: http://prisonplanet.tv/signup.html

[3] The Hoarding Continues: China Purchases A Record 100 Tons Of Gold In April From Hong Kong: http://www.prisonplanet.com/the-hoarding-continues-china-purchases-a-record-100-tons-of-gold-in-april-from-hong-kong.html

[4] China’s Gold Imports From Hong Kong Surge to Highest Ever‎ – PBOC Buying?: http://www.prisonplanet.com/chinas-gold-imports-from-hong-kong-surge-to-highest-ever%e2%80%8e-pboc-buying.html

[5] Jackie Chan Calls On Hong Kong to Ban Protests: http://www.prisonplanet.com/jackie-chan-calls-on-hong-kong-to-ban-protests.html

[6] Hong Kong Mercantile Exchange’s 1 Kilo Gold Contract To End Comex Gold Futures Trading (And “Bang The Close”) Monopoly: http://www.prisonplanet.com/hong-kong-mercantile-exchanges-1-kilo-gold-contract-to-end-comex-gold-futures-trading-and-bang-the-close-monopoly.html

[7] Hong Kong scientists ‘show time travel is impossible’: http://www.prisonplanet.com/hong-kong-scientists-%e2%80%98show-time-travel-is-impossible%e2%80%99.html

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