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Hong Kong pulls all gold reserves from depositories in London !!! |
Anonymous Coward User ID: 937104 Netherlands 04/07/2010 06:58 PM Report Abusive Post Report Copyright Violation | Hong Kong pulls all gold reserves from depositories in London !!! 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.
"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.
The monetary authority reported $63 million in physical gold reserves as of July 31, according to its International Reserves and Foreign Currency Liquidity statement. The authority wouldn't disclose where the reserves are held, but local media reports cited gold traders as saying that London's the most likely location.
Traders said the new depository facility could also foster new financial products, such as exchange-traded funds based on precious metals.
The 3,660-square-foot depository, located at the city's main Chek Lap Kok Airport, will serve as a "storage facility for local and overseas government institutions," according to the government statement.
Martin Hennecke, a financial advisor with the Hong Kong-based Tyche Group Ltd., said that could be appealing to regional central banks unnerved after watching the global financial system teeter on verge of implosion last year.
"Central banks are increasingly aware of the importance of having gold reserves at time of financial crisis and having it easily available at their own disposal," he said.
Meanwhile, local newspaper reports said the Hong Kong Mercantile Exchange had signed an agreement to use the depository for its physical settlement and storage needs.
Marketing efforts will be launched to convince Asian central banks to transfer their gold reserves to the Hong Kong facility, according to reports citing Raymond Lai, finance director with the Hong Kong Airport Authority.
Efforts will also be made to reach out to commodity exchanges, banks, precious-metals refiners and ETF providers, the reports said.
Management firm Value Partners planned to launch an ETF gold fund that will use Hong Kong instead of London as a repository for the gold backing the fund, local reports said Thursday.
Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong. |
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theGrandSmithWizard
User ID: 936730 United States 04/07/2010 06:59 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! OK What should I do Now? We get the powers over us that we've earned collectively. Humanity, as a whole, is self-interested, shallow, ignorant, violent and immoral; small wonder, therefore, that our leaders (secret or otherwise) reflect that. You want better leaders, become better people. |
END_TIME_PROPHET
User ID: 832776 Netherlands 04/07/2010 07:02 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! OK What should I do Now? Quoting: theGrandSmithWizardask OP for a link. you are being tested.... remain calm... |
Anonymous Coward User ID: 913996 United States 04/07/2010 07:02 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! OK What should I do Now? ask OP for a link. Quoting: END_TIME_PROPHETif true this is MASSIVE news |
Demode
User ID: 937145 Serbia 04/07/2010 07:04 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! Sorry, this happened last year [ link to www.marketwatch.com] |
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Anonymous Coward User ID: 703397 United States 04/07/2010 07:05 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! OK What should I do Now? ask OP for a link. if true this is MASSIVE news Quoting: Anonymous Coward 913996why? |
Anonymous Coward User ID: 770865 United States 04/07/2010 07:07 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! LOL only the suckers are left holding the paper derivatives...I wonder what the hedge funds are doing.... |
The Monk User ID: 936918 United States 04/07/2010 07:09 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! OK What should I do Now? ask OP for a link. if true this is MASSIVE news Quoting: Anonymous Coward 913996I know! $61 million in gold reserves. That's more than the entire town of Petrolia, TX is worth! |
Anonymous Coward User ID: 925596 United States 04/07/2010 07:11 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! LMFAO.
First a tall tale about alien sky-writing, now a 7 month old story about Chinese gold getting pinned ?
Slow news day ? |
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Anonymous Coward User ID: 515900 Netherlands 04/07/2010 07:11 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! OLD NEWS FROM: Sept. 3, 2009 [ link to www.marketwatch.com] MODS: UNPIN!!! |
Anonymous Coward User ID: 910589 United States 04/07/2010 07:11 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! Old news. Beijing said they were going to do this...now they have. |
Anonymous Coward User ID: 649748 Japan 04/07/2010 07:33 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! I HOPE THEY LIKE TUNGSTEN IN HONG KONG! |
Anonymous Coward User ID: 925596 United States 04/07/2010 07:34 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! I HOPE THEY LIKE TUNGSTEN IN HONG KONG!
Quoting: Anonymous Coward 649748Do Japanese keyboards have Caps Lock keys ? KEKEKEKEKEKEKE ZERG !!!!111!!one!!eleven |
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Anonymous Coward User ID: 729515 United States 04/07/2010 07:37 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! HONG KONG said PHOOOEY!!! |
Anonymous Coward User ID: 844223 Canada 04/07/2010 07:39 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! Bin dare dun dat? |
Anonymous Coward User ID: 772524 United States 04/07/2010 07:39 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! I HOPE THEY LIKE TUNGSTEN IN HONG KONG!
Quoting: Anonymous Coward 649748 |
Anonymous Coward User ID: 767046 United States 04/07/2010 07:57 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! I can't see from all this dust
so wuts the problem? not enough bad news so u had to recycle old ones? |
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Anonymous Coward User ID: 925596 United States 04/07/2010 07:58 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! Yeah.
Pinning shit from a year ago seems the norm, today. |
Anonymous Coward User ID: 933814 China 04/07/2010 08:00 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! This is a perfect example of pintardiness, as well as OP-ain't-got-a-clueness. |
Anonymous Coward User ID: 936764 United States 04/07/2010 08:01 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! This is 2 month OLD news ! |
Anonymous Coward User ID: 936764 United States 04/07/2010 08:01 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! This is 2 month OLD news ! |
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Anonymous Coward User ID: 933814 China 04/07/2010 08:05 PM Report Abusive Post Report Copyright Violation | Re: Hong Kong pulls all gold reserves from depositories in London !!! This is 2 month OLD news !
Quoting: Anonymous Coward 936764Nope. 7 months old. |
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