In a report by Bloomberg, it showed that gold dealer J. Rotbart & Co., has seen an increase in demand for gold storage in Singapore from new clients.
Helping its customers to buy, store and transport precious metals, the last 10 weeks has seen bigger requests for Singapore (75%), and compared to Hong Kong (10%) – regardless if these investors are based in Hong Kong or mainland China.
In fact, Joshua Rotbart, Director, J. Rotbart & Co, noted how this was previously 50-35.
“Some clients are afraid of PLA (People’s Liberation Army) intervention in Hong Kong, or of another closure of the airport, which will make it difficult to move their gold out of the city, as gold is shipped on commercial flights,” said Rotbart.
With gold becoming more valuable in recent months, “the city’s financial rivalry with Singapore is a feature of modern Asia but stretches back to their shared colonial past under British rule,” the report closed.
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