Hong Kong's rich are moving gold out of the country on fears of what China's draconian law may do to its autonomy
that many of the city's rich are looking to move gold to countries with safer geopolitical environments, such as Singapore or Switzerland. Joshua Rotbart, head of J Rotbart, a Hong-Kong based gold dealer and provider, told the FT the trend accelerated when mass protests took place last year over an extradition bill between Hong Kong and China.
China said the law was necessary for security reasons, but critics say it imposes an authoritative grip over the island and violates Hong Kong's"One Country, Two Systems" policy that has been in place since 1997. Manly said that"stability and rule of law" are concerns prompting investors to move gold out of Hong Kong.
Manly, said:"This could, in the minds of gold holders, snowball into concerns about safety of bullion and even certainty of property rights."
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