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Hong Kong turmoil sends gold investors to seek haven in Singapore
By Ranjeetha Pakiam
Monday, August 19, 2019
Escalating political turmoil in Hong Kong is spooking some gold investors.
J. Rotbart & Co., which helps customers buy, store, and transport precious metals, says it has seen an increase in demand for gold storage in Singapore from new clients -- even when they're based in Hong Kong or mainland China. In the last 10 weeks, the breakdown of requests has skewed to around 75% for Singapore and 10% for Hong Kong, compared with a split of about 50-35 previously, said Joshua Rotbart, who runs the bullion house, which services high net-worth individuals from Hong Kong.
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Protests that started in early June against a bill easing extraditions to the mainland have morphed into a broader stand against China's rule over the financial hub.
Demonstrators forced the city's international airport to shut last week, and fears have grown that Chinese troops from the People's Liberation Army may be deployed to restore order, a move that could risk an international backlash and irreparable harm to the city's economy. ...
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