By Diana Li and Sybilla Gross
Bloomberg News
via The Business Times, Singapore
Tuesday, August 12, 2025
HONG KONG -- In Asia's ultra-wealthy circles, some family offices are now bypassing the middlemen and jumping into the gold business itself. They are financing, shipping, and flipping bullion like traders.
Take Cavendish Investment, a multi-family office run by the former chairman of a Hong Kong jewelery company, which is allocating roughly a third of its portfolio this year to the physical gold trade, going a step beyond index trackers and vault holdings.
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Precious metals dealers J. Rotbart & Co. and Goldstrom are also trading with the region's ultra-rich clans.
Cavendish sources gold from small-scale mines in Kenya and elsewhere in Africa, flies it to Hong Kong, refines it, and sells it at market prices to wealthy clients across Asia and to Chinese strategic buyers. If this sounds like a 19th-century trading house, that's about right. ...
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