Hong Kong’s largest gold-storage facility, which can hold about 22 percent of the bullion now in Fort Knox, will open in September to meet rising demand from banks and the wealthy, according to owner Malca-Amit Global Ltd, reports Bloomberg.
The facility, located on the ground floor of a building within the international airport compound, has capacity for 1,000 metric tons, said Joshua Rotbart, general manager for the Hong Kong-based company’s Malca-Amit Precious Metals unit. Two of the vaults may hold assets, including gold, for banks and financial institutions, and others will be used for diamonds, jewelry, fine art and precious metals, said Rotbart.
Video here.
I'll take issue with the opening sentence. Do we even know how much gold is supposedly in Fort Knox?
ReplyDelete"...which can hold about 22 percent of the bullion now in Fort Knox"
ReplyDeleteIs there bullion in Fort Knox? (wink)
How safe is it in communist China H.K.? What's to stop the Chinese government from confiscating your gold et al? Maybe it's relatively safer than storage in Switzerland known to be easly suceptible to U.S. pressure and threats.
ReplyDeleteRobert, have you heard anything on the Loco London scandal?
ReplyDeleteWhat if they seize holdings... namely of foreign investors in state of crisis? Could they do that.
ReplyDeleteI don't know much about how that system works but historically, if my knowledge on that is accurate, governments have been known to seize hard assets in hard times.
Let's say investors fearing their own State monetary policy, flee our institutions and currency, and store their wealth in this way. China would have a leg up.
We 'owe' China big and rely heavily on their production should our economy go dismal and they fear repayment and face their own troubles.
I'm not trying to point out 'conspiracy' just only wondering if such inclinations are possible results of such policy.
It is funny that a guy named "Rotbart" would work in a gold storage facility. Looks pretty much like "Rothbard"... :-)
ReplyDeleteNot interested. The bullion vault under the far end of my garden has done well over the years. Each spring (at planting time) I dig down, open it up to make sure everything is okay (always is),add any new gold and silver purchases, then re-close it, fill in the hole and plant my garden over it. Only my wife and two adult children know about it. I store some of their valuables in it also.
ReplyDeleteIn case anyone else (other than me) was curious, this holds about 0.6% of the total gold supply in the world. Total gold supply = 165,000 metric tons.
ReplyDeleteNow that's what you call security. Maybe they can give hints to logistic storage companies about how they managed to set that place up; holding that much gold may require a lot of drastic designs.
ReplyDeletehopefully with a new team and a new Brand Managers. that last manager was not the best. i will not patronize this place if the same manager is in place.
ReplyDelete