Hong Kong Pulls All Gold Reserves From Depositories In London By MarketWatch / Chris Oliver

April 8, 2010
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Hong Kong Pulls All Gold Reserves From Depositories In London By MarketWatch / Chris Oliver.

“In a challenge to London, Asian states invited to store bullion closer to home

HONG KONG (MarketWatch) — Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city’s airport, in a move that won praise from local traders Thursday.

The facility, industry professionals said, would support Hong Kong’s emergence as a Swiss-style trading hub for bullion and would lessen London’s status as a key settlement-and-storage center.”

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