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Hong Kong investors are moving their gold offshore as China’s new national security law prompts fears of financial censorship. <\/span><\/strong>Some 10% of private holdings have been moved to safer jurisdictions such as Singapore and Switzerland since the beginning of protests in Hong Kong last year.<\/span><\/strong><\/p>\n In a recent interview<\/a>, Joshua Rotbart, head of Hong Kong-based gold dealer and storage provider J Rotbart & Co, said the new legislation has revived the bullion flight. “Many clients now perceive Hong Kong as riskier than other jurisdictions,” Rotbart said. <\/span><\/p>\n The development comes as the gold price peaked at $2,000 an ounce last week, its highest level ever. China is also in the mix as geopolitical tensions with the U.S. have pushed investors to the asset. <\/span><\/p>\n China’s new law is seen as a move to curb foreign influence from Hong Kong which has co-existed with the mainland economic giant in terms of the One Country, Two Systems policy since 1997. <\/span><\/p>\n Opponents fear that the legislation will compromise Hong Kong’s autonomy from China but investors specifically worry about stability in the world’s sixth-largest financial hub.<\/span><\/p>\n “Investors are moving gold from Hong Kong to Singapore because they don’t like risk and uncertainty,” Singapore-based precious metals analyst Ronan Manly told Financial Times, also citing fears of property rights and rule of law.<\/span><\/p>\n The precious metal regularly moves between the two territories, largely in kilobars, with Hong Kong’s main gold vaults run by the international airport.<\/span><\/p>\n Bullionbypost reports that China is the world’s largest consumer of gold but Hong Kong compares favorably as a storage destination because of mainland China’s trade restrictions.<\/span><\/p>\n Inflation fears during the coronavirus pandemic have made gold and bitcoin (BTC<\/a>) increasingly popular stores of value, with the prices of both assets rising sharply in recent weeks. BTC<\/a> is currently trading at just under $11,600 after rallying to an 11-month high of $12,000, according to markets.Bitcoin.com<\/a> data.<\/span><\/p>\n During the financial uncertainty posed by the pandemic, experts have debated about the contrasting merits of gold and bitcoin as alternative stores of value. <\/span><\/p>\n The physical impediments posed by the precious metal to investors could highlight the relative immunity of “digital gold” to financial censorship.<\/span><\/p>\n What do you think about investors moving gold out of Hong Kong? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Investors Move 10% of Their Gold From Hong Kong Amid Financial Censorship Fears<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n