Willem Middelkoop
@wmiddelkoop
·
9h
Broker comment on Gold:
‘Price Discovery Moving East: Valcambi, one of the world’s largest gold refiners, plans to establish its first refining operation outside Switzerland in Hong Kong, according to Bloomberg .. The announcement supports Hong Kong’s broader ambition to strengthen its position in the global gold market, with authorities also pursuing initiatives including a gold clearing system, a new bullion benchmark and yuan-denominated gold futures. Hong Kong now has over 30,000 tonnes of gold storage (LBMA’s total incl. ETFs is just 9kt with a rolling float of just 1.2kt), with 1Q27 planned as the official international launch of Hong Kong’s system (currently in pilot mode)’