Hong Kong gold market in best Lunar New Year debut since 2016, as investors chase safe-haven asset

South China Morning Post/Enoch Yiu/1-29-2020

photo of Chinese Panda 1-oz gold coin“The Hong Kong gold market rose on the first trading day of the Year of the Rat on Wednesday, rising to its best lunar year debut since 2016, as investors flocked to the safe haven asset amid concerns over the Wuhan coronavirus outbreak. ‘It is always the case – whenever the stock market is volatile, it is a good time to buy gold, as investors like to bet on gold as a safe haven,’ said veteran gold trader Jasper Lo.”

USAGOLD note:  We referenced this article in yesterday’s DMR and post it here for those who may have missed it.  The point made is that the coronavirus is the immediate incentive, but there are other factors incentivizing gold demand.

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