Owners of gold and other precious metals are shipping their valuables out of Hong Kong in large numbers because of the political troubles and rise in crime, according to local gold dealer and storage operator Joshua Rotbart. About 10 per cent of these holdings have been sent to Singapore, Switzerland and other safe havens, Joshua said, based on observation of his own clients and advice from precious metal shipping firms. People who used to keep valuables in safes at home are spooked by the increase in burglaries and are moving them to secure facilities.
Joshua owns with his two brothers the gold dealer and storage firm J. Rotbart & Co based in Sai Ying Pun. He said the firm handles gold and silver bars, coins and taels worth about HK$1 billion a year. On their website the Rotbart brothers say they are descended from the Goldbergs, residents of Poland for centuries. They are Joshua, 46, Jonathan, 41 and Zvika, 34. Their father is a member of the company too as a consultant and investor.
The gold price has run up in the past seven months by 35% topping US$2020 a troy ounce, before slipping back to $1953, “an expected correction”, Joshua said. “Demand for gold and silver is across the board from the large central banks of Russia and China down to the local retail customer who saves $10,000 and wants to secure it in the form of a small gold bar.” To cater for the latter the Rotbart brothers opened, together with another industry specialist Mr Padraig Seif, at Sheung Wan in April their first retail store named Precious Metals Asia. Here you will find in strong glass cabinets gold and silver bars, coins and taels on display.
“Gold has been proven a safe haven amid the pandemic. We expect the gold price to go up as we are in a world of exploding government debt, imploding interest rates and collapsing economic fortunes,” Joshua said. “Gold is in a sweet spot,” according to the Financial Times. It quoted Paul Tudor Jones of Tudor Investment Corp. as saying that comparing the value of gold to global money supply suggests the price can go to $2400. If extreme demand arises as happened 40 years ago, TudorJones said it could attain $6700.
Joshua is the founder and managing partner of J. Rotbart & Co. The website says he gained law and marketing degrees from the Hebrew University of Jerusalem. Later he joined the the large gold dealer and storage operator Malca-Amit Precious Metals as Hong Kong General Manager. J. Rotbart & Co was formed five years ago by the brothers. They specialise in purchasing, assaying, authenticating, shipping and storing of precious metals with offices in Hong Kong, Singapore and the Philippines. Clients are typically family offices of the wealthy, financial advisors and high net worth individuals. They use precious metal storage facilities, all in tax-free zones or bonded warehouses, in nine cities around the world. The minimum transaction J. Rotbart & Co will handle is US$100,000, except at the Sheung Wan retail store.
For more information, see www.jrobart.com
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