Hong Kong’s wealthy move gold out of city on security law fears (FT)

• Hong Kong's rich are moving gold out of the capital to ward off the impact of a Draconian law, the Financial Times reported Friday. 
• The FT said one Hong Kong based gold dealer and provider said the trend began when the city faced mass protests over the last 12 months, over an extradition bill. 
• Investors are moving gold to Singapore and Switzerland, another source told the FT. 
• China imposed a strict law in May over Hong Kong's legislation and critics say it violates the "One Country, Two Systems" that has been in place since 1997. 

"Many clients now perceive Hong Kong as riskier than other jurisdictions," he said. 

Ronan Manly, precious metals analyst at Singapore-based BullionStar, said: "Investors are moving gold from Hong Kong to Singapore because they don't like risk and uncertainty."

https://markets.businessinsider.com/news/stocks/gold-moved-hong-kongs-hub-rich-on-china-law-fears-2020-8-1029481477#