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SOVEREIGN MAN

Gold and Banking in Hong Kong

Hong Kong

We’ve reported several times before that Hong Kong is one of the cheapest places in the world to buy gold. But the bottom line is that it’s getting a bit more difficult to do so.

At ………………. Bank, for example,they will now only sell a maximum of HK$120,000 (about US$15,400) worth ofgold coins to non-account holders. This is less than 12 ounces of gold.

Now, if you open an account at ………………. Bank, no limit applies. And, the good news is that anyone can still open a bank account with them. ………………. does not require Hong Kong residency or a Hong KongIdentity card to open a bank account.

But, you will need to show up in person to the bank with the following:

1.  Passport

2.  Proof of current residential address

I would also bring a driver’s license or other identity document that has your address on it, if possible.

The proof of current residential address can take the form of a utility bill – an electricity, gas, or water bill is best. But, a bank statement may also be accepted.

The utility bill or bank statement cannot be more than 3 months old. And the name on it must exactly match the name in your passport.

In terms of inventory, ………………. only has current-year Australian Kangaroo Nuggets from the Perth Mint. All sizes are available: 1 Oz, ½ Oz, ¼ Oz and 1/10th Oz.

According to the bank, it’s possible for customers to buy up to 100 coins without any problem. But stocks are limited, so several hundred coins at one time would be problematic.

Their prices are still good – about 4% above spot gold.

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