"There is precious treasure and oil in the house of the wise, but a fool consumes all that he has and saves none."
Proverbs 21:20
The People's Republic of China has been urging its citizens to convert some part of their savings into gold and silver, having recently liberalized the procedures by which individuals can obtain it.
Hong Kong has built a new world class bullion vault, and is repatriating its gold reserves from the London Bullion Market Association (LBMA), where some speculate it had been committed for sale many times over. Hong Kong wishes to become its own regional Asia market maker for bullion metals.
The rest of the world will rein in the Wall Street financial establishment, because the bankers have demonstrated an inability to manage their financial affairs honestly, and those of the world.
Strange times indeed, when the hard money capitalists are in Asia, and the fiat money oligarchs and statists are in the Anglo-American West.
Marketwatch
Hong Kong recalls gold reserves, touts high-security vault
By Chris Oliver
Sep 3, 2009, 6:22 a.m. EST
In a challenge to London, Asian states invited to store bullion closer to home
HONG KONG (MarketWatch) -- Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city's airport, in a move that won praise from local traders Thursday.
The facility, industry professionals said, would support Hong Kong's emergence as a Swiss-style trading hub for bullion and would lessen London's status as a key settlement-and-storage center.
"Having a central government-sponsored vault would create a situation where you could conceivably look at Hong Kong as being a hub, where metal could be traded for the region," said Sunil Kashyap, managing director at Scotia Capital in Hong Kong, adding that the facility was the first with official government backing in the region...
