HK expected to stay ahead as Asian precious metals hub

[HONG KONG] Hong Kong will maintain its status as an Asian precious metals hub in the face of competition from Shanghai and Singapore, according to Brink's Co, which is opening a new vault in the city.

The Richmond, Virginia-based maker of surveillance systems and armored trucks should finish the vault early in the fourth quarter, Guy Bullen, senior vice-president for Asia Pacific, said in an interview last week. That will double Brink's gold and silver handling capacity in the city, Mr Bullen said, without elaborating.

China overtook India as the largest gold consumer last year, according to the World Gold Council. Singapore Exchange Ltd will introduce a physical gold contract this year while Shanghai will start international gold trading in the fourth quarter, a government official had earlier said.