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Mega

Hk Recalss Its Gold

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It's symbolic.

Also, many suspect this gold has already been sold/shorted/leased etc etc. This will cause a huge headache. Someone will possibly have to buy shed loads in the over the counter market. That's going to be expensive.

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If a small amount of gold can propel the price up by so much, then it pays to take physical delivery.

Everyone with paper promises, should take this as a major signal to do the same for the interests of actually taking part in the gold market.

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Cnaqo or what his name is getting excited by this:-

http://www.marketwatch.com/story/hong-kong...ndon-2009-09-03

But its only $63 million worth.

Mike

Very sensible IMHO

This government has a very poor record on property ownership rights (eg Railtrack, Icelandic assets).

I can see a situation where Gordon Brown would want China to support Sterling by buying worthless paper and China refusing (coming G8 meeting? ) . They would then have their assets frozen under money laundering or terrorism legislation.

Best take it somewhere safe.

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It's about 2 tonnes of gold.

Same as Iceland, but less than Albanian gold reserves.

What's to get excited about?

It's a non story.

I think the excitement is that they are building a storage facility and inviting other countries to deposit their gold there. Part of the gradual erosion of significance of London as a world trading and financial centre.

After all would you trust your country's gold to a bankrupted country ruled by a psychiatrically suspect unelected leader?

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