“亚太富豪直接进入黄金行业”，香港黄金交易中心蓄势待发

Core Insights - Physical gold investment is gaining popularity among Asia's wealthy elite, with family offices bypassing traditional brokers to engage directly in gold trading [1][2] - The demand for physical gold is increasing amid a turbulent international financial environment, with significant growth in gold allocation among Hong Kong and mainland Chinese investors [2] - The establishment of Hong Kong as an international gold trading hub is being accelerated, supported by government initiatives and the launch of an offshore gold vault [4] Group 1: Investment Trends - Family offices in the Asia-Pacific region are increasingly investing directly in physical gold, with Cavendish Investment Corp. allocating about one-third of its portfolio to gold trading [1] - HSBC's survey indicates that Hong Kong investors have more than doubled their gold allocation within a year, while mainland Chinese investors' allocation rose from 7% to 15% [2] - Some investors are utilizing gold leasing strategies to earn returns of 3% to 4%, while others are engaging in arbitrage by buying gold in Dubai and selling it at a premium in Hong Kong [2] Group 2: Market Dynamics - The current market is characterized as a seller's market due to high demand and limited supply, with expectations of continued opportunities for about a year [1] - Global financial institutions are optimistic about gold prices, with Deutsche Bank predicting an average price of $3,700 per ounce by 2026, and Goldman Sachs forecasting a peak of $4,000 [2] - However, high gold prices may lead to a decline in demand from major consumers like China and India, particularly for jewelry [3] Group 3: Regulatory and Operational Challenges - Hong Kong's gold trading sector faces compliance challenges, with only two refineries certified by the London Bullion Market Association, which may limit institutional investment [6] - Supply chain risks are highlighted, particularly concerning the potential for smuggling through countries like Kenya [6] - Despite risks, the market remains profitable, with Cavendish and partners charging a premium of 5% to 10% on each shipment, indicating strong investor interest [6]