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"If ever a word was guaranteed to have a rivetting effect on conversation in Hong Kong, then surely the word is ‘gold". Almost everyone, it seems, takes a pas- sionate interest in the glittering metal. Its merits and price fluctuations are studied and endlessly debated in boardrooms, banks and teahouses until only one observation can really be made with any certainty: for investment, trade, or simply adornment, local people are particularly fond of acquiring it. The reasons are basically historical, though a large measure of being in the right place at the right time is there, too. For. combined with tradi- tional enthusiasm, Hong Kong's freedom from foreign exchange controls, excellent financial and communications services, and fortuitous position on the global time grid have made it the world's largest gold trading centre after London and Zurich. Overseas gold dealers, producers and in- vestors use the Hong Kong market to hedge, arbitrage and trade because it is open when other major markets are closed. As the day progresses, the mid-morning price 'fixing in Hong Kong, by the 70- year-old Chinese Gold and Silver Exchange Society, is used as the basis for the day's first dealings in the other major centres. But until 1980, the territory lacked facilities for traders to take up positions on future gold movements. Now, that gap has been closed. With the opening of the Hong Kong Commodity Exchange's gold futures market in August, Hong Kong embarked on a new course one that promises to create still wider attention and new oppor- tunities, and to further enhance Hong Kong's stature as a vital link in a gold **chain that circles the globe.
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Previous page: A magnificent window dis- play in Hong Kong's busy Central District. Left: The spirited bidding style of the Chinese Gold and Silver Exchange is not for the faint-hearted, a trading lot on the gold exchange: floor traders try out their techniques prior to the opening of the gold futures market.
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