Equity & Credit Research

Duncan Chan

Equity and credit research focused on value chains and capital structure. Experience across traditional metals, materials, advanced materials and industrial cyclicals. Built to Endure.

Gold Consolidation Favours Selective Upside

Macroeconomics

<ul>
<li>Hong Kong imported almost 100 tonnes of Russian gold in 2026’s first seven months, while July transactions showed that Delivery Connect, central clearing and OTC execution can work.</li>
<li>International-Bank financing is the next test, with global gold OTC derivatives already exceeding US$1.1 trillion outstanding, showing the financial activity that accepted bullion can support beyond physical delivery.</li>
<li>Longer term, a large pool of internationally accepted bullion could deepen financing and trading beyond each new shipment, extending Hong Kong’s role from physical delivery to offshore gold markets.</li>
</ul>


Hong Kong imported almost 100 tonnes of Russian gold in 2026’s first seven months, while July transactions showed that Delivery Connect, central clearing and OTC execution can work.
International-Bank financing is the next test, with global gold OTC derivatives already exceeding US$1.1 trillion outstanding, showing the financial activity that accepted bullion can support beyond physical delivery.
Longer term, a large pool of internationally accepted bullion could deepen financing and trading beyond each new shipment, extending Hong Kong’s role from physical delivery to offshore gold markets.


Hong Kong Gold Hub: From Physical Delivery to Financial Collateral