Lunar New Year Chinese visitors to Singapore, Hong Kong help revive gold post-Covid

Lunar New Year Chinese visitors to Singapore, Hong Kong help revive gold post-Covid
  • ‘We have seen an increase in visitors … certain Chinese customers, who have not been buying from us for a long time, have resumed’, one trader said
  • Gifts of gold at Lunar New Year are thought to bring luck to both giver and receiver. China is the biggest consumer and producer of the precious metal

 

 

China’s reopening ahead of the Lunar New Year holiday has brought back the lustre of gold in two of Asia’s most important financial hubs – Hong Kong and Singapore.

A steady stream of Chinese visitors since borders reopened on January 8 has stoked up premiums on gold – a mark-up paid to secure speedy deliveries and cover overhead costs – by around 300 per cent to US$3 an ounce from a year ago, dealers say.

Spot gold prices – what the customer on the street actually pays – are hovering around an eight-month peak of US$1,900 an ounce in global markets.

“It’s early days yet, but we have definitely seen an increase in visitors over the past week. Certain Chinese customers, who have not been buying from us for a long time, have resumed,” said Padraig J Seif, Founding Partner of the Hong Kong based-Precious Metals Asia.

Traditionally, gold buying peaks in the run up to Lunar New Year, which this year falls on January 22. Visitors from the mainland like to shop in Hong Kong and Singapore because of the high quality of precious metal products such as jewellery and coins.

“Gold holds a special place for Chinese people, it symbolises wealth and prosperity, making it a popular choice for Lunar New Year gifting,” said Hong Kong-based Chow Tai Fook Jewellery Group in a statement, adding that it had seen an increase in gold purchases recently and was expecting a “surge in demand for bridal jewellery as 2023 is considered to be an auspicious year for couples looking at tying the knot”.

Buying momentum likely to increase

Around 64,000 mainland Chinese visitors have streamed into Hong Kong since borders reopened. That flow is expected to increase as a quota of 50,000 travellers per day across four land border checkpoints will be raised to 65,000 a day for four days from Wednesday.

City authorities have also announced that they would increase the number of daily rail tickets from Wednesday.

The momentum in gold sales is expected to last even after the holiday season because of around two years of pent up demand, as many Chinese people are still reluctant to travel because of Covid-19 but are expected to gradually start taking trips.

The holiday season also arrived earlier this year, as it often falls in February. Beijing’s abrupt U-turn on zero-Covid in late December surprised many people and did not give them enough time to firm up travel plans before Lunar New Year.

Gold has long been considered a way to store and lock in value, and demand for it spiked in Asian markets in the initial months of the pandemic in 2020 because of a climate of uncertainty. But the bullion trade in Asian hubs crashed soon after China imposed travel restrictions.

“Lot of people stopped buying because they were experiencing financial difficulties,” said Seif, whose sales revenue in the first two weeks of January has already surpassed that of the entire month a year ago.

It’s not just retail buyers of jewellery, either – long term investors are also turning back to gold. The US Federal Reserve is expected to this year soften its aggressive rate increases, which could make returns on the precious metal higher than on interest-bearing bonds.

Investors have also gravitated towards the precious metal because of its safe haven appeal due to geopolitical tensions such as the Russia-Ukraine war and the looming prospect of a global recession.

Investment bank Goldman Sachs expects gold to trend even higher than it is now later this year, at around US$1,950 an ounce.

Demand in China, the world’s largest gold consumer and also the biggest producer of the precious metal, is expected to have an important bearing on prices.

Like Hong Kong, Singapore’s gold trade is also benefiting from China scrapping travel restrictions with the city state bracing for overall visitor arrivals to rise to 12-14 million, around double the year before.

“Chinese gold demand is expected to drive the global market this year,” said Spencer Campbell, the Singapore-based director of SE Asia Consulting Pte Ltd.

“With the easing of restrictions in China, retail demand for gold is expected to increase in Singapore and Hong Kong as more people shop for gifts and jewellery to celebrate the Lunar New Year.”

Demand has picked up across Asia since late last year, he added.

Indian consumers – in second place after their Chinese counterparts – bought a record amount of the metal in the fourth quarter of last year.

Some Asian investors have switched to precious metals from cryptocurrencies after one of the largest global exchanges, FTX, went bankrupt in November following a surge in customer withdrawals.

Bitcoin, one of the most actively-traded currencies that soared to an all-time high of US$69,000 in November 2021, is now trading at around US$21,000.

However, one Singapore-based fund manager appeared unimpressed by gold’s charms and said savvy investors can take advantage of cryptocurrency volatility, with traders buying at low prices and selling when they rise.

“Gold may be a safe haven” but there were many other opportunities elsewhere for investors “to profit from price fluctuations”, said Anndy Lian, a partner at the Singapore-based Passion Venture Capital and author of the book NFT: From Zero to Hero.

Bullion dealers have said the increased purchasing of gold following China’s reopening is likely to last until the end of the first quarter. Chinese appetite for gold could well continue at the same brisk pace throughout the year if the economy revives and incomes bounce back, they noted.

 

Source: https://www.scmp.com/week-asia/article/3207411/lunar-new-year-chinese-visitors-singapore-hong-kong-help-revive-gold-post-covid

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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TMRW Dubai: Ready for the new world – beyond financial freedom?

TMRW Dubai: Ready for the new world – beyond financial freedom?

Digital assets are here to stay, and their future is brighter than ever. But the world of crypto, NFT, and Metaverse is updating very rapidly, and there is a constant need to satisfy the passionate curiosity that crypto enthusiasts are known for. Although located and connected in the virtual and digital world, it is very important to bring the community together in person.

In 2022, the TMRW conference was one of the first that was held offline after the pandemic. Following the major debut success in Belgrade (Serbia), with 21,000 in-person and online participants from 100 countries, more than 50 speakers, and 250 crypto-related companies, the TMRW conference is ready to conquer the Middle east!

According to the organizers, from February 8-10, the world’s greatest crypto and NFT minds will gather at Dubai Festival City to consider all aspects of blockchain and cryptocurrencies and find out more about the future of digital currency.

“The TMRW Dubai is a three-day experience where attendees will be exposed to the most innovative crypto, NFT, and Metaverse projects and get the chance to network with their mastermind creators. Imagine a place where 6,000 people who work in and around the crypto world come together for three days to learn from 80 keynotes and world-renowned experts about the latest trends and technologies through presentations, workshops, and panels. And now imagine how precious it is to network with all these people!” – said Zoran Tadić, program director of the TMRW conference.

When it comes to TMRW speakers, some big names have already been announced, but the list will be updated in the upcoming period. According to organizers, speakers are pioneers in the industry, and also the most well-known international names, including Craig Sellars, Founder of Tether, Joel Dietz, CEO of MetaMetaverse, Nikita Sachdev, CEO & Founder of Luna PR, Mark van Rijmenam, better known as The Digital Speaker, Sharad Agarwal, Chief Metaverse Officer of Cyber Gear, Anndy Lian, an all-rounded business strategist and serial blockchain entrepreneur from Asia, Loretta Joseph, global regulatory advisor at AP Capital, and Dr. Michael Gebert, chairman of the European Blockchain Association also known as an expert in building new business models with a critical and provocative view for a realistic roadmap to develop the new digital now. More speakers will be announced in the following days.

When asked what the topics of the conference will be, Tadić explained in detail: “TMRW Dubai will cover the latest in crypto, for example, the impacts of European Crypto-Assets regulation (MiCA) on the global economy. We will also touch on the energy crisis: is PoS exactly what the world needs? NFT in 2023 should be about utility and not (only) collectibility. We will discuss whether the NFT royalties are indeed a thing of the past and mention the benefits for NFT holders. What is the connection between cancel culture and NFTs, are there controversies on the horizon? We will bluntly speak about healthcare in Metaverse and why the future us needs it. Also, our speakers will demonstrate everything you need to know about next-gen civilization. In one sentence, TMRW Dubai will bring experts in various domains, who will educate attendees on the crypto technology’s potential and impact on our lives and the world as we know it.”

Aside from the planned day program which will present the latest world trends in this sphere, the conference will also create an environment for attendees to connect, make business partnerships, discover fresh ideas, and build their networks with potential collaborators and investors through exclusive parties, VIP dinners, and interactive workshops.

Two types of ultra-early bird tickets are currently on sale. Regular tickets for in-person attendees, and virtual – for those who can’t make it to Dubai in February. For more info visit tmrwconf.net.

Website: https://tmrwconf.net/dubai-conference-2023-crypto-nft-metaverse/
Instagram: https://www.instagram.com/tmrwconf/?hl=en
Telegram: https://t.me/tmrwconference
Twitter: https://twitter.com/tmrwconf
YouTube: https://www.youtube.com/channel/UCXQ_qjF1Dd9ozdOMMwxfjqw/featured
TikTok: https://www.tiktok.com/@tmrwconf
Linkedin: https://www.linkedin.com/company/78431580/admin/
Facebook: https://www.facebook.com/tmrwconf/

 

 

 

 

Source: https://www.crypto-reporter.com/press-releases/tmrw-dubai-ready-for-the-new-world-beyond-financial-freedom-40735/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Binance rolls out new features for Web3-focused social platform Binance Feed

Binance rolls out new features for Web3-focused social platform Binance Feed
  • The new Binance Feed version features new utility, including fully customizable user profiles.
  • The platform has registered more than 1 million daily active users and 1,200 content creators since its launch in October.
  • Binance Feed offers access to content across 400+ cryptocurrency and Web3-focused topics.

Global cryptocurrency exchange Binance has today unveiled new features for its Web3-focused social platform Binance Feed.

According to details the exchange shared with CoinJournal on Thursday, the new features will allow users to experience crypto news and content creation seamlessly on different devices.

The updated version also features a redesigned profile section that offers full customizability for creators and a ‘poll’ and ‘emoji animations’ section that allows for dynamic and interactive engagements for the community members.

That’s not all.

According to the press release, there’s a “comment” feature that the community can tap into to foster greater engagement and participation.

A platform for latest Web3 news and trends

Binance launched the Binance Feed platform in October this year, designing it as a single touchpoint for the crypto community to access the latest trends and news in crypto and Web3. The social platform brings together content creators, thought leaders and influencers and covers more than 400 topics within the crypto and Web3 space.

Binance Feed gives me news on the move and at times faster than Twitter. That’s the reason why I am using it. Compared to other platforms, Binance has a more active base of users, and the feeds are more timely,” Anndy Lian, a Binance Feed contributor, said in a statement.

Since its debut, the social platform has registered nearly one million daily active users, with 50% month-over-month growth. There are also more than 1,200 creators currently sharing content, while some of the leading crypto publications have registered more than 30,000 followers already.

The service has been accessible on the App Pro Mode since its launch, and also on desktop from November this year.

Source: htttps://coinjournal.net/news/binance-rolls-out-new-features-for-web3-focused-social-platform-binance-feed/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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