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HSBC Gold Tokens

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HSBC has recently announced that they will sell gold backed tokens on a crypto ledger. At present, this is only available to customers in Hong Kong. The tokens do not carry the right to take delivery of physical gold.

This may be somewhat cynical on my part, but a possible interpretation is that banks are now saying we would rather you didn't buy gold, but if you must, buy it in a form that we control and where it can sit on our balance sheet.

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Think it is likely some kind of speculation mean only, instead of storing wealth, coz there is no guarantee you can redeem physical gold in the future.  I am curious to learn about their buy-sell spread when it's launched.

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