Bullion Group Meets Strong Gold Demand With New Hong Kong Office

Vanessa Doctor

18 January 2011

Bullion Management Group, which is headquartered in Canada, is looking to meet the increasing demand for gold with the launch of a new office in Hong Kong.

The company keeps its physical bullion assets in ScotiaMocatta, a division of the Bank of Nova Scotia in Toronto. Bullion Management gold products, including BMG BullionFund, Gold BullionFund, and BMG BullionBars are designed to provide inflation protection, portfolio diversification, and wealth preservation.

The Hong Kong office will be headed by Nelson Leung, who used to work for the likes of Franklin Templeton Investments and State Street.

"Both mid-term and long-term trends are in place that indicate gold, silver, and platinum will continue rising through 2011 and beyond," Leung said in a statement. "Our CEO Nick Barisheff predicts gold could rise to between $1700 and $2000 per ounce in 2011."

In 2010, China alone imported a total of 209.7 metric tonnes of gold, representing a 500 per cent rise from the previous year. This, however, is only a fraction of what the country had expected to import: 6000 metric tonnes.