以下轉載 Ronald Leung 於原刊日期發表的評論。觀點、邀請及產品資料反映發表當時的情況，並不構成投資建議、要約、回報保證，亦不代表產品目前可供使用。
Hong Kong's gold plan has a number in it: 2,000 tonnes of storage capacity within three years.
That is a warehouse target, not a market target. The central clearing and settlement system began its trial run on 7 July, with the first phase of physical gold connect with Shanghai. Real infrastructure, and the right thing to build first.
But storage alone benchmarks us against London, and leaves us a counter where someone else's product changes hands.
The analogy: a world-class container terminal, no trucks, no ships. People call it a warehouse, because that is what it is.
Hong Kong's entrepot years worked because goods moved through the port, not because it was large.
So the question for any vault plan is what settles against the metal. Which products, on which rails, and who is allowed to hold them.
A vault is a building. A port is a market.
Disclosure: Esperanza operates a tokenised gold business. — Let's open the statute. A new breakdown every week.