Customs seizes record HK$230 million in gold and silver hidden in air cargo

Hong Kong customs officers have discovered HK$230 million (US$29.4 million) worth of gold and silver hidden in two air cargo shipments of household cleaning machines destined for Japan, making the largest seizure of precious metals on record.Senior Investigator Ho Ting-chun of the Customs and Excise Department’s syndicate crimes investigation bureau said on Thursday officers intercepted 168kg (370lbs) of suspected gold foil and 285kg of suspected silver foil worth HK$230 million in an operation on Monday.“Precious metal prices have soared in recent years,” Ho said. “Customs has been monitoring the smuggling situation and noticed an upward trend since last year and has mounted various operations.”Gold prices have risen sharply in recent years amid growing geopolitical tensions and increasing policy uncertainty from the United States. As of Thursday, an ounce of gold cost US$5,179.27 and an ounce of silver was priced at US$433.38.After receiving intelligence and making a risk assessment, officers at the airport intercepted two batches of ultrasonic cleaners and ultraviolet sterilisation machines on Monday morning.When conducting an X-ray, officers noticed unusually dense spots in the two batches of cargo totalling 138 boxes, Inspector Chan Wing-yin of the Airport Command said.