200-tonne gold vault opens in Singapore

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gold vaultDeutsche Bank, Germany’s largest bank and the world’s second largest by assets, has opened a gold storage facility at the Singapore FreePort that is large enough to hold 200 tonnes of gold, a current value of $9 billion or around the same volume as the central bank reserves of the Philippines.

The bank, one of the world’s biggest gold-dealing institutions, said it is establishing the storage facility in the city state in an aim to tap rising demand for the precious metal in Asia. Furthermore, Singapore in 2012 excluded gold traded for investment from sales tax, which prompted interest in buying and storing bullion in the city state.

While traditional storage facilities are located in London, Zurich and New York, Deutsche Bank said it sees a need to diversify some of that storage, according to Reuters.

Singapore is perceived  as a stable and safe place to store high-value assets, although fundamental changes in bank secrecy laws will come into effect on July 1, 2013.

Singapore FreePort is a high-security facility that spans over 30,000 square meters at the Singapore airport for storing precious metals and other collectibles of the wealthy, dubbed “Singapore’s Fort Knox.” The facility is also used for storing fine art, for example by auction house Christie’s, or jewellery, rare vines and other valuables.

The gold price for one ounce stood at 1,377.98 on Friday, June 7. The metal lost 17 per cent this year after a 12-year rally.

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Reading Time: 1 minute

Deutsche Bank, Germany’s largest bank and the world’s second largest by assets, has opened a gold storage facility at the Singapore FreePort that is large enough to hold 200 tonnes of gold, a current value of $9 billion or around the same volume as the central bank reserves of the Philippines.

Reading Time: 1 minute

gold vaultDeutsche Bank, Germany’s largest bank and the world’s second largest by assets, has opened a gold storage facility at the Singapore FreePort that is large enough to hold 200 tonnes of gold, a current value of $9 billion or around the same volume as the central bank reserves of the Philippines.

The bank, one of the world’s biggest gold-dealing institutions, said it is establishing the storage facility in the city state in an aim to tap rising demand for the precious metal in Asia. Furthermore, Singapore in 2012 excluded gold traded for investment from sales tax, which prompted interest in buying and storing bullion in the city state.

While traditional storage facilities are located in London, Zurich and New York, Deutsche Bank said it sees a need to diversify some of that storage, according to Reuters.

Singapore is perceived  as a stable and safe place to store high-value assets, although fundamental changes in bank secrecy laws will come into effect on July 1, 2013.

Singapore FreePort is a high-security facility that spans over 30,000 square meters at the Singapore airport for storing precious metals and other collectibles of the wealthy, dubbed “Singapore’s Fort Knox.” The facility is also used for storing fine art, for example by auction house Christie’s, or jewellery, rare vines and other valuables.

The gold price for one ounce stood at 1,377.98 on Friday, June 7. The metal lost 17 per cent this year after a 12-year rally.

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