200-tonne gold vault opens in Singapore

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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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