#OpenFollow Deutsche Bank Opens Singapore Gold Vault That Can Hold 200 Tons - Bloomberg #Singapore

Deutsche Bank Starts Gold Vault for 200 Tons in Singapore

bloomberg.com 10 Jun '13, 3am

#OpenFollow Deutsche Bank Opens Singapore Gold Vault That Can Hold 200 Tons - Bloomberg #Singapore

Deutsche Bank AG started a gold storage facility at the Singapore FreePort with a capacity to hold as much as 200 metric tons, its largest vault outside London, the bank said. Other locations are Zurich and Hong Kong, according to the bank, Germany ’s top lender. The Singapore vault caters primarily for investors wanting to store bullion under the bank’s custody, said Mark Smallwood, head of wealth planning at the asset and wealth management unit in the Asia-Pacific region. Gold sank into a bear market in April, after rallying for 12 years, as an improving U.S. economy spurred a rally in equities amid speculation the Federal Reserve may taper stimulus. While investors have withdrawn assets from exchange-traded products at a record pace this year, the 18 percent slump in prices has prompted a buying frenzy for coins, bars and jewelry from Hong Kong to Mumbai. “We have stron...

Full article: http://www.bloomberg.com/news/2013-06-10/deutsche-bank-op...

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