10 Jun '13, 10am

The high-security, high-concept vault where Deutsche Bank will store $9 billion of gold

The high-security, high-concept vault where Deutsche Bank will store $9 billion of gold

The high-security, high-concept vault where Deutsche Bank will store $9 billion of gold By Zachary M. Seward — June 9, 2013 ​ Deutsche Bank, one of the world’s largest dealers of gold, has begun storing bullion in Singapore, reflecting the nation-state’s growing importance as a financial haven. ”Gold has traditionally been stored in London, Zurich, and New York, but there is a serious shift in dynamics going on as the global financial crisis continues to evolve,” Mark Smallwood, Deutsche’s head of wealth management in the region, told the Wall Street Journal (paywall). The bank will hold up to 200 metric tons of gold, which would be worth $8.9 billion today, in a vault at the Singapore FreePort , a high-security facility adjacent to the city-state’s main airport that opened in 2010 . With the promise of legally avoiding taxes and customs inspections, the FreePort has quick...

Full article: http://qz.com/92532/singapore-gold-vault-deutsche-bank/

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