28 Jul '13, 10pm

Silver Vault for 200 Tons Starts in Singapore as Wealthy Buy

Silver Vault for 200 Tons Starts in Singapore as Wealthy Buy

A silver vault that can hold 200 metric tons opens in Singapore this week to cater for increasing demand for physical precious metals among Asia ’s wealthy even as the commodity leads declines this year. The new facility is 30 percent booked at the opening, said Joshua Rotbart, precious-metals general manager at owner Malca-Amit Global Ltd. The storage will add to the firm’s existing five vaults at the Singapore FreePort, which are fully reserved for gold, he said in an interview. Gold is about 66 times more expensive than silver. While silver has lost 34 percent in 2013 on concern the U.S. Federal Reserve will taper stimulus, holdings in exchange-traded products have held steady. The number of high-net-worth individuals in the Asia-Pacific region expanded 9.4 percent last year, according to Cap Gemini SA and Royal Bank of Canada . Deutsche Bank AG, UBS (UBSN) AG and JPMor...

Full article: http://www.bloomberg.com/news/2013-07-28/silver-vault-for...

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