01 Aug '13, 4am

ANZ Opens a #Gold Vault in #Singapore

ANZ Opens a #Gold Vault in #Singapore

Following the footsteps of global rivals including UBS AG , JPMorgan Chase & Co. and Deutsche Bank AG , Australia’s ANZ Banking Group has opened a gold vault in Singapore. ““The Asian region is the biggest time zone for the physical flow of gold and Singapore is strategically situated” between the world’s top two gold producers – China and Australia – and major demand centers, Eddie Listorti, ANZ’s Co-Head of Fixed Income, Currencies & Commodities, said in a statement. European Pressphoto Agency The bank is targeting the movement of gold between producers and consumers. Asia’s influence in the gold market has been rising, with China and India battling it out to be the world’s top gold consumer. According to the metals consultancy GFMS, the two nations accounted for 61% of global physical gold bar demand in 2012, more than double the level a decade earlier. ANZ said it ...

Full article: http://blogs.wsj.com/moneybeat/2013/08/01/anz-opens-a-gol...

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