Deutsche Bank has launched its second-biggest gold-storage vault in Singapore that can hold up to 200 tonnes of the metal as it looks to capture surging global demand for physical bullion.
“There is a growing interest to buy physical gold for investment purposes,” Mark Smallwood, head of wealth planning at Deutsche Asset & Wealth Management for the Asia-Pacific region, told Reuters in an interview.
Traditional storage facilities are in London, Zurich and New York. But Deutsche Bank has seen a need to diversify some of that storage, he said.
“The time is ripe for a facility in the region (Asia-Pacific) to pick up steam. We believe that Singapore is well positioned to develop as a complementary custody and trading platform to the traditional hubs,” Smallwood said.
Deutsche Bank’s facility is at the Singapore Freeport, a warehouse for items such as precious metals, art and wine located at the airport.
Full article: Deutsche Bank opens 200-tonne gold storage facility in Singapore (Mine Web)