ANZ is opening a gold vault in the financial hub of Singapore, according to The Australian, taking advantage of a storage space short-fall.
“Asians like to walk in and actually see the gold they own . . . to actually say ‘no, you can’t touch it — it’s mine’,” said ANZ’s co-head of fixed income, currencies and commodities, in the article.
The bank, according to the report, is hoping to cash in on the fact there are not enough state-of-the art places to store physical gold.
“It’s a totally state-of-the-art, bulletproof-type facility,” said Listorti.
“Singapore really does want to be a serious financial hub and gold is, including paper, an $US88bn-a-day (globally traded) market.”
Read more here.
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