A Senior ANZ Executive Has Talked About Asia's Preference For Physical Gold

A man tries to sell sweets to pedestrians in Chinatown on January 18, 2012 in Singapore. Photo: Getty/Chris McGrath

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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