Monday, June 10, 2013

Deutsche Bank to Open 200-tonne Gold Storage Facility in Singapore

SINGAPORE (Reuters) - Deutsche Bank is opening a gold storage vault in Singapore that can hold up to 200 tonnes of the metal as it looks to capture surging demand for bullion in Asia.
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"This offering will encourage a significant development in a Singapore-based precious metals market," Ronan Donohoe, Deutsche Bank's global head of metals and dry bulk trading, said in a statement.

Deutsche Bank already has precious metals trading, financing and physical distribution operations in Singapore. The bank said the new vault would be one of the largest physical holdings of gold in the city state.

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