Tuesday, July 30, 2013

Silver Vault opens in Singapore

From todayonline.com

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SINGAPORE — A vault that can hold 200 tonnes of silver will open for business in Singapore this week to cater to increasing demand among Asia’s wealthy even as the precious metal leads price declines this year.
The new facility is 30 per cent booked at the opening, said Mr Joshua Rotbart, Precious Metals General Manager at Malca-Amit Global, which owns the vault.
The storage will add to the firm’s five vaults at the Singapore FreePort, which are fully reserved for gold, he added. FreePort is located near Changi Airport.
“Our existing vaults at the FreePort are highly secured and the rate is too expensive to store silver there,” said Mr Rotbart, who declined to say where the new facility is sited. “We need to find a solution and we also see a strong demand.”
The repository can hold US$127 million (S$160 million) of silver at today’s prices. Gold is about 67 times more expensive.
Investors in silver are mostly private individuals, while the majority of gold holders are institutions, said Mr Rotbart. (silver is the peoples' metal)