Thursday, August 1, 2013

ANZ opens 50-tonne vault in Singapore


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ANZ has started a second bullion vault in Asia to cater for growing physical demand that the bank sees driving prices as much as 13 per cent higher over two years.

The leased facility, which can hold 50 metric tonnes, opened in Singapore last month, adding to storage in Hong Kong, Perth and Zurich, according to Eddie Listorti, co-head of fixed income, currencies and commodities. The vault could keep $US2.13 billion ($2.36 billion) of metal at yesterday’s close, Bloomberg calculations show.

The bullish stance on gold from ANZ, which has forecast the metal at $US1400 an ounce in 2014 and $US1500 in 2015, contrasts with the outlook from Goldman Sachs, which predicts lower prices as the US Federal Reserve scales back stimulus.

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