Jul 142013
 

Another Western financial institution opens gold vault in Singapore.

Switzerland’s biggest bank, started storing gold for wealth-management clients at a facility in Singapore, citing interest from investors in the region even after the metal slumped into a bear market.

UBS joins Deutsche Bank AG and JPMorgan Chase & Co. in offering storage services in Asia, where China may surpass India as the largest user this year. Bullion fell to a 34-month low on June 28 in a rout that’s erased $66 billion from the value of investor holdings. Goldman Sachs Group Inc. forecasts further declines as the U.S. Federal Reserve may withdraw stimulus.

UBS Starts Gold-Vault Service in Singapore

UBS bullion

Jul 042013
 

Day by day physical gold is being emancipated from paper gold.

Precious Metals Exchange (SGPMX) has launched the world’s first physical precious metals exchange with peer-to-peer bullion trading capabilities integrated into the trading platform in Singapore on Wednesday, amid Singapore’s drive to encourage gold trading in the country.

The exchange allows traders to buy and sell precious metals securely and conveniently, supporting real-time transactions with internationally recognised mints. This addresses private investors’ issues with liquidity, and also eliminates the costs of assaying precious metals when traders purchase or sell the holdings.

World’s first Physical Gold, Silver Exchange starts in Singapore

goldbullionbars

Jun 142013
 

“SINGAPORE — Deutsche Bank is opening a vault in Singapore that can hold $9 billion of gold, as it hopes to tap rising demand for the precious metal in Asia amid a push by the city-state to burnish its image as a bullion-trading hub.

Singapore last year scrapped a goods-and-services tax on gold in a bid to help boost its share of global gold demand to 10%-15% within a decade from around 2% in 2012 as it seeks to compete with more established bullion-trading centers.”

Robert R. McEwen, chairman of Goldcorp Inc., holds a gold ba