As we all know gold is a very precious metal and should be stored securely. Deutsche bank knew this fact and opened a gold-storage vault in Singapore which is second-biggest storage vault. The capacity of this storage vault is 200-tonne. Gold prices decreased and went down near a two-year low and about 17% down in this year, after a continuous annual gain of the previous 12 months.In the previous year Singapore get back the gold from sales tax which was traded for investment purpose. This encouraged interest to buy and store bullion in the city-state.
In the interview with Reuters, Mark Smallwood explained that the interest rate was being increased for buying physical gold for investment purpose. Mark Smallwood was the head person of wealth planning at Deutsche Asset & Wealth Management for the region from Asia-Pacific. He added that traditional storage facilities were available in London, Zurich and New York but Deutsche Bank had analyzed that they should find some alternate for those storage space in Singapore.
Smallwood stated that it was the right time for such facility in the country to get benefits. They had a strong belief that Singapore was the perfect place to be developed as a trading platform to the conventional hubs. The bank’s facility was at the Singapore Freeport which was a warehouse for storing valuable items like precious metals, art and wine at the airport.
Smallwood said that the vault in Singapore was the second-biggest vault from deutsche bank. The first vault was located in London. The bank also had vaults in Zurich and Hong Kong, was going to sub-lease space from Malca-Amit who was a provider of storage facilities for valuable items.
Deutsche Bank already had valuable metals trading, financing and distribution operations in Singapore. But if you are in search of the self storage in Singapore, Store-11 can help you. Make a call on +65 6255 3311 and rent storage space to store your personal stuff.