ANZ starts Second Bullion Vault in Asia

02 Aug 2013

Catering to the growing physical demand, Melbourne-based Australia & New Zealand Banking Group Ltd. (ANZ) has started as second bullion vault in Asia. Eddie Listorti, co-head of fixed income, currencies and commodities, said that the new leased facility opened in Singapore last month can hold 50 metric tons adding to storage in Hong Kong, Perth and Zurich. Bloomberg Calculations show that at the close of 31st July, 2013, the vault could keep $2.13 billion of metal.

In an interview in Singapore, Listori said that there is no indication of a reversal in the strong physical demand that is seen. He also said that they see demand coming from Financial Institutions and Gold holds a very small percentage of some central banks’ reserves, which means there’s room to grow there. Gold for immediate delivery in Singapore has raised 7.4 per cent in July which was the best monthly advance since January 2012.

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