Thursday, June 13, 2013

Deutsche Bank Opens $9 Billion Gold Vault in Singapore

Deutsche Bank’s customers will now be able to store physical gold at the bank's new vault in Singapore that can hold up to 200 tonnes of gold bullion, worth about $9 billion at current prices.
Officially opened on Monday at the Singapore FreePort, the storage facility located at aims to capture the rising demand for bullion in Asia, Reuters reports.
The institution began accepting bullion for the new Singapore vault over three weeks ago, joining other gold storage facilities in the country run by JP Morgan and Malca-Amit, among others.  LINK...
Do you really think Deutsche Bank would be doing this because the bull market in gold is over? We have not even begun the manic phase in gold yet. Just ask yourself how many people you know own gold bullion, and have over 20% of their portfolio in gold? This recent correction is par for the course and an invitation to "BUY LOW."  BK