Author: Lawrence Williams
Posted: Tuesday , 06 Aug 2013
LONDON (MINEWEB) -
Australia’s ANZ bank is the latest to open a gold vault in the Singapore Freeport area next to the city state’s Changi airport. Other recent vault builders there include Deutsche Bank and JP Morgan, while Switzerland’s Metalor has one under construction and due to open in a couple of month’s time. Together with new gold vault openings in Hong Kong this is yet another outward sign of the continued flight of gold from West to East, although the vaults are also servicing western precious metals investors seeking safe, and relatively low cost vaulting facilities outside of the traditional depositories in the U.S. and Europe.
Now either the Western bullion banks have misjudged the power that gold still retains in the global psyche and as a key financial instrument, or the Asian investors and governments, which are continuing to accumulate gold at a high rate, have got it wrong. Much is made of the rundown in COMEX gold bullion stocks and the drain of physical gold out of the big ETFs which are fully gold backed and certainly all the figures are telling us that the gold is indeed moving East – it is not only Asian governments which are buying gold, but also countries like Russia, Kazakhstan and Turkey ...