GOLD NEWS

A massive gold vault opens in Singapore

Wed Aug 21 2024

Singapore has unveiled a massive vault to cater to the growing demand for precious metals from the world's ultra-wealthy.  According to Bloomberg , the six-story facility, spanning 16,700 square meters, is designed to store 10,000 tons of silver—more than a third of the world’s annual supply—and 500 tons of gold, equivalent to nearly half of what central banks purchased in 2023. Many clients have already expressed interest in using the vault’s services, prompting the company that owns it to plan further expansion.

Demand for gold is rising amid increasing geopolitical risks. However, the current surge in demand is exceptionally rapid, with experts describing it as "dazzling."

Gold prices have reached record highs, exceeding $2,500 per ounce last week. Over-the-counter gold purchases have seen the best second quarter in at least 25 years. Silver has also experienced a price increase of more than 20%. Investors are flocking to gold, driven by fears of instability in major global currencies, including the dollar and the euro, due to geopolitical risks.

Source: https://news.az