The Gold market

After Barclays, more banks may open bullion vaults in London

Commodity Online,

30 September, 2012

After the opening Barclays’ first precious metals vault in London this month, more banks are likely to open gold vaults as demand for storage facility has risen on QE3 measures that has made gold bullish again.

The Barclays facility designed by Brink’s Ltd is one of the largest in Europe and can store gold, silver, platinum, palladium and rhodium. Barclays officials said the new facility was opened to cater to increasing demand from clients.

Gold prices rose to near 2012 high at $1787 an ounce on September 21 as weak US GDP data and QE3 measures earlier stoked inflationary fears leading investors to take bullish bets on gold.

For article GO HERE

Singapore Has Golden Ambitions

WSJ,

30 Septermber, 2012

Singapore has emerged as one of the world's hubs for private banking for the wealthy, and now it is making a play to become the Fort Knox of Asia.

Starting Monday, the Southeast Asian city-state is scrapping a 7% tax on gold and silver in an effort to turn the city into a precious-metals trading hub to rival London and Zurich, where value-added taxes don't apply to the investment-grade gold trade.

Investors have flocked to gold and silver in recent years as the world economy sputtered. The most nervous among them shunned the futures and funds often used to invest in gold and instead bought bars, ingots and coins to stash their wealth.

Singapore, touting its image as a safe, stable and few-questions-asked haven for investors, is hoping to store an increasing amount of that gold and silver.

For article GO HERE