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Wednesday, September 21, 2011 4:51:10 PM
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Rooms in vaults designed to hold gold bullion are filling up faster than ever. The Swiss Precious Metals bullion vault in the 7.4-acre Singapore FreePort has seen demand rise fivefold this year since opening the facility.
Every day, more and more investors are interested in paying up to 1 percent of the value of their gold holdings just to ensure they remain secure. CEO Jean-Francois Pages is planning to expand in order to accommodate those investors. Blueprints for extensions are underway.
Other banks are doing just the same. Barclays Capital is adding an entirely new vault. Deutsche Bank AG and The Brink's Co. are contemplating making more room for gold bullion as well. For the first time in eight years, the 112-year-old Perth Mint refinery is also considering expansions, anticipating gold demand to continue its rise for quite some time. In this most recent 11-year rally prices have increased SEVENFOLD.
Brink’s, the largest bullion carrier in the U.K., is considering adding more storage after opening a new London vault earlier this year. Barclays, based in London, is building a vault in the city that will open next year, the bank said in a statement last week.
Deutsche Bank, based in Frankfurt, is considering expanding existing facilities and developing new ones to meet demand, Matthew Keen, a director at the bank, said earlier this month. JPMorgan Chase & Co. (JPM) started a vault at the Singapore FreePort location last year and opened another in the financial district of New York.
“With gold prices where they are, we encourage people to keep it in safety-deposit boxes at banks or vaults, which gives that sense of security,” said Scott Carter, chief executive officer of Goldline International Inc., a Santa Monica, California-based precious-metals retailer established a half- century ago.
On September 6, 2011 gold set an all-time record high of $1,921.15 per ounce. That's double what gold was worth just four short years ago in 2007. The market dilemmas and overall trouble in the global financial system have millions leaning on gold for wealth-security.
European customers are the #1 big-buyers right now. Frightened for the future of their continental economy and the euro, the European investors are turning to gold and other precious metals for a safe-haven.
According to a recent Bloomberg poll at the London Bullion Market Associate conference in Montreal earlier this week, 16 experts believe gold will surpass $2,000 this year then peak around $2,268 next year.
Other's have more dramatic assertions, saying the world economy is worse off than we think...
With central banks, major hedge funds, sovereign funds, and individuals alike backing up nearly all of their wealth in gold, it seems like gold is perfectly positioned to climb to nearly unthinkable levels in just a matter of time...
by Brittany Stepniak - Wednesday, September 21st, 2011
JER1
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