Precious Metals

"Singapore gold investors now have another option when it comes to stashing their gold. New Zealand's biggest banking group, ANZ, has announced that it has opened a gold vault in the Singapore. The bank's vault has the capacity to house 50 tons of gold. According to the bank, close to 15% of the world's primary production, and counts among its clients central banks and sovereign wealth funds. 'Singapore is strategically located between the world's top two gold producers, China and Australia, as well as the world's largest consumption markets,' said ANZ co-head of fixed income, currencies and commodities, Eddie Listorti." Continue reading →

"The whole country is basically a boomtown. It’s one of these funny places where you really need to be on the ground to understand it. So you have a country that five, ten years ago didn’t have that much in the way of wealth, and the average citizen wasn’t making that much money. And suddenly they’ve gotten really high paying jobs in the mining sector, and they’re making a few thousand U.S. dollars a month. Prior to this mining project, some of them weren’t making that much in a whole year. All of this newfound wealth is entering the economy. It’s creating a middle class. It’s creating a booming economy." Continue reading →