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Singapore dealer prepares vault for 15,000 tons of silver

Section: Daily Dispatches

By Ranjeetha Pakiam and Yvonne Yue Li
Bloomberg News, New York
via Yahoo News, Sunnyvale, California
Monday, April 12, 2021

Inside a six-story high warehouse near Singapore's Changi airport, a vast hangar-like space is waiting to be filled with a precious metal that usually plays second fiddle to its more lustrous sibling.

The vault that's being built by Silver Bullion Pte Ltd. will -- when completed in the first half of next year — be able to store 15,000 tons of silver. It's holding only around 400 tons of the metal at the moment, but the vacant space is an indication that silver appears to be on the cusp of a promising few years.

... Dispatch continues below ...


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Demand for coins and bars is booming, fueled in part by a Reddit-induced buying frenzy in February that drove prices to an eight-year high. While the fervor has abated, retail interest is still elevated, valuations are relatively cheap, and measures are being taken to meet the surge in demand. The amount of silver stored in vaults in London rose 11% in March to a record, according to the London Bullion Market Association.

As well as the Singapore vault, JM Bullion, one of the biggest precious metals retailers in the U.S., plans to open a 25,000-square-foot-warehouse in Dallas in June that will be used for storing silver and other precious metals. ...

... For the remainder of the report:

https://www.yahoo.com/finance/news/singapore-dealer-prepares-vault-15-02...

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