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As the rich snap up gold bars, storage vaults brace for business
By Sybilla Gross and Yvonne Yue Li
Bloomberg News
Tuesday, August 20, 2024
Encased in sleek onyx, an enormous vault for storing precious metal soars some 32 meters (105 feet) above Singapore's Changi Airport. For a facility that deals in secrecy and privacy, its sheer mass makes a loud statement about the sudden popularity of owning physical bullion.
The Reserve opened last month to cater to increased demand from the world's uber wealthy for high-security storage. The six-story warehouse is designed to hold 10,000 tons of silver, more than a third of global annual supply, and 500 tons of gold -- equivalent to about half of what central banks purchased in 2023.
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Silver Bullion Pte Ltd. built the 180,000 square foot (16,700 square meters) facility, which it says is one of the largest in the world, after its previous vault ran out of space. Already it's flush with inquiries from customers, it says. ...
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