UBS starts gold-vault service in Singapore as bullion tanks

UBS has started storing gold for wealth-management clients at a facility in Singapore, citing interest from investors in the region even after the metal slumped into a bear market.

Bloomberg News reports that the leased vault in the Singapore FreePort is available for clients in the city-state and Hong Kong, according to Peter Kok, regional market manager for wealth management in Singapore and Malaysia.

While bullion is heading for the first annual drop in 13 years, client interest persists, Kok said.

UBS joins Deutsche Bank and JPMorgan Chase in offering storage services in Asia. Bullion fell to a 34-month low on June 28 in a rout that’s erased $66bn from the value of investor holdings. Goldman Sachs. forecasts further declines as the U.S. Federal Reserve may withdraw stimulus.

'Notwithstanding the drop in gold prices, we are still receiving queries on the offering from clients who are keen to reap the benefits of asset and geographical diversification', Kok said in an e-mailed reply to questions.

Hit the link below to access the complete Bloomberg article:

UBS Starts Gold-Vault Service in Singapore Amid Bullion Rout

Ex-JPMorgan Deal Adviser Hannam Fights Fine Over Heritage Tip

Goldman Sachs Names Hitchner as Asia Head, Replacing Ryan

image: © Bullion Vault

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