Deutsche Banks sets up precious metals vault in London

Gold Bar And Coins

Deutsche Bank said on Monday it begun operating a precious metals vault in London, joining a series of other institutions that offer to store gold in the global centre of the over-the-counter bullion market.

Reuters reports that the vault has a capacity of 1,500 tonnes, making it significantly bigger than a 200-tonne storage facility that the bank owns at the Singapore Freeport. Other vaults are in Hong Kong, Zurich and New York.

The bank announced it would open a London vault in March 2012, when gold prices stood around $1,590 an ounce and investment demand was growing.

Prices however dropped 28% in 2013, following 12 straight years of annual gains and are currently close to four-month lows around $1,256 an ounce, as optimism about the global economy has encouraged investors to rotate towards more cyclical and riskier assets such as equities.

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Deutsche Bank sets up bullion vault in London

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