Gold price firms in holiday-thinned trade, spotlight on Fed and Trump policies
The yellow metal has gained 27% so far this year.
Located somewhere under ‘a building within the international airport compound’ in Hong Kong, Malca-Amit’s vault is designed to hold 1,000 tonnes of gold – roughly 22% of the gold bullion currently at Fort Knox – and will, according to a Bloomberg report open this fall.
The vault’s location, kept secret from the Bloomberg report, has two sections. One to hold gold for banks and financial institutions and another for art, jewelry and other precious items.
Bloomberg suggests that this vault reflects an “increased demand for gold in Asia even as the commodity struggles to sustain its rally into a 12th year.”
In speaking to Bloomberg, Sunil Kashyap, Scotiabank’s head of Asia-Pacific foreign exchange and precious metals said,
“Hong Kong is a very important center for gold, especially because it acts as a doorway to China. Current international hubs are in New York, Zurich and London. There’s still a need to set up an Asian hub for physical gold. The trend is for more people to look at storage and trading in Asia, when it comes to physical metal.”
Comments
Mrkhrdr
I’m a gold prospector, so the rush has been berry, berry good to me. But what ever happened to ‘you have to put your money to work if you want to make money’? Outside of the mining and vault-building industries, what kind of material progress and innovation can we expect if capitalists lock their wealth in vaults or gamble on essentially worthless paper?