Further evidence of west to east bullion flow

The flow of gold bullion from the west to east has been highlighted by online physical precious metals trader GoldMoney which saw its Singapore vaults top US$100 million this week.

The amount of gold being imported into China has been well reported, but it's not just China that is seeing an inflow of gold. Worldwide customers are choosing to store their precious metals in eastern based vaults says Head of Dealing at GoldMoney, Roland Khounlivong: 'We are seeing a gradual sell-off in the traditional western vaults, particularly Switzerland and the UK, and a move to store gold bullion and silver in Singapore. This is a reflection of Singapore's rapid development as one of the world's leading offshore financial centres, and also the eastern preference for physical metal as against the west's tendency to go for Exchange Traded Funds (ETFs) and paper gold products.'

British based GoldMoney has eight storage locations in five countries around the world: Canada, Hong Kong, Switzerland, Singapore and the UK in partnership with leading vault operators. The two Singapore vaults are run by Malca-Amit, and Brink's.

CEO of GoldMoney, Geoff Turk said the move to Singapore has been rapid: 'We opened our first vault in Singapore in December 2012 in answer to customer demand, and since then we have reported a steady flow from western vaults, along with new purchases into Singapore. That's US$102 million in just 16 months, a trend that cannot be ignored. Our customers clearly want a fully allocated physical metal storage option which is outside of the western banking system but comes fully regulated and insured.'

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NOTES TO EDITOR

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]

GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.

GoldMoney stores around $1.4billion of precious metals worldwide for over 22,000 customers.

GoldMoney has offices in London, Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.

Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did 60 years ago which is in stark contrast to the price of oil in terms of national currencies such as the US dollar.

GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.

Visit www.goldmoney.com.

Follow the GoldMoney Dealing desk team on Twitter: @goldmoneyupdate