The Time Is Right for State Gold and Silver Depositories
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A state gold depository in Texas continues to move closure to reality and it appears to be happening at just the right time.
Since the beginning of the year, the price of gold has risen 26 percent and silver has skyrocketed 37 percent. Surging precious metal prices have sparked a corresponding demand for gold and silver storage.
A recent Bloomberg article highlighted the increase in business for an overseas vault in Singapore.
The stash of gold, silver and gems stored in the vaults and safe deposit boxes of Malca-Amit in Singapore has jumped almost 90 percent in the past year as wealthy investors seek a refuge in a world of negative interest rates, stagnating economies and political uncertainty.
The company’s facilities in the city-state are about 70 percent full and more than 90 percent of the hoard comprises precious metals, according to Ariel Kohelet, managing director of Malca-Amit Singapore Pte, a logistics and storage provider, without giving specific figures. Revenue has grown at least 45 percent in 2016 from a year earlier, he said in an interview last week.
There is no reason to think the Texas Bullion Depository won’t see similar demand.
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