Deutsche Bank Opens 200-Ton Gold Vault

Will bring more gold into Singapore, after country scraps tax on metals
By Ruth Brown,  Newser Staff
Posted Jun 10, 2013 3:24 PM CDT
Deutsche Bank Opens 200-Ton Gold Vault
   (Shutterstock)

Big gold-dealing Deutsche Bank has opened a 200-ton gold vault in Singapore, a move that reflects the city-state's rising status as a tax haven to rival the likes of Switzerland, Quartz reports. "Gold has traditionally been stored in London, Zurich and New York, but there is a serious shift in dynamics going on as the global financial crisis continues to evolve," says a Deutsche rep. With instability in Europe's markets, Singapore is becoming an increasingly safe and stable option for investors, the Wall Street Journal reports. It also scrapped its 7% goods-and-services tax on gold last year, making it an especially attractive destination to stash any spare precious metals you have lying around. (Read more gold stories.)

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