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

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. (More gold stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.