Gold Investors Struggle to Find Vault Space
Companies rush to add secure storage space worldwide
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Deep in the Singapore FreePort—a collection of secure storage facilities in a duty-free zone covering 7.4 acres next to Changi Airport—sits the bullion vault of Swiss Precious Metals. The gold there is protected by seven-metric-ton steel doors built to withstand a plane crash or an earthquake. Open only a year, the vault is almost full, and demand for available space is high.
Swiss Precious plans an extension to the vault and relocated Chief Executive Officer Jean-François Pages to Singapore from its Geneva headquarters last month to cope with the surge of investors willing to pay as much as 1 percent of the value of their holdings each year to keep them secure.