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Gold and Gemstones Pile Up in Singapore Vault on Quest for Haven

  • Precious metals, stones hoarded on negative rates, uncertainty
  • Investors seeking ‘tangible assets’ to diversify portfolio
Bloomberg business news

Gold, Gems Pile Up in Singapore Vaults

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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.