I recently came across an article on The Business Times (Singapore) website which points out privately-owned precious metals from around the world are finding their way to non-bank vaults in Singapore. Andrea Soh reported on December 12:
These are unsettling times.
A recession looms. Extremist parties are on the ascent globally.
One of the oldest banks in the world is on the brink of collapse in Italy.
A sense of unease is on the rise, but with it, Singapore’s safe-haven status has soared.
As investors the world over seek refuge in precious metals, they need somewhere to put all of it, and that somewhere, for many of them, is Singapore.
Commercial vaults on the island have quietly begun to bulge with gold and silver…
(Editor’s note: Bold added for emphasis)
An intersting article- particularly the mention of “trust” issues with banks/governments- which you can read in its entirety here on The Business Times website.
By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)
(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)