New gold storage facility in Singapore by Deutsche bank

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goldEven though gold prices are at a two year low, after 12 years of annual gains – Deutsche bank is capitalizing on the storage of the precious metal. As Singapore introduced a tax exemption from sales tax it had gave a boost in buying and selling bullion. Gold bullion is mainly stored in cities as London, Zurich and New York. Singapore is a target to the Asia-Pacific area. The bank, which also has vaults in Zurich and Hong Kong, is sub-leasing space from Malca-Amit.