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Even though gold prices are at a two year low, after 12 years of annual gains – Deutschebank 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.
Article provided by Eltoma Corporate Services