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Swiss Refiner Starts Gold Bar Production in Singapore

Metalor's new refining plant in Singapore casts first bar...
SWISS-based precious metals refiner Metalor is building a new gold bar refinery and manufacturing plant in Singapore.
Due to be completed in the second half of this year, the new Metalor facility will refine about 3 tonnes per week and recast a further 4 tonnes per week.
Metalor's global capacity currently stands around 650 tonnes per year.
"This is only the first step," said country manager Gilles Robert, showing journalists the first gold bar produced at the Singapore plant.
"We hope to make plenty more of those here and really contribute to the success of Singapore in physical trading."
Metalor already owns and operates production of gold bars in Hong Kong and mainland China. The company says its new Singapore facilities will strengthen its position in Southeast Asia at a time of rising demand.
"Right now, we can't keep up with the demand in terms of investors in Asia purchasing gold," said Scott Morrison, chairman.
"The amount of physical gold that is being sold to the investment community is quite substantial."
Singapore last year removed a 7% sales tax from investment-grade precious metals in an attempt to encourage trading through the city state. Western banks Deutsche Bank and J.P.Morgan have both recently begun offering vaulted bullion in the city's freeport zone to their investment clients.

Celine Zoetelief-Tromp is working as a research assistant at BullionVault, the No.1 gold and silver ownership service for private investors.

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