Gold News

Gold Bullion Vault Demand "Causing Strains"

THE RUSH to buy and own physical Gold Bullion "is causing all sorts of strains" including a shortage of secure storage space, according to one industry expert.

The comment from Peter Hambro, chairman of London-listed gold miner Petropavlovsk, comes as vault operators worldwide look to increase the volume of available storage.

J.P.Morgan recently opened new Gold Bullion vaults in Singapore, reports the Financial Times. Privately-owned non-bank storage specialiats ViaMat International of Switzerland opened new Silver Bullion facilities in London earlier this year.

Barclays Capital in London is said to be "actively looking at the precious metal vaulting business."

BayernLB's head of precious metals in Germany, Frank Ziegler, tells the Financial Times that "We are discussing increasing the size. We are just at the planning phase."

A Swiss money manager attending last week's FT Silver Investment Conference in London revealed that his company is considering "military bunkers 500 meters under ground" in the Swiss Alps.

His comments came after a report in the SonntagsZeitung newspaper that disused facilities in the Gotthardmassiv mountain range are being rapidly converted to secure gold and Silver Bullion storage sites.

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