ASEAN KEY DESTINATIONS
Swiss firms to store gold in Singapore
Switzerland's Palaedino Group and Euroasia Investment have announced plans to store and manage gold in Singapore, for ultra-wealthy clients who have lost confidence in banks and paper money.
Their venture, Swiss Precious Metals, will store gold in the high-security Singapore FreePort facility and launch the SPM Gold Index to assess its value against a basket of currencies, it was announced on Thursday.
Palaedino president Leonardo Castellana said the 2008 financial crisis sparked demand for super-secure assets held outside the banking system.
Worries about inflation, stoked by expansionary monetary and fiscal policies, have spread mistrust of paper currency among the wealthy, he told a news conference in Geneva.
"This double systematic and monetary risk spurred us to create solutions," Castellana said.
Euroasia Investment president Yves Bouvier said of the 30,000 square meter Singapore FreePort facility: "It is one of the safest places in the world."
Swiss Precious Metals head Jean-Francois Pages said the gold would be numbered and identified as belonging to each individual client.
Palaedino manages about 1.1 billion Swiss francs in assets, with offices in Geneva and Singapore.
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