Enjoy this CNBC interview with Mark Smallwood, Head of Wealth Planning at Deutsche Asset & Wealth Management, APAC. Smallwood discusses Deutsche Bank’s recent announcement that it will be opening a new gold vault in Singapore with a 200-ton capacity. With Singapore recently announcing that it would remove government sales tax on gold and precious metals, Smallwood stressed the important role this new vault plays in turning Singapore into a regional and global hub for trading gold. Combine this with the recent news that the London Metals Exchange has talked about moving to Hong Kong and you might start to wonder how long before all the real money ends up in the East.
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A New Asian and Global Gold Hub (Video)
Enjoy this CNBC interview with Mark Smallwood, Head of Wealth Planning at Deutsche Asset & Wealth Management, APAC. Smallwood discusses Deutsche Bank’s recent announcement that it will be opening a new gold vault in Singapore with a 200-ton capacity. With Singapore recently announcing that it would remove government sales tax on gold and precious metals, Smallwood stressed the important role this new vault plays in turning Singapore into a regional and global hub for trading gold. Combine this with the recent news that the London Metals Exchange has talked about moving to Hong Kong and you might start to wonder how long before all the real money ends up in the East.
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog