Gold, gems pile up in Singapore vault as wealthy investors seek refuge

Singapore

THE stash of gold, silver and gems stored in the vaults and safe deposit boxes of Malca-Amit in Singapore has jumped almost 90 per cent in the past year as wealthy investors seek a refuge in a world of negative interest rates, stagnating economies and political uncertainty.

The company's facilities in the city-state are about 70 per cent full and more than 90 per cent of the hoard comprises precious metals, according to Ariel Kohelet, managing director of Malca-Amit Singapore Pte, a logistics and storage provider, without giving specific figures. Revenue has grown at least 45 per cent in 2016 from a year earlier, he said last week.