Gold, gems pile up in Singapore vault as wealthy investors seek refuge
Logistics and storage provider Malca-Amit sees revenue grow at least 45 per cent in 2016 from a year earlier
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.
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