Massive private gold vault opens in Shanghai Free-Trade Zone

Malca-Amit Global Ltd. has opened a private vault with storage capacity of 2,000 metric tons of gold in Shanghai, as China’s gold consumption continues to rise, doubling over the past year.

VIDEO: Gold Vault Opens in Shanghai Free-Trade Zone

The vault’s capacity is twice that of China’s projected 2013 consumption.

“There’s going to be more gold coming to China,” said Malca-Amit precious metals manager Joshua Rotbart.

“This [Free-Trade Zone] can be used as a trade hub basically, so foreign banks can trade with domestic banks within this facility, saving costs and time.”

“We expect big demand from foreign banks and we are talking to a few…it’s a step forward for them because it puts less limit on how they operate in China.”

“Such a facility is a massive vote of confidence for the Chinese gold market,” said Philip Klapwijk, managing director Precious Metals Insights Ltd.

“The trend for demand has been very strongly positive.”

Golden gifts for Chinese brides have driven demand in China.

1051 0

More China News