Large bullion vault to open in London, more planned
Due to a rise in gold investments, Brink's will be opening one of the world's largest vaults in the London area before the end of September, according to a report by Bloomberg.
How much bullion the vault will hold was not released. A company spokesperson said that another vault is planned next year.
Brink's may need the space. The World Gold Council recently announced that investment demand increased in Europe in Q2.
"The ongoing sovereign debt crisis in the Eurozone underpinned European investors’ enduring conviction in gold’s capital preservation properties. Demand for bars and coins from retail investors posted a 15% year-on-year increase to 77.6t; 19% higher than the five year quarterly average of 65.2t," wrote the World Gold Council.
However, gold investment was off sharply worldwide, dropping 23% due to softness in China and India.
Brink's, the third largest vaulting organization in the world, provides transportation and storage of money and valuables. It is based in Richmond, Virginia.