A gold vault that can store 2,000 metric tons, double China's projected consumption this year, opened in Shanghai this month
A gold vault that can store 2,000 metric tons, double China's projected consumption this year, opened in Shanghai this month. The site could hold bullion worth about $82.5 billion at today's price and according to precious metals experts the facilty can be used as a trade hub, so foreign banks can trade with domestic banks within the facility, saving costs and time. The investment in Shanghai's new free-trade zone reflects a shift in world demand away from the U.S. and Europe toward Asia. Demand for gold jewelry, bars and coins in Greater China, India, Indonesia and Vietnam is now about 60 percent of the global total, up from 35 percent in 2004, according to HSBC Holdings Plc. Interesting news piece and you will never guess the sound track chosen for marketing the vault to customers (VIEW LINK)
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