ANZ has started a second bullion vault in Asia to cater for growing physical demand that the bank sees driving prices as much as 13 per cent higher over two years.
The leased facility, which can hold 50 metric tonnes, opened in Singapore last month, adding to storage in Hong Kong, Perth and Zurich, according to Eddie Listorti, co-head of fixed income, currencies and commodities. The vault could keep $US2.13 billion ($2.36 billion) of metal at yesterday’s close, Bloomberg calculations show.
The bullish stance on gold from ANZ, which has forecast the metal at $US1400 an ounce in 2014 and $US1500 in 2015, contrasts with the outlook from Goldman Sachs, which predicts lower prices as the US Federal Reserve scales back stimulus. Gold has plunged 21 per cent this year, tumbling into a bear market as stocks and the dollar rallied.
‘‘There is nothing that indicates the strong physical demand trend that we have seen will reverse,’’ Mr Listorti said in an interview in Singapore. ‘‘We see demand coming from financial institutions. Gold accounts for a very small percentage of some central banks’ reserves. There’s room to grow there.’’
ANZ joins JPMorgan Chase, UBS and Deutsche Bank in offering gold-storage services in Singapore as the Southeast Asian nation plans to become a regional trading hub to take advantage of growing wealth in the Asia-Pacific region.
The new facility is sited at the Singapore FreePort, located in the east of the country near Changi Airport. The bank may add more bullion storage in Singapore or other Asian locations, said Mr Listorti.
Shadow was hopelessly wrong about the Gold Bull Market. What else is he wrong about?
ANZ has started a second bullion vault in Asia to cater for growing physical demand that the bank sees driving prices as much as 13 per cent higher over two years.
The leased facility, which can hold 50 metric tonnes, opened in Singapore last month, adding to storage in Hong Kong, Perth and Zurich, according to Eddie Listorti, co-head of fixed income, currencies and commodities. The vault could keep $US2.13 billion ($2.36 billion) of metal at yesterday’s close, Bloomberg calculations show.
The bullish stance on gold from ANZ, which has forecast the metal at $US1400 an ounce in 2014 and $US1500 in 2015, contrasts with the outlook from Goldman Sachs, which predicts lower prices as the US Federal Reserve scales back stimulus. Gold has plunged 21 per cent this year, tumbling into a bear market as stocks and the dollar rallied.
‘‘There is nothing that indicates the strong physical demand trend that we have seen will reverse,’’ Mr Listorti said in an interview in Singapore. ‘‘We see demand coming from financial institutions. Gold accounts for a very small percentage of some central banks’ reserves. There’s room to grow there.’’
ANZ joins JPMorgan Chase, UBS and Deutsche Bank in offering gold-storage services in Singapore as the Southeast Asian nation plans to become a regional trading hub to take advantage of growing wealth in the Asia-Pacific region.
The new facility is sited at the Singapore FreePort, located in the east of the country near Changi Airport. The bank may add more bullion storage in Singapore or other Asian locations, said Mr Listorti.
Caatweasel say a AN the Z and a CB the A deeply involved with a gold in a Vietnam.
It even offer it as gift for sales the promotion.
It use as loan the collateral.
And even to buy the mouse house or property.
a RMIT the University set up financial literacy the program in South Pacific and a Asia,
Yes. Gold is for the wise investor, not for mouse. Mouse is dumbed down and told to leverage future to buy house when houses at all time highs. Mouse is fodder to feed wealthy money men who buy gold for cash.
Yes. Gold is for the wise investor, not for mouse. Mouse is dumbed down and told to leverage future to buy house when houses at all time highs. Mouse is fodder to feed wealthy money men who buy gold for cash.
it will be interesting to look back 3 years from now but i doubt Gold will outperform Australian houses. Don't forget to add in 3 years worth of rental yield with that equation and let's not forget to factor in further cuts by the RBA. Hell - even if they don't cut (which they will) the recent cuts haven't had time to filter through.
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
it will be interesting to look back 3 years from now but i doubt Gold will outperform Australian houses. Don't forget to add in 3 years worth of rental yield with that equation and let's not forget to factor in further cuts by the RBA. Hell - even if they don't cut (which they will) the recent cuts haven't had time to filter through.
Guess Which "Bearish" Bank Bought A Record Amount Of GLD In Q2
it will be interesting to look back 3 years from now but i doubt Gold will outperform Australian houses. Don't forget to add in 3 years worth of rental yield with that equation and let's not forget to factor in further cuts by the RBA. Hell - even if they don't cut (which they will) the recent cuts haven't had time to filter through.
Well I think this opinion has been voiced for the past 6 years, yet gold has significantly outperformed houses hasn't it. As for rental yield, that does not even cover interest, let alone all the expenses associated with managing and maintaining a rental property. No one can make a case against gold up until this point but if you have a crystal ball then let us all in as to what you see in the mist. I for one would love to know the winner of the next Melbourne Cup myself.
Well I think this opinion has been voiced for the past 6 years, yet gold has significantly outperformed houses hasn't it. As for rental yield, that does not even cover interest, let alone all the expenses associated with managing and maintaining a rental property. No one can make a case against gold up until this point but if you have a crystal ball then let us all in as to what you see in the mist. I for one would love to know the winner of the next Melbourne Cup myself.
gold has only out performed housing in a very narrow time frame. has gold beaten housing in the last 2 years? hell no.
how much cash do you think people have to put into gold anyway? good luck getting a 500k loan to buy and trade gold. it's a very poor investment for most people.
I am the love child of Tony Abbott and Pauline Hanson
Well I think this opinion has been voiced for the past 6 years, yet gold has significantly outperformed houses hasn't it. As for rental yield, that does not even cover interest, let alone all the expenses associated with managing and maintaining a rental property. No one can make a case against gold up until this point but if you have a crystal ball then let us all in as to what you see in the mist. I for one would love to know the winner of the next Melbourne Cup myself.
why don't you make yourself useful and post some tits in the lounge.
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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