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Gold Vaults Charge More For Storing Bullion As Demand Soars -Report

Posted By admin On August 10, 2011 @ 3:04 am In Money Watch | Comments Disabled

WSJ [1]
Aug 10, 2011

Banks are charging more to store gold as a surge in demand for safe assets amid turmoil on financial markets has left London, the center of the global bullion market, short of vault space, the Financial Times reports Wednesday.

Citing bank clients and “people familiar with the situation,” the newspaper says almost all of the largest bullion-dealing banks have raised their fees since March this year, with some more than doubling the rates they charge for storing gold in vaults.

Gold prices soared to record levels earlier this week after Standard & Poor’s decision late Friday to cut the U.S. government’s credit rating, with spot gold reaching an all-time high of $1,779.70 a troy ounce Tuesday.

Full article here [1]

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URLs in this post:

[1] WSJ: http://online.wsj.com/article/BT-CO-20110810-705498.html

[2] Image: http://www.prisonplanet.tv/

[3] Swiss gold bullion in huge demand as trust in banks dives: http://www.prisonplanet.com/swiss-gold-bullion-in-huge-demand-as-trust-in-banks-dives.html

[4] Global Demand For Gold Soars 38 Per Cent: http://www.prisonplanet.com/global-demand-for-gold-soars-38-per-cent.html

[5] Gold vaults $1,000/oz, momentum overwhelms: http://www.prisonplanet.com/gold-vaults-1000oz-momentum-overwhelms.html

[6] Gold fund’s holdings jump on rush to bullion safety: http://www.prisonplanet.com/gold-fund%e2%80%99s-holdings-jump-on-rush-to-bullion-safety.html

[7] World Gold Council Releases Q4 And 2009 Gold Demand Trends Report: http://www.prisonplanet.com/world-gold-council-releases-q4-and-2009-gold-demand-trends-report.html

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