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

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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.

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This article was posted: Wednesday, August 10, 2011 at 3:04 am

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