“Switzerland’s biggest bank started storing gold for wealth-management clients at a facility in Singapore. The leased vault in the Singapore FreePort is available for clients in the city-state and Hong Kong. UBS joins Deutsche Bank AG and JPMorgan Chase & Co. in offering storage services in Asia. The Singapore government has been promoting the country as a bullion-trading hub, removing a 7 percent sales tax from investment-grade precious metals last year. Millionaires in Asia outside Japan [are projected to] create $7 trillion in new wealth by 2016, boosting the share of global riches from emerging markets to about 37 percent from 24 percent in 2008.”
http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=196380&sn=Detail
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