Swiss firms to store gold in Singapore for rich clients

GENEVA: Switzerland’s Palaedino Group and Euroasia Investment have unveiled plans to store and manage gold in Singapore, for ultra-wealthy clients who have lost confidence in banks and paper money.

Their venture, Swiss Precious Metals, will store gold in the high-security Singapore FreePort facility and launch the SPM Gold Index to assess its value against a basket of currencies, it was announced on Thursday.

Palaedino president Leonardo Castellana said the 2008 financial crisis sparked demand for super-secure assets held outside the banking system.

Worries about inflation, stoked by expansionary monetary and fiscal policies, have spread mistrust of paper currency among the wealthy, he told a news conference in Geneva.

‘This double systematic and monetary risk spurred us to create solutions,’ Mr Castellana said.

Euroasia Investment president Yves Bouvier said of the 30,000 sq m Singapore FreePort facility: ‘It is one of the safest places in the world.’

Swiss Precious Metals head Jean-Francois Pages said the gold would be numbered and identified as belonging to each individual client.

Palaedino manages about 1.1 billion Swiss francs (S$1.5 billion) in assets, with offices in Geneva and Singapore.

Source: Straits Times (subscribers only)

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