J.P.Morgan's (NYSE:JPM) Gold Storage Facility

J.P.Morgan (NYSE:JPM) announced today it will be opening a new gold storage facility in Singapore in the latter part of 2010, built in response to growing demand from institutional and retail investors looking for a place to store their gold bullion.

A number of those holding physical gold bullion want or need multiple places to store their bullion, which a new one in Singapore will help meet those demands.

The new storage facility will also help serve the market dealing with physical settlement of futures contracts, which while including gold, will also help with other precious metals as well.

It'll also serve as a storage vault for exchange traded funds and other deals which involve physical settlement of gold or other precious metals.