Thursday, September 23, 2010

JPMorgan (NYSE:JPM) Opens Gold Storage Facility in Singapore

JPMorgan (NYSE:JPM) has now opened its gold storage facility in Singapore, which will also store other metals as well.

Tim Wilson, JPMorgan's head of Asia marketing of global commodities said, "We've seen increasing appetite from investors and clients to diversify the location of their gold holdings and our vault facility provides an alternative site to places such as London, New York and Zurich."

"This is a significant step for us to have a direct exposure to the physical gold market in Asia," added Wilson.

Along with other metals, the storage facility will also store resources for exchange-traded funds.

The facility is located in the free trade zone at the Changi international airport.

Along with the physical settlement of transactions of JPMorgan, the facility will be available for settlement of Singapore Mercantile Exchange gold futures contracts as well.

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