Silver Bullion Pte - a Singapore supplier of coins and bars to retail investors - is opening the vault after sales doubled to 1.04M ounces last year, says founder Gregor Gregersen. “While prices dropped last year, we saw physical demand went through the roof." The vault could hold $390M worth of silver at current prices.
The boosted demand comes not just as the price of silver drops, but as the price drops relative to gold - silver fell 36% last year vs. gold's 28% decline.
The opening of this vault follows a 200-ton vault opened last summer by a different firm. Storage is now full.