Barclays Capital will open a precious metals vault in London next year.
The facility is expected to be operational by next summer, the bank said a statement. It’s joining The Brink’s Co., which opened a vault in London earlier this year and is considering building another facility.
Barclays is building the vault “in response to client demand,” it said. “This is part of our long-term commitment to the bullion market.”
What, no vaults for cans of spam? You can even eat spam. Nouriel Roubini call your office.
The mere fact that a fairly large and well known institution like Barclays is committing to a long-term market in PM's tells you that prices have a long way to move before this is over.
ReplyDeleteI love this!
ReplyDeleteThe problem is that the UK government has no problem raiding private vaults and drilling out all the locks and taking everything if they decide to suspect so much as one customer might be a "drug dealer".
ReplyDelete