Thursday, November 14, 2013

China Opens Largest Private Gold Vault With Capacity For $82 Billion Worth Of Precious Metal

Bloomberg reports, that a gold vault that can store 2,000 metric tons, double China’s projected consumption this year, opened in Shanghai this month as owner Malca-Amit Global Ltd. seeks to benefit from rising demand in Asia’s largest economy.

The facility is the biggest for the Hong Kong-based company, and it can also store diamonds, jewelry and art, Joshua Rotbart, precious metals general manager, said in an interview. The site could hold bullion worth about $82.5 billion at today’s price,Bloomberg calculations show. China’s total demand may reach 1,000 tons in 2013, the World Gold Council forecasts.

The Chinese have become massive buyers of gold.


  1. I don't understand, why aren't they buying Bitcoin?

  2. Bitcoin is 'managed' by humans and could get corrupt (debased, etc) any time. Gold is an element with strong market value based on demand. It has NEVER gone to zero and is no one's counter-party debt

    Dave, see