Singapore Silver Vault to Open on Increased Demand

Bloomberg reported that tomorrow, Singaporean coin and bar supplier Silver Bullion Pte Ltd. will open a 600-metric-ton vault. The move comes on the back of increased demand for silver.

As quoted in the market news:

The storage could hold silver worth $390 million at prices on March 21. The company doubled sales to 1.04 million ounces in 2013 from 517,000 ounces a year earlier, said Gregor Gregersen, who founded the company in 2009. Almost all the sales were silver, he said in an interview in Singapore on March 18.

Click here to read the full Bloomberg report.