Massive private gold vault opens in Shanghai Free-Trade Zone

The vault's capacity is twice that of China's projected 2013 consumption.

“There’s going to be more gold coming to China,” said Malca-Amit precious metals manager Joshua Rotbart.

“This [Free-Trade Zone] can be used as a trade hub basically, so foreign banks can trade with domestic banks within this facility, saving costs and time.”

“We expect big demand from foreign banks and we are talking to a few…it’s a step forward for them because it puts less limit on how they operate in China.”

“Such a facility is a massive vote of confidence for the Chinese gold market,” said Philip Klapwijk, managing director Precious Metals Insights Ltd.

"The trend for demand has been very strongly positive."

Read More: www.mining.com/massive-private-gold-vault-opens-in-shanghai-free-trade-zone/