Precious Metals Edge Higher, Singapore Gets Keen on Silver
On Monday, gold (NYSEARCA:GLD) futures for August delivery increased $6.90 to close at $1,328.40 per ounce, while silver (NYSEARCA:SLV) futures for September edged 9 cents higher to finish at $19.86. Both precious metals moved slightly higher, despite the U.S. dollar index, which compares the greenback in a basket against six other fiat currencies, trading in positive territory. Last week, the U.S. dollar declined about 1.1 percent.
While gold is on pace for its best monthly gain in over a year, silver is attracting more attention overseas. Reuters reports that Singapore is set to open a 200-ton silver vault this week, in order to meet growing demand for physical precious metals. The vault is being opened by Malca-Amit, a firm that provides secure logistical solutions and full operational services for companies with precious commodities. The vault is already 30 percent booked.
“Our core business is gold. But in order to accommodate the growing demand for silver, we decided to open this dedicated depository,” Joshua Rotbart, general manager at Malca-Amit’s precious metals business, told Reuters. He added, “Gold demand is on the rise. Both from financial institutions and high net worth individuals who are looking for long-term storage solutions.”