by David Franklin, Sprott:
For the better part of the last century, Switzerland has been a sanctuary for high-net-worth capital. Today, however, the rich are choosing a different destination to stash their wealth – Asia. Gold, silver and collectibles are pouring into Singapore, Hong Kong and Shanghai, jurisdictions that now offer some of the most exclusive gold and silver vault options in the world.
With the recent wealth explosion in Asia, these clients are preferring to keep their collectibles and bullion close at hand. Recently published trade data supports our presumption that a significant amount of physical gold from ETF liquidations was indeed heading East. But where to exactly once it arrived? Several transactions have taken place this month which confirm the new Asian facilities as the final destination for the physical gold that has been transferred out of London and Swiss vaults.
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