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  • mashiach@verizon.net mashiach Sep 16, 2011 6:33 AM Flag

    BLOOMBERG:Barclays to Open London Precious Metals Vault

    Barclays to Open London Precious Metals Vault
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    By Nicholas Larkin - Sep 16, 2011 1:37 AM ET

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    Enlarge image Barclays to Open London Precious Metals Vault

    Gold is set for an 11th straight annual gain as investors have shunned equities and some currencies amid concern about slowing economic growth and debt crises. Photographer: Guenter Schiffmann/Bloomberg

    Barclays Capital will open a precious metals vault in London next year as demand for assets boosted investors’ holdings and pushed prices to a record.

    The facility may be operational by next summer, the bank confirmed in a statement. It’s joining The Brink’s Co., which opened a vault in London earlier this year and is considering building another facility.

    Gold is set for an 11th straight annual gain, the longest winning streak since at least 1920, as investors have shunned equities and some currencies amid concern about slowing economic growth and debt crises. Investors own 2,145.2 metric tons of the metal in exchange-traded products, more than all but four central banks, who are expanding reserves for the first time in a generation. Silver prices more than tripled since 2008.

    Barclays is building the vault “in response to client demand,” it said. “This is part of our long-term commitment to the bullion market.”

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