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Australia's ANZ bank closes Singapore gold vault
By Peter Hobson
Thursday, January 25, 2019
LONDON -- Australia and New Zealand Banking Group, whose gold bullion business is one of Asia’s largest, said Thursday it was closing its precious metals vault in Singapore.
The move follows the bank's sale last year of its stake in an exchange-traded fund backed by physical gold and sources say it is part of a scaling back of ANZ's precious metals business.
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The bank opened the vault -- which could hold 50 tonnes of gold worth around $2 billion at current prices -- in 2013. That year ANZ said it distributed close to 15 percent of the world's primary gold production. ...
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