In the centre of a maximum-security storage facility sits one of the world’s biggest vaults for precious metals, emblematic both of Asian ambition to become the centre of the global gold trade and the difficulties in achieving that goal.
As gold prices rocket to record levels, the company behind The Reserve in Singapore wants to lease space to private banks and family offices, allowing them to store their ultra-wealthy clients’ gold and silver bullion in a secure facility only minutes from south-east Asia’s busiest airport.
But while The Reserve, which opened last year, is designed to store 10,000 tonnes of silver and 500 tonnes of gold, it currently holds just a fraction of that capacity.