Visit to Malca-Amit’s New Vault - Connelly, LBMA
Wednesday, October 31, 2012
Malca-Amit became a member of the LBMA in March 2012 and shortly afterwards completed the building of a new vault facility close to Heathrow airport. Stuart Playford, Emma Attridge and Aelred Connelly from the LBMA visited the facility recently. Here Aelred describes their visit.
Malca Amit opened a new vault in March this year. Aelred Connelly recently visited the new facility and in this article he summarises his visit. The new facility is the first of a number of vaults which have either opened up, or which are planned to be built, within the perimeter of the M25. Brinks opened their new vault in early 2011 and in September 2012 Barclays opened their new gold vault. Deutsche are planning to open a new vault in late 2013.
With the price of gold doubling in the last 4 years the new facilities are in response to growing demand for the precious metal from pension funds, central banks and sovereign wealth funds. London is at the heart of the over-the-counter precious metals market, where millions of dollars in trade are cleared and settled daily, and the benchmark prices for gold, silver, platinum and palladium are set.