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Gold mega-vault opens in London, Deutsche Bank announces

Africa’s 3rd-biggest gold producer, Mali, to open new refinery

Gold prices might be trading sideways this week, near $1,250, but some major players in the bullion world are banking big on a brighter future for the yellow metal, according to the Reuters news agency.

Deutsche Bank, which is publically bearish on the metal this year, nevertheless has opened a massive gold vault in London. “The vault has a capacity of 1,500 tonnes, making it significantly bigger than a 200-tonne storage facility that the bank owns at the Singapore Freeport,” Reuters reported. Other vaults are in Hong Kong, Zurich and New York.”

Although gold ETF holdings have been in retreat as the stock market roars, demand for physical metal remains healthy. “Demand for bars and coins rose 31% to 1,780.60 tonnes in 2013, according to the World Gold Council.”

And in another story that illustrates the strong demand for physical gold in Africa and the Middle East, as well as faith in the future hunger for precious metals, Mali has announced that its first gold refinery will start production in 2015.

“The internationally certified refinery is expected to handle ore produced in Mali — the third-largest producer in sub-Saharan Africa behind South Africa and Ghana — as well as from other neighbouring countries,” Reuters noted.

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