British bank Barclays release its first precious metals vault on the border of London that provide to institutional investors, sovereign-wealth funds, central banks and commercial banks. The burial chamber, which houses gold, silver, platinum, palladium and rhodium and began working earlier this month, is one of Europe’s largest.
Jonathan Spall, product manager for metals at Barclays, said the conclusion stemmed mostly from its consumers wishes to have all aspects of their deal in precious metals in mining handled by one firm. While the bank already has widespread trading and clearing capacity, this is the first time that Barclays offers its own valuable metals storage capability. Until now it has relied on third parties.
