Silver Bullion announces a significant increase in insurance coverage for its vault, The Safe House, to a milestone of S$1 billion in response to the rising precious metal prices and demand.
Singapore, March 22, 2024 (GLOBE NEWSWIRE) — Silver Bullion ( www.silverbullion.com.sg ) announces a significant increase in insurance coverage for its vault, The Safe House. The vault’s insurance coverage has been upped from S$800 million to a milestone of S$1 billion. This increase comes in response to the escalating value and amounts of precious metals stored within The Safe House’s vaults in Singapore.
The rise in demand for precious metals as a hedge against currency devaluation and the inflationary environment of recent years has significantly contributed to the value of stored assets within The Safe House’s vaults. In the past year, investors globally have sought secure avenues, such as those provided by Silver Bullion, to protect their wealth, leading to a substantial increase in the volume of stored precious metals.
Moreover, the surge in gold prices, reaching historic highs in recent months, has further bolstered the overall value of assets entrusted to The Safe House’s protection. Raising the insurance coverage now also better prepares the company for the increased demand in storage volume that comes with precious metal bull markets.
John Tay, Director of The Safe House, said, “Bullion stored within The Safe House’s vaults are always fully insured. We prioritize the safety and security of our clients’ assets above all else and continuously increase insurance coverage as the assets under storage grow. Our comprehensive all-risk insurance coverage, which includes protection against third-party theft, fire, terrorism and sabotage, employee infidelity, and mysterious disappearance, underscores our dedication to providing security and peace of mind to our customers.”
Vergel Villasoto, Director of Silver Bullion, said, “From our experience of past gold and silver bull markets, investor interest in bullion rise in tandem as prices trend upwards toward the peak. Our decision to raise the insured amount, even beyond the current stored precious metal value, is also driven by our anticipation of a resumption of the next leg in the bull market in gold and silver. While gold has reached historic highs, silver has yet to follow suit. However, historical data suggests that silver tends to lag behind gold in the initial phases of precious metal bull markets, with silver eventually outperforming gold. Therefore, increasing our insurance coverage now positions us favorably to meet the surge in demand for precious metal storage when prices soar.”
The Safe House’s insurance is brokered by Marsh McLennan and underwritten by Lloyd’s of London insurers.
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About Silver Bullion
Founded in 2009, Silver Bullion is one of Singapore’s largest precious metal dealers. It specializes in wealth protection and offers services, including buying and selling of bullion at its bullion retail shop and precious metals storage, collateralization, and non-destructive testing at its ISO-9001-certified vault, The Safe House, located within its own building, The Reserve. With over 15,500 metric tons of storage capacity for physical assets like precious metals, luxury watches, art, gemstones, and other luxury items, The Reserve is one of the highest-capacity vaults in the world. Silver Bullion is a member of the London Bullion Market Association (LBMA), the Singapore Bullion Market Association (SBMA), and The Silver Institute. It is also a partner of the World Platinum Investment Council.
For any media requests, please contact:
Silver Bullion Pte Ltd
Vincent Tie, Corporate Communications
T: +65 6100 3040
media@silverbullion.com.sg
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