Scared investors scurry to deposit gold in Singapore vaults

Depressing global economic outlook push deposits up by 90%.

Deposits of gold and precious stones in the state-of-the-art vaulting services provider Malca-Amit in Singapore leapt 90% in the past year as investors are protecting their wealth against an uninspiring global outlook.

"They are stashing gold, silver, also precious stones, tangible assets so to speak. It's a way of diversifying their portfolio," Bloomberg reported.

"Issues like Brexit, the US presidential race, negative rates--they're all spooking investors, prompting them to seek to protect their money," the report added.

Malca-Amit is gaining from the trend of wealth preservation as its facilities are already about 70% full to date. It's revenue has grown at least 45% this year.

Watch the full report here.