Barclays opens Gold, Silver, PMGs vault in London
Barclays has opened a precious metals vault in London to store physical gold, silver, platinum, palladium and rhodium, said the bank.
The vault began operating earlier this month and it is one of the largest in Europe.
While the bank already has extensive trading and clearing capabilities, this is the first time that Barclays has been able to offer its own precious metals storage facility to its customers, having previously relied on third-party storage.
“This new client service is a very significant milestone in the expansion of our physical commodities offering, filling an important gap across metals and energy. In doing so we further strengthen our metals business and our presence in the bullion market,” said Mike Bagguley, head of commodities and FX at Barclays.