On Channel News Asia, Dylan Loh reports on how the gold rush in Singapore has impacted SGPMX.
Transcript (1:44 – 2:37):
Those who hoard gold seem to like Singapore’s robust and secure infrastructure for storage. The Singapore Precious Metals Exchange says it has been bombarded with inquiries and 95% of its global clients are looking to Singapore for protecting their gold.
“We have basically got a lot of our customers to move as existing bullion from their homes or from other countries into Singapore, but what we do is in that asset transfer service, we help them to first authenticate their bullion before it’s deposited,” says Victor Foo, Chief Executive of Singapore Precious Metals Exchange.
The exchange also lets customers buy and sell bullion on a peer-to-peer platform.
Now this is a product position for the mass market–the Valcambi Combi Bar. Given current prices you can buy this for as little as around SG$66 a gram. I’m holding on to 50 grams of gold but you can break it down gram by gram into individual pieces and then buy it.
Source: Channel News Asia, April 24, 2014