Gold

BullionStar Review: Gold Buying Frenzy in Asia

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This article is extracted from BullionStar, a Singapore online bullion company where you can buy gold and silver at competitive prices.

According to Scott Morrison, Chairman of Swiss precious metals processor, Metalor Technologies, gold refineries were unable to keep up with the demand from Asia investors as the plunge in gold price sparked frenzy in buying gold bullions and jewelry from China to India. His company expects to complete its US$15 million gold refinery on Singapore by the end of this year. The refinery will have a capacity of 150 metric tons a year, he said.

In a bid to expand Singapore’s share of gold bullion trading, the government removed 7 percent GST from investment-grade precious metals in 2012. The aim is to enhance trading and encourage the buying and selling of gold and silver. Retail players should welcome this move as having an vibrant ecosystem of trading facilities will help to boost the liquidity of precious metals.

As a result of this policy change, international financial institutes like Deutsche Bank and JPMorgan Chase have opened vaults in Singapore. In recent years, in order to meet the demand for physical gold which is being highly sought by the local investment community, premiere online bullion dealers like BullionStar Singapore were established to facilitate the trading of gold and silver at competitive prices.

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