Singapore is among top 40 countries with reported official gold holdings
In the latest gold demand trends reported by World Gold Council, it was stated that Singapore central bank amassed more than 120 tonnes of gold as reserves. The amount constitutes only 2% of our reserves and the report also ranked Singapore as number 27. The top country with the most gold holding is USA, with more than 8100 tonnes of gold, followed by Germany with 3400 tonnes. Not surprisingly, North America and Europe dominated the list.
Determining the official gold holdings and demand trends are challenging, given the lack of transparency and sheer complexity of the gold market. The report by World Gold Council is based on a complex methodology of data collected from domestic sources and international trade.
The important thing that can be gleaned from the report is that there was a 17th consecutive net purchase by various governments, reflecting a sign that central banks continue to rely on bullion as a form of hedge against volatile currency movements.
Given that Singapore is neither a country known for gold consumption nor a gold exporter, our strong gold holding reflects the government’s belief in the precious metal’s status as a form of holding value. This is probably because the value of Sing dollar is pegged against a basket of currencies of our major trading partners and competitors. What this means is that any swing in this basket of currencies would affect our economy growth. Thus, the reserve would provide a form of hedge protection against currency uncertainties.
In Singapore, you can buy gold and silver bullion online from BullionStar, a bullion dealer based in Singapore which exempted investment grade precious metals from the goods and services tax (GST). You can choose to self collect your bullion at BullionStar’s store, or opt for home delivery. Alternatively, you can choose to store your bullion at BullionStar’s vault storage.
There are 4 easy steps to buy your precious metals through BullionStar as described below. A more detailed step by step guide is available here.
Step 1: Place the desired products in your shopping cart. There is no minimum or maximum amount when purchasing from BullionStar.
Step 2: Click “Checkout” in the Shopping Cart to go to the checkout. Select delivery and payment method in the checkout.
Step 3: Confirm and pay for your order.
Step 4: Depending on the delivery method you have chosen, your products will be:
– Available for pick-up at 45 New Bridge Road, Singapore 059398. No appointment for pick-up is necessary.
– Shipped to your delivery address; or
– Stored for you in My Vault Storage® in our vault at 45 New Bridge Road for you to inspect, sell or physically withdraw anytime.
You can follow the order process from purchase to delivery. We will update you by sending e-mail order status updates. You will receive e-mails for order confirmation; payment confirmation; and confirmation of delivery, availability for pickup, or storage.
Magically yours,
SG Wealth Builder
