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“The idea of putting physical metal in safe jurisdiction, like Singapore, with the parties they can trust is becoming a great tendency nowadays,” says Gregory Gregers, the founder of the reserve.
Alesia Pierdeniko | Bloomberg | Gets the image
Ultra-expense is increasingly moving their golden offshore markets of economic and geopolitical uncertainty-and Singapore is becoming a favorable place.
Not far from the city airport is in a six -story covered in Onyx and strengthened. Behind its steel doors are gold and silver bars worth about $ 1.5 billion.
In a repository known as a “reserve”, there are scores of private shelters and a storage chamber set out by thousands of safe deposit boxes that reach three -storey.
From the beginning of the year to April, precious metals received an increase in gold and silver stores in the repository from the same period of 2024, said its founder Gregor Gregersen. A reserve that also sells gold and silver bars, saw sales for precious bars for 200% From the year at this time the data presented by the reserve is shown.
Singapore is regarded as “Geneva East”; It has a reputation of safe jurisdiction with relative political and economic stability.
According to industry observers, an increasing sense of anxiety is a splash.
“A lot of very high -cost customers look at the tariffs, looking at the change in the world, looking at the potential of geopolitical instability,” said Gregersen CNBC.
“The idea of putting physical metal into safe jurisdiction, like Singapore, with the parties they can trust is becoming a great tendency nowadays,” he said, adding that 90% of new orders go beyond Singapore.
Not far from Singapore Airport is a six -storey facility called a reserve. Behind its steel doors are gold and silver bars worth about $ 1.5 billion.
Reservation
In recent months, the growth of gold has been meteorite and the prices for the ingots have not reached consistent record highs. This was partly fueled by its attractiveness of asylum in instability caused by the US and Chinese trade tensions Sale of US assets in April.
Although gold prices have recently cooled down after investor risk appetites have improved after thawing in trade tensions between two economic superpowers, some market observers still think that they may Rise up to $ 5,000 per ounce Next year. Currently, gold prices are traded at the level of $ 3,346.32 per ounce, near historical level.
Physical bars against paper
Grigersen said wealthy also increasingly choosing physical gold instead of paper because they do not want so much price. When storing and possession of physical gold is not quite without prices, it limits the impact of certain risks that carries the papers.
For example, the risks for counterparties are lower when the asset directly has. The Bank’s crisis in Silicon Valley, which unfolded in 2023, fueled the preference for investors by physical possession or securely allocating specific gold bars rather than relying on Paper claims or possession only a promotional reserve – What could be at risk when the bank collapses, said Nicky Shels, the head of the research strategy and metals in MKS Pamp, precious metals for processing and trade.
Prices for gold over the last year
The main market strategist of the World Gold Council John Reed also noted that it is especially for those who are worried about the health of the global financial system.
“Some owners of physical precious metals are cautious about storage of gold in the banking system, even in a highlighted form, so they prefer to hold gold with non -banks,” Reed said.
The lack of trust in some household banks is also a key driver, said Jeremy Sor, Migrant-Millioner founder, consultations in Dubai providing citizenship services for people with a high network.
“If you are in a country where you do not trust the banking system, such as Lebanon, Egypt or Algeria … They do not want to invest it in the bank,” Savarov said, which includes a high network around the world who are trying to transfer physical gold in Switzerland, Singapore and Dubai.
Given this, the vaulted gold may be less attractive for short -term investors, given that the cost of transaction to buying and moving physical gold is higher than in paper gold, said the Reade World Gold Council.
The reserve storage facility contains scores of private shelters capable of storeing from 25 to 60 tons of gold, which are stored in boxes and sealed.
Reservation
But why store them in Singapore specifically?
“Singapore is regarded as” Geneva East “; it has a reputation of safe jurisdiction with relative political and economic stability,” Shils said.
The role of the Southeast Asia country as a key transit center also makes it an attractive and convenient place for wealthy gold.
“Singapore is a transit center. Anywhere that is a transit center, it usually makes sense that there is a gold shelter,” Sori said. “You can bank, you can store your gold there, but you can also pick it up (easy) because it is a transit center. And it loses Switzerland,” he added.
Although Dubai is also a popular transit center with reliable safety, Svurats noted that the process of storage of gold in the city may need more documents.
“Dubai is probably a little more difficult documentation. Some people don’t like documentation,” he said.
