Sunday, October 28, 2012

Buying and Storing Gold in Singapore

Having traveled to more than 100 countries, I can say unequivocally that Singapore stands out as one of the best places in the world to own and store gold. Here’s what I like about it:

1) It’s one of the safest places on the planet. There’s practically zero crime.

2) There’s no corruption either. Singapore is one of the most transparent places in the world. If someone doesn’t abide by the terms of a contract, for example, any foreigner could get a fair hearing in court to enforce the contract.

3) Singapore is optimized for business and investment. Taxes on income and profits are low. There is no capital gains tax. It’s quite easy to set up a company. And practically every nationality in the world can travel here visa free.

4) It’s stable, and growing. This is not some fledgling third world country that has a coup every other Tuesday. Singapore has long been one of the wealthiest places in the world per capita, and it has a very, very bright future as one of the world’s largest financial centers.

Singapore recently made it even easier to store gold here, dropping the sales tax on investment grade precious metals. For gold, this includes the Maple Leaf, Buffalo, Kangaroo, and Panda. US Eagles and South African Krugerrands are not included as their purity is too low. Silver Eagles, however, qualify for tax exemption.
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Asian Economies Turn to Yuan

The Peterson Institute for International Economics, or PIIE, said in its latest research that China has moved closer to its long-term goal for the renminbi to become a global reserve currency.

Since the global financial crisis, the report said, more and more nations, especiallyemerging economies, see the yuan as the main reference currency when setting theirexchange rate.

And now seven out of 10 economies in the region — including South Korea, Indonesia,Malaysia, Singapore and Thailand — track the renminbi more closely than they do the US dollar.
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Wang Jianhui, chief economist with Southwest Securities Co Ltd, agreed. "Investors are looking for new reserve currencies at a time when both the dollar and euro are under pressure. This is a good opportunity for the yuan," he said.

The Royal Bank of Scotland predicted in a report on Monday that renminbi will become a fully convertible currency in 2015.

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German Politicians Questioning the Authenticity of the Bundesbank Gold Reserves Abroad

In a bizarre twist in the Eurozone crisis, German politicians are now questioning the authenticity of the Bundesbank gold reserves abroad. In response, the German government may initiate the largest 'cash for gold' deal ever seen...

This week the German Audit Court issued a report stating that the country's central bank must begin a major stocktaking exercise of its gold holdings around the world. According to the report, there has never been a thorough "assessment" to evaluate the true worth of the gold kept in the various central bank's around the globe.

Excerpt from Original Source