Monday, February 4, 2013

Construction of a Gold Refinery & Freeport in Singapore

Singapore Freeport
Singapore took one more step towards becoming “the new Switzerland,” as Mike Maloney often calls it, when Swiss precious metals refiner Metalor decided to build a new refinery on the Pacific Rim, as reported by Metalor Group CEO Scott Morrison:

"The construction of a gold refinery in Singapore comes at a time of rising demand for precious metals and is therefore perfectly in line with our development strategy in the Asia-Pacific region."

In our March 2012 article, Singapore Writes Support for a Gold and Silver Hub into Law, we quoted Nick Trevethan, a senior commodity strategist at ANZ Bank in Singapore:

The removal of the GST [Goods & Services Tax] on precious metals will allow Singapore to better compete with Hong Kong and other bullion trading centers in the region… it seems a little unfair to put a sales tax on what is essentially money.

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Below was an excerpt from old news article last year where it reported about Singapore's aim to capture 15% of the world's gold trading market.

SINGAPORE : Singapore hopes to capture 10 to 15 percent of the global gold trading market in the next 5 to 10 years, said International Enterprise Singapore (IE Singapore) on Wednesday.
The government had earlier announced that the country aims to work with other agencies to grow a new precious metals trading cluster to tap strong demand for investment-grade gold.

Senior commodities strategist at ANZ, Nick Trevethan, said: "I think the market needs a venue. Singapore needs a strong commodities exchange with effective pricing and sufficient liquidity in order to really develop its own market. Otherwise it's just going to have to piggy back off prices from the LME and from other exchanges around the world."

Assistant CEO of IE Singapore, Kathy Lai, said: "With the phenomenal economic growth in Asia, there has been a lot of Asian wealth created in the last 10, 15 years. Asian demand constitutes 70 percent of global demand - and this is just gold. And so, in Asia there isn't a gold hub of the same kind of level as London and Zurich and we have heard feedback from the market and industry that this is opportune time to serve the Asian market better."

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