Wednesday, July 3, 2013

World's First Physical Precious Metals Exchange Launches in Singapore

SINGAPORE: Precious metal investors now have a new platform to trade with the launch of the Singapore Precious Metals Exchange (SGPMX).

It is the world's first precious metal exchange that is fully backed by physical precious metals.

With as little as US$1,000, investors can buy, store, transport and trade precious metals like gold and silver.

The whole process is as easy and secure as trading in other financial instruments.

SGPMX said its customer base is growing. It currently has over 10,000 customers with about 1,000 customers from Singapore and 4,000 from Japan.
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Investor and author, Jim Rogers, are among those that started to trade on the new exchange by buying more gold on Wednesday.

He is not concerned about the recent correction in gold prices and said he will keep buying more gold.

“If gold price goes down 50 per cent from its high, that will be US$960. Why can't gold sell between US$900 and US$1,000? I know it can and perhaps it will. If that happens, I hope I am smart enough to buy a lot more,” said Rogers.

Editor : This exchange sounds similar to Goldmoney.com founded by James Turk except that it also enables investors to carry out peer-to-peer buying and selling of precious metals.  All these setup points to the fact that the demand for gold and silver continues to remain bullish despite the crush of the price of gold (paper) in the futures and derivatives market.

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