Tuesday, September 24, 2013

Singapore Pushing To Become Asian Gold Hub

The wealthy Asian city state of Singapore which has become one of the world’s most important financial centres in recent years continues its push towards making Singapore a global gold hub to rival New York and London.

Singapore has been trying to persuade Thailand's top five gold traders to establish footholds in the city-state as it aims to become a centre for gold price referencing in Southeast Asia before the ASEAN Economic Community (AEC) takes shape in 2015, according to the The Nation.

It reports that the Singaporean government dispatched a team to Thailand to offer relaxed regulations and tax incentives to traders who open offices in that country. It wants to become a reference centre for global gold prices....

The very negative treatment of gold by the government in India is encouraging companies involved in offering gold and gold related investments in India, to consider moving to Singapore.

In October 2012, in a shrewd move, the Singapore government removed a sales tax on gold and silver. Already, there are significant flows of gold into the city state as wealthy investors, ultra high and high net worth individuals and family offices are opting for Singapore as a safe location for gold storage.

Excerpt from Original Article

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