Malca-Amit Global Ltd., a Hong Kong-based company handling logistics in diamonds and precious metals, started a 200-ton silver vault in Singapore in July. The storage is full, said Joshua Rotbart, precious-metals general manager at the firm.
American Precious Metals Exchange Inc., one of the dealers authorized globally to buy directly from the U.S. Mint, saw record sales of silver in 2013 and is on the same pace this year, said Michael Haynes, chief executive officer of the Oklahoma City-based company.
“People feel good that they can buy 20-30 ounces of silver with much less money than they would have spent on one ounce of gold,” said Haynes. “Physical silver is in very high demand.” Sales of silver American Eagles rose to a record 42.675 million ounces in 2013, U.S. Mint data show.
Gregersen’s new facility, known as The Safe House west of Changi Airport The government of Singapore has been busy in recent years. Not content to be the world’s second freest economy, it has set out on a mission to take the world bullion market by storm.
Corruption is low, regulation is minimal, and the tax structure is among the best in Asia. Not to mention it looks a lot better to your home government to be doing business in Singapore than some banana republic tax haven.
The first thing the Singapore did was to eliminate taxes on bullion purchases.
Traditionally, bullion was taxed at the normal 7% Goods and Services Tax rate – basically a VAT or national sales tax.
There was one way to get around that by trading and storing your metals at the Singapore FreePort by the airport, but it limited your options.
Beyond a competitive tax structure, Singapore’s infrastructure can support the expected uptick in gold trading activity.
To meet the regional demand for gold, Metalor Technologies has chosen Singapore to construct a gold refinery and bullion product manufacturing plant
You can also enjoy the convenience of transacting online via UOB Personal Internet Banking or UOB Mobile. With GSA/SSA, buying and selling gold and silver has never been easier.
Canadian Maple Leaf Gold Coins Australian Kangaroo Gold Nuggets These coins are legal tender with face value, and are accepted and traded worldwide.
They can be bought from and sold back to the Bank with our daily buy-sell market quote.
China’s supply of the precious metal per capita is actually low compared to neighboring Asian countries such as Taiwan and Singapore Official “Year of the Ram” gold coins sold out days ago, and since the beginning of January, withdrawals from the Shanghai Gold Exchange have grown to over 315 tonnes, exceeding the 300 tonnes of newly-mined gold around the globe during the same period.
And these are just the losses that we know about so far. It will be many months before the full scope of the financial devastation caused by the Swiss National Bank is fully revealed.
But of course the same thing could be said about the crash in the price of oil that we have witnessed in recent weeks.
These two “black swan events” have set financial dominoes in motion all over the globe.
At this point we can only guess how bad the financial devastation will ultimately be.
Moscow’s purchase of bullion and the assault on the bank can be seen as tactics of a single strategy designed to break the monopoly of the dollar.
Gold is Russia’s hedge against that hegemony; it can’t be hacked.
Russia’s response has been to buy gold and turn east, cementing deals with China and, it would seem, firing the opening salvos in a cyber currency war with the U.S. It tells the world loudly that a global currency crisis – albeit unstated – is underway … that Western economies and Western sovereign debt is so out of whack that the only ammo left in the arsenal is currency.