Ultra-Wealthy Increase Gold Storage in Singapore Amid Global Risks
Ultra-Wealthy Increase Gold Storage in Singapore Amid Global Risks

Ultra-Wealthy Increase Gold Storage in Singapore Amid Global Risks

News summary

Amid rising global economic and geopolitical uncertainties, ultra-wealthy individuals are increasingly moving their gold offshore, with Singapore emerging as a favored safe haven. A key facility driving this trend is "The Reserve," a six-story, highly secure vault near Singapore's airport, which has seen an 88% increase in orders for gold and silver storage and a 200% rise in sales of precious metal bars year over year. This surge is largely fueled by concerns over tariffs, geopolitical instability, and global market volatility, prompting many clients—90% of whom are from outside Singapore—to prefer physical gold bars over paper gold to reduce counterparty risks. Gold prices have surged to record highs recently due to its safe haven appeal amid US-China trade tensions and a significant US asset sell-off, though prices have slightly cooled with easing tensions. Despite this, some market watchers predict gold could reach as high as $5,000 per ounce next year. Singapore's political and economic stability, coupled with advanced security at The Reserve, reinforces its reputation as the "Geneva of the East" and a trusted jurisdiction for storing precious metals.

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Last Updated
7 days ago
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