Investors are moving their gold savings to Singapore

Geopolitical tensions, increasing public debt burdens, and financial uncertainties have led wealthy investors to change their physical asset protection strategies. As capital owners from the US, Europe, and the Middle East move their gold savings to Singapore, the amount of private gold stored in the country has surpassed 800 metric tons.

According to data from precious metals advisory firm J. Rotbart & Co., the amount of private gold stored in Singapore has increased 16-fold since 2014, surpassing 800 metric tons. While Europe-based funds lead the capital inflow, digital storage applications originating from the West have tripled over the past year. Indigo Precious Metals recorded a 25% increase in physical storage requests from American and European clients.

Enhancing its infrastructure to meet the demand, Singapore's six-story facility under Silver Bullion has reached a storage capacity of approximately 10% of global annual gold production. Assets held by the company have tripled since the beginning of 2020, rising to 8.6 tons. Continuing its competition with Hong Kong to become Asia's primary precious metals hub, the Singapore administration saw gold imports reach 171 tons in August, marking a 44% year-on-year increase.