essential guide to gold storage in singapore

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Goldin Singapore

Essent ial Guide

To Storing


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The Essential Guide To Storing Gold In Singapore

2014 GoldCore 2

TABLE ofCONTENTS

Table ofContents .................................................................................................................... 2INTRODUCTION ....................................................................................................................... 4WHY SINGAPORE? .................................................................................................................. 6

Asias Precious Metals Hub................................................................................................. 6The Singapore Bullion Market Association (SBMA) ............................................................. 7Gold and Silver Pricing ........................................................................................................ 8

Financial and Wealth Management Hub ............................................................................. 9Open Economy with Extensive Trade Links ......................................................................10Global Transportation Hub .................................................................................................10Business Friendly Hub ........................................................................................................11

Government: ......................................................................................................................11Economic Performance: .....................................................................................................11Business Competitiveness, Legislation and Efficiency: ......................................................11

KEY BENEFITS OF STORING BULLION IN SINGAPORE......................................................12Political and Economic Stability .........................................................................................12Favourable Tax Treatment ..................................................................................................13World Class Physical Infrastructure and Storage .............................................................15Pools Of Liquidity ................................................................................................................15

Refining Capacity ................................................................................................................16Government Support and Sponsorship .............................................................................16

WHO SHOULD CONSIDER BULLION STORAGE IN SINGAPORE ........................................17
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3 SIMPLE STEPS TO OWNING GOLD IN SINGAPORE .........................................................19CONCLUSION ..........................................................................................................................22

Asset Diversification ...........................................................................................................22Geographical Diversification ..............................................................................................23Essential Financial Insurance.............................................................................................24Rogers, Faber & Sinclair Recommend Singapore .............................................................24Own Physical Precious Metals In Singapore .....................................................................25
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INTRODUCTION

ome of the world's growing middle classes and the wealthy are moving their gold

away from increasing financial repression in the western world to the Asian

capitals of Hong Kong and Asias emerging precious metals trade hub,

Singapore.

Zurich remains the preferred destination for many western and international investors,

both retail and institutional. However, we and other bullion specialists are seeing an

increase in clients seeking secure storage in Hong Kong and Singapore.

There is a belief amongst some of our American and European clients that storing gold

in Perth, Zurich, Hong Kong and increasingly Singapore is safer than in London, New

York or elsewhere in the U.S.

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There is a belief amongst some of

our American and European clients

that storing gold in Perth, Zurich,

Hong Kong and increasingly

Singapore is safer than in London,

New York or elsewhere in the U.S.

Throughout history, gold has flowed to

where it is most favourably treated.

Today there is a growing move to own

gold outside of the massively indebted

and nearly insolvent western banking

system and sovereigns.

For an introduction to the perilous state of the worlds banksand a list of the worlds

safer banks, please read our report, Protecting Your Savings in the Coming Bail-in

Era1.

This trend looks set to continue given the dire fiscal state of most western nations and

creditor nations such as Singapore look set to be a beneficiary.

Gold is acquired as a form of wealth preservation, as a long-term store of value and as

a safe haven in times of financial and political turmoil. Thus, storage decisions cannot

be taken lightly and all investors in gold and owners of gold need to consider where is

the safest place to own gold.

1http://cdn2.hubspot.net/hub/233034/file-421294799-

pdf/Ebook_PDF_Uploads_2013/Protecting_Your_Savings_In_The_Coming_Bail_In_Era_International_Edition.pdf


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WHY SINGAPORE?

Singapore has the largest pool of

private banking assets in Asia,

with US$516 billion in 2011.

ingapore is one of the most stable countries in the world today - both politically

and economically.

Political stability means that

Singapore is able to focus most of its energy

on shaping its economic development

strategies to position it as one of the strongest

economies in the world.

Asias Precious Metals HubSingapore is fast positioning itself as Asias global precious metals hub. In large part,

this is due to Singapores very dynamic economy, Singapore fast becoming one of theworlds leading financial capitals, and the governments support to position Singapore

as the precious metals hub of the world.

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The key requirements allowing Singapore to slowly become a global precious metals

hub are many of the key benefits of storing bullion in Singapore today (see below).

They include political and economic stability, favourable tax treatment of precious

metals, hosting leading storage providers, pools of liquidity, refining capacity and

government support and sponsorship.

The Singapore Government and its major partners like the EDB

(the Singapore Economic Development Board), International

Enterprise (IE) Singapore and the Singapore

Bullion Market Association (SBMA) are

contributing to and supporting a bid to rival

London, New York and Zurich as a hub for the trading and storage

of physical gold, silver, platinum and palladium.

The Republic, which has stated that it intends to be a physical gold hub like London and

Zurich, now has most of the pieces in the puzzle in place to do so.

The Singapore Bullion Market Association (SBMA)The Singapore Bullion Market Association was founded in 1993 with a corporate

membership of 16. Today, it counts over 30 corporate members, including bullion

dealers, bullion banks, precious metals refiners, security

services companies, minting institutions and the assay office. Its

key objective is the promotion of commerce relating to the

Singapore bullion market.

London is home to the benchmark gold fix that is used by a

variety of market participants globally in transactions related toboth paper and physical gold. The gold fix pricing mechanism is

now under scrutiny. At this time, the London Bullion Market Association (LBMA) is the

primary industry body that represents the market for gold and silver bullion.


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One way or another, Asia is

likely to have a more

dominant role in setting

prices and Singapore willlikely have a significant role

to play in this regard.

The LBMA has long been centred in London but has a global client base, including the

majority of the central banks that hold gold, private sector investors, mining companies,

producers, refiners and fabricators.

The SBMA are seeking to emulate the LBMA and given the huge flows of physical

bullion into Asia, they may in time become as powerful as the LBMA has traditionally

been.

Gold and Silver Pricing

One such initiative could take the form of a gold price benchmark in Singapore. The

SBMA has been in discussions for nearly a year on launching a price benchmark in

Asian trading hours similar to the twice-daily London fix for spot gold prices.

The Singapore Bullion Market Association (SBMA)

Secretary told Bloomberg on January 22nd, 2014

that Singapore's gold fix plan is still in process.

This report came the day after unconfirmed

sources had told Reuters that Singapore had

dropped plans to set a daily reference price for

gold, as regulators in Europe investigate suspected manipulation of precious metal

prices by banks.

There are increasing concerns that prices in London and on the COMEX can be

manipulated to suit the needs of vested interests and speculators, rather than reflecting

actual supply and demand of physical buyers and sellers globally. This can create price

distortions bubbles and anti-bubbles where prices become so undervalued that gold

mining companies globally go out of business.


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Global investment demand in gold

has more than doubled since 2007to 1,590 tonnes in 2012, with Asia

accounting for more than 65% of

global physical bar investment.

Singapore will overtake

Switzerland as the world's largest

offshore wealth management hub

by 2020

One way or another, Asia is likely to have a more dominant role in setting prices and

Singapore will likely have a significant role to play in this regard.

Financial and Wealth Management HubSingapore has established a thriving financial centre of international repute, serving not

only its domestic economy, but also the wider Asia Pacific region and indeed the world.

Singapore's financial centre offers a

broad range of financial services

including banking, insurance, investment

banking, treasury and wealth

management services.

Given that many who buy gold use it as

a wealth preservation tool, Singapore's position as a wealth management hub will aid its

aim of becoming a global precious metals hub.

A report released recently by London based research firm WealthInsight predicts that

Singapore will overtake Switzerland as the world's largest offshore wealth management

hub by 2020, as Switzerland falls out of favour with the wealthy, while Singapore attractsmore of the new wealth from China, India,

the Middle East and much of Asia.

According to Deloitte Consulting,

Singapore has the largest pool of private

banking assets in Asia, with US$ 516

billion in 20112. The report also ranks Singapore as the worlds most stable wealth

management hub.

2

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Singapore is ranked the

most transparentcountry in the world.

Overall category

ranking

(weighted)

Wealth

management

centre Financial stability Political stability Monetary stability

1 Singapore 1 1 3

2 Hong Kong 2 4 1

3 Switzerland 4 2 2

Deloitte Consulting International Wealth Management Centre Rankings Stability Ranking, 2013

Open Economy with Extensive Trade LinksSingapore has one of the most open economies in the world. Singapore currently has

the highest number of free trade agreements in Asia, signed with key economies such

as China, the U.S., the EU, members of the European Free Trade Association, Japan,

Australia, New Zealand, Jordan, Chile, South Korea,

Panama and India.

Singapore has also signed 35 investment guarantee

agreements that help protect investments made by Singapore based companies in

other countries against non-commercial risks. Singapore topped the World Economic

Forums(WEF) Global Enabling Trade Report 2012for having the most open economy

for international trade and investment.

Global Transportation Hub

Singapore has built on its advantageous geographical location to become one of theworlds top transportation hubs. Her container ports are the worlds busiest, offering a

choice of 200 shipping lines, linking to some 600 ports in 123 countries. Changi

International Airport, which has won numerous Best Airport honours internationally,


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serves more than 100 airlines, connecting Singapore to more than 220 cities. Her

Airfreight Centre is a 24-hour, one-stop hub for some 6,000 logistics providers, including

21 of the world's top 25 third-party logistics providers.

Business Friendly HubHere are some of the reasons why Singapore continues to be the preferred location for

many international businesses today:

Government: Singapore is ranked 4th in the world and 1st in Asia for having the least corruption

in its economy.

Singapore is ranked the most transparent country in the world.

Economic Performance:

Singapore is ranked No. 2 worldwide as the city with the best investment potential

for 15 consecutive years.

Singapore is the world leader in foreign trade and investment.

Business Competitiveness, Legislation and Efficiency:

Singapore is ranked the most competitive country in the world.

Singapore is ranked No. 1 for having the most open economy for international

trade and investment.

Singapore is the world's easiest place to do business.

Singapore has the best business environment in Asia Pacific and worldwide.

Singapore is Asia's most "network ready" country.

Singapore is first in the world for having the best protection of intellectual property.

Singapore is the least bureaucratic place for doing business in Asia.


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KEY BENEFITS OF STORING BULLION

SINGAPORE

Political and Economic Stabilityhe Singaporean economy is known as one of the freest, most innovative, most

competitive and most business friendly in the world. Singapore has one of the

most globalised and diversified economies in the world. The far-sighted

Singapore government realised that this was vital for growth and stability.

Singapore is one of the world's leading commercial hubs, with the fourth-biggest

financial centre and one of the five busiest ports. The country is currently the only Asian

country to have AAA credit ratings from all three major credit rating agencies - Standard

& Poor's, Moody's and Fitch.

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Singapore has a highly developed market-based economy, based historically on

extended entrept trade. The 2011 Index of Economic Freedom ranks Singapore as

the second freest economy in the world, behind Hong Kong. According to the Corruption

Perceptions Index, Singapore is consistently ranked as one of the least corrupt

countries in the world, along with New Zealand and Scandinavian countries.

Singapore is the 14th largest exporter and the 15th largest importer in the world. The

country has the highest trade-to-GDP ratio in the world at 407.9%. Singapore attracts a

large amount of foreign direct investment as a result of its location, corruption-free

environment, skilled workforce, low tax rates and advanced infrastructure. There are

more than 7,000 multinational corporations from the United States, Japan, and Europe

in Singapore.

Singapore also possesses the world's eleventh largest foreign reserves, and is rated top

in terms of net international investment position per capita. The currency of Singapore is

the Singapore dollar, issued by the Monetary Authority of Singapore.

Economic stability leads to political stability and politically, Singapore is very stable. It is

a unitary multi-party parliamentary republic that has a Westminster system of

unicameral parliamentary government. The People's Action Party has won every

election since self-government in 1959.

Favourable Tax TreatmentKey requirements to becoming a precious metals hub have been met. In October 2012,

the government removed the 7% goods and services tax (GST) on investment precious

metals (IPM). This was announced in Budget 2012 by the Deputy Prime Minister and

Finance Minister.

This is in recognition that IPMs are essentially financial assets, just like other actively

traded financial instruments or passively owned investment assets (e.g. stocks, bonds),


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which are sales tax exempt, as well as to facilitate the development of IPM refining and

trading in Singapore.

To qualify for GST exemption, the precious metal must meet the following criteria:

(a) It is gold of at least 99.5% purity, silver of at least 99.9% purity or platinum of at least

99% purity.

(b) For gold and silver, it must be produced by a refiner in the current or former Good

Delivery list of the London Bullion Market Association (LBMA). For platinum, it must beproduced by a refiner in the current or former Good Delivery of the London Platinum &

Palladium Market (LPPM). If the refiner is not in current or former Good Delivery lists

of LBMA (for gold and silver) and LPPM (for platinum), it needs to be endorsed by

International Enterprise (IE) Singapore.

Most gold, silver and platinum bullion coins produced by government mints qualify as

investment precious metals (IPM). Gold coins that qualify include most government mint

one ounce bullion coins and include American Buffalos, Australian Kangaroo Nuggets,

Australian Lunars, Austrian Philharmonics, Canadian Maple Leafs, Chinese Pandas,

Malaysian Kijang Emas, Mexican Libertads, Singapore Lions, United Kingdom

Britannias*.

Silver coins that qualify include American Eagles, Australian Kookaburras, Australian

Koalas, Australian Lunars, Austrian Philharmonikers, Canadian Maple Leaves, Chinese

Pandas, Mexican Libertads, United Kingdom Britannias3.

Platinum coins that qualify include America Eagles, Australia Koalas, Australian

Platypus and Canadian Maple Leaves.

3UK Gold/Silver Britannia minted from 2013 onwards


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Gold, and even more so, silver and platinum, are still subject to punitive taxes in many

countries and the move comes at a time when some governments, such France and

India, have increased taxes on buying gold.

World Class Physical Infrastructure and StorageSingapore established the Singapore Freeport in 2010 which

provided Asia with its own ultra-secure storage facility. Singapore

set the bar high in terms of design and security so it modelled its

facility after the Swiss Freeport, and is the only one of its kind inAsia.

Strategically located next to Singapores Changi International

Airport, Singapore Freeport offers over 20,000 sq metres of strong rooms and show

rooms with direct access to the airport runway. The facility incorporates the highest of

security standards and is permanently monitored 24/7 by armed guards.

The leading precious metals storage and vaulting companies now have a presence in

Singapore and larger international bullion dealers such as GoldCore are now offeringstorage in Singapore due to client demand.

Pools Of LiquidityMany bullion dealers and bullion dealing banks have also set up precious metal trading

desks and are now making a market in bullion coins and bars and offering bank vaulting

facilities. JP Morgan, UBS, Deutsche Bank and Barclays are just some of the banks to

have made Singapore their Asian base.

Critical mass is now being reached whereby there are a number of large bullion dealers

who will make a market in key bullion products. This ensures liquidity and competitive


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pricing. Before, on purchase or sale of

certain coins and bars, they might have

had to have been air freighted to or from

Singapore with the attendant cost which

that entailed.

Now, Singapore has got the critical mass

and is becoming a market maker for

physical bullion products.

Refining CapacityOne of the worlds largest precious metals refineries, Swiss refinery Metalor, began

refining bullion products in June 2013. Other large refiners are expected to follow.

Metalors services in Singapore will initially consist mainly of precious metal evaluation,

and gold bar manufacturing. They will also engage in the recycling of scrap gold, much

of which is coming from people in the western world who are under financial pressure

having to sell jewellery in cash for gold schemes.

According to Metalor, their presence in Singapore meets an existing and growing need

for such services in the Asia-Pacific region. Demand for bullion has increased as the

growing middle classes and the wealthy of Asia use gold as a store of wealth.

Government Support and SponsorshipAll this comes as the Singapore government is making a concerted effort to develop the

market and is encouraging market participants to come together to develop new

products and ideas, in conjunction with the government.

Gold bars and coins are displayed at Goldcore Ltd.


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WHO SHOULD CONSIDER BULLIONSTORAGE IN SINGAPORE

etail and institutional investors who already own gold in a paper or digital

format such as ETFs or online gold trading platforms, should consider

allocated storage in Singapore. Many ETF owners, in particular, are exposed

to considerable unappreciated counter party risks.

Physical bullion is essential financial insurance, a vital hedging instrument and safe

haven diversification in todays uncertain financial world. Not having an allocation to

gold makes portfolios very exposed to macroeconomic, monetary, systemic and

geopolitical risk.

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All investors, savers and pension owners, be they retail, HNW, UHNW, pension funds,

family offices4or hedge funds, should all have an allocation to physical gold.

Singapore offers an ultra-secure storage alternative and is one of the safest ways to on

gold today. GoldCores storage charges in Singapore are as competitive as all other

major global secure storage hubsPerth, Hong Kong and Zurich.

4http://info.goldcore.com/the-essential-family-office-guide-to-investing-in-gold-why-family-offices-are-buying-gold


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3 SIMPLE STEPS TO OWNING GOLD INSINGAPORE

wning gold in Singapore is easy and no more onerous or costly than owning

gold in Perth, Zurich, Hong Kong or elsewhere.

The most secure way to own gold is to keep it in an allocated account in a fully

insured vault. We offer our individual and institutional clients secure storage of their

bullion assets with the Perth Mint of Western Australia, ViaMat International in Zurich,

London and Hong Kong and with Brinks Singapore in Singapore .

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Clients gold is stored and managed on your behalf through the bailment programme in

our Singapore Storage Programme. This means that GoldCore Limited and Brinks

Singapore Pte Limited are solely the custodians of your bullion but you remain the

outright owner.

New clients who purchase bullion from us, will receive an email and written confirmation

that their bullion is now in our Singapore Storage Programme. Clients can log onto their

account at www.goldcore.com to confirm that. All storage clients will be able to view

their accounts online.

As an added feature of security and confidentiality, in our dealings with the storage

providers we will strictly reference the clients sub-account number (allocated prior to

the clients firstpurchase) and not your name. Clients identitiesand the history of their

precious metal transactions and holdings will thus remain known only to GoldCore

Limited.

Liquidations of assets or further additions to holdings are easily facilitated. All a client

needs to do is call us with trade instructions. We will then lock in a price and organise to

have the precious metal transferred into and credited to the clientsaccount.

For non-clients who already own bullion in a different location or in the banking system

and would prefer our Singapore Storage Programme, simply let us know, we will

arrange the insured transportation of clients bullionto our vault in Brinks Singapore.

Outlined below are the steps required to create an account in our Singapore Storage

Programme

Step One:In order to be able to buy precious metal for storage or store existing bullionthrough GoldCore, clients have to satisfy our AML procedures and provide us with


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proofs of identity and address. Clients can register an account online through the

following link5 and will receive an email with all the necessary application forms and

details of the identification documents necessary.

Step Two:Once the above is completed, the clientsaccount will be created and the

client can transfer funds to their GoldCore Account for the purchase of bullion for

delivery or storage, or arrange to have bullion collected from international locations and

transferred to our vaults in Brinks Singapore.

Step Three:Once the gold is purchased or transferred to our vaults, it is then credited

to the clientsstorage account and a Statement of Ownership and Storage is posted to

the client. The client is also provided with confirmation from both GoldCore and Brinks

as to the holding. Clients can log onto GoldCores website to view their holdings and in

the coming months, clients will be able to log in to the storage providers website to view

their holding, independently of GoldCore's website.

5https://www.goldcore.com/user/register
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CONCLUSION

One should not have all

the proverbial eggs in

the one basket.

Asset Diversificationhe fundamental tenet of investment theory and of wealth growth and

preservation is diversification.

In layman's terms, one should not have all the

proverbial eggs in the one basket. This concept is crucial

both in terms of an entire investment and savings portfolioand also in terms of the precious metals component of a

properly diversified portfolio.

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It is important to have your

combination of bullion coins

and bars in the safest vaults

in the world, in the safest

jurisdictions in the world.

With bail-ins, deposit confiscations and wealth taxes likely in the coming years, having

your savings with the safest banks is vitally important. As is owning gold, in the safest

way possible and stored with the safest counter-parties in the world.

Geographical DiversificationDiversification of assets and diversification amongst assets is important. Thus, it is also

important that the precious metals (gold, silver, platinum or palladium) component of a

portfolio is diversified.

This means that bullion owners should not

allow themselves to be dependent on any one

investment provider or institution. This is why it

is important to have a combination of bullion

coins and bars in your possession, gold

certificates and allocated storage of gold

bullion in the safest vaults in the world, in the

safest jurisdictions in the world.

Don't delay in deciding what the optimal storage solution is for your bullion. Decide on a

storage plan and location and order your bullion coins and or bars or liquidate your

existing investment and or move your existing

bullion as soon as you have done your due

diligence.

Importantly, be sure that you can ship your

bullion in a format of your choosing, to a

destination of your choosing, at the time of yourchoosing.


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Essential Financial InsuranceGold bullion is the ultimate form of financial insurance and in these uncertain times all

investors and savers should have an allocation and own this essential insurance in the

safest ways possible.

Singapore is one of the safest places in the world to store gold. The past decade has

seen Singapore emerge as a global private banking centre. Singapore not only offerseconomic and political stability, it also has a strong, efficient and transparent legal and

judicial framework.

Physical allocation of gold in the portfolios of wealthy investors has been growing, in

contrast to the outflow on gold-backed financial products.

Against the very uncertain global macroeconomic and geopolitical backdrop, both

private and institutional clients are beginning to demand that their physical bullion be

stored in a neutral and safe location.

Rogers, Faber & Sinclair Recommend SingaporeSome of the world's leading investors have extolled the virtues of Singapore - both in

terms of economic stability but also in terms of safe storage of gold.

Jim Rogers, world renowned commodity expert and previously

George Soros' partner has made Singapore his home. He believes

that this will be the Asian century and Singapore is ideally positioned

to be one of the most successful nations in Asia and in the world.

Rogers, who owns physical gold and silver, is quoted as saying "If

you were smart in 1807 you moved to London, if you were smart in 1907 you moved to

New York City, and if you are smart in 2007 you move to Asia."


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Marc Faber, the world renowned economist and investor and

the original Dr Doom told the Wall Street Journal in

December 2012 that he is storing his bullion in Singapore.

Faber, the editor and publisher of the online financial journal,

the Gloom, Boom & Doom Report, said that "Individuals are

making a mistake if they're holding all their assets in one

country.I still have the majority of my gold in Switzerland, but I am already moving

gold to Asia."

Finally, precious metals expert Jim Sinclair has also extolled the

virtues of owning gold in Singapore. He is very concerned about the

western banking system and the risks of bail-ins, deposit

confiscations and capital controls. He believes that the Singapore

economy is best placed to weather any coming economic turmoil and

therefore recommends owning gold in Singapore.

Own Physical Precious Metals In SingaporeAs we have shown, Singapore is well positioned to accommodate the growing demand

for physical precious metals, due to its well-earned reputation as a financial and wealth

management hub. It is fast becoming one of the safest places for individuals, pension

funds, family offices, hedge funds and other institutions to store and own gold today.

Global diversification remains essential and owning a combination of gold, silver,

platinum and palladium bullion in safe allocated storage in a combination of Zurich,

Perth, Hong Kong and Singapore will protect and grow wealth in the coming years.


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WRITTEN BY

GoldCore

ABOUT GOLDCORE

Founded in 2003, GoldCore are respected wealth managers and international gold brokers who are experts in the

execution and logistics of the highly specialised precious metals market.

GoldCores team of experts service all investor classes from private individuals to companies and institutional

investors. With offices in Dublin and London, and some 4,000 clients in over 40 countries, GoldCore has forged

important relationships and a deep understanding of the global gold market, which leads to a competitive edge in thebuying and selling, and shipping and vaulting of gold coins and bars.

GOLDCORE GUIDES AND REPORTS

Review of 2013 and Outlook for 2014 Protecting Your Savings In The Coming Bail In Era

Guide to Investing in Gold Family Office Guide to Investing in Gold

Guide to Perth Mint 1oz Gold Bar Guide to the Krugerrand 1oz Gold Coin

CONTACT GOLDCORE

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