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13.11.26 - 02:30
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Asia′s Fort Knox: First The World′s Rich, Now Its Central Banks Are Sending Their Gold To Singapore (ZeroHedge)
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Asia's Fort Knox: First The World's Rich, Now Its Central Banks Are Sending Their Gold To Singapore
For three years the gold story was about who was buying. In 2026 it has become a story about where the metal sleeps at night.On Tuesday the Monetary Authority of Singapore opened its national currency vault, with room for 500 tons of bullion, to foreign central banks and sovereign entities, and threw in a tax break for the wholesale gold trade to sweeten the deal. The launch lands three weeks after Bloomberg reported that wealthy American, European and Middle Eastern investors are already shipping their bars to the city-state, where privately held gold has grown 16-fold since 2014 to more than 800 tons!None of this will surprise regular readers. We first wrote that Singapore was taking steps to become a global gold hub back in July 2014, when the grand total stored there was a rounding error, and we have spent much of this year documenting the great custody migration out of New York:Unpreceden...
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12.11.26 - 10:06
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Singapore opens gold vault to foreign central banks in race to become Asia′s gold hub (SCMP)
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Singapore has opened its national gold vault to foreign central banks, a move analysts say will sharpen its head-to-head rivalry with Hong Kong for the title of Asia's leading bullion hub.
The Monetary Authority of Singapore (MAS) has announced that it would store gold for overseas central banks, international financial institutions and sovereign entities in its currency vault. The facility can hold 500 tonnes and has room for expansion.
Deputy Prime Minister Gan Kim Yong, who chairs the......
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