Why Invest Gold and Silver in Singapore?
Singapore makes a big move to become one of the biggest players in precious metals market for investment-grade precious metals.
Singapore government has announced in budget 2012 to exempt 7% GST (Goods & Services Tax) on investment-grade precious metals (gold, silver and platinum) effective on 1st October 2012. Investors can now store their gold and silver in Singapore without being taxed.
Importation and supply of investment-grade gold, silver and platinum in form of bar, ingot, wafer and coin which meet its criteria will be exempted from 7% GST, while exported supply of precious metals will be zero-rated.
Singapore hopes this move will actually help to boost up the demand in precious metals trading market to be like London and Zurich, to serve not just in Asia but worldwide.
Gold and silver are essentially money and it does not make any sense to imply sales tax in it.
The exemption of GST on gold and silver will allow Singapore to have a competitive edge with Hong Kong and other bullion trading centers in the region.
According to World Gold Council, the world official gold holding statistics dated in December 2012, Singapore is ranked 26 with 127.4 tonnes holdings, 2.7% of reserves.
Singapore’s share of precious metals market currently is held about 2% of global gold demand and aiming to expand the share to 10% or even 15% in the next 5 to 10 years.
Ideally Singapore is one of the safest countries in the world with its stringent laws and policy, now attracting more foreign investors to invest gold and silver and store their gold and silver in Singapore.
By Mercer rankings, Singapore ranks at No 9 overall, ahead of Auckland and Wellington, as the ‘safest’ place in Asia.
One of the best locations in Singapore to store physical gold and silver is Certis Cisco.
You may open Safe deposit boxes with Certis Cisco at your preferred location such as Paya Lebar, Jurong East or Bukit Merah. They offer a very competitive price range for various sizes of safe deposit boxes.
After 1st October 2012, we see an increasing demand on physical gold and silver purchase in Singapore not only from local investors, but also from foreign investors who are seeking to invest gold and silver and to store their precious metals.
Due to loss of faith in dollar and uncertainty in the US economy and the world financial economic system, serious investors are now parking their assets into physical gold and silver to hedge against inflation and protect against economic uncertainty.
Gold Price Singapore Pte. Ltd.
Hotline: (65) 6591-8832
Gold Price Singapore supply top quality and internationally recognized physical gold bars, gold coins, silver bars, silver coins and unique gold and silver gifts ideas.
Looking to Buy Gold in Singapore or Buy Silver in Singapore? Look no further, only at Gold Price Singapore, your trusted gold and silver dealer in Singapore.