3 Companies Offering Gold Storage In Singapore
Singapore Gold storage accounts are becoming extremely popular very quickly. While I’m sure part of it is the “sexiness” of something new, there are actually some good reasons for you to consider buying and storing Gold in Singapore in addition to – or instead of – the traditional locations like Switzerland.
In the past there were few options for Gold storage accounts:
- New York
and maybe a few others of lesser popularity.
Looking at that list, and knowing the mindset of the majority of people who favor and do not despise Gold as an investment or store of wealth, is it any surprise that Zurich, Switzerland was the most sought after location?
Chances are that someone buying Gold and wanting safe, secure storage that was as far out of reach of their governments hands as possible would definitely NOT choose London or New York. That would be for stodgy, trusting institutions; not wary individuals.
Why Switzerland Is Losing Appeal For Gold Storage Accounts
Switzerland is still a popular destination for investors to store Gold as we heard from Ed D’Agostino of Hard Assets Alliance in our interview with him recently. Yet what was equally clear is a new trend developing where investors are moving Westward, all the way to the East.
Granted, you have to store your Gold where the Gold account purveyors offer you secure vault storage; and up until now there were few choices. Combine that with Singapore’s now defunct 7% tax and you can see why Switzerland was the choice and the available vaults filled up in 2012 and more were brought online quickly.
Yet here are some reasons why Switzerland is not as popular as is once was:
- Switzerland used to be seen as independent and defensive of investor privacy. Now it is clear that they have either no way of defending themselves from the strong arm tactics of Uncle Sam or no desire to.
- Switzerland’s banking institutions used to be seen as reputable and honest stemming from cultural roots that would not quickly change. Anyone watching the news over the last few years has seen that image deteriorate like lettuce left in the hot sun.
- Europe is not longer seen as a destination that one will inevitably find themselves doing business or vacationing in. Instead we view it as more of an economic reality show wondering how bad it can really get. Entrepreneurs increasingly find themselves eying Asia as the next business opportunity or potential for leisure travel.
So Why Singapore Gold Storage – 3 Reasons?
We’ve alluded to the allure of Singapore Gold accounts, now let’s come right out and list the reasons why this “Switzerland of the Asia/Pacific” region is catching hold (and we ignore the “trendiness” aspect).
- Singapore is seen as a jurisdiction with similar qualities of the “old Switzerland”. Strong, independent government; honest & respectable citizenry, safe to walk the streets; strong (and increasing) focus on providing quality financial services – rather than viewing business and the rich as a “milk cow”.
- Singapore is located where business is happening not just today but tomorrow. Europe is not going away but they such fiscal and social issues that only Eastern Europe shows much promise for the entrepreneur.
- Singapore is near where the wealthy may be leisure traveling or retiring to, and want some wealth (Gold) near to hand. Asia is offering some of the best medical care at prices and service levels that make one look forward to a hospital stay (now referred to as “medical tourism”); unlike the U.S. where you wonder if you will make it out alive (physically or financially) for even simple procedures.
And as a bonus, English is one of the official languages of this island city-state located near the equator.
As opposed to Switzerland, the main ingredients it’s missing is Skiing, chocolate, sky high prices for everything and “attitude” – (The Swiss are the best at everything, just ask them!). OK, Americans can be arrogant too, just spend a day in New York City to see what I mean.
Who Offers Singapore Gold Storage Accounts?
There are a number of firms we have worked with and recommend who now offer Singapore Gold storage accounts and do so at reasonable prices.
- BullionVault (Singapore: Gold, Silver) is still the lowest cost Gold storage account you can get and doubly so for Silver. The reason why this is where we chose for Gold storage in Singapore was because they aggregate our existing holdings in other vaults when calculating storage costs. With GoldMoney, another “minimum” fee applies.
- GoldMoney (Singapore: Gold, Silver) is neck and neck with BullionVault especially for larger investment accounts where the aggregation to avoid minimum storage fees is not an issue.
- Hard Assets Alliance (Singapore: Gold, Silver) is another excellent option and has the distinguishing feature of allowing you to buy the specific form of Gold you want to store in Singapore vaults, whether it be a sovereign Gold coin like a US Buffalo or Australian Kangaroo or Gold bar in 1 ounce or maybe even a KG bar (kilogram) for large accounts.
- GoldSilver.com (Singapore: Gold, Silver) also offers specific GST exempt coins and bars for storage in Singapore but watch the minimum monthly storage fees, $25 per month minimum storage fee for Gold and $35 per month for Silver.
So Is Singapore Gold Storage In Your Future?
We do NOT give investment advice here at BuyAndStoreGold but we do try to answer questions that investors have when it comes to allocating funds to precious metals – and finding a way to store them such that they can sleep easy at night.
Storing wealth in the form of Gold and Silver in a secure vault in Singapore makes a lot of sense for a lot of people in today’s world. Fortunately it couldn’t be easier than with the companies listed above.
Don’t procrastinate and regret it later, take action now! See what we like about BullionVault