Midas touch: Singapore exchange touts gold to the masses

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Thursday, October 22, 2020

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Midas touch: Singapore exchange touts gold to the masses

An exchange is offering mom-and-pop investors an easier way to get their hands on gold

Published: September 18, 2020 12:08 AFP and Compiled by Nathaniel Lacsina, Senior Web Editor

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364661050_0-4 — Singapore: Fancy owning your own gold bars that you can admire and take selfies with? With the coronavirus fuelling demand for safe-haven assets for investors to park their cash, a Singapore exchange is offering mom-and-pop investors what it says is an easier way to get their hands on the precious metal. Image Credit: Bloomberg

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singapore gold bars gallery — The Singapore Precious Metals Exchange is seeking to do away with the notion trading in bullion is only for professional investors or the super-rich, by offering small amounts for reasonable prices that can be bought using a phone app. Image Credit: Bloomberg

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667685-01-02 — "When we first started our business a decade ago, obviously we attracted the elite group, people who had money," said chief executive Victor Foo. "But it's our aspiration to be able to reach the mass market." Image Credit: AFP

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364660908_0-5 — Foo is, however, keen to stress you can start much smaller. For around US$70 you can buy one gram - a wafer the size of an SD memory card - while mini-bars weighing five, ten, 50 and 100 grams are also available. Image Credit: Bloomberg

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364661083_0-5 — SGPMX says it is the world's first precious metals exchange entirely backed by physical bullion, and investors can turn up whenever they like to admire their trove. Image Credit: Bloomberg

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364661092_0-4 — While virus-related travel curbs have halted most visits from overseas for now, there is a steady stream in usual times - with Japanese particularly keen to check out their investments. Image Credit: Bloomberg

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667683-01-02 — Security is tight - the gold is kept inside vaults protected by massive metal doors and thick walls that block mobile phone signals. Most investors are from Europe and the United States, but Foo predicts the number from Asia will increase in the coming years. Image Credit: AFP

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667684-01-02 — It may be hard to change age-old habits however. While gold is popular among many Asian communities, it is typically bought in the form of jewellery to give as gifts at special occasions, rather than in bars and coins. Image Credit: AFP

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