{"content_id":"pkrhewfehk","slug":"singapore-gold-storage-wealth-migration","locale":"en","schema_type":"Article","category":"trends","category_name":"Trends","title":"Singapore Gold Storage: Why the Rich Move and What to Check","summary":"Wealthy individuals are moving gold to Singapore as they seek to spread storage across countries. The article explains what estimates of privately stored gold mean, the expansion of trading infrastructure, and differences in ownership under storage contracts.","sponsorship_disclosure":null,"affiliate_disclosure":null,"commerce_disclosure":null,"author":{"name":"Injoys Editorial Team","url":"https://injoys.com/ko/about"},"key_points":["An October 2026 report puts the amount of privately stored gold in Singapore in 2025 at more than 800 tonnes.","Figures for privately stored gold are estimates by precious metals firms and must be distinguished from central bank holdings.","Storing gold across different countries aims to reduce dependence on any one region.","Singapore is expanding storage services for foreign central banks and its gold clearing infrastructure.","Along with the vault's location, check whether the contract recognizes ownership of specific gold bars."],"content_markdown":"The main reason more gold is being stored in Singapore is demand to spread storage across different countries. Wealthy people from the United States, Europe, and the Middle East have reportedly been moving their gold. Concerns about political uncertainty are behind these moves. Singapore's financial and storage infrastructure also influences the choice.\n\nThe storage figures are based on a 2025 estimate reported in October 2026 and LBMA statistics for the end of September 2026.\n\n## How much gold has accumulated in Singapore?\n\nPrivate gold holdings in storage in 2025 were **estimated at more than 800 tonnes**. The estimate came from precious metals dealer J. Rotbart \u0026 Co. The figure of about 16 times the 2014 level comes from the same estimate. Much of the increase reportedly came from Europe. [Bloomberg HT report dated October 22, 2026](https://www.bloomberght.com/dunyanin-zenginleri-altinlarini-singapura-tasiyor-3792164)\n\nThis figure differs from official national gold reserves reported by the government. It refers to privately owned gold stored in Singapore. The location where gold is stored must also be distinguished from the nationality of its owner.\n\nThe same amount appears in an SBMA article by the founder of the firm that made the estimate. However, the article does not give an exact reference date for the holdings. The year used here therefore follows the dated news report. [SBMA article](https://sbma.org.sg/media-centre/publication/crucible/crucible-34/singapores-golden-magnet-the-wealth-shift-from-west-to-east/)\n\n## Comparing storage statistics\n\nThe Singapore and London figures differ in what they cover. London's statistics include holdings at the Bank of England. Singapore's figure is an estimate of private holdings in storage. It is difficult to calculate private market shares from these two figures.\n\n| Category | Singapore | London |\n| --- | --- | --- |\n| Holdings in storage | More than 800 tonnes | 9,821 tonnes |\n| Reference date | 2025 estimate reported in October 2026 | End of September 2026 |\n| Compiled by | J. Rotbart \u0026 Co. | LBMA |\n| Coverage | Estimate of privately owned gold | Holdings in commercial vaults and at the Bank of England |\n| Limits to interpretation | Must be distinguished from official government reserve statistics | Not limited to privately owned gold |\n\nThe exact London figure is available in LBMA's monthly vault data. (Verified figure: 9,821 tonnes of gold, end of September 2026 · Source: lbma.org.uk · As of 2026-09-30 · Checked on 2026-10-29) Dividing this by 800 tonnes gives a ratio of about 12 to 1. However, the Singapore estimate is stated as more than 800 tonnes. This calculation serves only as a rough indication of scale. [LBMA London Vault Data](https://www.lbma.org.uk/prices-and-data/london-vault-data)\n\nAn increase in stored holdings must also be distinguished from a contraction in Europe's gold market. Gold moved from other regions may contribute to the increase. Newly purchased gold may also be stored in Singapore. Storage figures alone cannot reveal the scale of net outflows from Europe.\n\n## Why gold is being moved from the United Kingdom and Switzerland\n\nThe motive identified in reports is to reduce dependence on particular storage locations. Concerns about war and national debt are cited. Political uncertainty also influences the choice of storage location. This does not mean that all wealthy people are leaving Europe. [Bloomberg HT report](https://www.bloomberght.com/dunyanin-zenginleri-altinlarini-singapura-tasiyor-3792164)\n\n### Trust in financial institutions and storage risks\n\nThe financial crisis showed that even large financial institutions can face crises. Northern Rock was nationalized in February 2008. Lehman Brothers went bankrupt in September of the same year. A UK parliamentary report documents the events at the time. [UK parliamentary report on the banking crisis](https://publications.parliament.uk/pa/jt201213/jtselect/jtpcbs/98/98.pdf)\n\nUBS also received support from the Swiss authorities in 2008. The Swiss National Bank supported the transfer of troubled assets. However, a banking crisis does not automatically mean that customers lose their gold. The actual risks depend on the storage contract and ownership structure. [Swiss National Bank monetary policy chronicle](https://www.snb.ch/en/the-snb/organisation/history/geld-und-waehrungspolitische-chronik), [LBMA guide to precious metal accounts](https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-accounts/)\n\n### Disputes over authority to reclaim gold\n\nThe Venezuela case concerned the right to access gold. The issue was who would control the gold held at the Bank of England. The United Kingdom recognized Guaidó as interim president in February 2019. Describing that recognition as dating from 2018 would be incorrect. [UK Supreme Court judgment](https://www.bailii.org/uk/cases/UKSC/2021/57.html)\n\nIn Russia's case, sanctions restricted the use of assets. Switzerland also restricted transactions involving the Russian central bank in 2022. These cases show that the laws of the storage country can affect access rights. This does not mean that the same restrictions apply to gold stored by ordinary individuals. [Swiss government explanation of financial sanctions against Russia](https://www.sif.admin.ch/dam/en/sd-web/NcDJuxqbWmw6/faq-russland-sanktionen-en.pdf)\n\n## Why Singapore is being chosen\n\nSingapore has both financial services and physical storage infrastructure. The SBMA article identifies political stability and the rule of law as strengths. It also mentions logistics connections and specialist storage facilities. However, this is an industry assessment, not a guarantee of safety. [SBMA article](https://sbma.org.sg/media-centre/publication/crucible/crucible-34/singapores-golden-magnet-the-wealth-shift-from-west-to-east/)\n\nThe benefits of spreading storage across locations depend on the type of risk. Using different countries can reduce dependence on any one country. Gold price fluctuations remain even if the storage location changes. Counterparty risk must be assessed separately.\n\n| Risk of concern | What diversifying storage locations means | What to check separately |\n| --- | --- | --- |\n| Changes in a particular country's laws or policies | Reduces dependence concentrated in one country | Laws and sanctions in each storage location |\n| Storage provider insolvency | Moving to another country alone does not resolve it | Ownership and asset segregation agreements |\n| Falling gold prices | Not eliminated by changing storage locations | Gold's share of total assets |\n| Delays in withdrawing gold | May help provide multiple routes | Withdrawal terms and transport procedures |\n\n## How is Singapore developing its gold trading infrastructure?\n\nThe policy aims to expand beyond storage to trading functions. MAS and SBMA announced their plans on March 27, 2026. These included gold custody services for foreign central banks and state institutions. Gold-related financial products and clearing infrastructure are also part of the plans. [MAS joint announcement](https://www.mas.gov.sg/news/media-releases/2026/singapore-sets-out-key-focus-areas-to-develop-singapore-as-a-gold-trading-centre)\n\nClearing is the process of determining what trading parties owe each other. Settlement completes the transfer of gold and payment. Expanding storage facilities and making trading easier are separate matters. The policy is being pursued to connect these two functions.\n\n| Planned initiative | Confirmed details | Distinction to keep in mind |\n| --- | --- | --- |\n| Custody for foreign central banks | MAS announced plans to provide services | Plans to attract deposits are separate from actual inflows |\n| Over-the-counter gold clearing | SGX set a target of establishing it by the end of 2026 | A target date is separate from completed implementation |\n| Interbank trading | Expected to expand from 2027 | Trading volumes are not guaranteed |\n| Storage and logistics standards | Plans for a framework that meets international standards | Facility capacity is separate from actual holdings |\n\nSGX's timeline is also confirmed in an announcement by participating bank Deutsche Bank. (Verified details: target to establish a clearing system by the end of 2026, interbank trading expected to expand from 2027 · Source: db.com · As of 2026-06-14 · Checked on 2026-10-29) The announcement describes an implementation target. It should therefore not be described as a system that is already complete. [Deutsche Bank announcement of its participation in clearing](https://www.db.com/news/detail/20260615-deutsche-bank-joins-singapore-s-gold-clearing-initiative-as-clearing-member?language_id=1)\n\n### Scope of gold tax benefits\n\nTax benefits for gold vary by product and investor. Imports and supplies of investment precious metals are exempt from GST. GST is a tax on goods and services. The exemption is subject to requirements set by IRAS.\n\nIRAS's “Supplies Exempt from GST” states:\n\n\u003e To qualify for GST exemption, the precious metal must meet all of the following criteria:\n\nThis means that all the listed requirements must be met for the exemption to apply. Gold bars must have a purity of at least 99.5%. They must also meet requirements such as international tradability and quality markings. Gold jewelry does not qualify for the same exemption. [IRAS guide to GST exemptions](https://www.iras.gov.sg/taxes/goods-services-tax-%28gst%29/charging-gst-%28output-tax%29/when-is-gst-not-charged/supplies-exempt-from-gst)\n\nA separate change to fund taxation was also announced. The 5% limit that applied to physical investment precious metals was removed. The effective date was **August 1, 2026**. This is a change to the tax regime for qualifying funds. [MAS explanation dated July 28, 2026](https://www.mas.gov.sg/news/speeches/2026/md-remarks-for-mas-ar-2025-2026/)\n\n## Comparing competition between Hong Kong and Singapore\n\nHong Kong is also expanding both storage facilities and gold trading infrastructure. Hong Kong began pilot operations for central clearing and settlement on July 7, 2026. The target for the full launch is the first quarter of 2027. Pilot operations must be distinguished from full operations. [Hong Kong government announcement of pilot operations](https://www.news.gov.hk/eng/2026/07/20260707/20260707_111034_277.html?type=ticker), [2026 Hong Kong Policy Address](https://www.policyaddress.gov.hk/2026/en/chapter3.html)\n\n| Comparison | Singapore | Hong Kong |\n| --- | --- | --- |\n| Storage strategy | Seeking to add demand from foreign central banks to private demand | Seeking to expand storage and refining capacity |\n| Trading infrastructure | Target to establish over-the-counter gold clearing by the end of 2026 | Pilot central clearing and settlement began in July 2026 |\n| Next step | Interbank trading expected to expand in 2027 | Full launch targeted for the first quarter of 2027 |\n| Policy interpretation | Connecting storage and financial services | Strengthening clearing and market connectivity |\n\nCompetition between the two locations is not determined by vault size alone. Participation by trading counterparties also matters. How easy it is to sell or withdraw gold is another factor. This explains why both are also expanding their clearing infrastructure.\n\n## The difference between vault location and gold ownership\n\nThe storage contract must be checked separately from the vault's address. LBMA distinguishes between allocated and unallocated accounts. In an allocated account, specific gold bars are assigned to the customer. In an unallocated account, the customer holds a contractual claim against a financial institution. [LBMA guide to precious metal accounts](https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-accounts/)\n\n| Category | Allocated account | Unallocated account |\n| --- | --- | --- |\n| What the rights cover | Specific gold bars assigned to the customer | A contractual claim to a certain quantity of gold |\n| Documents to check | List of bar numbers, weights, and purity | Account balance and contract terms |\n| Key points to check | Ownership, custody responsibilities, and withdrawal terms | The financial institution's ability to meet its obligations |\n| Effect of changing location | Assess both the storage country and the contract | Credit risk may remain even if the country changes |\n\nRights can differ even when the gold is stored in the same country, Singapore. Check the contract for the conditions under which gold would be returned if the provider went bankrupt. Insurance coverage and withdrawal costs must be checked separately. It is difficult to compare contracts based on storage fees alone.\n\n## Common mistakes\n\nNews of gold movements should not be interpreted as a price forecast or a sign of absolute safety. An increase in stored holdings reflects a change in storage demand. It is not an indicator that guarantees rising gold prices. The following distinctions help when interpreting reports.\n\n- Do not read “more than 800 tonnes” as the Singapore government's gold reserves.\n- Distinguish between a vault's maximum capacity and the amount actually deposited.\n- Do not interpret gold arriving from Europe as net outflows from Europe as a whole.\n- Do not read a target for building a system as completed implementation.\n- Do not extend a GST exemption for a particular product to an exemption from all costs.\n\nSingapore is also a jurisdiction where sanctions apply. In 2022, it imposed financial sanctions on designated Russian banks and other entities. The scope can be checked in the Ministry of Foreign Affairs' response dated May 9, 2022. Diversifying storage locations does not remove the application of sanctions. [Singapore Ministry of Foreign Affairs explanation of sanctions against Russia](https://www.mfa.gov.sg/newsroom/press-statements-transcripts-and-photos/20220509pqsanctions-09-may-2022/)","content_html":"\u003cp\u003eThe main reason more gold is being stored in Singapore is demand to spread storage across different countries. Wealthy people from the United States, Europe, and the Middle East have reportedly been moving their gold. Concerns about political uncertainty are behind these moves. Singapore's financial and storage infrastructure also influences the choice.\u003c/p\u003e\n\u003cp\u003eThe storage figures are based on a 2025 estimate reported in October 2026 and LBMA statistics for the end of September 2026.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-much-gold-has-accumulated-in-singapore\" class=\"anchor\" id=\"how-much-gold-has-accumulated-in-singapore\"\u003e\u003c/a\u003eHow much gold has accumulated in Singapore?\u003c/h2\u003e\n\u003cp\u003ePrivate gold holdings in storage in 2025 were \u003cstrong\u003eestimated at more than 800 tonnes\u003c/strong\u003e. The estimate came from precious metals dealer J. Rotbart \u0026amp; Co. The figure of about 16 times the 2014 level comes from the same estimate. Much of the increase reportedly came from Europe. \u003ca href=\"https://www.bloomberght.com/dunyanin-zenginleri-altinlarini-singapura-tasiyor-3792164\"\u003eBloomberg HT report dated October 22, 2026\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eThis figure differs from official national gold reserves reported by the government. It refers to privately owned gold stored in Singapore. The location where gold is stored must also be distinguished from the nationality of its owner.\u003c/p\u003e\n\u003cp\u003eThe same amount appears in an SBMA article by the founder of the firm that made the estimate. However, the article does not give an exact reference date for the holdings. The year used here therefore follows the dated news report. \u003ca href=\"https://sbma.org.sg/media-centre/publication/crucible/crucible-34/singapores-golden-magnet-the-wealth-shift-from-west-to-east/\"\u003eSBMA article\u003c/a\u003e\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#comparing-storage-statistics\" class=\"anchor\" id=\"comparing-storage-statistics\"\u003e\u003c/a\u003eComparing storage statistics\u003c/h2\u003e\n\u003cp\u003eThe Singapore and London figures differ in what they cover. London's statistics include holdings at the Bank of England. Singapore's figure is an estimate of private holdings in storage. It is difficult to calculate private market shares from these two figures.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eCategory\u003c/th\u003e\n\u003cth\u003eSingapore\u003c/th\u003e\n\u003cth\u003eLondon\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eHoldings in storage\u003c/td\u003e\n\u003ctd data-label=\"Singapore\"\u003eMore than 800 tonnes\u003c/td\u003e\n\u003ctd data-label=\"London\"\u003e9,821 tonnes\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eReference date\u003c/td\u003e\n\u003ctd data-label=\"Singapore\"\u003e2025 estimate reported in October 2026\u003c/td\u003e\n\u003ctd data-label=\"London\"\u003eEnd of September 2026\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eCompiled by\u003c/td\u003e\n\u003ctd data-label=\"Singapore\"\u003eJ. Rotbart \u0026amp; Co.\u003c/td\u003e\n\u003ctd data-label=\"London\"\u003eLBMA\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eCoverage\u003c/td\u003e\n\u003ctd data-label=\"Singapore\"\u003eEstimate of privately owned gold\u003c/td\u003e\n\u003ctd data-label=\"London\"\u003eHoldings in commercial vaults and at the Bank of England\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eLimits to interpretation\u003c/td\u003e\n\u003ctd data-label=\"Singapore\"\u003eMust be distinguished from official government reserve statistics\u003c/td\u003e\n\u003ctd data-label=\"London\"\u003eNot limited to privately owned gold\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eThe exact London figure is available in LBMA's monthly vault data. (Verified figure: 9,821 tonnes of gold, end of September 2026 · Source: lbma.org.uk · As of 2026-09-30 · Checked on 2026-10-29) Dividing this by 800 tonnes gives a ratio of about 12 to 1. However, the Singapore estimate is stated as more than 800 tonnes. This calculation serves only as a rough indication of scale. \u003ca href=\"https://www.lbma.org.uk/prices-and-data/london-vault-data\"\u003eLBMA London Vault Data\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eAn increase in stored holdings must also be distinguished from a contraction in Europe's gold market. Gold moved from other regions may contribute to the increase. Newly purchased gold may also be stored in Singapore. Storage figures alone cannot reveal the scale of net outflows from Europe.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#why-gold-is-being-moved-from-the-united-kingdom-and-switzerland\" class=\"anchor\" id=\"why-gold-is-being-moved-from-the-united-kingdom-and-switzerland\"\u003e\u003c/a\u003eWhy gold is being moved from the United Kingdom and Switzerland\u003c/h2\u003e\n\u003cp\u003eThe motive identified in reports is to reduce dependence on particular storage locations. Concerns about war and national debt are cited. Political uncertainty also influences the choice of storage location. This does not mean that all wealthy people are leaving Europe. \u003ca href=\"https://www.bloomberght.com/dunyanin-zenginleri-altinlarini-singapura-tasiyor-3792164\"\u003eBloomberg HT report\u003c/a\u003e\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#trust-in-financial-institutions-and-storage-risks\" class=\"anchor\" id=\"trust-in-financial-institutions-and-storage-risks\"\u003e\u003c/a\u003eTrust in financial institutions and storage risks\u003c/h3\u003e\n\u003cp\u003eThe financial crisis showed that even large financial institutions can face crises. Northern Rock was nationalized in February 2008. Lehman Brothers went bankrupt in September of the same year. A UK parliamentary report documents the events at the time. \u003ca href=\"https://publications.parliament.uk/pa/jt201213/jtselect/jtpcbs/98/98.pdf\"\u003eUK parliamentary report on the banking crisis\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eUBS also received support from the Swiss authorities in 2008. The Swiss National Bank supported the transfer of troubled assets. However, a banking crisis does not automatically mean that customers lose their gold. The actual risks depend on the storage contract and ownership structure. \u003ca href=\"https://www.snb.ch/en/the-snb/organisation/history/geld-und-waehrungspolitische-chronik\"\u003eSwiss National Bank monetary policy chronicle\u003c/a\u003e, \u003ca href=\"https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-accounts/\"\u003eLBMA guide to precious metal accounts\u003c/a\u003e\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#disputes-over-authority-to-reclaim-gold\" class=\"anchor\" id=\"disputes-over-authority-to-reclaim-gold\"\u003e\u003c/a\u003eDisputes over authority to reclaim gold\u003c/h3\u003e\n\u003cp\u003eThe Venezuela case concerned the right to access gold. The issue was who would control the gold held at the Bank of England. The United Kingdom recognized Guaidó as interim president in February 2019. Describing that recognition as dating from 2018 would be incorrect. \u003ca href=\"https://www.bailii.org/uk/cases/UKSC/2021/57.html\"\u003eUK Supreme Court judgment\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eIn Russia's case, sanctions restricted the use of assets. Switzerland also restricted transactions involving the Russian central bank in 2022. These cases show that the laws of the storage country can affect access rights. This does not mean that the same restrictions apply to gold stored by ordinary individuals. \u003ca href=\"https://www.sif.admin.ch/dam/en/sd-web/NcDJuxqbWmw6/faq-russland-sanktionen-en.pdf\"\u003eSwiss government explanation of financial sanctions against Russia\u003c/a\u003e\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#why-singapore-is-being-chosen\" class=\"anchor\" id=\"why-singapore-is-being-chosen\"\u003e\u003c/a\u003eWhy Singapore is being chosen\u003c/h2\u003e\n\u003cp\u003eSingapore has both financial services and physical storage infrastructure. The SBMA article identifies political stability and the rule of law as strengths. It also mentions logistics connections and specialist storage facilities. However, this is an industry assessment, not a guarantee of safety. \u003ca href=\"https://sbma.org.sg/media-centre/publication/crucible/crucible-34/singapores-golden-magnet-the-wealth-shift-from-west-to-east/\"\u003eSBMA article\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eThe benefits of spreading storage across locations depend on the type of risk. Using different countries can reduce dependence on any one country. Gold price fluctuations remain even if the storage location changes. Counterparty risk must be assessed separately.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eRisk of concern\u003c/th\u003e\n\u003cth\u003eWhat diversifying storage locations means\u003c/th\u003e\n\u003cth\u003eWhat to check separately\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Risk of concern\"\u003eChanges in a particular country's laws or policies\u003c/td\u003e\n\u003ctd data-label=\"What diversifying storage locations means\"\u003eReduces dependence concentrated in one country\u003c/td\u003e\n\u003ctd data-label=\"What to check separately\"\u003eLaws and sanctions in each storage location\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Risk of concern\"\u003eStorage provider insolvency\u003c/td\u003e\n\u003ctd data-label=\"What diversifying storage locations means\"\u003eMoving to another country alone does not resolve it\u003c/td\u003e\n\u003ctd data-label=\"What to check separately\"\u003eOwnership and asset segregation agreements\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Risk of concern\"\u003eFalling gold prices\u003c/td\u003e\n\u003ctd data-label=\"What diversifying storage locations means\"\u003eNot eliminated by changing storage locations\u003c/td\u003e\n\u003ctd data-label=\"What to check separately\"\u003eGold's share of total assets\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Risk of concern\"\u003eDelays in withdrawing gold\u003c/td\u003e\n\u003ctd data-label=\"What diversifying storage locations means\"\u003eMay help provide multiple routes\u003c/td\u003e\n\u003ctd data-label=\"What to check separately\"\u003eWithdrawal terms and transport procedures\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-is-singapore-developing-its-gold-trading-infrastructure\" class=\"anchor\" id=\"how-is-singapore-developing-its-gold-trading-infrastructure\"\u003e\u003c/a\u003eHow is Singapore developing its gold trading infrastructure?\u003c/h2\u003e\n\u003cp\u003eThe policy aims to expand beyond storage to trading functions. MAS and SBMA announced their plans on March 27, 2026. These included gold custody services for foreign central banks and state institutions. Gold-related financial products and clearing infrastructure are also part of the plans. \u003ca href=\"https://www.mas.gov.sg/news/media-releases/2026/singapore-sets-out-key-focus-areas-to-develop-singapore-as-a-gold-trading-centre\"\u003eMAS joint announcement\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eClearing is the process of determining what trading parties owe each other. Settlement completes the transfer of gold and payment. Expanding storage facilities and making trading easier are separate matters. The policy is being pursued to connect these two functions.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003ePlanned initiative\u003c/th\u003e\n\u003cth\u003eConfirmed details\u003c/th\u003e\n\u003cth\u003eDistinction to keep in mind\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Planned initiative\"\u003eCustody for foreign central banks\u003c/td\u003e\n\u003ctd data-label=\"Confirmed details\"\u003eMAS announced plans to provide services\u003c/td\u003e\n\u003ctd data-label=\"Distinction to keep in mind\"\u003ePlans to attract deposits are separate from actual inflows\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Planned initiative\"\u003eOver-the-counter gold clearing\u003c/td\u003e\n\u003ctd data-label=\"Confirmed details\"\u003eSGX set a target of establishing it by the end of 2026\u003c/td\u003e\n\u003ctd data-label=\"Distinction to keep in mind\"\u003eA target date is separate from completed implementation\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Planned initiative\"\u003eInterbank trading\u003c/td\u003e\n\u003ctd data-label=\"Confirmed details\"\u003eExpected to expand from 2027\u003c/td\u003e\n\u003ctd data-label=\"Distinction to keep in mind\"\u003eTrading volumes are not guaranteed\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Planned initiative\"\u003eStorage and logistics standards\u003c/td\u003e\n\u003ctd data-label=\"Confirmed details\"\u003ePlans for a framework that meets international standards\u003c/td\u003e\n\u003ctd data-label=\"Distinction to keep in mind\"\u003eFacility capacity is separate from actual holdings\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eSGX's timeline is also confirmed in an announcement by participating bank Deutsche Bank. (Verified details: target to establish a clearing system by the end of 2026, interbank trading expected to expand from 2027 · Source: db.com · As of 2026-06-14 · Checked on 2026-10-29) The announcement describes an implementation target. It should therefore not be described as a system that is already complete. \u003ca href=\"https://www.db.com/news/detail/20260615-deutsche-bank-joins-singapore-s-gold-clearing-initiative-as-clearing-member?language_id=1\"\u003eDeutsche Bank announcement of its participation in clearing\u003c/a\u003e\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#scope-of-gold-tax-benefits\" class=\"anchor\" id=\"scope-of-gold-tax-benefits\"\u003e\u003c/a\u003eScope of gold tax benefits\u003c/h3\u003e\n\u003cp\u003eTax benefits for gold vary by product and investor. Imports and supplies of investment precious metals are exempt from GST. GST is a tax on goods and services. The exemption is subject to requirements set by IRAS.\u003c/p\u003e\n\u003cp\u003eIRAS's “Supplies Exempt from GST” states:\u003c/p\u003e\n\u003cblockquote\u003e\n\u003cp\u003eTo qualify for GST exemption, the precious metal must meet all of the following criteria:\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003cp\u003eThis means that all the listed requirements must be met for the exemption to apply. Gold bars must have a purity of at least 99.5%. They must also meet requirements such as international tradability and quality markings. Gold jewelry does not qualify for the same exemption. \u003ca href=\"https://www.iras.gov.sg/taxes/goods-services-tax-%28gst%29/charging-gst-%28output-tax%29/when-is-gst-not-charged/supplies-exempt-from-gst\"\u003eIRAS guide to GST exemptions\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eA separate change to fund taxation was also announced. The 5% limit that applied to physical investment precious metals was removed. The effective date was \u003cstrong\u003eAugust 1, 2026\u003c/strong\u003e. This is a change to the tax regime for qualifying funds. \u003ca href=\"https://www.mas.gov.sg/news/speeches/2026/md-remarks-for-mas-ar-2025-2026/\"\u003eMAS explanation dated July 28, 2026\u003c/a\u003e\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#comparing-competition-between-hong-kong-and-singapore\" class=\"anchor\" id=\"comparing-competition-between-hong-kong-and-singapore\"\u003e\u003c/a\u003eComparing competition between Hong Kong and Singapore\u003c/h2\u003e\n\u003cp\u003eHong Kong is also expanding both storage facilities and gold trading infrastructure. Hong Kong began pilot operations for central clearing and settlement on July 7, 2026. The target for the full launch is the first quarter of 2027. Pilot operations must be distinguished from full operations. \u003ca href=\"https://www.news.gov.hk/eng/2026/07/20260707/20260707_111034_277.html?type=ticker\"\u003eHong Kong government announcement of pilot operations\u003c/a\u003e, \u003ca href=\"https://www.policyaddress.gov.hk/2026/en/chapter3.html\"\u003e2026 Hong Kong Policy Address\u003c/a\u003e\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eComparison\u003c/th\u003e\n\u003cth\u003eSingapore\u003c/th\u003e\n\u003cth\u003eHong Kong\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Comparison\"\u003eStorage strategy\u003c/td\u003e\n\u003ctd data-label=\"Singapore\"\u003eSeeking to add demand from foreign central banks to private demand\u003c/td\u003e\n\u003ctd data-label=\"Hong Kong\"\u003eSeeking to expand storage and refining capacity\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Comparison\"\u003eTrading infrastructure\u003c/td\u003e\n\u003ctd data-label=\"Singapore\"\u003eTarget to establish over-the-counter gold clearing by the end of 2026\u003c/td\u003e\n\u003ctd data-label=\"Hong Kong\"\u003ePilot central clearing and settlement began in July 2026\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Comparison\"\u003eNext step\u003c/td\u003e\n\u003ctd data-label=\"Singapore\"\u003eInterbank trading expected to expand in 2027\u003c/td\u003e\n\u003ctd data-label=\"Hong Kong\"\u003eFull launch targeted for the first quarter of 2027\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Comparison\"\u003ePolicy interpretation\u003c/td\u003e\n\u003ctd data-label=\"Singapore\"\u003eConnecting storage and financial services\u003c/td\u003e\n\u003ctd data-label=\"Hong Kong\"\u003eStrengthening clearing and market connectivity\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eCompetition between the two locations is not determined by vault size alone. Participation by trading counterparties also matters. How easy it is to sell or withdraw gold is another factor. This explains why both are also expanding their clearing infrastructure.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#the-difference-between-vault-location-and-gold-ownership\" class=\"anchor\" id=\"the-difference-between-vault-location-and-gold-ownership\"\u003e\u003c/a\u003eThe difference between vault location and gold ownership\u003c/h2\u003e\n\u003cp\u003eThe storage contract must be checked separately from the vault's address. LBMA distinguishes between allocated and unallocated accounts. In an allocated account, specific gold bars are assigned to the customer. In an unallocated account, the customer holds a contractual claim against a financial institution. \u003ca href=\"https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-accounts/\"\u003eLBMA guide to precious metal accounts\u003c/a\u003e\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eCategory\u003c/th\u003e\n\u003cth\u003eAllocated account\u003c/th\u003e\n\u003cth\u003eUnallocated account\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eWhat the rights cover\u003c/td\u003e\n\u003ctd data-label=\"Allocated account\"\u003eSpecific gold bars assigned to the customer\u003c/td\u003e\n\u003ctd data-label=\"Unallocated account\"\u003eA contractual claim to a certain quantity of gold\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eDocuments to check\u003c/td\u003e\n\u003ctd data-label=\"Allocated account\"\u003eList of bar numbers, weights, and purity\u003c/td\u003e\n\u003ctd data-label=\"Unallocated account\"\u003eAccount balance and contract terms\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eKey points to check\u003c/td\u003e\n\u003ctd data-label=\"Allocated account\"\u003eOwnership, custody responsibilities, and withdrawal terms\u003c/td\u003e\n\u003ctd data-label=\"Unallocated account\"\u003eThe financial institution's ability to meet its obligations\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eEffect of changing location\u003c/td\u003e\n\u003ctd data-label=\"Allocated account\"\u003eAssess both the storage country and the contract\u003c/td\u003e\n\u003ctd data-label=\"Unallocated account\"\u003eCredit risk may remain even if the country changes\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eRights can differ even when the gold is stored in the same country, Singapore. Check the contract for the conditions under which gold would be returned if the provider went bankrupt. Insurance coverage and withdrawal costs must be checked separately. It is difficult to compare contracts based on storage fees alone.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#common-mistakes\" class=\"anchor\" id=\"common-mistakes\"\u003e\u003c/a\u003eCommon mistakes\u003c/h2\u003e\n\u003cp\u003eNews of gold movements should not be interpreted as a price forecast or a sign of absolute safety. An increase in stored holdings reflects a change in storage demand. It is not an indicator that guarantees rising gold prices. The following distinctions help when interpreting reports.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eDo not read “more than 800 tonnes” as the Singapore government's gold reserves.\u003c/li\u003e\n\u003cli\u003eDistinguish between a vault's maximum capacity and the amount actually deposited.\u003c/li\u003e\n\u003cli\u003eDo not interpret gold arriving from Europe as net outflows from Europe as a whole.\u003c/li\u003e\n\u003cli\u003eDo not read a target for building a system as completed implementation.\u003c/li\u003e\n\u003cli\u003eDo not extend a GST exemption for a particular product to an exemption from all costs.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eSingapore is also a jurisdiction where sanctions apply. In 2022, it imposed financial sanctions on designated Russian banks and other entities. The scope can be checked in the Ministry of Foreign Affairs' response dated May 9, 2022. Diversifying storage locations does not remove the application of sanctions. \u003ca href=\"https://www.mfa.gov.sg/newsroom/press-statements-transcripts-and-photos/20220509pqsanctions-09-may-2022/\"\u003eSingapore Ministry of Foreign Affairs explanation of sanctions against Russia\u003c/a\u003e\u003c/p\u003e\n","tags":["Diversification","Asset allocation","Global economy","Investment","Geopolitics"],"faqs":[{"question":"Why are wealthy people moving their gold to Singapore?","answer":"Reports cite concerns about war and political uncertainty. The main driver is demand to spread gold holdings across different countries. Singapore's financial and storage infrastructure is also a reason for the choice."},{"question":"Is the figure of 800 tons of privately held gold in Singapore an official statistic?","answer":"It is an estimate by precious metals dealer J. Rotbart \u0026 Co. Reports from October 2026 state that more than 800 tons were held in storage in 2025. This is separate from the gold holdings of Singapore's government or central bank."},{"question":"Does Singapore store more gold than London?","answer":"Confirmed figures show that London holds far more. According to LBMA, about 9,800 tons were stored in London at the end of September 2026. However, this figure includes gold stored at the Bank of England. Its scope differs from that of the estimate for private holdings in Singapore."},{"question":"Does an increase in gold held in storage mean gold prices will rise?","answer":"An increase in the amount held in storage alone does not indicate a price rise. Existing gold may simply have moved to a different storage location. The amount held in storage must be distinguished from the volume of new purchases."},{"question":"Does storing gold in Singapore eliminate sanctions risk?","answer":"Even if gold holdings are spread across different countries, sanctions may still apply. Singapore also imposed financial sanctions against Russia in 2022. Who is subject to sanctions and what transaction restrictions apply are determined under local laws and regulations."},{"question":"Is all gold exempt from GST in Singapore?","answer":"It must meet the requirements for investment precious metals set by IRAS. Gold bars must meet other requirements in addition to having a purity of at least 99.5%. Gold jewelry does not qualify for the same exemption."},{"question":"What is the difference between allocated and unallocated gold accounts?","answer":"An allocated account assigns specific gold bars to the customer. An unallocated account provides a contractual claim to a certain amount of gold. The latter exposes the customer to the account provider's credit risk."},{"question":"When will Singapore's gold clearing system be established?","answer":"The announcement reviewed sets a target of the end of 2026. Interbank trading was expected to expand from 2027. Since this is a target timeline, whether the system is actually operational should be checked in subsequent announcements from SGX."},{"question":"Is Hong Kong also expanding its gold storage market?","answer":"Hong Kong is expanding its storage and refining capacity and trading infrastructure. It launched a pilot of a central clearing and settlement system on July 7, 2026. The target for the official launch is the first quarter of 2027."},{"question":"What should you check in an overseas gold storage contract?","answer":"Check whether your ownership of specific gold bars is recognized. You should also check the terms for returning the gold if the storage provider goes bankrupt. Insurance coverage and withdrawal terms should be reviewed separately in the contract."}],"sources":[{"url":"https://www.bloomberght.com/dunyanin-zenginleri-altinlarini-singapura-tasiyor-3792164","title":"Bloomberg HT, report on wealthy individuals moving gold to Singapore, October 22, 2026","type":"data_point"},{"url":"https://sbma.org.sg/media-centre/publication/crucible/crucible-34/singapores-golden-magnet-the-wealth-shift-from-west-to-east/","title":"SBMA, Singapore’s Golden Magnet: The Wealth Shift from West to East","type":"source"},{"url":"https://www.lbma.org.uk/prices-and-data/london-vault-data","title":"LBMA, London Vault Data, holdings as of the end of September 2026","type":"data_point"},{"url":"https://publications.parliament.uk/pa/jt201213/jtselect/jtpcbs/98/98.pdf","title":"UK Parliament, Parliamentary Commission on Banking Standards First Report","type":"source"},{"url":"https://www.snb.ch/en/the-snb/organisation/history/geld-und-waehrungspolitische-chronik","title":"Swiss National Bank, Chronicle of Monetary Events","type":"source"},{"url":"https://www.bailii.org/uk/cases/UKSC/2021/57.html","title":"UK Supreme Court, judgment in the dispute between the boards of the Central Bank of Venezuela, 2021 UKSC 57","type":"source"},{"url":"https://www.sif.admin.ch/dam/en/sd-web/NcDJuxqbWmw6/faq-russland-sanktionen-en.pdf","title":"Swiss State Secretariat for International Finance, 2022 FAQ on financial sanctions against Russia","type":"source"},{"url":"https://www.mas.gov.sg/news/media-releases/2026/singapore-sets-out-key-focus-areas-to-develop-singapore-as-a-gold-trading-centre","title":"MAS·SBMA, policy direction for developing Singapore as a gold trading hub, March 27, 2026","type":"source"},{"url":"https://www.db.com/news/detail/20260615-deutsche-bank-joins-singapore-s-gold-clearing-initiative-as-clearing-member?language_id=1","title":"Deutsche Bank, announcement of participation in Singapore’s gold clearing system, June 2026","type":"source"},{"url":"https://www.mas.gov.sg/news/speeches/2026/md-remarks-for-mas-ar-2025-2026/","title":"MAS, remarks at the annual report press conference, July 28, 2026","type":"source"},{"url":"https://www.iras.gov.sg/taxes/goods-services-tax-%28gst%29/charging-gst-%28output-tax%29/when-is-gst-not-charged/supplies-exempt-from-gst","title":"IRAS, Supplies Exempt from GST, exemption requirements for investment precious metals","type":"source"},{"url":"https://www.news.gov.hk/eng/2026/07/20260707/20260707_111034_277.html?type=ticker","title":"Hong Kong Government, HK Launches Gold Clearing System, July 7, 2026","type":"source"},{"url":"https://www.policyaddress.gov.hk/2026/en/chapter3.html","title":"Hong Kong Government, 2026 Policy Address, plan to develop the gold trading market","type":"source"},{"url":"https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-accounts/","title":"LBMA, A Guide to the Loco London Precious Metals Market: Precious Metal Accounts","type":"source"},{"url":"https://www.mfa.gov.sg/newsroom/press-statements-transcripts-and-photos/20220509pqsanctions-09-may-2022/","title":"Singapore Ministry of Foreign Affairs, parliamentary reply on the scope of sanctions against Russia, May 9, 2022","type":"source"}],"images":[{"id":2235,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MzQzNjcsInB1ciI6ImJsb2JfaWQifX0=--f0dbd5983f36ae44a0a709ccc9a0818c8ea88f9f/ai-f23ad92d.webp","is_representative":true,"generation_method":"ai_photo","license":"ai_generated","mime_type":"image/webp","width":1536,"height":1024,"translations":{"ko":{"alt":"금고 안에서 흰 장갑을 낀 남성이 금괴 여러 개가 담긴 철제 서랍에 금괴를 내려놓고 있다.","caption":"금 보관 계약을 맺을 때는 특정 금괴에 대한 소유권이 인정되는지 확인해야 합니다.","description":null},"en":{"alt":"A man wearing white gloves lowers a gold bar into a steel drawer holding other gold bars inside a vault.","caption":"Gold storage contracts should be checked to confirm ownership of specific bars.","description":null},"ja":{"alt":"金庫室で白い手袋をした男性が、複数の金塊が入った鋼製の引き出しに金塊を下ろしている。","caption":"金の保管契約では、特定の金塊に対する所有権が認められるかを確認する必要があります。","description":null},"es":{"alt":"Un hombre con guantes blancos coloca un lingote de oro en un cajón de acero con otros lingotes dentro de una cámara.","caption":"Al contratar la custodia de oro, hay que comprobar si se reconoce la propiedad de lingotes específicos.","description":null},"id":{"alt":"Pria bersarung tangan putih menaruh emas batangan ke laci baja berisi batangan lain di ruang penyimpanan.","caption":"Kontrak penyimpanan emas perlu diperiksa untuk memastikan pengakuan hak milik atas batangan tertentu.","description":null},"pt":{"alt":"Um homem com luvas brancas coloca uma barra de ouro numa gaveta de aço com outras barras dentro de um cofre.","caption":"Ao contratar a custódia de ouro, é preciso verificar se a propriedade de barras específicas é reconhecida.","description":null},"zh-hant":{"alt":"金庫內，一名戴著白手套的男子正將金條放入裝有多根金條的鋼製抽屜。","caption":"簽訂黃金保管合約時，應確認是否承認對特定金條的所有權。","description":null},"de":{"alt":"Ein Mann mit weißen Handschuhen legt einen Goldbarren in eine Stahlschublade mit weiteren Barren im Tresorraum.","caption":"Bei Goldverwahrverträgen sollte geprüft werden, ob das Eigentum an bestimmten Barren anerkannt wird.","description":null}}},{"id":2236,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MzQzNjgsInB1ciI6ImJsb2JfaWQifX0=--fe15acc1cca6d9965d22230cdad1707c901eb0bf/ai-97d23615.webp","is_representative":false,"generation_method":"ai_semi","license":"ai_generated","mime_type":"image/webp","width":1536,"height":1024,"translations":{"ko":{"alt":"항공 화물 구역에서 여성 작업자가 열린 운송 상자 안의 금괴 고정 끈을 점검하고 있다.","caption":"금 보관 국가를 나누는 목적은 특정 지역에 대한 의존을 줄이는 데 있습니다.","description":null},"en":{"alt":"A female cargo worker checks straps securing gold bars inside an open transport case in an air-cargo area.","caption":"Spreading gold storage across countries reduces reliance on any one region.","description":null},"ja":{"alt":"航空貨物エリアで、女性作業員が開いた輸送ケース内の金塊を固定するベルトを点検している。","caption":"金の保管先を複数の国に分ける目的は、特定の地域への依存を減らすことです。","description":null},"es":{"alt":"Una trabajadora revisa las correas que sujetan lingotes de oro en una caja abierta en una zona de carga aérea.","caption":"Repartir el almacenamiento de oro entre varios países reduce la dependencia de una sola región.","description":null},"id":{"alt":"Petugas kargo perempuan memeriksa tali pengikat emas batangan dalam peti terbuka di area kargo udara.","caption":"Menyimpan emas di beberapa negara bertujuan mengurangi ketergantungan pada satu wilayah.","description":null},"pt":{"alt":"Uma funcionária confere as cintas que prendem barras de ouro numa caixa aberta em uma área de carga aérea.","caption":"Distribuir o armazenamento de ouro entre países reduz a dependência de uma única região.","description":null},"zh-hant":{"alt":"一名女性貨運人員在航空貨運區檢查敞開運輸箱內固定金條的綁帶。","caption":"將黃金分散存放於不同國家，目的是降低對特定地區的依賴。","description":null},"de":{"alt":"Eine Frachtmitarbeiterin prüft die Haltegurte der Goldbarren in einer offenen Transportkiste im Luftfrachtbereich.","caption":"Die Verteilung der Goldlagerung auf mehrere Länder verringert die Abhängigkeit von einer einzelnen Region.","description":null}}}],"published_at":"2026-10-29T05:50:22+09:00","updated_at":"2026-10-29T05:50:22+09:00","license":"cc_by","translation_status":"reviewed","available_locales":["ko","en","ja","es"],"data_locales":["ko","en","ja","es","id","pt","zh-hant","de"],"url":"https://injoys.com/en/articles/singapore-gold-storage-wealth-migration"}