Singapore Gold Storage: Why the Rich Move and What to Check =========================================================== 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. - 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. 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. The storage figures are based on a 2025 estimate reported in October 2026 and LBMA statistics for the end of September 2026. How much gold has accumulated in Singapore? Private gold holdings in storage in 2025 were estimated at more than 800 tonnes. The estimate came from precious metals dealer J. Rotbart & 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 This 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. The 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 Comparing storage statistics The 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. Category Singapore London Holdings in storage More than 800 tonnes 9,821 tonnes Reference date 2025 estimate reported in October 2026 End of September 2026 Compiled by J. Rotbart & Co. LBMA Coverage Estimate of privately owned gold Holdings in commercial vaults and at the Bank of England Limits to interpretation Must be distinguished from official government reserve statistics Not limited to privately owned gold The 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 An 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. Why gold is being moved from the United Kingdom and Switzerland The 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 Trust in financial institutions and storage risks The 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 UBS 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, LBMA guide to precious metal accounts Disputes over authority to reclaim gold The 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 In 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 Why Singapore is being chosen Singapore 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 The 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. Risk of concern What diversifying storage locations means What to check separately Changes in a particular country's laws or policies Reduces dependence concentrated in one country Laws and sanctions in each storage location Storage provider insolvency Moving to another country alone does not resolve it Ownership and asset segregation agreements Falling gold prices Not eliminated by changing storage locations Gold's share of total assets Delays in withdrawing gold May help provide multiple routes Withdrawal terms and transport procedures How is Singapore developing its gold trading infrastructure? The 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 Clearing 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. Planned initiative Confirmed details Distinction to keep in mind Custody for foreign central banks MAS announced plans to provide services Plans to attract deposits are separate from actual inflows 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 Interbank trading Expected to expand from 2027 Trading volumes are not guaranteed Storage and logistics standards Plans for a framework that meets international standards Facility capacity is separate from actual holdings SGX'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 Scope of gold tax benefits Tax 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. IRAS's “Supplies Exempt from GST” states: To qualify for GST exemption, the precious metal must meet all of the following criteria: This 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 A 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 Comparing competition between Hong Kong and Singapore Hong 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, 2026 Hong Kong Policy Address Comparison Singapore Hong Kong Storage strategy Seeking to add demand from foreign central banks to private demand Seeking to expand storage and refining capacity Trading infrastructure Target to establish over-the-counter gold clearing by the end of 2026 Pilot central clearing and settlement began in July 2026 Next step Interbank trading expected to expand in 2027 Full launch targeted for the first quarter of 2027 Policy interpretation Connecting storage and financial services Strengthening clearing and market connectivity Competition 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. The difference between vault location and gold ownership The 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 Category Allocated account Unallocated account What the rights cover Specific gold bars assigned to the customer A contractual claim to a certain quantity of gold Documents to check List of bar numbers, weights, and purity Account balance and contract terms Key points to check Ownership, custody responsibilities, and withdrawal terms The financial institution's ability to meet its obligations Effect of changing location Assess both the storage country and the contract Credit risk may remain even if the country changes Rights 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. Common mistakes News 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. Do not read “more than 800 tonnes” as the Singapore government's gold reserves. Distinguish between a vault's maximum capacity and the amount actually deposited. Do not interpret gold arriving from Europe as net outflows from Europe as a whole. Do not read a target for building a system as completed implementation. Do not extend a GST exemption for a particular product to an exemption from all costs. Singapore 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 FAQ Q. Why are wealthy people moving their gold to Singapore? A. 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. Q. Is the figure of 800 tons of privately held gold in Singapore an official statistic? A. It is an estimate by precious metals dealer J. Rotbart & 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. Q. Does Singapore store more gold than London? A. 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. Q. Does an increase in gold held in storage mean gold prices will rise? A. 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. Q. Does storing gold in Singapore eliminate sanctions risk? A. 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. Q. Is all gold exempt from GST in Singapore? A. 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. Q. What is the difference between allocated and unallocated gold accounts? A. 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. Q. When will Singapore's gold clearing system be established? A. 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. Q. Is Hong Kong also expanding its gold storage market? A. 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. Q. What should you check in an overseas gold storage contract? A. 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 - Bloomberg HT, report on wealthy individuals moving gold to Singapore, October 22, 2026: https://www.bloomberght.com/dunyanin-zenginleri-altinlarini-singapura-tasiyor-3792164 - SBMA, Singapore’s Golden Magnet: The Wealth Shift from West to East: https://sbma.org.sg/media-centre/publication/crucible/crucible-34/singapores-golden-magnet-the-wealth-shift-from-west-to-east/ - LBMA, London Vault Data, holdings as of the end of September 2026: https://www.lbma.org.uk/prices-and-data/london-vault-data - UK Parliament, Parliamentary Commission on Banking Standards First Report: https://publications.parliament.uk/pa/jt201213/jtselect/jtpcbs/98/98.pdf - Swiss National Bank, Chronicle of Monetary Events: https://www.snb.ch/en/the-snb/organisation/history/geld-und-waehrungspolitische-chronik - UK Supreme Court, judgment in the dispute between the boards of the Central Bank of Venezuela, 2021 UKSC 57: https://www.bailii.org/uk/cases/UKSC/2021/57.html - Swiss State Secretariat for International Finance, 2022 FAQ on financial sanctions against Russia: https://www.sif.admin.ch/dam/en/sd-web/NcDJuxqbWmw6/faq-russland-sanktionen-en.pdf - MAS·SBMA, policy direction for developing Singapore as a gold trading hub, March 27, 2026: https://www.mas.gov.sg/news/media-releases/2026/singapore-sets-out-key-focus-areas-to-develop-singapore-as-a-gold-trading-centre - Deutsche Bank, announcement of participation in Singapore’s gold clearing system, June 2026: https://www.db.com/news/detail/20260615-deutsche-bank-joins-singapore-s-gold-clearing-initiative-as-clearing-member?language_id=1 - MAS, remarks at the annual report press conference, July 28, 2026: https://www.mas.gov.sg/news/speeches/2026/md-remarks-for-mas-ar-2025-2026/ - IRAS, Supplies Exempt from GST, exemption requirements for investment precious metals: 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 - Hong Kong Government, HK Launches Gold Clearing System, July 7, 2026: https://www.news.gov.hk/eng/2026/07/20260707/20260707_111034_277.html?type=ticker - Hong Kong Government, 2026 Policy Address, plan to develop the gold trading market: https://www.policyaddress.gov.hk/2026/en/chapter3.html - LBMA, A Guide to the Loco London Precious Metals Market: Precious Metal Accounts: https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-accounts/ - Singapore Ministry of Foreign Affairs, parliamentary reply on the scope of sanctions against Russia, May 9, 2022: https://www.mfa.gov.sg/newsroom/press-statements-transcripts-and-photos/20220509pqsanctions-09-may-2022/ Images - A man wearing white gloves lowers a gold bar into a steel drawer holding other gold bars inside a vault.: https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MzQzNjcsInB1ciI6ImJsb2JfaWQifX0=--f0dbd5983f36ae44a0a709ccc9a0818c8ea88f9f/ai-f23ad92d.webp - A female cargo worker checks straps securing gold bars inside an open transport case in an air-cargo area.: https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MzQzNjgsInB1ciI6ImJsb2JfaWQifX0=--fe15acc1cca6d9965d22230cdad1707c901eb0bf/ai-97d23615.webp --- Category: Trends Source: https://injoys.com/en/articles/singapore-gold-storage-wealth-migration License: cc_by Translation-Status: reviewed