New platform to trade, store precious metals in Singapore
SINGAPORE — A new physical precious metals exchange has opened its doors in Singapore, offering investors worldwide the ease of buying, selling and storing their bullion through a single online platform.
The launch comes at a time when prices of precious metals have been on a downward trend, giving investors the opportunity to accumulate physical bullion products at a lower rate, thus boosting buying demand.
“In recent years, we have seen players open storage vaults, start delivery services for precious metals from mints and open new trading desks for gold to meet investor demands. What makes us unique is that the exchange brings together all elements under one platform,” said Mr Victor Foo, founder and Chief Executive of Singapore Precious Metals Exchange.
The company, which started out as a retailer of gold and silver in 2009, expanded its services to allow clients to not only make purchases from its online store, but to also trade with fellow customers and store their precious metals.
All precious metals purchased and traded through the platform are stored with Certis CISCO. The partnership with the security firm means that investors can save on additional costs such as logistics, insurance and authenticating their precious metals when they want to liquidate the products, said Mr Foo.
“Once a transaction is passed from customer A to customer B, the physical bullion remains in Certis CISCO’s store, but then the ownership changes,” he explained.
For customers who wish to take their bullion home, the exchange can arrange to ship the products to their home countries, while customers residing in Singapore can check out their precious metals at Certis CISCO’s facility in person.
Investors trade gold and silver on the exchange for as little as US$1,000 (S$1,270). The exchange has 11,000 customers around the world and has formed partnerships with established precious metals mints in Europe, New Zealand, Australia, and the United States. LEE YEN NEE