establish the nation as a bullion trading hub.<\/span><\/a><\/p>\nThe city state is evaluating potential locations, including a plot of land near Changi Airport, according to people with knowledge of the matter, declining to be named as the discussions are confidential.\u00a0<\/p>\n
The central bank \u201cis considering the use of our existing facilities for the vaulting of gold,\u201d a spokesperson from the Monetary Authority of Singapore said in response to queries, but didn\u2019t comment on whether it would enlarge its vault.\u00a0<\/p>\n
Authorities in the country have announced a plan with a local industry group to develop services and products to boost the precious metal\u2019s trade, including a clearing system for over-the-counter settlement as well as capital-market products.<\/p>\n
Bullion vaults are often located in places with secure and efficient links to airports, where metal can be easily flown in or out, while minimising the amount of time bullion is on the road.\u00a0<\/p>\n
Attracting central banks \u2013 the ultimate providers of liquidity given the large volumes of gold they hold in reserves \u2013 will be key to Singapore\u2019s plans, along with support from established financial institutions that serve as market makers. Together, these form the backbone of the world\u2019s dominant gold-trading hub \u2013 London \u2013 where billions of dollars\u2019 worth of the metal is traded every day.<\/p>\n
Monetary authorities globally hold nearly 39,000 tons of bullion, or about 18 per cent of all gold ever mined, according to the World Gold Council. Even a small share of that market would bolster Singapore\u2019s influence in regional trade that is currently dominated by Hong Kong, the gateway for precious metals going in and out of China, the world\u2019s largest consumer. BLOOMBERG<\/p>\n<\/div>\n
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