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Singapore and Hong Kong go for gold in precious-metal trade
By Owen Walker, Leslie Hook, Chan Ho-him, and Cheng Leng
Financial Times, London
Monday, September 29, 2025
In the centre of a maximum-security storage facility sits one of the world's biggest vaults for precious metals, emblematic both of Asian ambition to become the centre of the global gold trade and the difficulties in achieving that goal.
As gold prices rocket to record levels, the company behind The Reserve in Singapore wants to lease space to private banks and family offices, allowing them to store their ultra-wealthy clients' gold and silver bullion in a secure facility only minutes from southeast Asia's busiest airport.
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But while The Reserve, which opened last year, is designed to store 10,000 tonnes of silver and 500 tonnes of gold, it currently holds just a fraction of that capacity.
"London took 200 years to build the infrastructure to become the centre of the world gold market," said Albert Cheng, chief executive of the Singapore Bullion Market Association. "We have lots of work to do, but it won't take us that long."
As geopolitical instability pushes gold prices higher, Singapore and Hong Kong, two of the world's biggest consumer markets per capita, are trying to shake up a business that for decades has centred on bullion being stored, refined, and traded in London, New York and Switzerland. ...
... For the remainder of the report:
https://www.ft.com/content/15bbbbb5-3a4d-413c-a5f8-8c92f20056ed
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