Gold storage companies are one of the most popular ways to invest in this precious metal. But why is that, and why are most of these companies storing gold in countries like Singapore? What is it that this small, immensely rich, eastern paradise has that few other countries have, and why are so many European and American companies seeking to store your gold there?
Why You Can’t Trust Your Government?
You can’t trust your own government. Such sentiments were once reserved for the tinfoil-hate brigade, but these days we are all worried about what our governments can do, and rightly so. You only need to look to Greece and Cyprus to see how governments wield their power at the expense of the people. In these struggling countries they limited withdrawals, closed banks and generally made it difficult for people to access their own money and investments.
That’s why you should never store gold within the reach of your own government, because if anything happens and they need to raise funds, they will turn to the finances of their own people. And at that point, the investment you worked long and hard to save, the investment that you sacrificed a lot of time and money for, could no longer be yours.
To stop your government from getting their hands on your gold, you need to store it in a country where they have no jurisdiction, a country where private vaults are allowed to operate out of reach of central banks and government agencies, and there is nowhere better than Singapore for that.
Regulation, Rules and Profit
There are very few regulations and restrictions on how private companies operate in Singapore, and corruption is incredibly low. Tax laws are also forgiving, and even though gold storage vaults are highly secure, heavily insured and constantly monitored, they are fairly cheap to operate.
Singapore is also very rich, known as a millionaire’s playground, so there is a lot of local custom for these vaults. This country is home to some of the securest vaults in the world, with advanced safety features that would make even the biggest government-owned banks jealous.
Gold Storage in Singapore
All of the above combine to make Singapore one of the best places to store your gold, but you don’t need to fly there to do this. You don’t need to step foot into the country at all. Wherever you are in the world, you can purchase gold and then store it in one of these vaults. The gold you buy does not need to be displayed, it does not need to be shipped to your home and it is usually standard bullion, which means there are no premiums attached. Most of the time, the storage company will simply stock a vault full of gold, and every time someone orders, they will allocate some of this gold to them. Think of it like a bullion dealer’s warehouse, only instead of packing and shipping the products you order, they are simply allocating them to you and leaving them where they are.
The better companies, GoldBroker included, will show you proof of ownership and proof that the gold is stored in your name, and not theirs. They will also let you see it and will ship it to you if and when you are ready.
So, is Singapore a Safe Place to store Gold?
Singapore is perfectly placed to operate as an investment hub, which is why it is the home of gold bullion in the East. If your investment is stored here courtesy of a bullion storage company, you can be assured that your gold is safe and secured against all eventualities. And when you’re investing such large sums of money on something so incredibly valuable, this is exactly the level of security that you need for the peace of mind that you crave.