Singapore is planning to expand its gold-storage capacity to become a custodian of bullion held by foreign central banks, part of a broader push by the city-state to compete with Hong Kong as a regional hub for the precious metal. The Monetary Authority of Singapore said Friday it will “look to provide vaulting services for foreign central banks and sovereign entities to meet potential demand.” It...
Singapore is planning to expand its gold-storage capacity to become a custodian of bullion held by foreign central banks, part of a broader push by the city-state to compete with Hong Kong as a regional hub for the precious metal. The Monetary Authority of Singapore said Friday it will “look to provide vaulting services for foreign central banks and sovereign entities to meet potential demand.” It’s also developing “gold-related capital market products to promote price discovery and build liquidity.” In addition, MAS plans to build a clearing system to support over-the-counter settlement for trading gold locally, according to a joint statement with the Singapore Bullion Market Association. Singapore’s ambition to become a major gold-trading hub follows a historic rally for the precious metal underpinned by a search from investors for alternative stores of wealth. Though bullion has retreated since the war began in the Middle East, many central banks – including China’s – have been steadily adding gold over the past few years as a way to hedge against US dollar dominance. As part of its push, the government has established a working group that includes JPMorgan Chase & Co. and UBS Group AG as well as DBS Group Holdings Ltd. , United Overseas Bank Ltd. and ICBC Standard Bank Plc . Bloomberg News first reported the initiative earlier in March. Attracting central banks – the ultimate providers of liquidity, given the large volumes of gold they hold in reserves – will be among the keys to Singapore’s plans, along with support from established financial institutions that serve as market-makers. Together, they form the backbone of the world’s dominant gold-trading hub — London — where billions of dollars’ worth of the metal is traded every day. Globally, central banks hold nearly 39,000 tons of bullion — or about 18% of all gold ever mined — according to the World Gold Council. Even a small share of that market would bolster Singapore’s influence in regional trade that is ...
Two-term GOP Sen. Steve Daines shocked Montana when he announced his retirement. Democrats worry a new independent candidate will split their party's vote. (Image credit: Kirk Siegler)
Two-term GOP Sen. Steve Daines shocked Montana when he announced his retirement. Democrats worry a new independent candidate will split their party's vote. (Image credit: Kirk Siegler)
Nuclear containment and regional ceasefires are the most viable entry points for potential negotiations between Washington and Tehran, according to a prominent Chinese expert on the Middle East. Niu Xinchun, director of the China-Arab Research Institute at Ningxia University, said the escalating conflict had vindicated China’s insistence on diplomatic and political solutions as the only way forwar...
Nuclear containment and regional ceasefires are the most viable entry points for potential negotiations between Washington and Tehran, according to a prominent Chinese expert on the Middle East. Niu Xinchun, director of the China-Arab Research Institute at Ningxia University, said the escalating conflict had vindicated China’s insistence on diplomatic and political solutions as the only way forward. He said that although both the US and Iran were open to talks – with Washington “in a much...
kyoshino/E+ via Getty Images 8:30 AM International Trade in Goods (Advance) This monthly report offers advance import and export data on the goods components of the monthly trade report. 10:00 AM Consumer Sentiment The University of Michigan's Consumer Survey Center questions households each month on their assessment of current conditions and expectations of future conditions. The consensus looks ...
kyoshino/E+ via Getty Images 8:30 AM International Trade in Goods (Advance) This monthly report offers advance import and export data on the goods components of the monthly trade report. 10:00 AM Consumer Sentiment The University of Michigan's Consumer Survey Center questions households each month on their assessment of current conditions and expectations of future conditions. The consensus looks for sentiment to be revised down to 54.3 in the final March report from 55.5 in the preliminary March reading due largely to rising energy prices flowing from the Iran war. 11:00 AM Thomas Barkin Speaks Richmond Federal Reserve Bank President Thomas Barkin speaks before the Appalachian Highlands Economic Forum. 11:30 AM Mary Daly Speaks San Francisco Federal Reserve Bank President Mary Daly gives introductory remarks before the Macroeconomics and Monetary Policy Conference hosted by the Federal Reserve Bank of San Francisco. 11:35 AM Anna Paulson Speaks Philadelphia Federal Reserve Bank President Anna Paulson speaks before the Macroeconomics and Monetary Policy Conference hosted by the Federal Reserve Bank of San Francisco. 1:00 PM Baker Hughes Rig Count The Baker Hughes North American rig count tracks weekly changes in the number of active operating oil & gas rigs. More on U.S. Markets Rate Cuts On Ice As Inflation Expectations Surge At The Short End Gold Loses Its Luster As Stagflation Risk Jumps On Iran War War And Bonds Oil shock history suggests Treasury selloff may not be over Goldman’s Wilson-Elizondo on why this is not the same market as last year
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