S'pore launches world's first physical precious metals exchange
2013-07-04 17:06:12
Precious metal investors now have a new platform to trade with the launch of the Singapore Precious Metals Exchange (SGPMX).
It is the world's first precious metal exchange that is fully backed by physical precious metals.
With as little as US$1,000, investors can buy, store, transport and trade precious metals like gold and silver.
The whole process is as easy and secure as trading in other financial instruments.
SGPMX said its customer base is growing. It currently has over 10,000 customers with about 1,000 customers from Singapore and 4,000 from Japan.
SGPMX's chief executive officer Victor Foo said: “Unlike those companies, we are not a company that promise any profit returns or guarantee. As an exchange, we are merely a platform to provide opportunities for people to buy and to sell. When you buy, you take full ownership of the bullion that you buy. There is no reason to worry about a collapse or a scam because you take ownership from day one.”
Investor and author, Jim Rogers, are among those that started to trade on the new exchange by buying more gold on Wednesday.
He is not concerned about the recent correction in gold prices and said he will keep buying more gold.
“If gold price goes down 50 per cent from its high, that will be US$960. Why can't gold sell between US$900 and US$1,000? I know it can and perhaps it will. If that happens, I hope I am smart enough to buy a lot more,” said Rogers.