Singapore Exchange News

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I am doing a research on gold buying business in Singapore but I’m finding it difficult to find much information when I’m researching from abroad. I would like to know the major names, store numbers, the area they have most stores and the media they use to promote their stores. It’d be great if I could learn if they buy platinum, silver and diamonds as well. Your help will be greatly appreciated. Thanks fore reading.

I am planning to buy gold coin in Singapore.Could anyone please let me know which is the best place to buy.

Gold was trading higher in the Asian session Tuesday underpinned by a stronger euro, but the near-term outlook remains unclear as market participants were divided on their view of further monetary easing by the US Federal Reserve.

Although Federal Reserve (Fed) Chairman Ben Bernanke did not discuss the possibility of further stimulus in an overnight speech, some traders are still hoping that a string of weak economic indicators will force the Fed to announce further measures to help stimulate growth.

Increased liquidity following asset purchases by the Fed, known generally as quantitative easing, had helped gold climb to a record US$1,920.94 a troy ounce in September 2011.

“The market is very divided on what happens pertaining QE3″, IG Markets Institutional Dealer Chris Weston said.

At 0504 GMT, spot gold was at US$1,652.30/oz, up US$11 from its previous close.

A stronger euro helped underpin prices as dollar-denominated commodities, which became more affordable to holders of other currencies when the greenback retreated.

The euro was at US$1.3131 in late morning compared with US$1.3105 late Monday in New York.

Gold pulled back last week as traders felt the chance of another round of quantitative easing was receding for now, but Friday’s weaker-than-expected reading of non-farm payrolls data, a key barometer of the health of the economy, rekindled hopes of some stimulus.

“The situation is changing every day,” Weston said.

Jonathan Barratt, chief economist at Barratt’s Bulletin, tipped key support for gold at US$1,630/oz in a report.

Traders say a move below that level would likely spur fresh selling from speculative players, but would also boost demand from physical buyers in China.

“Tensions in North Korea are also helping gold,” a Singapore-based trader said.

Media reports said North Korea has taken additional steps towards the launch of a long-range rocket despite international pressure against it.

While Pyongyang has said the rocket launch is to put a satellite into space to mark the 100th birth anniversary of founder Kim Il Sung, the US suspects the satellite launch is a cover for testing a long-range ballistic missile.

In the case of silver, prices are unlikely to follow gold higher despite its strong positive co-relation, as there are large surpluses in the market, BNP Paribas strategist Anne-Laure Tremblay said in a note. Tremblay expects silver to average US$37.50/oz in 2012.

At 0504 GMT, spot silver was at US$31.78/oz, up two cents while platinum was at US$1,623/oz, up US$14 and palladium at US$648.20/oz, up US$9.20 from its previous close.

In the case of platinum, Tremblay said supply issues in South Africa will provide additional support to prices this year. But palladium’s balance should tilt back into deficit in 2012.

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Gold was trading lower in the Asian session Thursday after initial gains, as manufacturing data from China showed a slowing economy. Near-term pressure is expected to continue as traders square off positions toward the end of the month.

Gold rose to an intraday high of US$1,656.60 a troy ounce ahead of the reading on China’s purchasing managers’ index before slipping into negative territory.

The HSBC preliminary PMI for March slowed to 48.1, a four-month low, compared with a final reading of 49.6 in February, stoking fears of a sharp slowdown.

At 1:30 pm, spot gold was at US$1,648.30 an ounce, down US$1.80 from its previous close.

“We were seeing some Chinese buyers in the morning, but selling pressure started after the data,” Wing Fung Precious Metals director Peter Fung said, adding that gold could be under pressure as physical demand remains subdued.

Investor sentiment has been weakening, as reflected in holdings of exchange-traded funds in the last few days, Phillip Futures analyst Lynette Tan said.

“We have seen money managers, including some hedge funds, have trimmed bullish bets last week and we could see some more liquidation by funds.”

Market participants tipped support at US$1,600 an ounce and resistance at US$1,660 an ounce.

Tan said if readings of economic indicators continue to be worse than market expectations, there could be a switch in sentiment and gold see some safe-haven inflows.

Silver is finding strong resistance on any rally, Standard Bank analyst Walter de Wet said in a note. The situation will likely persist for some more months, he added.

“Our view on silver remains unchanged – we look for silver to move closer to US$30 an ounce. We would not be surprised if the metal falls towards US$29 an ounce where we see good value.”

At 1:30 pm, spot silver was at US$32.03 an ounce, down 14 US cents, platinum was at US$1,630.50 an ounce, down US$5.50 and palladium was at US$680.74 an ounce, down US$2.26.

Platinum, which had gained a premium over gold earlier this month after tracking the yellow metal from September, again traded at a discount overnight.

The scenario for platinum is still “precarious” globally, amid weak demand in Europe and China, Barclays Capital analysts said in a note.

On palladium, they said demand could rise as China continues to adopt tighter emission norms. Platinum and palladium are both used as auto catalysts.

Gold is by far the most interesting and difficult investment to handicap and analyze from a fundamental perspective as it has dual properties that can sometimes be seemingly in conflict with one another.

On the one hand, gold has traditionally been seen as a hedge against inflation, but on the other hand, gold can also trade like an alternative currency that cannot be debased by Central banks.  The precious metal can flip-flop back and forth between these dual properties but make no mistake about it, gold is now moving back higher.

This move though is likely as a result of its alternative currency trait, as the Euro has been moving lower because of the risk in the market.  However, gold has also been moving higher as the Euro has been moving higher, so which is it?

This is confounding the hard-core fundamentalists, so let’s take a more simplistic approach.  Much of gold’s moves can be attributed to anti-US dollar sentiment which also used to be the way that he Euro traded.  However, there is an overwhelming feeling that both the Euro AND the Dollar should be moving lower in tandem.  The former should be lower because of the debt crisis, and the latter because of US Fed money printing.  With increased money supply flooding the market the natural expectation is that there should be inflation, but that does not appear to be the case today.

So either way you slice it, gold will continue to get a bid and should move higher past the R2 daily pivot resistance we are seeing today at $1657, with the hope that it will continue higher to $1700!

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This week Max Keiser and co-host, Stacy Herbert, discuss lunatics for Italian gold and another failed debt auction in Germany. In the second half of the show, Max talks to Mark O’Byrne of Goldcore.com about the European debt crisis and Ireland’s gold. KR on FB: www.facebook.com