Gregor Gregersen: Singapore is an Oasis of Security and Stability for Storing Bullion
There are many reasons that despite Singapore being a small country, it has a reputation for being one of the safest places to store bullion. They have low taxes and a stable economy- having had budget surpluses in the last 25 years for all but two years. The country’s wealth has been built on innovation and attracting foreign companies.
Similar to Switzerland, it’s a neutral country with no enemies. Citizens of Singapore have a mandatory military service of 2 years, where each man must train for 2 weeks per year until they turn 40, which gives them 950,000 troops they can call on at any given time. They also have a large armaments industry, and bases around the world.
Gregor Gregersen is the owner of Silver Bullion SG which is a P2P in Singapore and exists outside of the financial system. The company allows people to lend money against gold or silver that the borrower owns, and is held at Silver Bullion’s storage facility in Singapore. It’s a very a safe way to lend money as the borrowers are required to have bullion stored that is at least twice as much as they borrow.
Gregor thinks silver will do very well in the near future- siting the Silver Institute’s calculations of a 130 million ounce deficit of silver in 2015, and since silver production is decreasing due to limited investments- the deficit should be even greater this year. Silver is used in many industrial products and is not easy to substitute. Even if the price of silver goes way up, the industries still need to buy it. Because of this, the demand is largely inelastic.