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Written by
Clementine Wallop
- The Wall Street Journal
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Sunday, October 07, 2012
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Singapore has emerged as one of the world's hubs for private banking for the wealthy, and now it is making a play to become the Fort Knox of Asia.
Starting Monday, the Southeast Asian city-state is scrapping a 7% tax on gold and silver in an effort to turn the city into a precious-metals trading hub to rival London and Zurich, where value-added taxes don't apply to the investment-grade gold trade.
Investors have flocked to gold and silver in recent years as the world economy sputtered.
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