Adjournment Motion: Kenneth Tiong on Gold Industrial Policy скачать в хорошем качестве

Adjournment Motion: Kenneth Tiong on Gold Industrial Policy

Gold is becoming a reserve asset. Central banks have purchased over 1,000 tonnes annually for three consecutive years. 73% expect fewer US dollar holdings over the next five years. Gold crossed $5,000 in January. The question is whether Singapore will build the infrastructure to serve this shift — or convene a review after the opportunity has passed. In this speech, I argue that Singapore should pursue an industrial policy in gold, modelled on how the British built the Eurodollar market through deliberate forbearance, defence, and direct participation. I propose five pillars: a sovereign custody guarantee rooted in legal predictability, a sovereign anchor through MAS reserves, expanded refining and verification capacity, a Singapore bullion standard, and a revived gold forward rate (GOFO) to enable derivatives and financing. Financial hubs are not natural phenomena. They are built.