Tag Archives: New Bridge Road

Customer Order Number 100,000 at BullionStar

As part of its continued growth and success, BullionStar has recently fulfilled its order number: 100,000. To mark this significant milestone, BullionStar issued a 2.5 gram PAMP Gold Bar to the lucky BullionStar customer in question. The customer order was placed by Mr. Ito from Japan, who was on holiday recently in Singapore with his wife when he visited BullionStar's shop and showroom in central Singapore.

Mr. Ito said he was delighted with the PAMP gold bar prize and commented that he was very lucky on what was his first visit to BullionStar. He also returned the following day to make further purchases. Mr. Ito also liked the easy to locate BullionStar showroom, the competitive bullion prices, and the fact that the many bullion display cases make comparisons easy when selecting products.

BullionStar COO, Mr Luke Chua, presents a PAMP gold bar to Mr. Ito of Japan who placed order number 100,000 with BullionStar.

Established in 2012

This latest milestone is one of a continuing series of notable milestones for BullionStar since its establishment in Singapore 6 years ago. During this time BullionStar has gone from strength to strength and is now firmly established as the best bullion dealer in Singapore and the Asian region, as evidenced by BullionStar recently winning Bullion Directory's bullion dealer of the year award, as well as one of the most recognised bullion dealers internationally with customers from over 100 countries around the world.

Upon establishment in 2012, BullionStar's offices were initially located in the Marina Bay Financial Centre in the downtown Central Business District (CBD) of Singapore. Prior to 2012, BullionStar's founders were already familiar with the bullion dealer sector having set up several bullion dealers such as the Swedish company Liberty Silver AB. 

BullionStar's launch in Singapore in 2012 came as the Singaporean Government introduced a Goods and Services Tax (GST) exemption on transactions in investment precious metals (IPM). The GST exemption on IPM means that any time customers purchase qualifying bullion bars and bullion coins from BullionStar, the prices paid are free of GST, since there is no sales tax to pay. Other compelling reasons for establishing a bullion and storage operation in Singapore included the fact that Singapore is one of the safest countries in the world and has a stable jurisdiction, a strong rule of law, no reporting requirements on any bullion transactions, and a government which supports the growth and development of the bullion industry.

BullionStar's philosophy as a leading bullion dealer is grounded in innovation, internationalization, and constant evolution, both in-store and on-line. In January 2013, BullionStar launched its fully-transactional online trading platform, allowing customers around the world to buy and sell precious metals bars and coins at the click of a button on the BullionStar.com website.

In July 2014, BullionStar opened its current shop, showroom and integrated vault in central Singapore at 45 New Bridge Road, adjacent to both Clarke Quay MRT, and Singapore's Central Business District (CBD), as well as less than minutes walk from Singapore's Chinatown. This spacious showroom, with over 20 display cases, allows customers to browse and purchase a huge variety of gold bars, silver bars, gold coins and silver coins from the world's leading precious metals mints and refineries.

With BullionStar's secure precious metals vault integrated into the shop and showroom, customer purchase orders for precious metals can be immediately dispatched in the shop, and customers can also view and audit their precious metals holdings held in storage in the vault.

The Widest Range of Precious Metals Products

BullionStar now stocks one of the widest ranges of precious metals bullion products in the world, sourced from all of the world's leading precious metals mints and refineries, with over 600 different products across 10 product categories. These products include gold bullion coins and silver bullion coins from leading national mints such as the Royal Canadian Mint, US Mint, Perth Mint, Royal Mint and Austrian Mint, coins such as Gold and Silver Maple Leafs, Gold and Silver Eagles, and Gold and Silver Kangaroos. BullionStar's wide range of gold bars and silver bars is sourced from prestigious precious metals refineries such as Heraeus of Germany, PAMP and Argor-Heraeus of Switzerland, and from national mints such as the Perth Mint and the Royal Canadian Mint.

Gold Kilobars
PAMP Gold Kilobars available from BullionStar

In 2015, BullionStar also launched it's now very popular BullionStar branded gold bar and silver bar range. These products, the BullionStar 100 gram Gold Bar, produced by Argor-Heraeus of Switzerland, and the BullionStar 1kg Silver Bar, produced by Heraeus of Germany, can be traded without any spread between the buy price and the sell price.

As well as the comprehensive range of gold, silver and platinum bullion bars and coins, BullionStar also stocks a wide selection of gold and silver collectible and numismatic coins, a range of gold bullion jewelry, and a wide array of coin related products for storing and correctly handling and displaying your precious metals coins and bars.

Secure Storage in one of the Safest Countries in the World

BullionStar provides full service operations in all aspects of bullion sales, storage and other services. Opening a BullionStar account can be undertaken in a matter of minutes, and purchasing bullion either in the shop and showroom or online on the BullionStar website is a simple and intuitive process. Customers purchasing precious metals bars or coins can opt to pick up their purchases in person, have their products delivered to their address, or have their precious metals stored in BullionStar's secure vault facility which is integrated into the shop and showroom premises.

BullionStar's secure precious metals storage solution goes far beyond just storage of precious metals as it provides full online control allowing customers to buy, sell, physically withdraw or physically audit their bullion at any time. With Bullionstar's Vault Storage, customers can generate vault certificates online, view pictures of stored bullion, generate a live audit report of metal that they hold in storage, and view certificates evidencing vault insurance.

Metal grams held in vault storage through the BullionStar Savings Programs (BSP) can also be converted into either gold bars, silver bars or platinum bars, and can then either be held in storage or withdrawn and delivered.

Consistently Profitable and Strong Revenue Growth

Although the precious metals markets are at time opaque and closed to transparent information flow, BullionStar pursues a policy of transparency and openness as regards its operations, financial results and investor relations. BullionStar publishes highlights of its annual performance on its website with full commentary and infographic analysis. Customers therefore have visibility around BullionStar's revenues and product mix and can be confident about the company's financial standing and stability.

It's notable that BullionStar has grown revenues strongly in every financial year of operations. BullionStar's financial year (FY) runs to 30 June each year. In FY 2014, BullionStar recorded revenues of SGD 44.1 million. For FY 2015, revenues grew 43.8% to SGD 63.4 million. Revenues then almost doubled year-on-year  in FY 2016, rising to SGD 129.2. For the latest financial year, FY 2017, BullionStar recorded revenues of SGD 174.7 million, which was 35.2% higher than FY 2016.

This very strong and solid revenue growth means that BullionStar revenues have more than quadruped between FY 2014 and FY 2017, growing by a staggering 422% over that time. This revenue growth is a testament to strong and loyal customer order growth and underpins the growth and stability of BullionStar's operations over the period since its inception.

Order Number: 100,000 

Recognition, Media Interest, and Research and Analysis

In another sign of BullionStar's continued growth and recognition, this year BullionStar won the inaugural award of "Bullion Dealer of the Year" Rest of World category in The Bullion Directory's annual bullion awards. These awards are recognised and valued throughout the global bullion industry, and BullionStar secured its victory after nomination and public voting against many bullion dealers from across the globe.

Since its establishment, BullionStar's precious metals articles, blogs, research and infographics analysing the gold and silver markets have become well-known and highly-regarded around the world, with blogs and analysis from precious metals analysts such as Ronan Manly and Koos Jansen, and guest posts from renowned bloggers such as JP Koning. BullionStar aims to continue to lead the way in original precious metals documentation, views and commentary, and has developed sections of the BullionStar website including the educational Gold University and the topical in-house 'BullionStar Blogs' series of articles. BullionStar was also at the forefront in publishing original analysis about important gold markets such as the Chinese Gold Market, and stylish visual infographics on such topics as the London Gold Market.

BullionStar's articles and analysis are regular picked up and distributed on many other websites across the world, both by websites within the gold space and by more general financial and investment websites. BullionStar articles are also regularly translated into other languages and have been featured on sites as diverse as French, German, Spanish, Russian and Chinese language websites.

BullionStar is regularly quoted in the major financial media for views and commentary about the precious metals markets, and has been cited and quoted by such publications and websites as Reuters, Bloomberg, the Wall Street Journal, the Guardian, RT.com, Sputnik News,  Straits Times of Singapore, and CityWire Asia. BullionStar staff and analysts have also featured on Channel News Asia and Channel 8 News in Singapore, as well as Real Vision TV, and German TV network DAF. BullionStar also continues to produce its own series of video interviews which feature prominent members of the global precious metals markets such as legendary US investor Jim Rogers or prominent Canadian gold market entrepreneur Eric Sprott.

As well as a strong international customer base, BullionStar places particular emphasis on being international in outlook, and at times presents at events internationally such as FreedomFest in Las Vegas and attends precious metals events and exhibitions, such as the International Money Fair in Berlin. As one of the largest retail bullion dealers in Singapore, BullionStar now also contributes to assisting precious metals consultancies such as Thomson Reuters GFMS in gauging retail investment gold and silver demand in the Singaporean bullion market.

Payment Mechanisms Include Cryptocurrencies BTC, ETH, LTC and BCH

Payment mechanisms are also another area in which BullionStar aims to provide greater customer choice and continued innovation. As well as facilitating payments for precious metals purchases funded by bank transfer, NETS and Cheque, BullionStar also accepts 6 leading national cash currencies, namely the Singapore Dollar, US Dollar, Euro, Japanese Yen, Australian Dollar and Swedish Yen, and also four of the leading cryptocurrencies.

BullionStar began accepting Bitcoin as a payment method for precious metals in May 2014 and was one of the first bullion dealers worldwide to do so. In another first, Ethereum, Bitcoin Cash and Litecoin have just been added to the list of leading cryptocurrencies which can be used to purchase precious metals at BullionStar, and with this move, BullionStar is one of the first bullion dealers worldwide to accept payment in each of BTC, ETH, BCH and LTC. Customers selling bullion to BullionStar can also opt to receive proceeds of sales in either Ethereum, Bitcoin Cash, Litecoin or Bitcoin.

In September 2015, with the introduction of a Stored Value Facility, BullionStar began offering customers the ability to keep funds on account in their BullionStar accounts in a similar way to a bank account. The facility also means that funding precious metals purchases can be undertaken instantly without needing to transfer funds in, and proceeds from precious metals sales can be kept on account until next needed.

As well as being able to purchase a wide variety of investment precious metals, BullionStar customers can also sell precious metals coins and bars, such as gold, to BullionStar. This can either be precious metal which customers hold in storage in BullionStar's secure vault and wish to sell, or else bars and coins which customers send to BullionStar or drop-in in person in the Singapore shop and showroom. Additionally, through the Gold Buyers brand launched by BullionStar in August 2013, BullionStar offers competitive prices for gold jewelry and precious metals scrap.

Having been awarded a Bullion Dealer of the Year award in 2018 via public voting in the Bullion Directory annual awards, and with strong revenue growth in every financial year since inception, BullionStar's milestone of order number 100,000 is again testament to its loyal and growing customer base both in Singapore and the Asian region, as well as across the precious metals community worldwide.

Gold Demand in the Singapore Bullion Market

Singapore has evolved into one of the world’s most dynamic gold trading and storage hubs. Following sustained growth over the last five years backed by government initiatives to develop the country's investment precious metals (IPM) sector, Singapore now hosts a vibrant local and regionally focused gold market comprising a wide variety of precious metals participants. These participants range from retail bullion dealers to bullion wholesalers, from precious metals refineries to secure logistics providers, and from bullion banks to trading houses.

One of the early initiatives that transformed Singapore into a precious metals trading and storage hub came in February 2012, when during a budgetary speech to parliament, finance minister Tharman Shanmugaratnam announced that the importation and supply of investment-grade gold and other precious metals in Singapore would become exempt from Singapore’s Goods and Services Tax (GST). Previously the GST on precious metals in Singapore was 7%.

As reported by Reuters in February 2012, Shanmugaratnam in his budget speech envisaged that:

“We will facilitate the development of gold trading, which can draw on Singapore’s strengths as a financial and trading hub, to meet strong demand for investment-grade gold in Asia.”

The GST exemption on investment precious metals was first introduced on 01 October 2012, and applies to transactions in investment-grade gold, silver and platinum that are in the form of high purity bars, ingots and coins. This means that investment grade precious metals purchased in Singapore are free of GST.

International Enterprise (IE) Singapore, an office of the Singapore Government, has also been active in supporting Singapore’s precious metal sector, and in promoting the benefits of Singapore's gold market internationally. Overall, the main aim of IE Singapore and the government in the bullion sphere is to ensure that Singapore becomes and remains the region's primary bullion trading, storage and transport hub.

Jurisdictional Advantages of Singapore

Apart from the GST exemption on investment precious metals, there are a number of other jurisdictional advantages that have supported the growth of Singapore as a gold trading and storage hub, and that reinforce the logic for buying gold and storing gold in Singapore.

In Singapore, there are no other taxes when buying gold, silver or other precious metals. This means no capital gains tax, no other sales tax, no death tax, in short no taxes. There are no reporting requirements when buying or selling gold or silver or other precious metals in Singapore. This means no reporting requirements to any Singaporean authority and no reporting requirements to any international authority.

There is no GST when importing gold and other precious metals into Singapore, or exporting gold or other precious metals out of the country. Singapore is also famed for its strong rule of law, making the country one of the safest and most secure countries on earth to buy and store gold. If taking delivery or selling precious metals, it is quite safe, apart from the usual precautions, to walk in and out of bullion dealer shops in Singapore carrying your precious metals.

Furthermore, the Singapore legal system is very protective of private property rights, and the nation of Singapore has strong  military capabilities, both of which are reassuring when storing gold or silver in the city-state. Finally, because it's a thriving gold trading hub, with a buoyant wholesale and retail bullion market, Singapore has a very well-developed gold storage and vaulting infrastructure, and is very well serviced by secure transport companies.

Precious Metals Sector Participants

IE Singapore sometimes describes Singapore's bullion market participants as a precious metals ecosystem, not just because of the breath of entities present, but because of the way they interact as a sector. This ecosystem refers to the bullion wholesalers, precious metals refineries, retail bullion dealers and secure logistics providers mentioned above, as well as to the bullion banks and trading houses in the wholesale segment of the bullion market.

A large number of investment banks have a presence in Singapore, and many of these banks are active in Singapore’s gold market, either in a trading capacity or via their wealth management units, or both. Some of these banks include Standard Bank, ANZ, UBS, and JP Morgan. Colloquially, investment and merchant banks involved in the bullion market are referred to as bullion banks. United Overseas Bank (UOB), the Singaporean large-scale bank can also be added to this list.

Another group of players in Singapore’s wholesale gold market are referred to as the “trading houses”, and include names such as INTL Stone, Sumitomo Global Commodities, Mitsubishi, and MKS (the precious metals trading arm of the MKS PAMP group).

Since June 2014, Swiss based precious metals Metalor has also operated a precious metals refinery and production facility in Singapore. This move by Metalor to open a facility in Singapore was directly driven by the GST exemption on imports of precious metals that was introduced in 2012 at the same time as the GST exemption on transactions within Singapore. Apart from Metalor, the Dubai headquartered refinery group Kaloti metals also has a presence in Singapore with facilities for smelting gold.

In the secure logistics and transport providers segment, Brinks precious metals operates a regional base and secure storage facilities in Singapore serving Singapore, Malaysia, Brunei, Indonesia and the wider Asian region. Malca Amit also has a storage facility in Singapore, which is located in the Singapore Freeport, near Singapore's Changi International Airport. This Singapore Freeport, or 'Le Freeport' is a secure valuables warehouse complete with vaults which some of the bullion banks in Singapore also use to store precious metals.

Singapore, a thriving gold trading and gold storage hub

A Vibrant Gold Trading Hub

According to the latest precious metals industry survey of Singapore's IPM sector, approximately 656 tonnes of gold and 4253 tonnes of silver were traded in Singapore during 2015. See survey table in Metalor presentation here.  Much of these quantities would reflect trading activity between the large banks or involving the trading houses, and also gold flowing through the refineries operations of Metalor and Kaloti. For example, the trading house INTL could buy gold mining output from Indonesia and have it shipped to Metalor's refinery in Singapore for processing. Metalor is said by industry sources to trade over 100 tonnes of gold per annum.

The survey also notes that the figures reflect sales that were mainly to Singapore, Indonesia, Thailand and Hong Kong but also to China and India, the Philippines and Malaysia. As such, a lot of the physical precious metals trading that goes through Singapore is in the form of supply flows for the wholesale markets in South East Asia and the wider Asian region.

According to IE Singapore data, 291 tonnes of gold was imported into Singapore in 2016, and 397 tonnes was exported. This gives a combined 2 way flow of 618 tonnes.

Most recently, according to a recent Thomson Reuters GFMS report, “Singapore Bullion Flows Surprise to the Upside with a Surge in Shipments in 2017”, for the year to the end of September 2017, gold bullion imports into Singapore reached 224 tonnes. Major import sources were Switzerland, Japan, Hong Kong and Australia. Some of this import activity was gold flowing through Singapore being converted into kilo bars destined for China, but some of it was also gold being smuggled out of China that made its way to Singapore.

GFMS says that apart from China, other export destinations for gold that leaves Singapore includes Cambodia, Thailand and Malaysia. As the figures reveal, there is therefore a huge amount of gold trading in Singapore and a huge amount of physical gold moving in and out of Singapore on an annual basis.

Singapore Retail Gold Demand: Consultancy Estimates

The world's major physical gold wholesalers are also present and active in Singapore,. These wholesalers supply the retail sector in Singapore and the wider South-East Asian region with investment bars and coins and sometimes maintain local inventories of precious metals in Singapore to satisfy demand. These wholesalers include Dillon Gage, which has an office in Singapore, MKS, also with an office in Singapore, and A-Mark, which although it doesn't have an office in Singapore, is an active supplier into the Singaporean bullion market.

Singapore's retail bullion market is active and thriving, and has grown strongly since 2012. It is currently served by BullionStar and a number of other bullion dealers.

A number of precious metals consultancies make estimates on retail physical gold demand in the world's key gold markets, including estimates for retail gold demand in Singapore. These consultancies include Thomson Reuters GFMS, Metals Focus, and the World Gold Council (WGC). Note that the World Gold Council does not gather its own data, and since 2016, the WGC has used Metals Focus to provide all gold supply and demand data for WGC publications, such as the WGC’s ‘Gold Demand Trends’ publications.

In its supply and demand data, GFMS defines physical gold demand as a combination of jewelry, industrial, central bank and retail demand. Retail demand is further divided into gold bar demand and gold coin demand. The World Gold Council / Metals Focus definitions are mostly similar to GFMS, and define a demand category called investment gold, or which “total bar and coin demand” is a sub-sector, and further breaks this down into physical gold bar demand and official gold coin demand, 'official' referring to legal tender coins issued by or on behalf of national mints.

Although each consultancy has its own methodology, and although none of the consultancies publicise the exact way in which their estimates are arrived at (since the data methodologies are commercially valuable), their overall approaches to estimating retail gold demand (gold bar demand and gold coin demand) in a given national market would be similar, and would involve extensive 'field research', i.e. talking to the commercial entities that make up the gold market.

As an example, GFMS' first step is to identify which entities are present in that gold market, for example refineries, banks, wholesalers, and retailers. They then identify those entities that together could provide data giving a full picture of retail gold demand in that market, and then go out and actually interview and talk with representatives from the identified companies.

This also seems also to be the approach Metals Focus follows, since the World Gold Council confirms in its supply and demand data methodology note that Metals Focus uses extensive field research that consists of talking to a network of contacts in the physical gold supply chain. For estimating demand data, this would include talking to refiners, official mints, bullion banks bullion dealers, and secure transport companies. The WGC actually states in its methodology note that:

“Investment demand will be measured using information from mints, manufacturers, retailers, wholesale dealers, banks etc”

Surprisingly, for collecting data on retail gold demand in Singapore, the major consultancies such as GFMS and Metals Focus do not request this data from major retail bullion dealers in Singapore such as BullionStar. Who they actually collect their demand data from is unclear because this type of information is treated as a trade secret by the consultancies. But using a little guesswork, we assume that their logic is to talk to key players in the supply chain (such as refiners and wholesalers) who in their view will provide enough information and feedback with which to create their retail gold demand estimates.

So the consultancies probably talk to the main suppliers of gold into Singapore's retail gold market, such as the Swiss refineries, and the national mints (e.g.Perth Mint and Royal Canadian Mint) and ask them how much gold was sent into Singapore during the year. In a similar fashion, they most likely ask the main gold wholesalers such as A-Mark and Dillon Gage the same questions.

At times, the consultancies probably also chat to the bullion banks and trading houses to glean information on what gold, if any, these entities would have supplied into the ‘retail’ market. As to how the consultancies draw the line between the retail gold market and the high net worth gold market is unclear. Because if a high net worth wealth management client of a bank (such as UBS or UOB) buys physical gold in a transaction facilitated by UBS or UOB, is this captured as ‘retail’ demand. The answer is probably not according to the logic of the consultancies, but at the same time this demand is  not institutional demand either.

Note that in preparing this article, we talked to GFMS and Metals Focus briefly about their retail gold demand estimates. GFMS and Metals Focus were both courteous and helpful and responded speedily.

The World Gold Council's 'market intelligence group' was also approached with similar questions. After repeated attempts to approach the World Gold Council, they eventually acknowledged our request, but then refused to engage and ignored subsequent emails.

Gold Market Demand Figures

For 2016, GFMS estimates that Singapore retail gold bullion demand (comprising bar and coin demand) totaled 6.5 tonnes. For the current year up to the end of September (i.e. Q1 – Q3 2017), GFMS estimates retail demand was 5 tonnes.

For 2016, the WGC's 'Gold Demand Trends' data estimates that  total gold bar and gold coin demand in Singapore totalled 5 tonnes,  while its demand estimate for the first three-quarters of 2017 *Q1 - Q3) totalled 3.5 tonnes.

At first glance, these consultancy numbers look to be on the low side. This is because, based on internal data, BullionStar sold approximately 2.3 tonnes of gold bullion (bars and coins) during 2016. Based on the GFMS and World Gold Council figures, This would mean that BullionStar accounted for 35% of the total 2016 estimate of GFMS, and 46% of the total estimate from WGC / Metals Focus. This would also mean that based on GFMS data, all other bullion dealers in Singapore between them only sold 4.2 tonnes of gold in 2016, and based on WGC figures, all other bullion dealers in Singapore only sold a combined 2.7 tonnes of gold in 2016.

When the consultancies calculate retail gold demand, they claim to take into account the buy-back rate on gold, so as to estimate net gold demand for a particular year. This makes sense. For example, if a bullion dealer sold 1 tonne of gold to customers in a year, and if that same dealer bought back 0.4 tonnes of gold back from customers during the same year, then the net sale quantity would be 0.6 tonnes for that year. However realistically, its hard to understand how the consultancies would know buyback rates since they don't talk to all the major retail bullion dealers in Singapore.

For the record, BullionStar's internal data shows that for 2016, approximately 3 grams on every 10 grams sold was purchased back, meaning that the net tonnage of gold sold by BullionStar in 2016 would have been approximately 1.6 tonnes of gold during 2016.

Each year BullionStar publishes its annual financial results in a transparent and informative way, and also publishes commentary and infographics about these results where can be seen here.

General estimates can also be made on how much gold other bullion dealers in the Singapore gold retail market sold during 2016. This can be done by looking at the sales revenue of each dealer (since most of these companies file financial accounts with the Singapore companies office), and then making assumptions on what percentage of these annual sales were in gold bars and coins, as opposed to silver bars and coins and other products. Then the revenue figures representing gold can be divided by the average gold price during the year to yield quantities sold.

However, when this type of calculation is preformed on the revenue figures of the retail bullion dealer of the Singapore gold market, it yields figures that are higher than those of the consultancies.

Conclusion

So are the gold demand estimates of the major precious metals dealers accurate or under-estimated? The short answer is that the consultancy estimates look to be on the low side. However, the consultancies are not transparent about how they collect data, so the validity of their data collection techniques can't be appraised or tested. Only by giving a full disclosure would it be obvious that they are underestimating figures. However, they will never do this because they are in the business of selling data (i.e. monetising data). If it was proven that some of the consultancy data was inaccurate, it would lower the commercial value of all of their data offerings.

Another issue is how to define the retail segment and retail demand in Singapore and elsewhere. Again this comes back to the fact that the consultancies don't divulge what their data is based on. If we said that the consultancies are under-estimating retail demand because of X and Y, they could theoretically respond by saying "Ahh, but we don't define X and Y as retail demand". But because no one except the consultancies knows how they collect their data, and they will never divulge the sources of their data, such a debate would be virtually impossible to ever have.

Store Gold in Minced Meat? 26 Ways to Store Gold

Gold is a highly valuable asset. When your buy gold, It is critical to store your gold bars and gold coins in a location that is secure but at the same time accessible.

Inside a Home

There are many places to store gold and other precious metals in your home, with some places more secure and covert than others. Luckily, since physical gold has a high value-to-weight ratio, for most people, storing their gold bars and gold coins won’t take up too much space.

Hide Your Gold Inside Food Items and Store them in the Freezer 

1. Floorboards: Gold can be hidden under floorboards between joists, preferably under a short section of board covered by a rug or carpet.

2. Chimney: Positioning gold in a recess within a disused fireplace chimney stack is also an option.

Gold and other Precious Metals such as Silver can be Stored under Floor Boards

3. Within a Wall: A natural hollow or cavity in an internal wall, or a hidden panel in a wall, are also worth considering.

4. Frozen Food: Hiding gold bars and gold coins within frozen food in a freezer is possible, for example, actually buried and frozen within minced meat or in a large tub of ice-cream. Horizontal chest freezers used for long-term deep freeze storage of supermarket produce are ideal for this tactic.

Gold can be hidden inside Minced Meat and Stored in your Freezer

5. Piping: In a kitchen, possible covert storage locations include within a section of disused kitchen piping, or indeed within a section of false piping that has been specifically designed to accommodate your gold bars and coins, but which does not function as a real pipe.

6. Air-Conditioning: Gold can be concealed within an air-conditioning duct, which has the added benefit of usually being above head height.

7. Furniture: Heavy objects such as immovable furniture can also be considered as hiding places for gold, places that may not be obvious to time constrained intruders. For example, gold bars and gold coins could be securely attached within a compartment inside a chest of drawers or even stored inside a piano. A large cache of Gold Sovereigns was actually found inside an old piano in England in 2017.

8. Aquarium: For those with the option, storing a gold bar / gold coin cache inside an aquarium or fish tank is worth considering, among aquatic plants and fish tank paraphernalia.

9. Large Plant Pots: Large indoor plant pots on a veranda, patio or balcony provide another covet place for hiding gold. with the gold within the pots under the actual plants. These pots are always difficult to move, and would not normally be on the radar of a burglar.

Attics and Basements

Attics and basements provide further practical options for covert storage, and the inconvenience and difficulty of accessing such locations could act as a secondary deterrent to thieves.

10. Water Tank: In an attic, one possible place to hide your gold bars and coins is in a covered water tank.

11. Insulation: Another option is to secure your gold under ceiling insulation, preferably on ceiling joists that can support the weight of the gold.

12. Basement: Within the basement of a house, the choices for hiding gold are varied and include alcoves behind walls and under a basement floor.

13. Basement Junk: A gold cache can strategically be placed in one of the many large junk items or boxes that invariably end up being stored in basements - as long as you make a record of which item or box you have stored your gold in.

Garden Shed / Workshop

14. Paint Tin: Gold coins or gold bars can be hidden in an old paint tin in a garden shed or workshop, a tin that is securely sealed and looks to have not been opened in a long time. The sheer difficulty for intruders to search numerous old paint tins in a shed or workshop makes it highly improbable that anyone would spend time doing so during a break-in or robbery.

Hiding your Gold Bars in an Old Paint Tin and Storing it in a Shed is one option

On Your Land or Property

Apartments will in most cases lack a garden, a location which can offer the adventurous multiple cunning places in which to covertly store their gold.

15. Buried in Garden: If your property has a garden, you can dig down into the ground on your land, wrap your gold securely, and bury it deep enough in the hole under soil.

16. Fishpond: Those with a large enough fish pond could also consider storing their gold cache at the bottom of the fish pond preferably among pond plants or reeds.

17. Under and In Trees: Under a tree in your garden or in the hollow of an old tree trunk on your property provide further concealment opportunities for gold. Indeed, in 2014, a US$10 million cache of 19th century gold coins was discovered under a tree on a property in Northern California.

18. RVs and Caravans: Those with RVs or caravans or rarely used boats that are stored on their properties could consider the possibility of storing their gold in these vehicles. However, this is presuming the entire property is secure and inaccessible to intruders, and runs the risk that the RV or boat or caravan might itself be the target of a robbery.

Hidden Rooms, Home Safes, Display Cases

19. Hidden Room: For those lucky enough to have a panic room (or other hidden room) in their house or apartment, this would obviously be a ready-made location to store their gold, as it is both secure and concealed. But would this be the first place a team of sophisticated intruders would try to locate and access if they had suspicions that such a room existed?

20. Home Safe: A home safe will offer a secure location in which to store gold bars and coins. Home safes rang from the small models such as those found in hotel rooms with digital keypads, to larger safes with combination locks, to large models that are fireproof and waterproof. The main consideration with a home safe is whether the safe itself is hidden and concealed within a house or apartment, or whether it is installed in a location which is easier to access but which could be discovered by burglars.

An Electronic Keypad Home Safe, also popular in Hotels

21: Display Cases: A final home option for those with the means and security, would be to store your gold bars and gold coins in museum style high-security and alarmed display cases within your house or apartment. While this will impress friends and visitors, you would need to be confident that your property is fairly impenetrable.

Public Land

22. On Public Land: A less used and unusual tactic would be to hide your gold bars or gold coins in a secure and remote location which is on public land, for example in a forest, mountainous area, or coastal location. These locations have the benefit of being completely off the radar, but could by chance be inadvertently discovered by passers by, or disturbed by wildlife. A public location also runs the risk that it could be developed in the future, for example for road or path construction, so your gold could end up being buried under asphalt.

Hide your Gold on Public Land, such as in a Forest

Safety Deposit Boxes

23. Safe Deposit Boxes: Renting and using a safety deposit box is a common way to store valuables including gold bars, gold coins, and other precious metals.

While safety deposit box companies and banks will pitch the fact that only the key holder has access to and knowledge of the box contents, this is a two-edged sword in some jurisdictions because of the following.

If police or other law enforcement officials raid a safety deposit box company in the pursuit of criminal assets, and seize all the contents of all the boxes, then your legitimate valuables could be confiscated and be extremely difficult to get back. For example, a number of safety deposit box companies in central London were raided by Metropolitan police in 2008, events in which everything in every box was seized. In typical government style, gold, jewels and other high value assets were the most of interest to law enforcement. This type of operation undermines the entire premise of deposit box confidentiality and is a disaster for those storing legitimate assets in these locations.

Safety Deposit Boxes - Run the Risk of Theft or Confiscation?

Safety deposit box companies can also be the target of professional thieves. Again, London provides a prime example, when in 2015 the vault of a safety deposit company in the famous Hatton Garden jewelry district was robbed by a gang of professional thieves over an Easter weekend and million of pounds worth of assets were taken from a large number of safety deposit boxes in the vault.

Safety deposit boxes within bank properties also pose another concern, in that since the box location is within a bank premises, the location could become inaccessible in the event banks remained closed during a financial crisis (think Cyprus in 2013), or fall under dictatorial government directives that the contents of safety deposit boxes would be in accessible due to capital controls (think Greece in 2015).

A final point to note is that safety deposit box companies can eventually open your box if you fail to pay the storage charges, and sell whatever is needed to pay the outstanding storage fees.

Stored with Family or Attorney / Solicitor

24. Family Member A less obvious option would be to ask a trusted family member to take care of the storage arrangements for some or all of your gold bars and / or gold coins. Storing portions of your gold in various locations could be considered a 'location diversification strategy.'

This  arrangement would obviously be based on trust and you would need to ensure that wherever they stored the gold at their property was itself a secure and sensible place.

25. Attorney / Lawyer / Solicitor: In a similar vein, you could instruct your attorney / lawyer / solicitor to take care of storage arrangements for some or all of your gold. This arrangement would have to be based on a formal contractual arrangement or understanding and could involve a legal trust in some instances. It would probably also involve another layer of costs. Again, you would need to determine that the storage location used by the lawyer or attorney was practical, smart and secure.

External Secure Vault

26. Secure Vault Storage: Beyond home storage options, a popular choice for many is to store their gold in the vault of an external precious metals storage provider. When using such a service, a number of considerations are critical, such as the jurisdiction of the provider, its reputation within the industry,  the cost of the storage service, whether the storage is allocated, and the flexibility and access offered to customers to keep track of, view, audit and withdraw their gold.

BullionStar's Secure Singapore Vault

BullionStar in Singapore operates a secure precious metals vault which is integrated into BullionStar's bullion shop and showroom in central Singapore. The storage vault itself is a high security old style steel bar concrete vault with a modern vault door.

Singapore is one of the safest and most secure countries in the world for storing gold bars and gold coins. With virtually no crime, a strong rule of law, and inviolable property rights, the Singapore jurisdiction is a natural gold storage location. Furthermore, the Government of Singapore actively supports and promotes the country as a gold trading and storage hub. There are no reporting requirements on buying, selling or storing gold or other precious metals in Singapore. There are also no sales taxes, no GST, or no taxes whatsoever on buying or selling gold in Singapore.

BullionStar Vault Storage - Documenting Customer Inventory

All customer gold stored in BullionStar’s vault in Singapore is stored on an allocated basis. Customers have full unencumbered legal ownership of their gold. All gold stored in the vault is fully insured for all insurable risks as evidenced by the Insurance Certificate.

All customer bullion product handling is meticulously documented, and all bullion is handled under camera surveillance. All customer bullion is photographed and photos of each customer’s bullion are uploaded to his /her online account.

Customers have full online control to view their gold holdings, view photographs of their gold bars and gold coins, see a transaction history, view the vault insurance certificate, generate a personalized vault certificate, and request withdrawals of gold bullion from the vault.

BullionStar employs a series of audit approaches which provide full confidence to vault customers. Via the 'Live audit report', customers can view photos of their own bullion.

BullionStar employs 5 levels of auditing to bullion products stored in the vault:

  • The ‘Live audit report’ allows customers to verify their stored bullion online and it view it visually via photographs.
  • Vault customers can also inspect their own bullion via a personal on-site customer audit at BullionStar's Singapore shop and showroom.
  • Physical audits of all customer owned bullion are conducted twice a year by LBMA approved independent auditor Bureau Veritas.
  • A physical stock inventory report is conducted each year as part of BullionStar's financial audit.
  • BullionStar futhermore conducts its own internal inventory audits.

Finally, BullionStar vault storage customers can withdraw their gold bars or gold coins at any time and have their gold delivered to them, or alternatively collect it in person at the BullionStar shop and showroom in Singapore.