[SINGAPORE] Gold surged into uncharted territory on Wednesday (Oct 8), opening above US$4,000 an ounce for the first time, in a year that has seen it consistently set new records.
In the second quarter of 2025, gold investment in Singapore surged 37 per cent year on year, rising to 2.2 tonnes from 1.6 tonnes in the same period of 2024.
The SPDR Gold Shares exchange-traded funds (ETF) saw S$309 million in net inflows from the start of 2025 to Jun 13, the highest among Singapore-listed ETFs.
A storm of global economic uncertainty, a weakening US dollar and a pivotal shift by the US Federal Reserve towards cutting interest rates have significantly lowered the opportunity cost of holding the non-yielding asset, while escalating geopolitical tensions have fuelled a powerful flight to safety.
Asia-Pacific ownership of physical gold bars and coins has risen significantly over the past five years, and the region is expected to remain a major force in global gold investment.
Supported by a sophisticated network of mega-vaults and global operators, Singapore’s infrastructure provides physical security for the industry, complementing the nation’s jurisdictional safety. The city-state is known to be a safe haven for tangible assets.
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The industry exhibits a two-tiered structure: high-profile, brand-name “destination vaults” that are often vertically integrated with dealing services, and the foundational layer of global logistics firms that provide the operational backbone, frequently within these larger facilities.
So, who are the key players in this gilded ecosystem? The Business Times takes a look:
The physical fortresses: profiling the mega-vaults
Le Freeport – “Asia’s Fort Knox”
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Opened in 2010, Le Freeport, formally known as Singapore Freeport, is one of the cornerstones of Singapore’s high-security storage industry.
Often dubbed “Asia’s Fort Knox”, it was originally established with government support as part of a broader strategy to develop the nation into a global hub for fine art. Le Freeport now also rents its premises to precious metal storage and high-value collectibles companies.
The freeport is under Singapore’s Zero GST Warehouse Scheme, and hence offers tax-free storage within the premises. Its location provides strategic direct access to Changi Airport’s runways, making cross-border logistics efficient.
Le Freeport itself is the facility landlord, providing the secure perimeter and tax-advantaged environment. Within its walls, a host of specialist firms operate, including global secure logistics leaders such as Brink’s and Loomis, and licensed bullion company Singapore Precious Metals Exchange.
Le Freeport is currently owned by Chinese cryptocurrency billionaire Wu Jihan through his company Bitdeer Technologies.
The Reserve
Completed in 2024, The Reserve represents the newest and most ambitious addition to Singapore’s vaulting landscape.
Developed and operated by precious metals dealer Silver Bullion, the facility embodies a vertically integrated model where the same entity acts as the dealer, vault operator and facility owner.
This structure is designed to offer clients enhanced control, transparency, and a seamless one-stop solution for acquiring and storing bullion.
It is potentially the world’s highest-capacity private vault, a six-storey, 180,000 square foot facility engineered to hold nearly 500 million troy ounces (15,500 tonnes) of silver and gold.
The bulk of The Reserve’s capacity is for silver – carrying around 10,000 tonnes – and its main silver vault is a cavernous 32 m high space that features a floor loading rating 45 times stronger than a standard car park structure. Silver is vertically stacked, up to 12 m high.
There are 15 individual gold vaults, giving an estimated 500 tonne storage capacity for gold and other valuables.
Like Le Freeport, The Reserve also caters to a broader range of assets, with 12,500 safe deposit boxes for personal storage.
Its tenants include Silver Bullion, vaulting provider The Safe House, and The Xcess, a watch atelier offering authentication, storage, collateralisation and digitisation of luxury timepieces.
The market makers: a spectrum of service models
While the mega-facilities provide the physical space, a diverse group of operators acts as the gateway for investors.
These market makers cater to different client needs through a variety of business models. Some leverage the infrastructure of landmark vaults such as Le Freeport for storage, while others operate their own integrated facilities, each providing a distinct solution for buying, selling and securing precious metals:
BullionStar – integrated retail model
Its main operations in Singapore take place at a walk-in Bullion Center near Clarke Quay, where it combines a retail shop and showroom with a high-security, steel bar reinforced concrete vault in a single location.
According to its website, BullionStar aims to provide an “end-to-end solution for buying, selling and storing bullion”.
Located within the Bullion Center are safe deposit boxes, where customers can store bullion, cash, jewellery, heirlooms, or physical cryptocurrency wallets to various weight limits of up to 100 kg.
It also operates a separate vault facility within Le Freeport to store gold, silver and platinum.
BullionVault – the global online marketplace
BullionVault operates as a global online platform that provides private investors with direct access to the professional bullion market.
According to its website, its bars are stored in professional-market vaults in Singapore, Zurich, London, Toronto and New York.
Rather than owning its own vaults, the company partners top-tier secure logistics firms, using Brink’s for gold storage and Loomis International for silver in Singapore.
The Singapore Mint – sovereign minter and bullion provider
As the official government mint of Singapore, The Singapore Mint has a long history of producing the nation’s currency and commemorative coins.
In September 2025, responding to strong investor demand, it entered the investment-grade market with its own branded product line: the Lion Bullion. This series consists of goods and services tax-exempt gold bars, minted in partnership with the renowned Swiss refinery Produits Artistiques Metaux Precieux.
The Singapore Mint offers a complete service ecosystem for these bars, including direct sales, delivery and secure storage in its own vaults. It also provides a buyback service with transparent pricing available on its website, allowing investors who store their bullion with the mint to transact directly through its online platform for faster settlement.
Unseen backbone: global logistics giants
Underpinning the entire ecosystem – from the mega-vaults to the individual dealers – are the global secure logistics firms.
These companies form the industry’s operational bedrock, providing the highly specialised, secure transportation and vaulting that connects mines, refineries, dealers and investors.
They are the trusted third-party partners that physically move and guard the bullion, making the entire system of global trade and storage possible. Such firms include:
Brink’s
Brink’s is a foundational pillar in the global bullion market, renowned for its comprehensive and highly secure management of precious metals.
It specialises in the logistics and storage services that underpin the industry.
This involves the secure transportation of gold, silver and platinum in armoured vehicles and dedicated air freight, as well as providing insured, audited vaulting services in strategic, high-security locations worldwide.
One such facility is within Le Freeport, but for security reasons, the number and location of all its facilities are not publicly known.
Loomis International
Similar to Brink’s, Loomis provides logistics and storage services for the precious metals industry and its most prominent and publicly acknowledged vaulting facility is located within Le Freeport. Other facilities are not publicly known.
The company is engaged in the secure transportation and vaulting of bullion for a client base that includes mines, refiners, financial institutions and government agencies.
Its operations utilise armoured transport, international air freight and a network of secure storage facilities to move and hold assets.
By handling the physical supply chain for gold, silver and other precious metals, Loomis functions as a third-party operator for the custody and distribution of these materials in the global market.
