The demand for precious metals is increasing all over the world. In Asia, Singapore is the region to keep an eye on during these volatile periods.
Singapore Shows a Desire for Gold
Even though the gold price remains rather bearish for now, the demand for physical bullion is picking up. More specifically, it is picking up in certain regions, which is to be expected. Singapore has shown a vast increase in demand over the past few days.This seems to confirm how the demand for physical bullion isn’t always correlated to the price.
Buyers are looking to take advantage of the lower prices. Investors have been very bearish on gold and silver alike in recent days. As such, the lower price makes for an appealing investment. During times of financial instability, it is pertinent to diversify holdings and look toward the future.
Because of this increasing demand in Singapore, the premium per troy ounce also went up. At its peak, the premium per ounce was as high as $0.8. That may not seem significant, but it is a near 33% increase compared to the week prior. A bullish signal like any other, although it has to be put in the proper perspective.
Digital Gold is a Better Option
While the physical demand for bullion rises, the modern age warrants looking at digital solutions. Opening a portfolio for digital gold and silver on Bar9 is a great way to be exposed to different markets. Convenient access to precious metals for trading purposes can be of great value to investors all over the world.
With prices for both assets on the attractive side of the spectrum, anything can happen. It is a matter of time until both gold and silver begin to move back to their previous values and resume an uptrend. Their scarcity has not decreased, but rather increased. A lot of mines have been forced to halt or lower production during the novel coronavirus outbreak.