Les plus grands coffres de métaux précieux de Singapour maintiennent leur optimisme malgré un départ lent

Les géants du stockage d'or et d'argent affichent une confiance inébranlable face aux débuts timides

Résilience stratégique

Alors que les premiers mois ont déçu les attentes, les opérateurs de vaults parient sur la volatilité des marchés traditionnels pour booster la demande de refuge sûr. Ces installations ultra-sécurisées - certaines pouvant contenir jusqu'à 200 tonnes d'or - jouent la carte de la patience face aux investisseurs nerveux.

Pari sur l'incertitude

La direction mise sur les turbulences géopolitiques et l'inflation persistante pour convertir les sceptiques. « Les métaux précieux ont traversé des cycles bien pires », glisse un gestionnaire sous couvert d'anonymat, tandis que les traders de crypto s'amusent à comparer leur volatilité à celle de l'or - comme si comparer un tremblement de terre à une secousse sismique avait un sens.

L'optimisme reste de mise malgré les chiffres décevants, prouvant une fois de plus que dans la finance, l'espoir fait vivre... surtout quand les bonus sont en jeu.

Hong Kong increases storage and launches new contracts

Recent confusion over U.S. tariffs on gold spurred more interest in Asian storage hubs. In August, U.S. customs said tariffs would apply to gold bars, rattling the bullion market, but President Donald Trump reversed the policy days later.

“There is a window for these hubs to explore ramping up their product availability,” said Nicky Shiels, head of research at MKS Pamp, a Swiss refinery that has just opened its regional headquarters in Hong Kong.

While Singapore has been working for over a decade to build its status as a global gold hub, Hong Kong has accelerated its plans in recent months. In his annual policy address on September 17, city leader John Lee said Hong Kong would expand its gold storage capacity to more than 2,000 tonnes in three years, up from its current 200 tonnes, calling it a “regional gold reserve hub.”

Hong Kong’s proximity to mainland China, the largest consumer and producer of gold, makes it attractive for traders. The Shanghai Gold Exchange is using Hong Kong to promote its renminbi-denominated gold contracts to international investors. In June, SGE opened its first offshore vault in Hong Kong and launched two renminbi-denominated contracts there.

Several international refineries have already set up in Hong Kong, including Heraeus and Metalor, while MKS Pamp joined the launch of the new SGE contracts. But some traders warn about political risk.

“There is always this fear — is it a true international market, or is it something where, if the Chinese government didn’t like the result, they could change the rules?” said Robert Gottlieb, a former gold trader at JPMorgan and HSBC.

Singapore expands vaulting and keeps neutral ground

Singapore’s political neutrality drew BullionVault to pick the city-state over Hong Kong, said Adrian Ash, head of research at the trading platform.

Both markets still need to improve liquidity, storage, custody and settlement services to compete with older centers, said Gregor Gregersen, founder of Silver Bullion. “What really matters in this industry is building up liquidity,” he said.

Hong Kong still trails Singapore in warehouse capacity. The 30,000 sq m Le Freeport, opened in 2010 and often called “Singapore’s Fort Knox,” was originally built to hold fine art but now stores luxury cars, wine, jewelry and precious metals.

Specialist storage firms like Brink’s and Loomis use the facility. “On the vaulting side, we are ahead in Singapore; on trading, I would say Hong Kong is ahead,” said Gregersen. “Both hubs have realised that the world is changing and they need to revisit their role when it comes to gold.”

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