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Silver Prices in Singapore Dollars
The silver market is global, and the white metal is traded on exchanges and in physical markets all over the world. The price of silver is typically quoted by the ounce, gram and kilogram. Silver can be quoted in and transacted in any currency. In Singapore, silver would be bought and sold using the local currency.
The Singapore Dollar is the official currency of Singapore. The Singapore Dollar can be subdivided into 100 smaller currency units, or cents.
The Singapore currency is issued and controlled by the country’s central bank: The Monetary Authority of Singapore. The MAS was established in 1971, and the central bank is tasked with several key issues vital to the country’s economy and financial markets.
In addition to conducting monetary policy, issuing and controlling the nation’s currency and promoting financial stability, the MAS is also tasked with acting as the country’s main financial regulatory body.
Monetary policy conducted by the central bank uses the nation’s currency as its primary tool to control the money supply. This is in contrast to many global central banks which rely on interest rates to control the flow of money.
Silver Pricing in Singapore Dollars
Silver has three primary sources of demand: Investment, industrial and jewelry. As demand for silver rises and falls, prices are always on the move. The market may see periods of range-bound activity and may also see periods of extremely price swings and market volatility.
Some of the major inputs for the metal’s market value include:
- Interest rates
- Industrial demand
- Investment demand
The Singapore Mint
The Singapore Mint was established in the late 1960s. Its job was to mint circulation coinage for the nation. The Mint has seen its operations grow extensively since its introduction, and today it is involved in all areas of its business from design and production to marketing and distribution. The Singapore Mint still uses the human touch you can only get from highly skilled craftsman, and it also features some of the most advanced minting technology anywhere in the world. In addition to several varieties of gold and silver bullion and proof coins, the mint also produces medallions, ingots and other collectables.
The Economy of Singapore
Singapore features a highly developed market economy. The nation is heavily involved in trade, and has a reputation for being very pro-business. The country also features low tax rates, low levels of corruption and a stable government.
The Government of Singapore maintains an ownership stake in some key economic areas including media, telecommunications and airlines. Singapore uses a sovereign wealth fund to fund its ownership interests.
Singapore is heavily involved in direct foreign investments, and the nation has seen significant capital inflows as well. Singapore exports chemicals, electronics and more. Singapore has very little in the way of natural resources, so the country is forced to import many different types of raw goods.
Singapore is a major Asian financial hub, providing many different types of financial services. The nation also has a large services sector. Singapore is a major location for crude oil trading, and is the largest oil trading hub in Asia as well as one of the ;largest export refining centers in the world.
The Government of Singapore has numerous programs in place for its citizens, including programs for retirement and healthcare. The country strongly encourages savings, and its citizens have had one of the highest savings rates in the world for decades.
Biotechnology in Singapore is on the rise, and the country has made substantial investments in this area of industry. Those investments have attracted various major companies and top scientific talent to the region.
As the economy of Singapore becomes even more technically advanced, its productivity and GDP could potentially see a substantial rise. This could fuel additional foreign investment in the country and could also potentially strengthen the currency. Demand for gold jewelry and gold investment products could potentially rise as employment and wages climb.
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