Singapore seen as regional hub for new platinum products, council says

Platinum bars at the Istanbul Gold Refinery in Turkey in 2011.
Platinum bars at the Istanbul Gold Refinery in Turkey in 2011.PHOTO: BLOOMBERG

SINGAPORE (BLOOMBERG) - Platinum will have a wider investment platform in Asia this year with Singapore acting as a regional hub for the marketing and distribution of new products, said Marcus Grubb of the World Platinum Investment Council.

The council is now a member of the Singapore Bullion Market Association, paving the way for future retail and institutional platinum-investment products in the region, it said in a statement.

This would include initiatives around the stocking of bar and coin products, distribution through dealers, fund and exchange traded fund-type products, as well as coin-backed structures, Mr Grubb said.

"When we looked at it from a wealth perspective and from a precious metal perspective, Singapore really stands out as a key location for us to invest in and to innovate new products," he said in a phone interview from London on Tuesday (Jan 26).

The metal lost 26 per cent last year as the US dollar rose and the Volkswagen AG emissions scandal hurt prospects for demand for use in autocatalysts. Consumption is expected to continue growing at a low single-digit rate, backed by a steady diesel- car market and jewelry demand, Mr Grubb said.