Silver Rises Over 120% YTD 
Singapore’s gold exports to the United States surged to 11 tons in January 2025, marking a 27% increase from December and the highest level since March 2022.
This significant shift in traditional trading patterns, which typically see Singapore’s gold flowing to Asian markets, comes as the global gold market faces substantial disruption. The catalyst for this change has been mounting concerns over potential tariffs from the Trump administration, creating an unusually wide premium for New York gold futures over London benchmarks.
This price disparity, which peaked at over $50 per ounce in January before settling to around $13, has drawn gold shipments to the US from refineries worldwide, including Singapore’s Metalor Technology SA facility. The last comparable surge in Singapore-US gold flows occurred during the pandemic in July 2020, when shipments reached 26 tons due to concerns about futures contract settlement amid trade restrictions.
