Singapore Grabs for the Gold

Singapore has emerged as one of the world’s hubs for private banking for the wealthy, and now it is making a play to become the Fort Knox of Asia.

Starting Monday, the Southeast Asian city-state is scrapping a 7% tax on gold and silver in an effort to turn the city into a precious-metals trading hub to rival London and Zurich, where value-added taxes don’t apply to the investment-grade gold trade.