By Ben Steverman -
2012-11-12T22:53:07Z
Photograph by Chris Ratcliffe/Bloomberg
The Switzerland of Asia
Switzerland dominates the business of refining and storing gold bars, despite the fact that three-fifths of gold investment demand now comes from Asia. Singapore is making a bid to become the Switzerland of Asia's gold trade. The city-state's gold demand rose 177 percent last year, according to GFMS Ltd. An elimination of a tax on investment-grade gold, which went into effect on Oct. 1, is designed to attract gold traders and refiners.
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