Singapore (AFP)

Make gold a "mass market": this is the bet made by a foreign exchange dealer in Singapore, who wants to expand his clientele by offering small amounts of the precious metal, in exchange for a more reasonable sum than usual .

“When we started our business ten years ago, clearly we were attracting the elites, the people who had money,” recalls Victor Foo, founder and boss of the Singapore Precious Metals Exchange (SGPMX).

For the time being, 80% of its clientele is still very wealthy, and the most popular product - a one kilo gold bar sold for more than 60,000 US dollars - is still distinguished by its high cost.

"But we aspire to be able to reach a mass market," he said for AFP.

To conquer a less affluent clientele, the SGPMX markets the metal by the gram: for around 70 dollars, the gold lover will leave with a golden plate the size of an SD card.

Mini bars of five, ten, fifty and one hundred grams are also available for sale.

In addition to small quantities, Mr. Foo relies on context to appeal to buyers.

In times of pandemic, gold is a safe haven and demand increases accordingly.

In early August, the ounce (around 28 grams) traded for the first time above the $ 2,000 mark on the markets.

Transactions are done on a mobile application, but investors can come and admire their gold whenever they want, says the company.

The SGPMX treasure is stored in an ultra-secure vault, located not far from the main airport of the city-state.

Behind the heavy metal doors and thick walls, which even block the signal of mobile networks, are also housed private art collections and treasures from around the world.

Pandemic requires, visitors are rare, in any case from abroad.

Normally, the Japanese are among the most frequent visitors to inspect their investments.

“They come once a year, look at their merchandise, take pictures, and then leave,” says Foo.

For the rest, investors are mainly Europeans and Americans.

Mr. Foo expects his Asian clientele to grow over the next several years.

It remains to convince the latter, reputed to be more fond of jewelry than gold bars and coins, that gilded metal is also appreciated in the rough, or almost.

© 2020 AFP