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First ever filming of Singapore’s Gold Reserves in Super-Secret Gold Vault
- 31 Aug 2023 10:28
One tonne of gold bars in BullionStar’s gold vault in Singapore
The CNA documentary includes a segment featuring BullionStar’s CEO Luke Chua in BullionStar’s vault visually explaining what 1 tonne of gold looks like, to illustrate the magnitude of Singapore’s gold reserves.
The CNA documentary team also obtained access to the secret gold vault of the Monetary Authority of Singapore (MAS), Singapore’s central bank, where more than half of Singapore’s official gold reserves appear to be stored. This is the first time ever that Singapore’s gold reserves have been filmed inside the MAS central bank gold vault.
Singapore’s central bank holds 225.4 tonnes of gold, making it the 24th largest sovereign gold holder in the world. Up until March 2021, MAS held 127.4 tonnes of gold, and had not bought gold for many years.
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While Singapore’s gold reserves have a market value of approximately SGD 18.8 billion, this represents less than 5% of MAS’s total reserve assets, which in total are worth about SGD 400 billion. The rest of the reserve assets of Singapore’s central bank, which consist of holdings of securities (bonds and stocks) and foreign currencies, are also, along with the 225.4 tonnes of gold, managed by the Monetary Authority of Singapore.
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The MAS Secret Gold Vault in Singapore
Near the beginning of the CNA documentary, the narrator states that Singapore’s central bank (MAS) granted the CNA team exclusive access to the MAS secret gold vault, on condition that CNA signed an undertaking to keep the location of the vault secret. This narration is accompanied by a shot of a one page document titled ‘Undertaking to Safeguard Official Information’ which invokes Singapore’s Official Secrets Act, and which the CNA documentary producer and crew had to sign as an undertaking with MAS not to reveal the location of the vault to anyone.
CNA documentary producer standing in the MAS gold vault in Singapore. Location not disclosed.
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