On 30 November 2021, The Straits Times reported that Singapore government bought gold bullion to add to the national reserves for the first time in 20 years. According to data extracted from Monetary Authority of Singapore’s (MAS) International Reserves and Foreign Currency Liquidity reports, the value of gold reserves held Singapore in April 2021 amounted to US$211.7 million and (4.096 million troy ounces). But by June 2021, the amount of gold reserves surged to a staggering US$1.8 billion. Interestingly, the Singapore government bought bullion when gold price has bottomed. Given that this is the first increase in gold reserve for the first time in decades, it is evident that Singapore government is not a big fan of bullion. Nonetheless, I would say the purchases were shrewd as they were bought after gold price bottomed out in April 2021. Unlike retail investors, central governments bought bullion as a means to diversify reserves. For Singapore government, this is no exception....