In this interview with Sunny Pannu, I join Bhagyesh Dash of Bromius Capital to discuss the Asian gold market, including India’s gold demand after Narendra Modi’s election, China’s continued appetite for gold, and Singapore’s emergence as a global commodities and precious-metals hub.

We also discuss Singapore’s low-tax, business-friendly framework, the Singapore Freeport, the role of Chinese capital in natural-resource assets, and why Asian demand for gold must be understood from the ground rather than through Western assumptions.

Watch the full discussion below:

Key Takeaways

• Modi’s election created optimism in India, but I remain skeptical that one politician can fix the country’s deeper cultural and institutional problems.
• India’s gold premium had fallen sharply, partly because the market expected the new BJP government to reduce restrictions on gold imports.
• Much of India’s gold demand continued through unofficial or smuggled channels because formal restrictions often become avenues for corruption rather than enforcement.
• Singapore has become an attractive hub because of low taxes, limited bureaucracy, strong work ethic, and a reliable legal and business environment.
• Singapore’s removal of sales tax on gold helped encourage precious-metals trading and storage.
• The Singapore Freeport gives the country a strong position as a storage hub for gold, art, wine, and other high-value assets.
• Hong Kong and Singapore both benefit from their proximity to the world’s largest developing markets.
• Chinese capital remains interested in natural-resource assets, but Chinese buyers have become more disciplined after overpaying for some earlier projects.