Could be part of the reason. Also, ASEAN countries are all...

Could be part of the reason. Also, ASEAN countries are all lining up to become part of BRICS, basically they've all had enough of the USA'S money printing, and ridiculous amounts of debt, but still living off the labours of ASEAN countries, except for Singapore.

Singapore is probably buying most of their gold from the Perth Mint, I reckon. Aussie gold, and gold mines are safe havens in the current global environment, and also in closer regional proximity to Singapore.

It's only a matter of time before the next tier-1 discovery in the Paterson,... could be gold or copper. But these Ultra Rich Singaporeans are placing their bets on AZY to make the next future discoveries and mining.