July 29, 2026, Singapore. It has been 100 days since the official launch of the SGX Precious Metals Holdings SmartScreen system on April 20, 2026. As the world's first digital platform for real-time transparent supervision of precious metals holdings, the launch of SmartScreen marks a new era of transparency for the Singapore precious metals market. Based on the latest data, Xindi Finance reviews the structural changes brought to the local market since the system went live.
SmartScreen 100-Day Operation: Remarkable Results
According to data released by SGX on July 29, during the 100-day period since SmartScreen went live, the frequency of holdings data disclosure in the Singapore precious metals market was upgraded from once a day to real-time updates, covering four major varieties: gold, silver, platinum, and palladium. As of the close on July 28, the overall market holdings transparency index reached 92.3 (out of 100), more than double the pre-launch level of 45.6. Among them, the share of institutional holdings surged from 58.2% at the beginning of the year to 71.5%, a record high.
"SmartScreen not only enables regulators to monitor holdings concentration and potential risks in real time but also significantly enhances international investors' trust in the Singapore market," said Chen Weilun, Director of Market Policy Department at the Monetary Authority of Singapore (MAS), at a media briefing on July 29. "Since the system went live, we have seen more long-term institutional capital inflows from Europe, the US, and the Middle East. In the first half of the year, Singapore's gold vault inventory increased by 18 tons."
Institutional Holdings Structure Improves, Speculative Positions Decline
According to SmartScreen data, as of July 29, in the Singapore precious metals market, commercial hedging positions (e.g., miners, refiners, jewelers) accounted for 35.2%, non-commercial long positions (mainly fund managers) accounted for 36.3%, and speculative positions (hedge funds, CTAs, etc.) accounted for 28.5%. Compared with before the launch, the proportion of speculative positions dropped by about 11 percentage points, making the holdings structure more reasonable.
"The increased transparency has reduced room for market manipulation and made price discovery more effective," said Lin Zhiming, Chairman of the Singapore Precious Metals Traders Association. "In the past, some large orders could trigger market anomalies. Now, all holdings are fully visible on SmartScreen, and market participants can adjust their strategies based on actual holdings distribution."
Impact on the Local Precious Metals Industry
The SmartScreen system has had a profound impact on Singapore's local precious metals industry. First, banks can offer more precise hedging services to corporate clients. Take XYZ Refinery, one of the largest precious metal refiners in Singapore, for example. By using SmartScreen to monitor its own holdings and market concentration in real time, it successfully completed hedging operations for about 5 tons of gold during the gold price correction in June, avoiding potential losses of approximately SGD 12 million.
Second, local small and medium-sized jewelry retailers have also begun to use SmartScreen data to optimize purchasing timing. Mr. Zhang, a jeweler in Chinatown, said, "Before, we could only judge the timing of purchases based on daily gold price fluctuations. Now we can see at what prices large institutions increase or decrease their positions, which gives us more confidence."
In a report released on July 29, International Enterprise Singapore (IESingapore) noted that after the launch of SmartScreen, the average financing cost for Singapore's precious metals industry dropped by 15 basis points, as banks' increased recognition of market transparency led them to offer more favorable credit terms.
International Comparison and Future Outlook
Globally, Singapore is the first market to implement real-time transparent supervision of precious metals holdings. In comparison, the London Bullion Market Association (LBMA) currently only provides daily delayed disclosure of holdings data, while the New York Mercantile Exchange (COMEX) only releases its holdings report once a week. The leading edge of SmartScreen has earned Singapore international recognition, and several financial centers including Dubai and Hong Kong have expressed interest in learning from it.
Looking ahead, SGX plans to expand SmartScreen's functionality to the monitoring of holdings of platinum and palladium spot depository receipts (SDR) in the fourth quarter of 2026, and introduce an AI-based abnormal holdings alert system. MAS also indicated that it is studying the inclusion of SmartScreen data as a reference indicator for foreign exchange reserve management.
Xindi Finance believes that the successful launch and smooth operation of SmartScreen have not only cemented Singapore's position as a precious metals trading hub in the Asia-Pacific region but also pushed the local precious metals industry toward digitization and transparency. With the further increase in institutional holdings share, the Singapore gold market is expected to attract more long-term capital, bringing a more stable and predictable market environment for investors.
