CGS International Securities Singapore’s Prime Brokerage & Investment Services, in collaboration with J. Rotbart & Co., hosted the fourth edition of Capital Conversations by the Bay on 11 June. The event gathered industry leaders to explore the strategic role of gold amidst current macroeconomic challenges.
The session featured presentations by Joshua Rotbart, Founder of J. Rotbart & Co., and Albert Cheng, CEO of the Singapore Bullion Market Association. Rotbart emphasised gold’s resilience, noting its 20% appreciation during 2020’s market stress and a 310% increase over the past decade. He highlighted central banks’ shift from net sellers to buyers post-2008, with 2025 seeing 863 tonnes purchased, reflecting a move towards decentralised reserves.
Cheng discussed gold’s relevance in modern portfolios, citing its role in addressing inflation, currency risk, and geopolitical tensions. He noted gold’s 40 new highs in 2024 and 53 in 2025, with a broadening buyer base including private investors and central banks.
The panel, moderated by Gunawan Wijaya of CGS SG, examined gold’s practical access and allocation. Panellists suggested a 3% to 5% allocation for general investors, with higher percentages for high-net-worth individuals. They noted gold’s appeal as a tangible asset for wealth preservation, especially in Singapore’s growing family office sector.
The event underscored gold’s strategic importance, with CGS SG affirming its commitment to fostering dialogue among investment leaders.
