A simpler way to invest in physical gold in Singapore

This post was created in partnership with Lion Global Investors. All views and opinions expressed in this article are Beansprout's objective and professional opinions.

What happened?

I’ve been thinking about how to make my portfolio more resilient with ongoing market uncertainty and geopolitical risks. 

Gold often comes to mind for me because it has a long history of holding its value and behaving differently from stocks and bonds during previous crises, like during the 2008 global financial crisis and the 2020 COVID crash¹.

At the same time, I know that buying physical gold on my own can be a hassle. I need to think about where to keep it, how to protect it, and whether it is properly insured.

Truthfully, I don’t want to be worrying about safes, vaults, and insurance paperwork just to get some gold exposure.

That’s why I was particularly interested when I came across the LionGlobal Singapore Physical Gold ETF*, Singapore’s first gold ETF backed by allocated physical gold that is fully insured and vaulted in Singapore. 

It gives me access to real, high‑quality gold, but in a way that is easier for someone like me to buy and hold.

What is the LionGlobal Singapore Physical Gold ETF*?

#1 – Physical, investment-grade gold exposure

The LionGlobal Singapore Physical Gold ETF* is designed to track the price of physical gold by holding real gold bars, rather than using complex financial contracts. 

The fund is backed by investment‑grade physical gold bars with a minimum fineness of 99.5%.

This means that in 1,000 parts of the bar, at least 995 parts are pure gold, and no more than 5 parts are other metals. This tells me I am dealing with pure, investment‑grade gold, not jewellery‑grade or lower‑purity gold.

These bars follow what is known as LBMA Good Delivery standards—the LBMA (London Bullion Market Association) is a global body that sets rules for gold bars that are traded by professional buyers like central banks and large institutions. 

Hence, when I invest in this ETF, I’m not buying a complicated contract or a bet on gold prices. I’m investing in actual gold bars that meet strict global standards.

Seeing that the ETF uses LBMA Good Delivery bars gives me comfort that these are the same kind of bars used in the major gold markets around the world. 

It means the bars are widely recognised, easy to trade between large institutions, and subject to clear quality controls.

The ETF’s physical gold bars (also known as allocated gold) are segregated, individually identifiable, and legally owned by the fund. 

This means that the bars for the fund are kept separate from other clients’ gold, not mixed in one big pot. 

Each bar can be tracked by details like its serial number, refiner, weight and year of production. There is a record of which exact bars belong to the fund.

The fund itself is recognised as the owner of those specific bars, on behalf of investors like me who hold units in the ETF.

This is very different from just having a promise on paper—when you buy gold through many banks, for example, you are simply lending money to the bank in exchange for the promise that they will give you the equivalent value of gold when you ask for it. 

Behind my ETF units, there are specific, real gold bars that the fund actually owns and that can be identified one by one.

#2 – Allocated gold bars safekept and securely vaulted in Singapore

This same gold is also stored in Singapore.

This matters because where the gold sits and which legal system it falls under could affect the risks I’m taking. 

By having the gold stored in Singapore, I feel more comfortable about both of these. Singapore is known for its strong legal system, low corruption, and political stability. 

The ETF stores its gold at Le Freeport in Singapore, a high‑security facility near Changi Airport. This is a specialised storage centre designed for valuable items, and has 24‑hour security, CCTV cameras, electronic entry controls and armed guards.

#3 – Fully insured physical gold holdings

With this ETF, the allocated gold is insured for its full value while it is stored in the vault and when it is being moved, such as during transport in or out of the facility.

For me, this means I do not have to go out and buy a separate insurance policy to protect the gold that backs my ETF units. 

The custodian arranges the insurance, and the cost is built into the ETF’s overall expenses. 

This takes away a major headache that I would face if I tried to store physical gold on my own.

Standard insurance exclusions apply, such as events like war or nuclear incidents, which are normally not covered. 

But for everyday risks, such as theft, loss or damage in normal circumstances, I take comfort that there is an insurance policy meant to cover the full value of the allocated gold owned by the fund. 

Compared to other gold funds, the ETF’s feature of fully insured physical gold holdings is a unique differentiator. 

What to consider when choosing between this ETF and other gold funds

Before this ETF, Lion Global Investors had already launched a physical gold unit trust on 1 December 2025, LionGlobal Singapore Physical Gold Fund. 

Both the ETF and unit trust give exposure to the same underlying asset: physical gold that is allocated gold follows the same high standards and is held in Singapore. 

So for me, the main question becomes, which format suits how I like to invest?

Here’s how I think through the differences.

#1 – Liquidity and trading flexibility

The LionGlobal Singapore Physical Gold ETF* will be listed on the Singapore Exchange on 26 March 2026 and can be traded in either Singapore dollars or US dollars via tickers GLS (SGD) and GLU (USD).

I can buy and sell units on the Singapore Exchange through a brokerage account, just like I would for a stock. I can trade during market hours at live market prices. 

I can also start with as little as about 5 US dollars per unit, since the ETF is designed with a low price per unit and a minimum of 1 unit per trade. 

Compared to other gold ETFs that currently trade as high as USD 450 per unit, this low price per unit makes it easy for me to build a position gradually or adjust it during the day. 

If I prefer intraday flexibility and a very low entry amount, this ETF fits me better. 

#2 – Cost structure and fees

The LionGlobal Singapore Physical Gold ETF* has a competitive management fee of 0.39% per annum, with its total expense ratio also capped at 0.39% per annum. 

On top of that, I pay brokerage fees when I buy or sell, and I may face a small gap between the buying price and selling price. 

Other gold funds may charge higher management fees, so the all‑in cost comparison will depend on an investor’s transaction frequency and holding period.

#3 – Pricing transparency 

ETFs offer real‑time market pricing during trading hours. 

I can see the price on my screen throughout the trading day. I know exactly what level I’m getting when my order goes through. 

The price can move around during the day as gold prices and demand for the ETF change.

If seeing and controlling my execution price is important to me, I lean towards the ETF. 

What are the factors to consider before investing in the LionGlobal Singapore Physical Gold ETF?

#1 – Exposure to gold prices

Gold prices have risen in recent years, supported by central bank purchases, a global trend of de‑dollarisation, and gold’s role as a long‑term store of value. 

Central bank buying has been elevated, reaching close to 1,000 tonnes per year from 2022 to 2025.

However, gold prices can be volatile in the short term and may not always move in line with other asset classes such as equities or bonds. 

This behaviour can provide diversification benefits at the portfolio level, but also means investors must be prepared for price dips and extended periods where prices don’t change much. 

#2 – No income generation

The ETF does not pay dividends or interest, because gold itself does not generate ongoing cash flows. 

Returns will depend entirely on movements in the gold price (after deducting fees and expenses).

#3 – Portfolio Diversification

From a portfolio perspective, gold has historically helped reduce overall volatility during periods of market stress, especially when equity valuations are elevated or when bond markets are under pressure from interest‑rate changes. 

Since 2000, global equity markets have experienced 10 major crises. Meanwhile, gold has generated positive returns in 9 out of these 10 crises.

What would Beansprout do?

The LionGlobal Singapore Physical Gold ETF* stands out for its combination of investment‑grade physical gold, secure vaulting in Singapore, and full insurance coverage on allocated holdings.  

When planning my own portfolio, I see the LionGlobal Singapore Physical Gold ETF as a very practical way to add gold into my mix.

I’m attracted to it because it is backed by real, high‑quality gold bars that follow strict global standards, and the gold is stored and insured in Singapore, which I find reassuring.

With an ETF, I can start with a small amount and build up over time, and buy and sell easily on SGX in either SGD or USD during the trading day.

However, I would be mindful that gold does not pay income, and gold prices can swing up and down. 

Hence, I would consider the LionGlobal Singapore Physical Gold ETF* as part of a diversified and resilient portfolio, rather than to hold it for dividends or interest.

The Initial Offering Period (IOP) for the ETF runs from 6 to 20 March 2026, with trading on SGX expected to commence thereafter. 

To subscribe to the ETF during the IOP, you can do so via the following platforms:

• OCBC ATMs, Mobile and Online Banking
• OCBC Securities
• POEMS
• Moomoo
• Tiger Brokers
• FSMOne
• DBS Vickers Securities
• Maybank Securities
• Lim & Tan Securities 

*Refers to ETF USD Class which is tradable in SGD and USD on SGX

For more information about this gold ETF, you can refer to Lion Global Investors’ webpage.

Are there any promotions for subscription during the IOP?

Some brokerages and investment platforms may run promotional offers around the Initial Offering Period (IOP).

Do refer to the full T&Cs which apply for each of the promotions below.

Phillip Securities customers
 • Promotion period: 6 March 2026 to 19 March 2026
 • Offer for first 400 clients: SGD 12 cash credit for every USD 5k invested (SGD 600 cap per client)
 • Conditions: Client must hold investment in the Fund for a minimum holding period of one (1) month from 26 March 2026, the listing date of the Fund (i.e., until 30 April 2026) (the “Minimum Holding Period”). This cash credit will be credited to the eligible clients’ POEMS account after the Minimum Holding Period.

More details here

iFAST (FSM) customers
 • Promotion period: 6 March 2026 to 30 April 2026
 • Offer for first 200 clients: SGD 10 cashback for every USD 10k invested (SGD 100 cap per client)
 • Conditions: Only cash investment is eligible during 6-20 Mar 2026. Cash and SRS investments are both eligible after listing from 26 Mar 2026 to 30 Apr 2026.

More details here

Tiger Brokers Singapore customers
 • Promotion period: 6 March 2026 to 19 March 2026
 • Offer for first 300 clients: 
USD 1,000 – 4,999 invested: SGD 5 cash coupon 
USD 5,000 – 9,999 invested: SGD 10 cash coupon
USD 10,000 and above invested: SGD 20 cash coupon
 • Conditions: Client must hold investment in the Fund for a minimum holding period of one (1) month from 26 March 2026, the listing date of the Fund (i.e., until 26 April 2026) (the “Minimum Holding Period”). This cash credit will be credited to the eligible clients’ Tiger Brokers Singapore account after the Minimum Holding Period.

¹Past performance and the predictions, projections or forecasts on the economy, securities markets, bond markets or the economic trends of the markets are not necessarily indicative of the future or likely performance.

Disclaimer – Lion Global Investors Limited

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. It is for information only, and is not a recommendation, offer or solicitation for the purchase or sale of any capital markets products or investments and does not have regard to your specific investment objectives, financial situation, tax position or needs. 

The LionGlobal New Wealth Series II - LionGlobal Singapore Physical Gold Fund (the “Fund”) is not like a typical unit trust offered to the public in Singapore. The Fund comprises both classes of units listed and traded on the Singapore Exchange (“SGX-ST”) and classes of units which are neither listed on the SGX-ST nor any other stock exchange. 

An investment in a precious metals fund carries risks of a different nature from other types of collective investment schemes which invest in transferable securities and a precious metals fund may not be suitable for persons who are adverse to such risks. 

An investment in a precious metals fund is not intended to be a complete investment programme for any investor. As a prospective investor, you should carefully consider whether an investment in a precious metals fund is suitable for you, taking into account, your investment objectives, risk appetite and the potential price movements of precious metals. You are responsible for your own investment choices.

You should read the prospectus and Product Highlights Sheet of the Fund, which is available and may be obtained from Lion Global Investors Limited (“LGI”) or any of the appointed Participating Dealers (“PDs”), agents or distributors (as the case may be) for further details including the risk factors and consider if the Fund is suitable for you and seek such advice from a financial adviser if necessary, before deciding whether to purchase units in the Fund. Applications for units in the listed or unlisted classes of the Fund must be made in the manner set out in the prospectus.

Investments in the Fund are not obligations of, deposits in, guaranteed or insured by LGI or any of its affiliates and are subject to investment risks including the possible loss of the principal amount invested. The performance of the Fund is not guaranteed and the value of units in the Fund and the income accruing to the units, if any, may rise or fall. Past performance, payout yields and payments as well as any predictions, projections, or forecasts are not necessarily indicative of the future or likely performance, payout yields and payments of the Fund. Any extraordinary performance may be due to exceptional circumstances which may not be sustainable. Any dividend distributions, which may be either out of income and/or capital, are not guaranteed and subject to LGI’s discretion. Any such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value of the Fund. There can be no assurance that any of the allocations or holdings presented will remain in the Fund at the time this information is presented. Any information (which includes opinions, estimates, graphs, charts, formulae or devices) is subject to change or correction at any time without notice and is not to be relied on as advice. You are advised to conduct your own independent assessment and investigation of the relevance, accuracy, adequacy and reliability of any information or contained herein and seek professional advice on them. No warranty is given and no liability is accepted for any loss arising directly or indirectly as a result of you acting on such information. The Fund may, where permitted by the prospectus, invest in financial derivative instruments for hedging purposes or for the purpose of efficient portfolio management. The Fund's net asset value may have higher volatility due to its narrower investment focus (primarily in Gold (as defined in the prospectus)), when compared to funds with more diversified portfolios. LGI, its related companies, their directors and/or employees may hold units of the Fund and be engaged in purchasing or selling units of the Fund for themselves or their clients.

Please refer to the Prospectus for further details, including a discussion of certain factors to be considered in connection with an investment in the listed units of the Fund on the SGX-ST.

The listed units of the Fund are listed and traded on the Singapore Exchange (“SGX”), and may be traded at prices different from their net asset value, suspended from trading, or delisted. Such listing does not guarantee a liquid market for the units. You cannot purchase or redeem listed units in the Fund directly with the manager of the Fund, but you may, subject to specific conditions, do so on the SGX or through the PDs.

© Lion Global Investors Limited (UEN/ Registration No. 198601745D). All rights reserved. LGI is a Singapore incorporated company, and is not related to any corporation or trading entity that is domiciled in Europe or the United States (other than entities owned by its holding companies).

Disclaimer - ICE Benchmark Administration Limited

THE LBMA GOLD PRICE, WHICH IS ADMINISTERED AND PUBLISHED BY ICE BENCHMARK ADMINISTRATION LIMITED (IBA), SERVES AS, OR AS PART OF, AN INPUT OR UNDERLYING REFERENCE FOR LIONGLOBAL SINGAPORE PHYSICAL GOLD FUND. 

LBMA GOLD PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, AND IS LICENSED TO IBA AS THE ADMINISTRATOR OF THE LBMA GOLD PRICE. ICE BENCHMARK ADMINSTRATION IS A TRADE MARK OF IBA AND/OR ITS AFFILIATES. THE LBMA GOLD PRICE AM, AND THE TRADE MARKS LBMA GOLD PRICE AND ICE BENCHMARK ADMINISTRATION, ARE USED BY LION GLOBAL INVESTORS LIMITED WITH PERMISSION UNDER LICENCE BY IBA. 

IBA AND ITS AFFILIATES MAKE NO CLAIM, PREDICATION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM ANY USE OF THE LBMA GOLD PRICE, OR THE APPROPRIATENESS OR SUITABILITY OF THE LBMA GOLD PRICE FOR ANY PARTICULAR PURPOSE TO WHICH IT MIGHT BE PUT, INCLUDING WITH RESPECT TO LIONGLOBAL SINGAPORE PHYSICAL GOLD FUND. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL IMPLIED TERMS, CONDITIONS AND WARRANTIES, INCLUDING, WITHOUT LIMITATION, AS TO QUALITY, MERCHANTABILITY, FITNESS FOR PURPOSE, TITLE OR NON-INFRINGEMENT, IN RELATION TO THE LBMA GOLD PRICE, ARE HEREBY EXCLUDED AND NONE OF IBA OR ANY OF ITS AFFILIATES WILL BE LIABLE IN CONTRACT OR TORT (INCLUDING NEGLIGENCE), FOR BREACH OF STATUTORY DUTY OR NUISANCE, FOR MISREPRESENTATION, OR UNDER ANTITRUST LAWS OR OTHERWISE, IN RESPECT OF ANY INACCURACIES, ERRORS, OMISSIONS, DELAYS, FAILURES, CESSATIONS OR CHANGES (MATERIAL OR OTHERWISE) IN THE LBMA GOLD PRICE, OR FOR ANY DAMAGE, EXPENSE OR OTHER LOSS (WHETHER DIRECT OR INDIRECT) YOU MAY SUFFER ARISING OUT OF OR IN CONNECTION WITH THE LBMA GOLD PRICE OR ANY RELIANCE YOU MAY PLACE UPON IT.

LBMA GOLD PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, IS LICENSED TO ICE BENCHMARK ADMINISTRATION LIMITED (IBA) AS THE ADMINISTRATOR OF THE LBMA GOLD PRICE, AND IS USED BY LION GLOBAL INVESTORS LIMITED WITH PERMISSION UNDER LICENCE BY IBA.