After a visit to Singapore's only Precious Metal refinery Metalor and seeing their refining capacity, I think I have finally figure out why did government of Singapore removed our GST Good and Service Tax off LBMA deliverable bars, setting up the Singapore gold contract, inviting La Free Port and Metalor refinery to set up their operation here.
Man, I have never seen so much gold in my life (@_@)
If the world is going back to a Gold Standard, Singapore will need all these 3 facilities to stay on top as 1 of world's Finance Hub.
First the government of Singapore must remove tax on the capital that is flowing in, in these case would be the precious metal.
https://www.customs.gov.sg/~/media/cus/files/circulars/corp/2012/circular_12_2012.pdf
https://www.customs.gov.sg/~/media/cus/files/circulars/corp/2016/sc%20circular092016ver1.pdf
Secondly from my sources, all of under ground vaults in Free Port are all taken up and mostly used to store precious metal. Precious metal are really heavy and dense so it is safer to put them in the basement of the building to prevent the floor from collapsing. Their business grew so big that they had to build a second building within the Singapore Airport's Free Trade Zone and it is not cheap.
http://www.singaporefreeport.com/
Thirdly, after 3 years of setting up their refinery in Singapore, Metalor is finally going into full production, and some of their gold bars they produce, I suspect would be use to supply the 50 Kg of gold need to set the Singapore gold contract bench marks price twice daily.
If somebody is able to get hold of any contracts in the early 60s I think you will be able to see that most of the settlement is done in either the US dollar or in Gold. So the phase as good as gold or as good as the dollar might just comes from there.
With all these 3 factors coming together, Singapore is will be able to settle contracts denominated in gold if the day arises.