Commentary

Last week, on 14 April 2026, the Monetary Authority of Singapore said it would allow the Singdollar to strengthen faster. Here is the simple truth: a stronger Singdollar makes gold cheaper for you.

Why MAS is doing this

Singapore manages inflation through the exchange rate. The Middle East war has sent oil prices soaring. The Strait of Hormuz is nearly closed. Imported inflation is coming. So on 14 April, MAS announced it would "increase slightly" the rate of appreciation of the policy band.

Cost of living goes up. But imports get cheaper.

Oil drives inflation — food, transport, electricity, everything gets more expensive. That is the bad news. But a stronger Singdollar makes all imports cheaper, including gold.

Think about it this way: the same reason Singaporeans are driving to Johor Bahru to buy groceries at lower prices in ringgit applies to gold too. When SGD strengthens against MYR, your money buys more there. When SGD strengthens against USD, your money buys more gold.

Gold is priced in US dollars. Here is the math.

Gold is quoted in USD per ounce. When you buy with Singapore dollars, the USD/SGD rate determines what you pay.

If USD/SGD is 1.30, one ounce of gold at US$2,000 costs you SGD 2,600.

If the Singdollar strengthens to 1.25, the same ounce of gold costs only SGD 2,500.

That is SGD 100 less per ounce. Only the currency changed.

Why this matters now

As we covered in our previous article, when the war escalated, gold dropped because businesses sold metal to pay for expensive oil. That was short-term.

Now, MAS is pushing the Singdollar higher. Even if the USD gold price stays flat, a stronger SGD makes physical metal more affordable. And when the dust settles, hard assets tend to come back stronger.

At LadyS, our mission is simple: help you protect your wealth with real, tangible assets. Understanding this mechanism is the first step.

— LadyS Bullion

21 April 2026

Disclaimer: For informational purposes only. Not financial advice.

In our first article, we explained why gold and silver dropped despite the Iran-USA war. The short answer: businesses sold precious metals to pay for suddenly expensive oil, and investors chased the oil rally.

But that was the short-term story. Now let's talk about what happens next.

Because here's the thing about silver. Unlike gold, silver is not just a store of value. It is also an industrial workhorse. And those industrial needs are not going away—even if the war continues, even if oil stays high, even if manufacturing gets more expensive. So while silver may have dropped with gold, its rebound story is completely different.

Solar farming is accelerating, not slowing. The war has led to the near-complete closure of the Strait of Hormuz. Oil prices have soared. And that shortage is speeding up people's desire to switch to alternative energy sources. Suddenly, solar panels look like a way to escape dependence on volatile oil markets. Every solar panel needs silver for electrical conductivity. Even as manufacturers use less silver per panel, global solar capacity is forecast at 665 GW in 2026—so total silver demand remains historically high. As governments and households race to install solar power, demand for silver is set to rise sharply.

Electric vehicles: the shift is real. Since the war began, more people are converting from petrol cars to EVs. Global EV production is forecast at 14-15 million units in 2026, adding an estimated 70-75 million ounces of silver demand. In the UK, Autotrader saw a 28% jump in new EV inquiries. In India, EV registrations jumped 43.5% in March alone. Australia saw one in four drivers now considering an EV—up from just 7% before the crisis. The old internal combustion engine system is facing a rapid collapse as drivers realize EVs are roughly 10 times cheaper to run. But demand is outpacing supply. In India, one EV fleet operator reported a backlog of 200-250 vehicles within weeks. Some EV makers have seen delivery timelines extend as orders doubled.

Data centres run on silver. AI training servers require about 3.5 times more silver-coated components than traditional cloud hardware. Hyperscaler data-centre spending is forecast at $1.2 trillion by 2029. Those servers do not work without electronics, and electronics do not work without silver. Data centres are not going away. Neither is silver's role in them.

Medical technology also depends on silver. The medical antibacterial coating market is growing at over 10% annually, reaching $6.86 billion in 2026. Hospitals use silver-based coatings in wound dressings, catheters, and implantable devices. Healthcare is not going away, regardless of what happens with oil prices.

Weapons and drones are changing too. NATO members are pledging to ramp defense spending to 5% of GDP by 2035. The EU's "Readiness 2030" prioritizes drones, missiles, and air defence—all requiring electronics, and electronics require silver. Cheap drones can now take down expensive equipment. Military budgets will focus more on drones and anti-drone systems.

So why did silver drop again? You might remember from our first article: businesses sold silver to pay for expensive oil. Investors sold silver to chase the oil rally. That was a liquidity move. A short-term panic. Not a rejection of silver's long-term value.

What about the Federal Reserve? If the war pushes inflation higher, the Fed may be forced to raise interest rates again. That could cause more short-term pain. But once the dust settles, hard assets like silver tend to come back stronger. The Fed cannot raise rates forever.

If you're thinking about where to put your money, consider physical silver and silver mining stocks. Silver has two advantages over gold: it is a store of value, plus industrial demand. Also consider solar farm operators and suppliers, and defense contractors focused on drone technology.

The bottom line: silver prices fell because businesses sold holdings to pay for expensive oil. That was a short-term move. The long-term story remains intact. Solar, EVs, data centres, medical, and defense all require silver. Industrial demand will continue even if manufacturing costs rise. None of this will happen overnight. But the direction is clear.

At LadyS, our mission is simple: help you protect your wealth and fuel your future with real, tangible assets. In times like this, understanding what's really going on is the first step to staying ahead.

— LadyS Bullion
13 April 2026

Disclaimer: For informational purposes only. Not financial advice.

The United States is stuck in a no-win situation with Iran. If it stays and fights, it burns through cash—shooting down cheap drones with million-dollar missiles. If it pulls out, its Gulf allies—Saudi Arabia, the UAE, and others—start to doubt whether America will still protect them. Either way, it's a lose-lose.

This matters more than most people realize. For years, those Gulf countries sold oil in US dollars and used the profits to buy American government bonds. That helped keep US borrowing costs low. But if they lose trust in America, they might start accepting Chinese yuan for oil instead. That would mean fewer buyers for US bonds, pushing interest rates higher and making life more expensive for everyone. Meanwhile, China would benefit from a stronger role for its currency in global trade.

Now, you might wonder: "If there's a crisis, why did gold and silver drop?" Good question. Businesses are selling gold and silver to pay for suddenly expensive oil. Investors are also selling precious metals to jump into the oil market and chase the price surge. So it's not that gold and silver are out of favor—they're just being sold to cover costs and chase short-term gains.

But here's what's really happening. The war has led to the near-complete closure of the Strait of Hormuz, a narrow passage where a significant portion of the world's oil passes through. This disruption has created a severe oil shortage, sending energy prices soaring. And that shortage is doing something unexpected—it's speeding up people's desire to switch to alternative energy sources. Suddenly, solar panels don't just look good for the environment; they look like a way to escape dependence on volatile oil markets.

This is where silver comes in. Solar panels depend on silver for electrical conductivity. Every panel needs a meaningful amount of it. As governments, businesses, and households race to install solar power, industrial demand for silver is set to rise sharply. So while gold may be sold off in the short term to cover oil costs, silver has a powerful long-term story: a traditional store of value, plus growing industrial demand that could push prices higher for years to come.

War itself is changing. You no longer need a fancy jet. Cheap drones can now take down expensive equipment. Going forward, military budgets will focus more on drones and anti-drone systems.

If you're thinking about where to put your money, consider:

Currency & Bonds

• Chinese yuan or yuan-denominated bonds

Precious Metals

• Physical gold and silver
• Gold and silver mining stocks

Energy

• US natural gas producers
• Solar farm operators and suppliers

Logistics & Defense

• Shipping company stocks
• Defense contractor stocks (drone technology)

One more thing to watch: the US Federal Reserve. If the war pushes inflation higher, the Fed may be forced to raise interest rates again. That could cause more short-term pain for stocks and even gold. But once the dust settles, hard assets like gold and silver tend to come back stronger.

None of this will happen overnight. But the direction is clear.

At LadyS, our mission is simple: help you protect your wealth and fuel your future with real, tangible assets. In times like this, understanding what's really going on is the first step to staying ahead.

— LadyS Bullion
29 Mar 2026

Disclaimer: For informational purposes only. Not financial advice.