Collecting Gold and Silver coins

[ohgin123]

Hi all. Does Uob 1Kg gold has good resale value? What I mean is, if say I am selling this in an open market, will I get a good price?

 

[alexchia01]

Hi all. Does Uob 1Kg gold has good resale value? What I mean is, if say I am selling this in an open market, will I get a good price?

Gold always has resale value.

However, whether you can get a good price or not, depends on the Spot Gold price you are selling at that time.

The bigger the Gold, the more difficult to sell. So, 1kg Gold is more difficult to sell than a 100g Gold, a 100g Gold is more difficult to sell than a 10g Gold, and so on.

Selling back to the bank is the easiest, but don't fetch you a good price.

If you sell on open market, unless your Gold has some special quality, the best you will get is still Spot Gold Price.

 

[ohgin123]

Gold always has resale value.

However, whether you can get a good price or not, depends on the Spot Gold price you are selling at that time.

The bigger the Gold, the more difficult to sell. So, 1kg Gold is more difficult to sell than a 100g Gold, a 100g Gold is more difficult to sell than a 10g Gold, and so on.

Selling back to the bank is the easiest, but don't fetch you a good price.

If you sell on open market, unless your Gold has some special quality, the best you will get is still Spot Gold Price.

Actually, selling back to bank will fetch me a good price. The spread for UoB is supposed to be small. But my concern is selling to outside. The fact that UoB do not allow me to open the seal makes me very,very suspicious.

CAST BARS SGD 1 KILOBAR 51362.00 51122.00

 

[makav31i]

Actually, selling back to bank will fetch me a good price. The spread for UoB is supposed to be small. But my concern is selling to outside. The fact that UoB do not allow me to open the seal makes me very,very suspicious.

CAST BARS SGD 1 KILOBAR 51362.00 51122.00

Seriously, what are you worried about buying 1 kilo bar sold at UOB? They are fake? UOB did not make the gold bar and it is made by the refiners in the LBMA list of good deliver bars...If selling back to the bank fetch a better price, why do you want to sell outside? So what is your concern again?

 

[ohgin123]

Seriously, what are you worried about buying 1 kilo bar sold at UOB? They are fake? UOB did not make the gold bar and it is made by the refiners in the LBMA list of good deliver bars...If selling back to the bank fetch a better price, why do you want to sell outside? So what is your concern again?

I think selling outside is a valid concern dun you think? If the seal is torn, I may not be able to sell back to UOB. There are many factors that may cause me not to be able to see back to UOB. I need to know what is the outside cost just in case for certain reason, I am not able to sell to UOB.

 

[alexchia01]

Actually, selling back to bank will fetch me a good price. The spread for UoB is supposed to be small. But my concern is selling to outside. The fact that UoB do not allow me to open the seal makes me very,very suspicious.

CAST BARS SGD 1 KILOBAR 51362.00 51122.00

UOB don't allow you to break the seal is because they need to resell it.

Once the seal is broken, they'll have to re-send it for retesting and repackaging, which the bank won't want to do.

Selling back to the bank is definitely below spot price, so how could you be getting a better deal. Selling on the open market, at least some buyers are willing to pay spot.

 

[helisiao]

Why would you even want to break the seal. Break the seal already means no value (at least to me) until you send it for assaying and certification

 

[tiny]

If I seal my 5g gold bar and promises sellback of spot + 20%. But next time I run road. You break the seal to find out it is fake gold (circulated by previous buyer). Don't be the last guy playing the musical chair.

 

[alexchia01]

Why would you even want to break the seal. Break the seal already means no value (at least to me) until you send it for assaying and certification

You must understand the mentality of a collector. We want to feel the cool shiny metal on our hands, not the plastic cover.

 

[alexchia01]

If I seal my 5g gold bar and promises sellback of spot + 20%. But next time I run road. You break the seal to find out it is fake gold (circulated by previous buyer). Don't be the last guy playing the musical chair.

You mean like Gold Guarantee?

If the Gold is issued by you, then I'll want to tested, not sealed.

Plus, if you promised to buy back 20% above spot, this will get me even more suspicious.

 

[ohgin123]

UOB don't allow you to break the seal is because they need to resell it.

Once the seal is broken, they'll have to re-send it for retesting and repackaging, which the bank won't want to do.

Selling back to the bank is definitely below spot price, so how could you be getting a better deal. Selling on the open market, at least some buyers are willing to pay spot.

I have already stated the range. It's very narrow

 

[ohgin123]

If I seal my 5g gold bar and promises sellback of spot + 20%. But next time I run road. You break the seal to find out it is fake gold (circulated by previous buyer). Don't be the last guy playing the musical chair.

Tiny, you understand my sentiments

 

[ohgin123]

You mean like Gold Guarantee?

If the Gold is issued by you, then I'll want to tested, not sealed.

Plus, if you promised to buy back 20% above spot, this will get me even more suspicious.

Actually the actions of UoB does make me suspicious

 

[makav31i]

I think selling outside is a valid concern dun you think? If the seal is torn, I may not be able to sell back to UOB. There are many factors that may cause me not to be able to see back to UOB. I need to know what is the outside cost just in case for certain reason, I am not able to sell to UOB.

If you intend to sell it outside, I would suggest getting smaller size because the amount that would be transacted...It is a huge risk for retailers or other small time investors/speculators to purchase quite a sum of money on gold...I would rather have 10 x 100g bars or 32 x 1oz coin or bars as compared to 1 kilo bar...That is just my opinion...You decide what you want to do with your money...

 

[makav31i]

If I seal my 5g gold bar and promises sellback of spot + 20%. But next time I run road. You break the seal to find out it is fake gold (circulated by previous buyer). Don't be the last guy playing the musical chair.

You want to compare the like of TGG, APB and Genneva with UOB? If the bar is already in assay card like pamp or credit suisse or perth mint, you would want to take it out to have it tested? Seriously?if you are selling at spot and not 30-40% over spot, I would get it from you if the gold is from an LBMA good delivery bars list of refiners..anything else even if you made it yourself and even sold below spot, I will not even bother to look...

 

[aceirus]

Collected my 2014 CML today. Realised that the new radial line design on the bullion surface makes it not as shiny anymore like the mirror surface

But on the other hand, I think this makes it less susceptible to scratches and possibly less milk spots which has been the main complaints of previous CML.

 

[tiny]

You mean like Gold Guarantee?

If the Gold is issued by you, then I'll want to tested, not sealed.

Plus, if you promised to buy back 20% above spot, this will get me even more suspicious.

I gave an extreme attractive example of 20% above spot price. It did triggered some responses.

Now I ask you. PAMP/RCM/Perth Mint/etc/etc assay card gives you "authenticity" assurance? So why need a plastic wrapping sealed around the entire item? Extra "authenticity" or could it be that the sealer don't trust the assay card returned by the previous buyer in the first place as well?

I think counterfeiters will find the ugly looking plastic wrapping so much easier to counterfeit to create the illusion of "authenticity". Assay card still need to follow same serial number as the serial engraved on the gold/silver.

 

[makav31i]

I gave an extreme attractive example of 20% above spot price. It did triggered some responses.

Now I ask you. PAMP/RCM/Perth Mint/etc/etc assay card gives you "authenticity" assurance? So why need a plastic wrapping sealed around the entire item? Extra "authenticity" or could it be that the sealer don't trust the assay card returned by the previous buyer in the first place as well?

I think counterfeiters will find the ugly looking plastic wrapping so much easier to counterfeit to create the illusion of "authenticity". Assay card still need to follow same serial number as the serial engraved on the gold/silver.

UOB put the seal to identify the gold sold by them if not let's say sudden spike in gold price, those retailers and anyone not able to sell their gold would turn to UOB to sell their gold..it is stupid to seal bars with serial number, but if it is a gold bullion coin like Gold Maple, how would anyone know if the coin is purchased from UOB or elsewhere without a seal? The only way for coins is to be sealed in serial number and UOB can keep inventory that the gold was sold by them...

 

[ohgin123]

UOB put the seal to identify the gold sold by them if not let's say sudden spike in gold price, those retailers and anyone not able to sell their gold would turn to UOB to sell their gold..it is stupid to seal bars with serial number, but if it is a gold bullion coin like Gold Maple, how would anyone know if the coin is purchased from UOB or elsewhere without a seal? The only way for coins is to be sealed in serial number and UOB can keep inventory that the gold was sold by them...

You have first of all the receipt, the record that you have bought from them. I think that is how most gold dealers identify that you bought with them. If most gold dealers do not need the seal, why uob needs the seal. Secondly, is identifying the authencity of the gold bullion coin so difficult that they must actually reject any gold bullion coin just because the seal is damaged? As a bank, shouldn't uob make themselves more credible then this? Having the receipt should be more then enough to identify yourself as a purchaser of the gold bullion coin from uob.

 

[makav31i]

You have first of all the receipt, the record that you have bought from them. I think that is how most gold dealers identify that you bought with them. If most gold dealers do not need the seal, why uob needs the seal. Secondly, is identifying the authencity of the gold bullion coin so difficult that they must actually reject any gold bullion coin just because the seal is damaged? As a bank, shouldn't uob make themselves more credible then this? Having the receipt should be more then enough to identify yourself as a purchaser of the gold bullion coin from uob.

To answer your first point, if UOB just issued receipt, what is stopping people from buying gold from UOB and getting a fake gold to sell back to UOB? Even if people are selling real gold, what is stopping people from selling their reciept to others?

For point two, the staff are not professional precious metals dealer...they are merely selling a product sold by the bank like any other bank officer...

UOB is doing all that to safeguard themselves...as customers, you have a choice to purchase your gold from UOB or not...different dealers have their own policies...If it really bothers you that much because of the plastic seal, go buy your gold elsewhere...