Gold investment

[computers70]

Recently, I bought a number of gold bars from Qoo10. They seem to be from Puregold a local gold bullion. I initially thought it was a scam, so I brought them to the nearest pawnshop to get it tested. The Pawnshop confirmed that it is a gold bar with 99.9% purity.
After my purchase, as was reading up about gold investment, I found out the difference between LMBA bars and Non-LMBA bars. I called up a few bullion in Singapore and they are offering a slightly lesser trade in value, as the bars are not LBMA. Pawnshops are offering the same price as per market conditions.
I am now confuse to still hold them or sell them away.

 

[alexchia01]

Recently, I bought a number of gold bars from Qoo10. They seem to be from Puregold a local gold bullion. I initially thought it was a scam, so I brought them to the nearest pawnshop to get it tested. The Pawnshop confirmed that it is a gold bar with 99.9% purity.
After my purchase, as was reading up about gold investment, I found out the difference between LMBA bars and Non-LMBA bars. I called up a few bullion in Singapore and they are offering a slightly lesser trade in value, as the bars are not LBMA. Pawnshops are offering the same price as per market conditions.
I am now confuse to still hold them or sell them away.

Puregold's gold is not LBMA standard.

If you brought directly from them, their bars are more expensive and are subjected to GST.

LBMA bars are cheaper and GST free.

As long as you didn't brought yours at a high price, you'll be fine.

To hold or sell is entirely up to you, there is no much different in term of value, except that you can't sell yours to banks.

Banks only accept LBMA bars.

 

[ladypatricia]

gold prices

but generally the prices of the gold bars will go up and down in tandem with the market price of gold which seems to be dropping a bit recently.

 

[makav31i]

Puregold's gold is not LBMA standard.

If you brought directly from them, their bars are more expensive and are subjected to GST.

LBMA bars are cheaper and GST free.

As long as you didn't brought yours at a high price, you'll be fine.

To hold or sell is entirely up to you, there is no much different in term of value, except that you can't sell yours to banks.

Banks only accept LBMA bars.

UOB only buy back gold coins and bars sold by them and in the UOB plastic seal...

 

[makav31i]

Recently, I bought a number of gold bars from Qoo10. They seem to be from Puregold a local gold bullion. I initially thought it was a scam, so I brought them to the nearest pawnshop to get it tested. The Pawnshop confirmed that it is a gold bar with 99.9% purity.
After my purchase, as was reading up about gold investment, I found out the difference between LMBA bars and Non-LMBA bars. I called up a few bullion in Singapore and they are offering a slightly lesser trade in value, as the bars are not LBMA. Pawnshops are offering the same price as per market conditions.
I am now confuse to still hold them or sell them away.

Firstly, what do you mean by lesser trade in value?

If you bought gold at $65/gram when spot is $60/gram, you cannot expect to sell it at $65/gram when spot gold is below $65/gram...Price can go up and down...

Secondly, I am surprised anyone would do their research on gold investment after purchasing gold and not before buying...

Thirdly, to hold or sell, it really depends on you...if you decide to sell them away, are you going to buy LBMA bars or easily recognized bullion coins or are you going to keep the money...?

 

[computers70]

Firstly, what do you mean by lesser trade in value?

If you bought gold at $65/gram when spot is $60/gram, you cannot expect to sell it at $65/gram when spot gold is below $65/gram...Price can go up and down...

Secondly, I am surprised anyone would do their research on gold investment after purchasing gold and not before buying...

Thirdly, to hold or sell, it really depends on you...if you decide to sell them away, are you going to buy LBMA bars or easily recognized bullion coins or are you going to keep the money...?

UOB only buy back gold coins and bars sold by them and in the UOB plastic seal...

it means that days'trading price minus 4% (something like that)

 

[makav31i]

it means that days'trading price minus 4% (something like that)

Well, you bought a non-LBMA bar, so the buyer have more bargaining power...

 

[zeroX26]

it means that days'trading price minus 4% (something like that)

Its called "buy-sell spread". Pls google to understand this. If a merchant were to buy & sell gold at spot price, what would he earn ? Its the same as money changer what.