How to buy sell physical gold?

[mstsc99]

I tried not logging in to hwz from my laptop can see. Anyway here is the file I upload to Picasa.

many thanks

 

[Profee]

For me all should be ok. Pricing wise you can compare yourself to see which is the best value for your money. I am a coin collector and I don't mind paying hundreds to a thousand dollar on a silver coin which have a melt value of $30+. Different people are looking to purchase with a different set of ideas in place. So which are you?

For "investment" wise i still prefer trading CFD. For phyisical gold&silver I am looking for coins with a higher collecting value. Do you go for old coins and proof coins?

 

[makav31i]

For "investment" wise i still prefer trading CFD. For phyisical gold&silver I am looking for coins with a higher collecting value. Do you go for old coins and proof coins?

My own personal collection comprise of Modern Chinese Coin. Some people go for ancient China coin, others go for American pre-1933 coins. No right of wrong answer as different people have different collecting needs and idea. There are unlimited coin collecting field from ancient coin to modern coin. My own personal take if you want to venture into coin collecting, join forums on coin field that you are interested in, purchase books on the coins that you are interested and learn about all the coin jargons and coin grading with the Sheldon scale.

We are lucky as coin collectors as there are third party coin grading company like NGC and PCGS(which is the two top grading company) to help us purchase at a certain grade that we want and they guarantee the grade and the genuineness of the coin that they graded. I personally prefer NGC graded Modern Chinese Coin and PCGS graded American coins. For all other country coins,it really depends.

 

[Epps_Sg]

From 1 OCt 2012 onwards, investment grade gold can be purchased in Singapore without needing to pay 7% GST. Canadian maple gold coin is classified as investment grade purity.

I believe retail investor should not buy gold - rather retail investor should 'invest' gold inside a diversified portfolio of different assets instead. One such DIY portfolio that invests in gold is the Singapore Permanent Portfolio (search for the blog to find out more).

 

[makav31i]

From 1 OCt 2012 onwards, investment grade gold can be purchased in Singapore without needing to pay 7% GST. Canadian maple gold coin is classified as investment grade purity.

I believe retail investor should not buy gold - rather retail investor should 'invest' gold inside a diversified portfolio of different assets instead. One such DIY portfolio that invests in gold is the Singapore Permanent Portfolio (search for the blog to find out more).

I read your blog and I wonder why you only choose Gold Saving Account but not diversified further and purchase Silver Saving Account? If you say that physical silver are not as liquid as compared to gold in Singapore context,I would agree but the saving account by UOB is easy to trade in and out of your position. Even if not all 25% is allocated to Gold, maybe like 10% is allocated to Silver. Just a suggestion that you might consider.

I know about the list of coins exempted such as Pandas, Kookaburas, buffalo and etc and have posted the list here several time and am not sure if the MOF have updated that list.

Thanks for sharing your blog.

 

[maisatomai]

From 1 OCt 2012 onwards, investment grade gold can be purchased in Singapore without needing to pay 7% GST. Canadian maple gold coin is classified as investment grade purity.

I believe retail investor should not buy gold - rather retail investor should 'invest' gold inside a diversified portfolio of different assets instead. One such DIY portfolio that invests in gold is the Singapore Permanent Portfolio (search for the blog to find out more).

Actually with the 7 percent u can do abritage right? Just buy gold from Malaysia and ship back Singapore to sell?

 

[SuperHunk3488]

Never Buy or Invest in MARKED UP GOLD!!!!

Now a company called Genneva is doing a mooncake promotion!!!
6% upfront to customer!!! (2% monthly) based on 3 months contract....

so is still 1 kg gold bar genneva sell at $96k (about 40% higher)
they buy at special price from UOB at $70k (UOB selling at $71k)
pay 6% upfront to DUMB investors/customers at $5.760k
pay 1.5% comm upfront to SUCKER Agent at $1.440k
they left with $18,800 to ROLL for 3 months...
and when 3 months later (if genneva still there)
DUMB investors carry 1kg gold bar to genneva and exchange for $96k...
哪里有这么大只的蛤蟆满街跳？？？？

 

[makav31i]

Now a company called Genneva is doing a mooncake promotion!!!
6% upfront to customer!!! (2% monthly) based on 3 months contract....

so is still 1 kg gold bar genneva sell at $96k (about 40% higher)
they buy at special price from UOB at $70k (UOB selling at $71k)
pay 6% upfront to DUMB investors/customers at $5.760k
pay 1.5% comm upfront to SUCKER Agent at $1.440k
they left with $18,800 to ROLL for 3 months...
and when 3 months later (if genneva still there)
DUMB investors carry 1kg gold bar to genneva and exchange for $96k...
哪里有这么大只的蛤蟆满街跳？？？？

People are discussing physical gold which can be bought at UoB, Bank of China, the 3 authorized Perth Mint Distributors in Singapore; Goldsilvercentral, silverbullion and sgcoins. Please do not spam this thread because of your frustration with Genneva. Anyone with half a brain will know that gold does not give out dividend especially on a monthly basis. All suggestion of where to buy and sell physical gold is welcome not some spam as we all know about Genneva before you even create an account here.

 

[makav31i]

Actually with the 7 percent u can do abritage right? Just buy gold from Malaysia and ship back Singapore to sell?

You know right there is a tax on gold and silver minted overseas that is sold in Malaysia. Other than the Malaysia Kijang Emas which is sold at Maybank in Malaysia and is in the MOF list of coin exempted from GST in Singapore. If you brought in Gold to Singapore, by right you are suppose to declare and I am not really sure on this part on whether you are suppose to pay tax on gold worth above $400 or declare that you are carrying gold with value of more than 10k as gold is considered as a financial instrument. Any expert want to clarify this further?

 

[Mecisteus]

arbitrage for 7% gain. is it worth the risk to bring in so much gold?

 

[Epps_Sg]

I read your blog and I wonder why you only choose Gold Saving Account but not diversified further and purchase Silver Saving Account? If you say that physical silver are not as liquid as compared to gold in Singapore context,I would agree but the saving account by UOB is easy to trade in and out of your position. Even if not all 25% is allocated to Gold, maybe like 10% is allocated to Silver. Just a suggestion that you might consider.

I know about the list of coins exempted such as Pandas, Kookaburas, buffalo and etc and have posted the list here several time and am not sure if the MOF have updated that list.

Thanks for sharing your blog.

Main reason is i do not have enough gold in the gold savings account yet to minimize the annual fees to 0.25% of holdings, the smallest possible. Getting a silver saving account now will just increase the annual fees i pay, and keeping annual cost low is important part of my portfolio investing. Silver price is also too volatile for my taste, and silver probably wont perform as well as gold in inflation or when money is being devalued by a government.
Thanks for checking out the blog. I hope the information helps you in some ways.

 

[makav31i]

Main reason is i do not have enough gold in the gold savings account yet to minimize the annual fees to 0.25% of holdings, the smallest possible. Getting a silver saving account now will just increase the annual fees i pay, and keeping annual cost low is important part of my portfolio investing. Silver price is also too volatile for my taste, and silver probably wont perform as well as gold in inflation or when money is being devalued by a government.
Thanks for checking out the blog. I hope the information helps you in some ways.

Look at this chart of Silver from 2000 to present:

And compare it to the gold chart from 2000 to present:

Looking at both the peak and bottom, how did gold outperform silver in any way? Looking at the 70s to the peak in 1981, silver still outperform gold in the bull market. There are other stratergies to investing in precious metals like using the gold-silver ratio method and others. I do agree that silver is volatile but if you are investing in long-term,the volatility should have no effect on you as you are not a day trader. I do agree and like the idea of Permanent Portfolio method and it have its benefits.

 

[Lover_Handphone]

Guys,

You can read more abt Gold trading and Genneva Gold here:

Genneva Gold » Martin Lee @ Sg

The mentioned blog discusses Genneva Gold Malaysia (in short GM2), with some references to Genneva Singapore. Also, the Gold Guarantee is also discussed. So far over 15 pages of comments (over 3 thousand posts) there.

People who are affected by Genneva Singapore, do share about your experiences there as well, so that you can generate more awareness of this kind of Ponzi scheme.

But there is a troll lurking over in that blog, his/her nick is "Anonymous me" or in short "Anom me". Anom Me is a mole planted by genneva Gold, so just ignore that troll there.

 

[makav31i]

Updated list of coins exempted from GST from IRAS.

http://www.iras.gov.sg/irasHome/upl...n Exemption of Investment Precious Metals.pdf

 

[5ex5en5e5]

Any other place to buy gold other than UOB?

 

[5ex5en5e5]

Updated list of coins exempted from GST from IRAS.

http://www.iras.gov.sg/irasHome/upl...n Exemption of Investment Precious Metals.pdf

This release states only companies dealing with precious metal... Does it mention individual investors like us?

 

[makav31i]

This release states only companies dealing with precious metal... Does it mention individual investors like us?

Only those in the list are exempted from GST so Retailers cannot sell it to us and claim got GST charges. Other than UOB, Bank of China sell gold and you can look at the 3 Authorized Perth Mint Distributors in Singapore;goldsilvercentral, sgcoins and silverbullion. Mustafa also got sell gold coins and bars.

 

[Futureskid]

This is what puzzled me: Any reason why is there a need to buy physical gold? unless u feel more secure by holding it in your hand?

 

[Mecisteus]

This is what puzzled me: Any reason why is there a need to buy physical gold? unless u feel more secure by holding it in your hand?

i dont understand too. maybe ego? satisfaction? can show off?

 

[Epps_Sg]

This is what puzzled me: Any reason why is there a need to buy physical gold? unless u feel more secure by holding it in your hand?

The idea is that if one day a desperate and broke government is so desperate for money that it declares that citizens cannot own gold and choose to confiscate your traceable gold in financial institutions. If you hold physical gold stashed secretly away, or even better, stashed in other countries, then no goverment can take it away from you easily. Check out on this event in U.S. "The Gold Confiscation Of April 5, 1933". Not to say this would ever happen nowadays, but 30 years down the road it may be hard to say.