Silver & Gold.......

[Watchman1957]

For gold purchase using the certificate, does it means that you do not actually "get" the physical gold bar? what's the min denomination / weight?

and for sale, i think the bank will charge some commission, right?

UOB will sell you just about anything you want, I bought these certificates a kg at a time and they can be either sold back to UOB or you can collect the physical 1kg of gold. There is a 5 SGD charge per year for storage or admin (not sure) for each certificate. Her is one of ours I scanned:





As for buying silver or gold here is the online link for checking out the prices, just click on the link and click on Rates & Fees, then click on gold and silver prices and a popup will come up showing the current prices for gold and silver they sell via passbook, certificate and physical ownership.

http://www.uob.com.sg/personal/inves...us_metals.html

[Watchman1957]

I contemplated the same question before as the only issue with buying the physical bars is you get charged for storage unless you wanna carry them home.

So it depends alot on your preferences actually.

Not really a charge for the certificates, they charge 5 SGD a year for something per certificate but a small price to pay and I do not have to take ownership unless I want too.

[Watchman1957]

With 4kg of gold to your name, you really don't need advice from people here. Instead you can advise us. Easier for people here to advise you on what watch to buy once you cash out your gold.

Surely, a gold rollie to celebrate. Congrats.

If I was a betting man, I would be buying DXD on the US stock market. It shorts the NY DOW stock market. The damn thing has gone way up considering there is nothing to support the runup in the market.

[Watchman1957]

When you buy physical gold, you already lose 7% on GST now. If you buy 100g gold bar you lose 7% GST + 3% = 10%. The lighter weight of gold you buy the more expensive. Gold account is a better choice because you do not lose much.

I bought $120k of bluechip Stock in Singapore during Feb and March, now still keeping. Do not listen to rumor and bull **** like ppl saying what bank collapsing, H1N1, N Korea war, Dubai debt.

If I actually had a gold account (instead of the certificates) I would be up way higher than I am now, I have watched the swings on gold from day to day and week to week for the last 3 or 4 years. I would be in UOB every week doing something with the account if I had it.

Since I am an Expat, I bought the gold and got the GST refunded right straight back in to our UOB account.

[Watchman1957]

Ok for now I have made my decision, I am going to hold'em.

Last night when I posted this I had just wrote email to a financial consultant I know in the States, another I know in Germany and a very good German friend who has done very very well in his investments over the years.

Both consultants told me they are still putting their clients in to Gold, 1 predicted 1800 USD a troy oz by end of 2010 and the other predicted 2200 to 2500 per troy oz. by Dec 2010 to 1st quarter of 2011. Both of them argued in favor of some commodity be it, Gold, Silver, Oil or Copper because of the tremendous amount of USD that Bernanke has been printing and given the amount of USD he has printed he has nothing to back it up unless he raises interest rates and sooner rather than later he will have to the situation will just get worse.

My German friend said he started buying gold and silver just the middle of this year and is continuing to buy on dips.

[Watchman1957]

FYI, I checked the current price of the certificate above: Selling price is SGD 53,700 and buying back from the customer price is SGD 53,600. Current price per troy oz on the NY Sotck exchange is 1212 USD.

[rh1667]

Very good advice.
Thank you.

By the way, besides UOB, seems like there are no other bank in Singapore that we can do such Gold investment.

[Watchman1957]

Very good advice.
Thank you.

By the way, besides UOB, seems like there are no other bank in Singapore that we can do such Gold investment.

Very true, that is what I found out as well. So glad to be away from HSBC Singapore and to a bank that appreciates my business as well.

[rh1667]

Very true, that is what I found out as well. So glad to be away from HSBC Singapore and to a bank that appreciates my business as well.

OK, thanks for the confirmation.
Seems like have to seriously consider to start some regular saving program ( unfortunately very slowly compared to yr 1kg for each purchase saving/investment ).

Thanks for starting the idea and the ball rolling.

[z1971]

Ok for now I have made my decision, I am going to hold'em.

Last night when I posted this I had just wrote email to a financial consultant I know in the States, another I know in Germany and a very good German friend who has done very very well in his investments over the years.

Both consultants told me they are still putting their clients in to Gold, 1 predicted 1800 USD a troy oz by end of 2010 and the other predicted 2200 to 2500 per troy oz. by Dec 2010 to 1st quarter of 2011. Both of them argued in favor of some commodity be it, Gold, Silver, Oil or Copper because of the tremendous amount of USD that Bernanke has been printing and given the amount of USD he has printed he has nothing to back it up unless he raises interest rates and sooner rather than later he will have to the situation will just get worse.

My German friend said he started buying gold and silver just the middle of this year and is continuing to buy on dips.

I was contemplating to sell mine around Mar-May 2010, after reading the prediction above, I think I may hold longer

UOB Gold account, you need to be physically at the counter to buy the gold, correct?

[Watchman1957]

I was contemplating to sell mine around Mar-May 2010, after reading the prediction above, I think I may hold longer

UOB Gold account, you need to be physically at the counter to buy the gold, correct?

Yes any of that to do with those precious metal accounts you have ot physically be in Singapore to do the transactions or I would be further up than I already am.

[exxondus]

UOB will sell you just about anything you want, I bought these certificates a kg at a time and they can be either sold back to UOB or you can collect the physical 1kg of gold. There is a 5 SGD charge per year for storage or admin (not sure) for each certificate. Her is one of ours I scanned:





As for buying silver or gold here is the online link for checking out the prices, just click on the link and click on Rates & Fees, then click on gold and silver prices and a popup will come up showing the current prices for gold and silver they sell via passbook, certificate and physical ownership.

http://www.uob.com.sg/personal/inves...us_metals.html

thanks for the valuable info..

was looking at the webbie you provided. a bit confusing.

just wanna confirm a bit.

Your scan above is a cert so you are investing in Gold certificates? which has a 1 time admin fee of 5 bucks + annual admin fee of $30. However, good thing is your can be traded in for cash or the gold bar itself.

For Gold savings account, its purely in paper right? meaning that even if I have enuff savings inside to buy 1 kg of gold, I cannot change it directly for a gold bar. In addition, theres like a per mth deduction of 0.12gram of gold

Is my assumption above correct?

Btw, how come no one interested in trading Silver? a lot cheaper leh :P

Thanks for any advice in advance!

[rh1667]

thanks for the valuable info..

was looking at the webbie you provided. a bit confusing.

just wanna confirm a bit.

Your scan above is a cert so you are investing in Gold certificates? which has a 1 time admin fee of 5 bucks + annual admin fee of $30. However, good thing is your can be traded in for cash or the gold bar itself.

For Gold savings account, its purely in paper right? meaning that even if I have enuff savings inside to buy 1 kg of gold, I cannot change it directly for a gold bar. In addition, theres like a per mth deduction of 0.12gram of gold

Is my assumption above correct?

Btw, how come no one interested in trading Silver? a lot cheaper leh :P

Thanks for any advice in advance!

Bro Exxondus,

I was also confused about the above.

I called UOB to clarify and was told that for Gold saving account, we CAN withdraw out in physical Gold bar ( only 1 kg bar ) if we have sufficient amount in the gold saving account, just that need to pay the GST amount during withdrawal.

For the monthly service charge, it will be computed monthly and if the amount falls below 0.12 gram, than the account will be charge 0.12 g, meaning the min service charge is 0.12g of gold per month or 0.25% p.a. whichever is higher.

Cannot apply for Giro to auto increase/buy, have to go to the branch as and when u want to increase yr Gold saving.

Hopes the above helps.

[Darkangel]

thanks for the valuable info..

was looking at the webbie you provided. a bit confusing.

just wanna confirm a bit.

Your scan above is a cert so you are investing in Gold certificates? which has a 1 time admin fee of 5 bucks + annual admin fee of $30. However, good thing is your can be traded in for cash or the gold bar itself.

For Gold savings account, its purely in paper right? meaning that even if I have enuff savings inside to buy 1 kg of gold, I cannot change it directly for a gold bar. In addition, theres like a per mth deduction of 0.12gram of gold

Is my assumption above correct?

Btw, how come no one interested in trading Silver? a lot cheaper leh :P

Thanks for any advice in advance!

You have to pay a fee if you want to change it to physical gold bar. if I m not wrong. Silver you gotta buy in bigger amounts then u can see movement.

[exxondus]

Bro Exxondus,

I was also confused about the above.

I called UOB to clarify and was told that for Gold saving account, we CAN withdraw out in physical Gold bar ( only 1 kg bar ) if we have sufficient amount in the gold saving account, just that need to pay the GST amount during withdrawal.

For the monthly service charge, it will be computed monthly and if the amount falls below 0.12 gram, than the account will be charge 0.12 g, meaning the min service charge is 0.12g of gold per month or 0.25% p.a. whichever is higher.

Cannot apply for Giro to auto increase/buy, have to go to the branch as and when u want to increase yr Gold saving.

Hopes the above helps.

ooh thanks a lot!! very confusing and their webbie don really tell much.

This portion written on their webbie

"For Gold Savings Account: An administrative fee (in grams of gold) as low as 0.12 gm per month or 0.25% p.a. on the highest balance per month, whichever is higher. The fee is subjected to GST, which will be deducted from your account in grams of gold also. "

seem to me as if every mth they going to deduct 0.12 grams or 0.25 per annum of every month's highest balance and not only if the amt falls below 0.12 grams worth. If really true hor, then we are like losing no matter how they calculate.

Reason:
Their buy back price is about 0.02% lower than their selling price and on top of that, they charge monthly 0.12g + GST.

Luckily now I know is only if the balance in the account is less than 0.12grams per mth. Like that make more sense. Else, each month need at least 5% growth in gold price, else will keep losing