Any Experts on Gold Coins Collection?

[jasonlimqs]

My small collections.
1 OZ gold bullion coins
from 19-07-2007 to 12-08-2008
@ S$1140.62 to S$1317.17
now UOB selling at S$1927.07

[Xccess]

My small collections.
1 OZ gold bullion coins
from 19-07-2007 to 12-08-2008
@ S$1140.62 to S$1317.17
now UOB selling at S$1927.07

Wahhh....So nice . No intention of selling since the price is good now? If you are not selling then how long do you intend to keep these coins? Just want some opinion on how you guys handle gold.

[rh1667]

btw, in UOB, to buy the physical gold bar, or gold cert, they only accept cash as payment? credit card is ok?

[jasonlimqs]

I kept them inside an old biscuit tin under my bed.

[5218-201/A]

btw, in UOB, to buy the physical gold bar, or gold cert, they only accept cash as payment? credit card is ok?

You can see the date I bought it, and I have 3 more dated before and after this one. I am just waiting for the yellow stuff to reach 2000 to 2500 a troy oz.

Oh and don't let the Singapore address fool you, it is a mail box drop, that is all.

[Xccess]

You can see the date I bought it, and I have 3 more dated before and after this one. I am just waiting for the yellow stuff to reach 2000 to 2500 a troy oz.

Oh and don't let the Singapore address fool you, it is a mail box drop, that is all.

I'm sure your investment have went up at least 4 folds by now. I do understand for Gold Cert there's a annual administration charge and certain percentage of interest deduction, am I correct? Can you let me know a brief amount for the deduction per annum?

[stektan]

Hi all, sorry for bringing up this old thread but need advice from bros who knows how best to invest in gold. Decided this year to put some of my investments in gold and silver (despite the rising prices) and so, went to UOB branch to find out more. Realised that they all dunno anything about gold investment. I wanted to understand how the price of the Gold saving accounts, gold coins and bullion relate to the gold spot rate that we see so often (i.e US$1370/oz). The guy there told me there is no relation (??!!!). I told him, there must be some peg of some sort but he says no. Then he actually called up their Gold treasury department to have someone explain to me. What the new guy told me was rather shocking and confusing. Firstly, he says they don't look at the London spot gold or gold coin rates quoted in most financial sites. They just take whatever price they are quoted from local gold traders and do the usual mark up to resell to retail investors like us. Then he say even if the gold spot rate goes up, the price here may drop depending on local conditions. What about abritrage, I asked? He said there is none (??!!). He actually gave me an analogy of an apple, which may sell for S$1 here but US$1.50 in US. But this is gold, i protested! He also told me that the gold i buy here may not be sold in London and likewise. In fact, he said that physical gold is rather hard to sell at wharever market rates. Then I asked him, so what's the point of investing in say the gold savings account if it is not really peg to the gold spot rate but to "local market condition" and he couldn't even give me a proper answer. He just said it's people's preference, and did not give me any economic based principles or reasons.

Anyway, I walked out of the bank confused and not sure what to invest. Also started to look at the UOB price as compared to the london prices and did some basic conversion. This is what I found..

London gold spot price = US$1370/oz (7 Jan 2011)
UOB Gold Savings rate = S$57.50/g = US$44.23/g = US$1375/oz

OK, those two look quite close, so there is a peg afterall, and they couldn't explain the conversion for me.

For 1 oz gold coins, the london price is around US$1445 but UOB is selling at S$1990/oz or US$1530/oz and buying at S$1790/oz or US$1377/oz. That means that you buy at about a 6% premium and sell at a 5% discount to "official rate". Quite a good spread for the bank but what is interesting is that the gold savings rate of US$1375 is almost the same as what the bank would buy real physical gold back.

Anyway, any advice from bros who's really into this? It seems like the Gold savings account seems more worthwhile as it is pretty close to the spot rate but I've never really tracked it in the past and so, not sure if the co-relation is there. For gold coins, while it is more tangible, there seems to be a huge premium to it and when you sell, you need to sell at a discount. For those who have invested in gold coins, where do you actually sell your gold to? What is the normal discount required (vs standard oz gold coin)?

Appreciate any advice.

[adamteo]

i collect those gold maple leaf coins (1/10 oz) in 2005 to 2006, sold all in 2007.....kicking myself.....u can sell back to UOB. Made only a little bit then and spent all on photographic stuff.

[ruzmidah]

Hi bro....

I suggest u go to the main UOB building at UOB Main Branch, which is located at UOB Plaza, 80 Raffles Place (the gold counter is at the basement, ask ard)
They sell physical gold coins and bars there (in fact the only bank place in singapore not including pawn shops and ebay) and i think the counter lady is more knowledgeable abt gold acct vs physical gold vs certs. I think those people at the normal UOB banks know nuts abt gold.

For me i would rather buy the physical stuff, its quite lovely to hold and admire once in a while. However, there is a GST fee to pay the physical gold (and changing gold certs to gold bars) so prices will be higher.

[ruzmidah]

Hi bro....

I suggest u go to the main UOB building at UOB Main Branch, which is located at UOB Plaza, 80 Raffles Place (the gold counter is at the basement, ask ard)
They sell physical gold coins and bars there (in fact the only bank place in singapore not including pawn shops and ebay) and i think the counter lady is more knowledgeable abt gold acct vs physical gold vs certs. I think those people at the normal UOB banks know nuts abt gold.

For me i would rather buy the physical stuff, its quite lovely to hold and admire once in a while. However, there is a GST fee to pay the physical gold (and changing gold certs to gold bars) so prices will be higher.

PS: u dont have to sell to the bank. U can sell via ebay or certain forums. (I sold my 10g bar which i acquired overseas here). Sell below the UOB pricing, people will buy one.
PSS: I feel having the physical stuff is more secure as IF (unlikely but then look at Lehman Bros) some banking collapse / disaster, the gold savings acct will be worth nothing as, if i am not wrong, they will not allocate u the gold in ur acct, they will reimburse u with money of which the value depends on the bank itself (there is no guarantee, that the bank will follow the gold rate in times of crisis). HOWEVER, i must say, its quite easy (and faster) to liquidate gold accts.
PSSS: there is an admin fee associated with gold accts.

PSSSS: just my 2 cents, Not an induction for u to buy or sell. =D
PSSSSS: Y not look into silver also? =p

[johnny]

I did buy Paper Gold at UOB but that was back a few years ago, 05 and 06 and if you read this it will make you want too, even now.

http://www.nytimes.com/2010/06/28/op...28krugman.html

hi sir.advise me how to buy go from uob. thanks.
Can briefly tell me how to do it.
thanks. I am seriously interested.

[rh1667]

For 1 oz gold coins, the london price is around US$1445 but UOB is selling at S$1990/oz or US$1530/oz and buying at S$1790/oz or US$1377/oz. That means that you buy at about a 6% premium and sell at a 5% discount to "official rate". Quite a good spread for the bank but what is interesting is that the gold savings rate of US$1375 is almost the same as what the bank would buy real physical gold back.
.

When you buy the gold bar from UOB, the price is inclusive of the 7% GST, but when you want to sell back to them, they do not include any GST.

For Gold saving account, the price you pay does not incur GST, but if you want to "withdraw" the physical gold bar, you will have the pay GST ( depending on the amount and Gold price at that time ).

[ruzmidah]

When you buy the gold bar from UOB, the price is inclusive of the 7% GST, but when you want to sell back to them, they do not include any GST.

For Gold saving account, the price you pay does not incur GST, but if you want to "withdraw" the physical gold bar, you will have the pay GST ( depending on the amount and Gold price at that time ).

I am not sure whether can withdraw gold from ur gold savings acct. I tot it was only for Gold Cert where u can redeem it in either physical 1kg gold or in cash. Gold Savings acct can only exchange for cash.

I may be wrong, best if u can ask the UOB chaps.

[stektan]

When you buy the gold bar from UOB, the price is inclusive of the 7% GST, but when you want to sell back to them, they do not include any GST.

For Gold saving account, the price you pay does not incur GST, but if you want to "withdraw" the physical gold bar, you will have the pay GST ( depending on the amount and Gold price at that time ).

Ah, I see, that explains the big spread. Funny how the UOB folks who sell the products can't even explain it! So, cheaper to buy in HK since there is no tax there?

[ruzmidah]

Ah, I see, that explains the big spread. Funny how the UOB folks who sell the products can't even explain it! So, cheaper to buy in HK since there is no tax there?

U are required to by law to declare at customs if u bring into singapore and pay the GST then.