Just wanted to shed some light on this topic.
For gold bar/coins, the smallest size to get would be the 1 ounce gold coin. Anything smaller, the premium on top of the gold spot price is too high and is not worth paying for.
When you want to invest gold, bear in mind that it is a open market. This means that in order to cash out on your profit, you must find someone willing to buy your gold. If you buy the standard bullion coins and bars from UOB, naturally you can sell it back to them. However, the GST incurred would mean that you need to make an additional 7% in profit in order to break even.
The best way that I have found out to invest in gold is to look for retail investors who are selling their gold and buy from them. This saves you the 7% GST and the price bought should be lower than the UOB selling price. My offer to sellers is usually the average of the buying and selling price of gold in the UOB website.
In case you are wondering where do I buy my gold from, I would direct you to www.goldclubasia.com. I have no affiliation with the forum. It just happens that I know the owner and it's a good place to look for good deals.
For gold bar/coins, the smallest size to get would be the 1 ounce gold coin. Anything smaller, the premium on top of the gold spot price is too high and is not worth paying for.
When you want to invest gold, bear in mind that it is a open market. This means that in order to cash out on your profit, you must find someone willing to buy your gold. If you buy the standard bullion coins and bars from UOB, naturally you can sell it back to them. However, the GST incurred would mean that you need to make an additional 7% in profit in order to break even.
The best way that I have found out to invest in gold is to look for retail investors who are selling their gold and buy from them. This saves you the 7% GST and the price bought should be lower than the UOB selling price. My offer to sellers is usually the average of the buying and selling price of gold in the UOB website.
In case you are wondering where do I buy my gold from, I would direct you to www.goldclubasia.com. I have no affiliation with the forum. It just happens that I know the owner and it's a good place to look for good deals.
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