Any Experts on Gold Coins Collection?

[djchris]

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.

[rh1667]

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.

Thanks for the clarification, from the UOB website, seems like you are right. I got confused between the Gold Cert and saving acct.

[rh1667]

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 such cases, besides buying from " known seller", how do we know that the gold bar we are buying is real? I mean there are reports of " gold Plated " bars in the market that even some pawnshop got fooled.

[ruzmidah]

For such cases, besides buying from " known seller", how do we know that the gold bar we are buying is real? I mean there are reports of " gold Plated " bars in the market that even some pawnshop got fooled.

For government minted coins (like the american eagles / australian nuggets) there is an easy way (but not foolproof) way of finding out.
Just measure the weight of the coin and measure its dimensions.
For bars, if its in its certicase seal, it should be safe.

Lastly, buy from people whom u trust or have good feedback =D

[johnny]

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 ).

Hi, you sound like a pro.
I am interested. can anyone just tell me where to buy this gold... please forgive me as i am very mountain tortoise.
I will be appreciate if you can give me some guidance..

[jasonlimqs]

Go to UOB main branch at raffles place.
Basement right hand side got 1 gold counter.
You can buy there.

[djchris]

It's the counter at the corner with no staff around. There's only a phone at the counter and you need to use it to call their staff to attend to you.

[lolex kia]

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.

The procedure on withdrawal of gold from the physical account is thus: once you have 1005gm, you go to the normal counter within UOB Plaza to withdraw 1000gm, leaving 5 gm min in your account. With the slip given, you move to the basement, pay the GST applicable (which is the prevailing price of a kilobar x 7pct), and take delivery of the kilo bar. The GST is more than $4000 currently.

[ruzmidah]

The procedure on withdrawal of gold from the physical account is thus: once you have 1005gm, you go to the normal counter within UOB Plaza to withdraw 1000gm, leaving 5 gm min in your account. With the slip given, you move to the basement, pay the GST applicable (which is the prevailing price of a kilobar x 7pct), and take delivery of the kilo bar. The GST is more than $4000 currently.

Why didnt i think of tt.....
Anyway, no way i can afford 1kg of gold at these prices currently =p

[lolex kia]

Why didnt i think of tt.....
Anyway, no way i can afford 1kg of gold at these prices currently =p

Time to buy now?

[seiko.citizen]

gold prices still quite high. buy now or later, i dont know.

[stektan]

Gold prices, according to many analysts, are just going to go up, like Rolex prices! With the unstable US$ and Euro, i think gold is a good haven and hence, prices should continue to go up. Some say silver is also worth considering.

[seiko.citizen]

gold has without doubt always been a safe holding instrument in times of uncertainty; and if history is anything to go by; gold will continue down this route. problem now is; finding the balance between risk and return.

[smiggy]

Hi,
I have 2 pcs of PAMP Hallmark Cast bar for sale.
100 gram each.

Price will be UOB daily selling price less 3%

Please let me know if anyone keen.

[Cityscape]

Dear All,

I have left 1 piece of PAMP Rose Gold Bar (100g) still sealed for sale.

Price will be UOB daily selling price without the 7% GST (~$450 less).

Please send me private message if you are keen.