Any one heard of Gold bar trading?

[kadios]

Any recommendations on where is good to buy? Not looking to buy in bulk, more for small diversification of investments, like maybe 1 small coin every year? I went Mustafa centre yesterday and was recommended the PAM gold coins. 1 oz gold piece vs 100g gold piece difference about 1% per gram, round up. But frustrating is the 7% GST. I'm down by 7% immediately after transaction. Apart from buying in Malaysia, which I have no trusted or reliable source, any other options?

[stektan]

Any recommendations on where is good to buy? Not looking to buy in bulk, more for small diversification of investments, like maybe 1 small coin every year? I went Mustafa centre yesterday and was recommended the PAM gold coins. 1 oz gold piece vs 100g gold piece difference about 1% per gram, round up. But frustrating is the 7% GST. I'm down by 7% immediately after transaction. Apart from buying in Malaysia, which I have no trusted or reliable source, any other options?

The safest place to buy in Singapore is UOB at raffles place. The premium is more but they'll buy back your gold (at discount) as long as you keep your receipt. For now, they charge GST but after Oct 2012, I heard gst might be waived for gold. The alternative is UOB at airport where you can get GST free but it means you'll need to travel overseas. Finally for retail you can try goldsilvercentral.com.sg but premium is obviously there but at least it is reliable. For forum like SG ROC, where u can find good deals sometimes, try Gold Club Asia but the site is rather slow if you connect locally.

[seiko.citizen]

Can locals buy gold GST free at airport? Or must they go thru the GST refund channels?

[Darkangel]

buy from pawnshops, they don't charge GST and sell them cheaper than buying a new piece. You are buying to keep and sell in future might as well buy from pawnshops cos it will lower your cost.

But it's still going at a premium over spot, just lesser premium. So don't expect spot price.

[Darkangel]

buy from pawnshops, they don't charge GST and sell them cheaper than buying a new piece. You are buying to keep and sell in future might as well buy from pawnshops cos it will lower your cost.

But it's still going at a premium over spot, just lesser premium. So don't expect spot price.

[Kannister]

It's like they pawn the gold to you, but instead of pressing down the price, you give them more than what it's worth. They pay you interest monthly and hopefully they redeem their gold back when the 3mths is up.

Not really a scam but I think it's more like what a bro has mentioned, you're just holding on to the shorter part of the stick.

End of the day, you wanna gain something, there are bound to have certain risk involved. Even doing proper decent business do not guranteed the business will not fold and you will not suffer loses.

Anyway, I'm not a gold trader or whatever, just stating my humble opinions.

[ngck12]

Any recommendations on where is good to buy? Not looking to buy in bulk, more for small diversification of investments, like maybe 1 small coin every year? I went Mustafa centre yesterday and was recommended the PAM gold coins. 1 oz gold piece vs 100g gold piece difference about 1% per gram, round up. But frustrating is the 7% GST. I'm down by 7% immediately after transaction. Apart from buying in Malaysia, which I have no trusted or reliable source, any other options?

Its not so cheap to buy in msia, thou they give w/o GST their price is almost near to our GST price. PM me if u wanna know more abt purchasing gold in SG w/o GST. min 1kg.

[ngck12]

It's like they pawn the gold to you, but instead of pressing down the price, you give them more than what it's worth. They pay you interest monthly and hopefully they redeem their gold back when the 3mths is up.

Not really a scam but I think it's more like what a bro has mentioned, you're just holding on to the shorter part of the stick.

End of the day, you wanna gain something, there are bound to have certain risk involved. Even doing proper decent business do not guranteed the business will not fold and you will not suffer loses.

Anyway, I'm not a gold trader or whatever, just stating my humble opinions.

You can never be sure if they are giving you 999.9 gold or not. Even if so, if its not LBMA gold, you will have difficulties selling it. Even singapore mint is not under LBMA.

[Kannister]

You can never be sure if they are giving you 999.9 gold or not. Even if so, if its not LBMA gold, you will have difficulties selling it. Even singapore mint is not under LBMA.

They're actually issuing PAMP gold which I believe is under the LBMA list...

[Darkangel]

Yes PAMP, UBS are in the LBMA list and the customers can choose to get those but that would cost more than their "inhouse" gold bars.

So you are still holding the really short end of the stick. You are already paying a premium and u actually hav to pay even more for something you think is safe. So they probably sell the same exact item that others can sell u for 20% more.

[drean]

Can locals buy gold GST free at airport? Or must they go thru the GST refund channels?

Yes, you can.

All the UOB counters at T1/2/3/BT are open 24 hours, and the counters in the departure/transit areas all sell gold (subject to stock availability) GST free. You can only buy from them while you're leaving the country.

They are able to move stock between T1/2/3 counters, but not so for the BT. If you're planning to purchase in significant quantities, you *might* be able to call them in advance and request if they could stock up prior to your departure.

[ZAM]

The gold we buy will be 20% more than market value...

[Ian Limm]

Hi all,

I would like to check with fellow mates here if anyone heard of the above?

During my sales visit, i overheard my client talking about it and to simplified and short cut as below;

Buy gold bar from Company A which they will pay you 1.7% interest every month for 3 months with a black & white contract that they will buy back from you at the same price that you purchased 3 months back, which you get back for prinicpal amount but what you gain is the 3 months interest.(If after 3 months, you find that the gold price increase, you can choose to keep the gold bar or sell outside if you can get a better deal than them and company A will only offers 3 months buy back)

Sorry if I confuse as I only managed to hear something like this,

Anyone came across this type of lobang? Not so cash rich to buy gold bar,kekeke!

The above is scam in my view cos they make you buy the gold bar at e.g 20% higher than marker price then pay you back 1.7% a month which is really from your 20% but they use your principle money say 100K to invest in other products.

another risks to consider is Co A may not be around in next year so the contract to me is worthless.

if you want to buy gold , buy from one of the 3 local banks but dont take physical delivery (to avoid 7%) gst. The bank will record the number of grams you purchased in a passbook.

[theOrion]

If possible. I would recommend buying physical gold in bar form. Buying gold in paper means should anything happens to the institution that issues the paper , your paper value may become void. Given that gold will no longer be subjected to gst, for the end consumer I would have to agree with Darkie that the best place to find them is at pawnshops be it the old Chinese ones or the modern ones like maxi-cash or something. Because unless you have a big purchase in mind like for at least 1kg that is the best avenue.

[theOrion]

Of course there are some who buys in bigger amounts like 30kg and above. Those play by a different set of rules altogether