Dear readers,
I sincerely apologise for not posting for quite some time now. Quite a few questions have came through the comment box and let me do answer all of them in this post.
How does UOB charge the administrative fee? Mail the charge to you on each month end?
At the time of this post, UOB charges 0.12 gm per month or 0.25% p.a on the highest balance per month, whichever is higher for UOB Gold Savings Account and 0.2 ounce per month or 0.375% p.a. on the highest balance per month, whichever is higher for UOB Silver Savings Account. You can find the latest administrative amount on their website.
Pls advise how to sell in open market? Is it online?
So far, the best place I’ve found to sell my physical gold and silver is in Ebay and Goldclubasia. And these two places would be my best recommendations to you.
I’m only beginning to look at investing in Gold recently. Do you think it is too late at current prices (about USD890)?
I don’t advise people on when to buy gold and silver. It is best to do your own research to support your investment decision.
Is the pricing of gold in USD then convert to S$? If so, when USD drops and gold goes up, we here in Singapore may not see our investment go up due to currency conversion?
Take a read at the following posts to understand more:
http://www.bulliongold.net/bullish-factors-that-affect-gold-prices
http://www.bulliongold.net/bearish-factors-that-affect-gold-prices
I am also interested in buying Gold Bullion (Coins) but are they much more expensive then Gold Saving Account? I didn’t buy because the buy back price from UOB is S$150 lower than purchase price. What are your thoughts?
The price for gold bullion coins is higher than the price for gold in the Gold Savings Account because when you buy a gold coin from UOB, it is considered a retail sale and you need to pay 7% GST. Coupled with the costs for producing and delivering the gold coin, you are charged a premium for your purchase. This is the same all around the world and the Gold Savings Account doesn’t reflect this premium as there is no physical goods involved. Naturally, the buy back price is much lower as there is no GST charges. After reducing the GST, UOB earns a very small amount for their gold trades.
Hey, I know you have a UOB gold savings account. Out of curiosity, say if I don’t buy any gold, meaning 0 dollars in my account, do they still charge the admin charges?
I’ve closed my UOB Gold Savings Account a few months back as there was an opportunity to purchase physical gold at a good price. Check with the bank teller and they will tell you that you need to keep a minimum amount of gold in the Gold Savings Account. The account will never be empty.
I am interested in gold investing, preferably in coins. How do i start? Which books are for beginners?
The best place to learn about gold investing in Singapore would of course be my blog! *laughs*
Read through my blog posts and browse through Goldclubasia. In there, you will find many like-minded investors who are more than willing to share their knowledge with you.
When we convert UOB gold saving account to gold bars, we need to pay 7% GST, right?
What this 7% based on? Is it based on the current market price * weight? (If market price is 40: $2000 * 7% = $140)
The 7% GST will be based on the selling price set by UOB. They do not allow direct conversion from paper gold in UOB Gold Savings Account to physical gold. What you do is make a withdrawal and then buy physical gold from them.
Are you selling physical gold? Can I buy some from you?
I’m just a retail investor like anyone else. I invest in gold and silver, and share my thoughts in my blog. I’m not selling my gold yet, but be sure to check my blog every once in a while as I won’t deny it’s a possibility that I will make a post to sell some gold and silver.
Well that’s all I have for now. Please feel free to send me more comments and queries and I’ll be glad to share what I know.
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