Recently, I was interviewed by a journalist from The Business Times on gold investing.How about a nugget?
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Dear readers,
My apologies for not posting for quite some time as I was very busy with projects and business.
Today, My DBSVickers account finally credited my profits from selling HG Metal. I went over to UOB to buy somemore gold coins. The reason why I chose to buy it today was due to a fall in gold price. To anyone who is interested in buying some gold from UOB, please take note that the gold counter at UOB only accepts funds from your UOB account or cash. No NETS, no credit cards, and no cheque. I forgot about this cleanly and had to go all the way down to the DBS bank to make a cash withdrawal at their counter (my ATM withdrawal limit wasn’t enough).
While waiting to be served at the counter, I took a look at today’s gold prices for the various gold bars and coins. I came across the prices for 2 oz and 10 oz Australian Kangaroo Gold Nuggets. It seems that a 2 oz nugget is cheaper than two 1 oz coins. I assume the difference to be workmanship.
As I originally intended to purchase two 1oz gold coins, I decided to buy a 2 oz nugget since it is slightly cheaper. The Australian Kangaroo Gold Nuggets come in their own protective case. The heavier weight of a 2 oz nugget feels alot better compared to the smaller 1 oz coin. The only problem for 2 oz and 10 oz nuggets is that the prices are not reflected in the UOB daily gold and silver price web page. So to check the current price for my nugget, I’d have to give UOB a call to find out. But since I’m looking at a very long term investment, I guess I won’t be calling them any time soon.
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8 Responses to “How about a nugget?”
What do you do with the gold nuggets? Do you get to keep them yourself or must you keep them in a bank safe? (Not asking about safety of the coins)
So when you want to sell the gold coins, must the same bank accept? Or can you can sell at any banks?
I’ve only seen people buying gold coins on one HK TV show before, but I’ve never realised it was a way of investment until you wrote this post.
How much is one gold coin?
Hi Sarah,
Right now, all my gold are in my drawer, with my wine stash. I don’t have alot of gold, so I’m not considering a safe deposit box yet.
If I were to sell the coins back, the only bank I can go to at the moment is UOB. Receipt will be required when I sell them back.
I bought this nugget at around 2.3k. Tomorrow should be cheaper since the gold price fell by quite a bit today.
Hello Chris! Those nuggets are GREAT. Really beautiful. Looks like I need to make a trip to UOB as well.
Thanks for the advice on the UOB Account or hard cash only. I didn’t realised that and no doubt you have saved me some hassles already!
Thanks,
William
You’re welcome!
Glad that you love those nuggets.
Hi Chris,
Was wondering, can you re-sell the coins at UOB of a different country from where you’ve bought it?
Thanx in advance,
SEAN
Hi Sean,
I’m not exactly sure about that. UOB to me, is the last alternative I would sell my gold to. I would rather sell to retail investors in the open market where prices are usually better than the buy price from UOB.
hi Christopher,
Pls advise how to sell in open market ?
Is it online ?
thanks,
Natasha
Hi Chris,
I’m only beginning to look at investing in Gold recently. Do you think it is too late at current prices (about USD890)?
Thank you for your comment.
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