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Friday, August 19, 2011

Buying Gold and Silver

How to buy gold and / or silver (in Singapore)?

There are many ways to buy gold and silver, and even platinum.

Physical gold - can be easily purchased from any goldsmith. Can buy gold coins, bars and also jewellery. However, buying of jewellery is not advisable from investment point of view. Can also buy bullion coins from UOB Bank (I understand must go to main branch at UOB Center).

Gold Certificates - can buy from UOB Bank.

Gold Savings Account - so far I know only UOB Bank. Min. 10g. There is a 0.25% annual fee charged.

Gold ETF - you can trade on SGX, counter is GLD. Trade in US$. Risk of currency fluctuation.

Silver

Physical silver - there are some dealers, but my experience with Siver Bullion was very smooth and hassle-free. You can now find some goldsmiths selling silver coins, but I will advise against it (I saw 1oz coin selling for $180 when silver price is only $45 per oz)

Silver Savings Account - so far I know only UOB Bank. Min. 10oz. There is a 0.375% annual fee charged.

Others:
You can also buy gold and silver online, e.g. from http://www.goldmoney.com/ or http://www.goldsilver.com/ . Goldsilver has delivery to Singapore. I have not tried.

Unit trusts:
These unit trust that have exposure in precious metals:
UOB United Gold & General Fund
DWS Noor Precious Metals
First State Global Resources
etc...

Other complex products - I don't know, & don't want to know. Too complicated.

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