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Thread: How to buy precious metals

   
   
       
  1. #11
    Join Date
    Oct 2008
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    179

    Re: How to buy precious metals

    Just walk in to any Poh Kong retail shop and U will be able to see the bunga raya gold.
    5 g, 10 g , 20g and 50g.

  2. #12
    Join Date
    Oct 2008
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    13,391

    Poh Kong

    I suppose if it is the "branded" coins like Maple Leaf or Australian Nuggets, that would not be a problem of disposal. If it was something issued by Poh Kong itself, people could be a bit nervous. Probably, if they were to resell to Poh Kong, it wouldn't matter.

    The next issue would be the buy and sell spread, the premium above the London PM fix -
    http://www.kitco.com/glossary/markets.html
    py

  3. #13
    Join Date
    Oct 2008
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    179

    Re: How to buy precious metals

    I suppose if it is the "branded" coins like Maple Leaf or Australian Nuggets, that would not be a problem of disposal. If it was something issued by Poh Kong itself, people could be a bit nervous. Probably, if they were to resell to Poh Kong, it wouldn't matter.

    The next issue would be the buy and sell spread, the premium above the London PM fix -
    http://www.kitco.com/glossary/markets.html


    Well, one should know all the available options before deciding.

  4. #14
    Join Date
    Oct 2008
    Posts
    179

    Re: How to buy precious metals (Gold investment pass book)

    In this posting, I will elaborate on what I know about gold investment account.

    Gold investment pass book. It 's an investment account. Thus, it is not protected by PIDM /MAS (singapore) if it goes burst, you will lost everything.

    Scenario 1. Hypothetical only. Illegal.
    1. ABC open an UOB singapore gold investment a/c. Buy sell differences just SGD 10 cen / gram.
    2. ABC Malaysia will take order from anyone in Malaysia. Buy/sell difference will be RM2.00 better than PBB.
    3. UOB Singapore operating hour will be 9 am - 4 pm
    ABC Operating hour = 10 am to 3 pm.
    4. Customer can pay in SGD or better still in RM according to our exchange rate. Foreign exchange profit some more.
    5. When customer in Malaysia place an order, one staff whose job is to sit in UOB singapore counter whole day to buy and sell paper-gold on behalf of ABC company client.

    6. Operation cost for it to be successful? 10000 grams of gold transaction per day.

    7. As long as UOB sg, don;t burst. Which ever the price goes up or down, I will win as long as there is a transaction.

    any comment welcome.



  5. #15
    Join Date
    Oct 2008
    Posts
    13,391

    Re: How to buy precious metals (Gold investment pass book)

    Quote Originally Posted by GoldChan
    In this posting, I will elaborate on what I know about gold investment account.

    Gold investment pass book. It 's an investment account. Thus, it is not protected by PIDM /MAS (singapore) if it goes burst, you will lost everything.

    Scenario 1. Hypothetical only. Illegal.
    1. ABC open an UOB singapore gold investment a/c. Buy sell differences just SGD 10 cen / gram.
    2. ABC Malaysia will take order from anyone in Malaysia. Buy/sell difference will be RM2.00 better than PBB.
    3. UOB Singapore operating hour will be 9 am - 4 pm
    ABC Operating hour = 10 am to 3 pm.
    4. Customer can pay in SGD or better still in RM according to our exchange rate. Foreign exchange profit some more.
    5. When customer in Malaysia place an order, one staff whose job is to sit in UOB singapore counter whole day to buy and sell paper-gold on behalf of ABC company client.

    6. Operation cost for it to be successful? 10000 grams of gold transaction per day.

    7. As long as UOB sg, don;t burst. Which ever the price goes up or down, I will win as long as there is a transaction.

    any comment welcome.
    GoldChan,

    Interesting thoughts. So you need to have 10kg of transaction per day, which is roughly RM 1 m a day. Maybe not so easy to get.

    Here's another thought.
    Store your gold and silver in Switzerland http://www.gold.ie/Storing_Bullion_Internationally.htm.
    You can be in business of "Buy and sell" based on local bank rates plus a small mark-up but no physical delivery. Gold and silver is stored in Switzerland and not taken out for security reasons. Some storage charges will be involved.

    Advantage: Buyer and seller don't have to worry about safety of storage. Gold can be independently audited by recognized 3rd party.
    py

  6. #16
    Join Date
    Oct 2008
    Posts
    179

    Re: How to buy precious metals

    Interesting thoughts. So you need to have 10kg of transaction per day, which is roughly RM 1 m a day. Maybe not so easy to get.

    Here's another thought.
    Store your gold and silver in Switzerland http://www.gold.ie/Storing_Bullion_Internationally.htm.
    You can be in business of "Buy and sell" based on local bank rates plus a small mark-up but no physical delivery. Gold and silver is stored in Switzerland and not taken out for security reasons. Some storage charges will be involved.

    Advantage: Buyer and seller don't have to worry about safety of storage. Gold can be independently audited by recognized 3rd party.

    What I want to point out is roughly, how would some way where ETF work? let me know if I'm wrong.

  7. #17
    Join Date
    Oct 2008
    Posts
    13,391

    Re: How to buy precious metals

    Quote Originally Posted by GoldChan
    What I want to point out is roughly, how would some way where ETF work? let me know if I'm wrong.
    ETF is only online. Whereas what I am saying can be direct face to face, through the phone or online.

    What is the difference? The gold is audited physically by independent auditors. A certificate can be issued to confirm ownership by the holder. The buyer can withdraw the gold anytime if he/she so wishes (a bit of procedure to be sorted out there). It is a bit like UOB Sg, except that the gold is in Switzerland and you don't have to deal with the hassle of holding it.

    Compare with GLD.
    It is an ETF. The rules are so obscure that you can't be sure that they hold physical gold. You need something like 5,000 () units before you can opt for conversion to gold. They have the option of taking gold certificates instead of physical gold, when they buy. There are a lot of other issues. Basically, what I understand is that it is not really gold, only paper-gold.
    py

  8. #18
    Join Date
    Oct 2008
    Posts
    2

    Canadian Maple Gold Leaf coins - can anyone share a comment?

    Hello,
    I am new to this forum.

    I have 8 pieces gold coins of 1oz each of the Canadian Maple Gold Leaf type. I had bought them when I was in Spore almost 20 years ago but they still look brand new / mint condition.

    I wonder if anyone would be able to comment or suggest how to sell them, if they are worth anything today? Though I have misplaced the receipt from UOB bank, I recalled that I had purchased them for around Sing$700 each.

    They look like what you can see here in this webpage
    http://www.blanchardonline.com/blanc...gold_maple.php

    Thanks in advance for any of your comments or suggestions.

    Regards
    Richard

  9. #19
    Join Date
    Oct 2008
    Posts
    13,391

    Re: Canadian Maple Gold Leaf coins - can anyone share a comment?

    Quote Originally Posted by ricstc
    Hello,
    I am new to this forum.

    I have 8 pieces gold coins of 1oz each of the Canadian Maple Gold Leaf type. I had bought them when I was in Spore almost 20 years ago but they still look brand new / mint condition.

    I wonder if anyone would be able to comment or suggest how to sell them, if they are worth anything today? Though I have misplaced the receipt from UOB bank, I recalled that I had purchased them for around Sing$700 each.

    They look like what you can see here in this webpage
    http://www.blanchardonline.com/blanc...gold_maple.php

    Thanks in advance for any of your comments or suggestions.

    Regards
    Richard
    Dear Richard,

    Welcome to the forum.

    You can post your offer in the Buy & Sell Forum - http://tindakmalaysia.com/tm_forums2...oard,36.0.html

    If you lose your certificate, the bank may not be so keen to buy from you as they are concerned about legality of ownership. I am not suggesting anything wrong on your part. Merely what UOB told me once.

    Why don't you make an offer in the forum above, state your asking price and see how it goes?

    All the best.
    py

  10. #20
    Join Date
    Oct 2008
    Posts
    179

    Re: How to buy precious metals

    Hello,
    I am new to this forum.

    I have 8 pieces gold coins of 1oz each of the Canadian Maple Gold Leaf type. I had bought them when I was in Spore almost 20 years ago but they still look brand new / mint condition.

    I wonder if anyone would be able to comment or suggest how to sell them, if they are worth anything today? Though I have misplaced the receipt from UOB bank, I recalled that I had purchased them for around Sing$700 each.

    They look like what you can see here in this webpage
    http://www.blanchardonline.com/blanc...gold_maple.php

    Thanks in advance for any of your comments or suggestions.

    Regards
    Richard


    Well, there are many buyer around (not me). You just need to advertise harder.
    But the buyer may need to verify the gold and weight.

    The last option, if you do travel to UK or US, you can actually sell back to many of the gold dealer.
    they will be more than willing to accept your offer. if the price is right.




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