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Alcander Seow
Environmental Engineer Minor in Business at Nanyang Technological University
OCBC Precious Metals Account, worth trying or not?
Hi Senseis,
Have anyone tried the OCBC Precious Metals Account? Is it worth opening and investing some money into this account?
Based on the website, I can invest as little as 0.31g (0.01 Ounces) for SGD$27 for Gold, SGD$0.30 for Silver. I'm thinking of just putting SGD$100 in Gold so about 1g of Gold, and leaving it there, so how it goes?
Any opinions/Suggestions on this?
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I have personally tried and recommend you not to invest and find other institutions that have good rates. The reason is that the spreads within buying and selling with OCBC precious metals it very high. Therefore you might incur marginal loss or little profit.
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Read the terms and conditions carefully- pay attention to
1)clause 21 - fees, costs and and charge...
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I have recently started the PM account under OCBC. you are set up for an instant loss from the moment you buy-in and, unless the prices of the metal you bought rises significantly (as in the case of Gold), you are perpetually in a loss as i am now experiencing..