Money FM 89.3 Show
Asked on 05 Nov 2019
Where are the platforms available and how do I go about doing it?
If you are looking for a physical bullion, check out these reputable dealers!
These dealers has a wide range of products at competitive prices. Transaction can be pretty smooth and easily done online or over the counter. Best to visit them first before purchasing anything.
You may also consider UOB if you prefer dealing your bullion with a bank.
And yes, agree @Alvin below. Do not get from mall jewelry because of premiums.
For a start, you may consider looking at governent minted bullions such as the Silver Maple Leaf and the American Silver Eagle from the bullion dealers above. These bullions are internationally recognised and generally has no issues when selling.
The buying price minus the spot price is the additional premium we are paying whenever we are purchasing bullion. So try to avoid high premium products especially numismatics.
Do not go get from mall jewelry retailers as they charge a premium above it.
Bullion Star sells them and charges you based on the price on their website that changes in real time.
There is also UOB that comes with this plastic bag that you cannot remove it if you wanna sell back to UOB.
Which leads to my next point on how you are going to sell them if you need it, there is always a mark down that is very disadvantageous to you.
The price of gold need to go up a bit just for you to breakeven.
There are local platforms such https://www.bullionstar.com and https://www.goldsilvercentral.com.sg. UOB offers gold and silver too https://www.uob.com.sg/personal/invest/goldsilver/overview.page.
Do note only bullion are GST-exempted. https://www.iras.gov.sg/irashome/GST/GST-registered-businesses/Working-out-your-taxes/When-is-GST-not-charged/Supplies-Exempt-from-GST/#title5
Assuming you are on Seedly website for investment reasons and not looking to decorate your home - its much better to use ETFs (eg iShares IAU/SLV for Gold/Silver) - less basis risk, lower holding costs compared to actual physical coins