The UOB Gold Savings Account is probably the simplest, if not easiest way to invest in gold. According to the UOB website, you can buy and sell international gold - through a passbook - at prevailing market prices and transact any time during banking hours in units of one gm of gold, subject to a minimum of five gm per transaction.
To simply put, you are depositing cash into your UOB Gold Savings Account and the bank teller will convert your cash amount into grams of gold and record it in your passbook. This method of investment is considered as investing in paper gold.To sign up, all you have to do is to approach any UOB branch and ask to open an UOB Gold Savings Account.
You will be required to produce your identification card to open the account. The process is similar to opening a UOB cash savings account.Depositing and withdrawing from your UOB Gold Savings Account is just as easy. Simply approach the bank teller at any UOB branch to make your deposit. You must bring your passbook along for each deposit or withdrawal transaction.
As the transaction is considered a deposit and does not involve any purchasing, there is no Goods and Services Tax (GST) levied. Naturally, no premium for production of gold is charged because there is no physical gold involved. The bid spread of S$0.10 between the buying and selling price for each gram of gold is considered very thin as well.Sounds good so far? Like every investment vehicle, the UOB Gold Savings Account is without its own set of disadvantages.
Firstly, you cannot withdraw physical gold from your UOB Gold Savings Account. Only cash withdrawals are allowed.Secondly, you will be charged an administrative fee (in grams of gold) of 0.12 gram per month or 0.25% p.a. on the highest balance per month, whichever is higher. This makes keeping low balances in your UOB Gold Savings Account not worth your while.
In my opinion, I find that the UOB Gold Savings Account is a good investment vehicle for investors who simply want their cash to be valued in terms of gold. I use my UOB Gold Savings Account for short term deposits because if the liquidity. The account also allows me to lock in on the price of gold at that period of time. Eventually, I will withdraw the amount to buy physical gold.So if you are looking for high liquidity, ease of transactions, and do not mind the fact that you are buying paper gold, the UOB Gold Savings Account is the investment vehicle for you.For more gold investment articles, visit Bullion Gold
Try UOB if you are looking to buy gold in Singapore or trade gold in Singapore. I believe they are the only bank which deals in gold and silver. However they DO NOT allow delivery of physical silver from their silver accounts. The UOB gold account unlike the silver account allows delivery of physical gold. You can buy gold bullion coins such as Canadian Maple Leafs, Kruggerands, American Gold Eagles and Australian Kangaroos.
However, do take note that there are also potential risk in gold investment. For current analysis on gold price movements, please refer.
To simply put, you are depositing cash into your UOB Gold Savings Account and the bank teller will convert your cash amount into grams of gold and record it in your passbook. This method of investment is considered as investing in paper gold.To sign up, all you have to do is to approach any UOB branch and ask to open an UOB Gold Savings Account.
You will be required to produce your identification card to open the account. The process is similar to opening a UOB cash savings account.Depositing and withdrawing from your UOB Gold Savings Account is just as easy. Simply approach the bank teller at any UOB branch to make your deposit. You must bring your passbook along for each deposit or withdrawal transaction.
As the transaction is considered a deposit and does not involve any purchasing, there is no Goods and Services Tax (GST) levied. Naturally, no premium for production of gold is charged because there is no physical gold involved. The bid spread of S$0.10 between the buying and selling price for each gram of gold is considered very thin as well.Sounds good so far? Like every investment vehicle, the UOB Gold Savings Account is without its own set of disadvantages.
Firstly, you cannot withdraw physical gold from your UOB Gold Savings Account. Only cash withdrawals are allowed.Secondly, you will be charged an administrative fee (in grams of gold) of 0.12 gram per month or 0.25% p.a. on the highest balance per month, whichever is higher. This makes keeping low balances in your UOB Gold Savings Account not worth your while.
In my opinion, I find that the UOB Gold Savings Account is a good investment vehicle for investors who simply want their cash to be valued in terms of gold. I use my UOB Gold Savings Account for short term deposits because if the liquidity. The account also allows me to lock in on the price of gold at that period of time. Eventually, I will withdraw the amount to buy physical gold.So if you are looking for high liquidity, ease of transactions, and do not mind the fact that you are buying paper gold, the UOB Gold Savings Account is the investment vehicle for you.For more gold investment articles, visit Bullion Gold
Try UOB if you are looking to buy gold in Singapore or trade gold in Singapore. I believe they are the only bank which deals in gold and silver. However they DO NOT allow delivery of physical silver from their silver accounts. The UOB gold account unlike the silver account allows delivery of physical gold. You can buy gold bullion coins such as Canadian Maple Leafs, Kruggerands, American Gold Eagles and Australian Kangaroos.
However, do take note that there are also potential risk in gold investment. For current analysis on gold price movements, please refer.
