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.
10 comments:
What is the advantage of keeping physical gold compared to paper gold?
For Physical gold, u need to take care of storage space.. plus if you buy or sell gold in singapore, a GST is imposed... if you transact in Singapore.. For Paper gold, no gst is imposed..
if you want to buy any gold in singapore, you can call me at 81617974..
Hi, as I'm still a student, I wish to start investing gold small, example is that I shall save $150 per month and once I saved enoughed to buy 5g(min purchase), I shall buy it. But I saw the 0.12g charges per mth which really makes me wonder if i were yo do it, will I in the end become losing money than earning? Or I should just go ahead to buy a bond?
Thank you in adv, hope that the question is clear enough, really hope to hear from you ASAP.
Hi Does this account allow Short on Gold ?
Hi, I'm still a student too, like Deltor, but will be graduating soon. I'm interested in investing gold in small amount like less than 50 grams.
If there is the 7% charged tax, how it's influencing the transaction and the investment? Is it still worth the investment in small amount, considering the tax when I buy and sell it one day?
And how the 0.12g influence our deposit in the paper gold? Comparing the small amount of gold and big amt of gold?
Thanks in advance!
Paper gold has its pros and cons. It cannot be converted into physical form , in general. it provides short term liquidity but the risk may invariably increase over time with the cost charged for holding on to your position.
Spore govt has already waived GST on pure gold 995 purity and above.
spore has become a gold hub and values the importance of accumulating physical pieces esp in uncertain times we are in.
If you need to know more about possessing physical gold and silver, please
Email to genrev818@gmail.com to enquire more.
Jo / mic
I was surfing net and fortunately came across this site and found very interesting stuff here. Its really fun to read. I enjoyed a lot. Thanks for sharing this wonderful information. sell gold mesa az
I was reading your article and wondered if you had considered creating an ebook on this subject. Your writing would sell it fast. You have a lot of writing talent. gold miners etf
Thank you for some other informative blog. Where else could I get that type of information written in such an ideal means? I have a mission that I’m just now working on, and I have been at the look out for such information. best gold stocks to buy
Post a Comment