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Monday, October 3, 2022
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MAN ASKED THE BEST PLACE TO BUY GOLD BARS IN SINGAPORE AS INVESTMENT

Buying gold bars, UOB or private retailer?

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As above. There are a few retailer stores for physical gold bars in Sg near Chinatown / Geylang general area, but not sure if that’s better than buying physical bars or even maybe the Gold Savings account from UOB main branch.

Anyone with experience?

Here are what netizens think:

  • Buy gold shares lah, u think your ah ma era ah.
  • If you plan to buy/sell the bar for yourself, UOB. The bank has lower bid ask spreads and is a reputable company that will be available to buy it back from you in the future. If you are gifting it, go for brand and design. Assume you won’t be able to resell it as purity appraisals for retailers assume original packaging and carry higher risk
  • One risk is that if the private retailer were to close down, you will probably get lowballed by the buyer in the future. I would rather buy an easily recognizable bar like PAMP over some private minted rounds or bars.
  • Still rip off prices compared to gold bar dealers. Go on a walk down Campbell lane and nearby streets in little India and there a dozens of gold bar delaers giving on the exact market price. You can save at least a couple if hundred dollars
  • Buy the cheapest gold bars you can per oz. No point paying too high premiums for fancy designs or collectables. Also look into getting some silver bullion to diversify. Silver bullion at Millenia Walk is also good. Do a comparison between that and bullion star. Never buy bullion from the local goldsmiths as they are way overpriced. You are on the right path with getting some precious metals in your portfolio. Join Wallstreetsilver subreddit for more insight. Also buy physical, not paper. If you don’t hold it you don’t own it
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