Today I started my journey with gold. I took leave for other reasons, and with a turn of events, I had nothing to do for almost the whole day. So I decided that today would be the day to buy some gold.
Where can I buy gold in Singapore?
Physical gold can be bought from UOB Main Branch, at UOB Plaza at Raffles Place. The building is impressive, and in fact there are two buildings. I went up UOB Plaza to find out that the place to buy gold isn’t at UOB Bullion. No, you’ll have to purchase gold at the UOB Banking Hall, at the basement level. On entering the basement level through an almost hidden secret escalator, I smelled a sweet welcoming scent. How nice it must be to work there!
When can I buy gold in Singapore?
UOB Main Branch is open from 9.30 to 4pm, so I thought I could only buy during this time. I was wrong – you can buy gold online from 8am – 11pm on weekdays, and then just go down to collect it within 5 days. $2 or $5 will be charged for every extra day that you do not pick up your gold. This information is really useful because the price of gold fluctuates within the day. When I checked the price of PAMP 100g gold bar this morning at 8am, it was SGD $6190, but when I got there at 9.30am, it was SGD $6206.
The money is immediately deducted from my banking account. I was given a red pouch, a sealed mini gold bar, an envelope, and a receipt. The receipt is extremely important to keep, otherwise when you sell it back to the bank, the bank will deduct $100 off the selling price. Also, the bank doesn’t buy back bars without the seal, so you must keep it intact. To be safe, I just put everything within the envelope, and I would seal it later when I got home.
Which gold bars or coins should I buy?
Gold coins would mean that the amount of gold could be more divisible. However, I knew that I wanted to accumulate so the smaller divisions didn’t really entice me. In general, gold coins are also slightly more expensive than a chunky bar. Think about buying apples: Usually the more you buy, the cheaper it is.
For the gold bar, there were also a range of weights that I could buy, from 1 g to 100 g. I chose to buy the 100g gold bar because the spreads for the rest are quite wide. This means that if I buy and sell it on the same day, I would already lose a large portion of its value! Furthermore, it is much easier to store 1 item than multiple small units.
The lady at the counter offered the Argor cast bar, which also came in 100g. This was slightly less expensive than the PAMP gold bar. On hindsight, since I just wanted to accumulate gold, there was not a lot of reason for choosing the PAMP one with the design besides the reputation of the PAMP refinery. Since I was already intending to buy the PAMP gold bar and PAMP is quite well recognized bullion brand, I just decided on getting that.
There were two choices for the PAMP gold bar – the Goddess of Fortune and the Rose. The Goddess of Fortune was sold out, seems like there’s a high demand for it. The bank was offering a $10 discount for the Rose to encourage people to buy it, but still, enough people went for the Goddess one such that it was out of stock. I got the Rose edition.
Leaving UOB Banking Hall, my bag was slightly heavier but my body felt lighter. I conquered this task of buying my first bar, myself. I took the train and bus, stopped by for lunch, then went home finally. The bar is still in my bag but I’m going to leave it there until I find a safe spot for it.
Today’s gold price was pretty high, and I have no idea where it would go. If it goes up, that’s not too bad. If it goes down, it would be a buying opportunity. I wondered if I’m having the fear of missing out when I decided to buy gold, but I do know that I’m invested enough in other assets, so it is time to hedge a little.
SG RR is just an average guy aka rat working his way out of the rat race. A perfect day for him is one spent watching movies, walking at the park, and thinking about his finance.
Together with his wife (rabbit), they embark on this journey and to share what they know or have to the rest of the community.