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Buying Gold/Silver in Singapore

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CitizenOfTheWorld
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Buying Gold/Silver in Singapore

Postby CitizenOfTheWorld » Tue, 29 Oct 2013 12:31 pm

If you happen to be one of those 'financial collapse is imminent' types and wanted to buy gold and silver and store it in a safe in your apartment, would that attract undue attention from local authorities or law enforcement? If you are discreet and can keep your mouth shut, would it attract attention of common criminals and burglars? How 'low crime' is Singapore?

Are there a lot of places where one can buy gold/silver coins?

Thanks in advance.
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Postby PNGMK » Tue, 29 Oct 2013 1:02 pm

There's no law against hoarding Gold in Singapore.

3 options;

1. Buy coins / bars from UOB exchange counters in T2/T3 at Changi. No GST.

2. Buy gold from jewellers (airside) in Changi. No GST.

3. Buy gold here from gold shops - got GST

4. Buy gold from UOB and have them keep it for you... of course that doesn't jibe with most preppers.

for 1 and 2 make sure you're not flying somewhere like India where the gold will be confiscated, you can only buy on departure. I usually buy a 1/2 ounce, swallow and shit it out when I get back.

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Postby PNGMK » Tue, 29 Oct 2013 1:06 pm

You can buy silver coins from Singapore Mint (expensive IMO). Also from coin shops (also Expensive). I've never come up with a good way to buy Ag except on Ebay from reputed buyers and shipping it in.

http://silverag.com.sg/catalog/

Try this lot - expensive tho.

Also you can buy Ag and Au from the Perth mint, claim theAustralia GST back on departure and bring into Singapore. Small qty cannot be picked up. Big one must pay GST I think.

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Postby the lynx » Tue, 29 Oct 2013 2:10 pm

PNGMK wrote:I usually buy a 1/2 ounce, swallow and shit it out when I get back.


You've got to be kidding me!

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Re: Buying Gold/Silver in Singapore

Postby JR8 » Tue, 29 Oct 2013 2:52 pm

CitizenOfTheWorld wrote:If you happen to be one of those 'financial collapse is imminent' types and wanted to buy gold and silver and store it in a safe in your apartment, would that attract undue attention from local authorities or law enforcement? If you are discreet and can keep your mouth shut, would it attract attention of common criminals and burglars? How 'low crime' is Singapore?

Are there a lot of places where one can buy gold/silver coins?

Thanks in advance.


Ah yes, I've long referred to such people as 'doomsters' :)

Gold = US$1350/Oz
Duty free concession = S$600 (if out 48+hrs), = US$485

So potential for 1/3rd TrOz a time, as near as matters 10Gms, assuming no other significant DF goods.

I wouldn't distract yourself with silver, it's in many ways just a bulky derivative of gold (though perhaps PNGMK could demonstrate his method for retrieving a 100 Oz ingot ;;)


p.s. you do realise you've just published your plan, together with a traceable (to some people) static ip address ... ?

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Postby sundaymorningstaple » Tue, 29 Oct 2013 3:34 pm

I believe PNGMK said one half an ounce. Not 100 ounces! :o OUCH! That over 3 kg!

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Postby PNGMK » Tue, 29 Oct 2013 3:42 pm

the lynx wrote:
PNGMK wrote:I usually buy a 1/2 ounce, swallow and shit it out when I get back.


You've got to be kidding me!


No I'm just shitting you. A 1/2 gold ounce is about the size of a 20c coin though. Not that big.

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Re: Buying Gold/Silver in Singapore

Postby PNGMK » Tue, 29 Oct 2013 3:44 pm

JR8 wrote:
CitizenOfTheWorld wrote:If you happen to be one of those 'financial collapse is imminent' types and wanted to buy gold and silver and store it in a safe in your apartment, would that attract undue attention from local authorities or law enforcement? If you are discreet and can keep your mouth shut, would it attract attention of common criminals and burglars? How 'low crime' is Singapore?

Are there a lot of places where one can buy gold/silver coins?

Thanks in advance.


Ah yes, I've long referred to such people as 'doomsters' :)

Gold = US$1350/Oz
Duty free concession = S$600 (if out 48+hrs), = US$485

So potential for 1/3rd TrOz a time, as near as matters 10Gms, assuming no other significant DF goods.

I wouldn't distract yourself with silver, it's in many ways just a bulky derivative of gold (though perhaps PNGMK could demonstrate his method for retrieving a 100 Oz ingot ;;)


p.s. you do realise you've just published your plan, together with a traceable (to some people) static ip address ... ?


Gold thefts here aren't that common except as a side to the normal and rare house burglaries. If the OP is worried buy the swiss numbered mini ingots and keep a record of the numbers (i.e. take pic with camera phone).

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Postby JR8 » Tue, 29 Oct 2013 3:50 pm

sundaymorningstaple wrote:I believe PNGMK said one half an ounce. Not 100 ounces! :o OUCH! That over 3 kg!


Well quite, hence the quip. That is the size of a whole/'full' ingot of silver. The equivalent in gold is 400TrOz (c12Kg).

I can't really see much point in having physical holdings in both gold and silver bars, in your home, though. It should also be carefully noted that there are many ways of investing in proxies of physical gold, mining stocks, gold ETFs, arms-length holdings where the metal is bought and securely stored for you. Some of these routes have tax and security advantages, but you don't get to take it out of the safe now and again and stroke it.

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Postby sundaymorningstaple » Tue, 29 Oct 2013 4:30 pm

There is something immensely satisfying about your last statement on occasion. That and you don't have to wait for Monday morning if the urge should grab you on a quiet Sunday afternoon. :cool:

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Postby JR8 » Tue, 29 Oct 2013 4:56 pm

sundaymorningstaple wrote:There is something immensely satisfying about your last statement on occasion. That and you don't have to wait for Monday morning if the urge should grab you on a quiet Sunday afternoon. :cool:


Yes, I can understand that, it makes it very tangible.



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Postby CitizenOfTheWorld » Tue, 29 Oct 2013 10:33 pm

PNGMK wrote:There's no law against hoarding Gold in Singapore.

3 options;

1. Buy coins / bars from UOB exchange counters in T2/T3 at Changi. No GST.

2. Buy gold from jewellers (airside) in Changi. No GST.

3. Buy gold here from gold shops - got GST

4. Buy gold from UOB and have them keep it for you... of course that doesn't jibe with most preppers.

for 1 and 2 make sure you're not flying somewhere like India where the gold will be confiscated, you can only buy on departure. I usually buy a 1/2 ounce, swallow and shit it out when I get back.


Thanks a lot. I'll pass on that last suggestion, though.

My fears are much more mundane than your average prepper. Basically rapacious governments seizing bank accountants and other assets ala Cyprus, or general inflation. Singapore seems to have more financial freedom than most places, but that could change I suppose.

True preppers would be unlikely to move to Singapore. A relatively built up City that is an Island and with minimal arable land and only one road to escape on, which would be quite crowded and at the mercy of the Malaysian government. Also, very few citizens with guns. All in all, Sing is not the place to be when zombie apocalypse happens. So I can't call myself a true prepper.

OTOH, keeping some extra canned food and water on hand in the event of power outage/natural disaster seems like only common sense.
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Re: Buying Gold/Silver in Singapore

Postby CitizenOfTheWorld » Tue, 29 Oct 2013 10:40 pm

JR8 wrote:
CitizenOfTheWorld wrote:If you happen to be one of those 'financial collapse is imminent' types and wanted to buy gold and silver and store it in a safe in your apartment, would that attract undue attention from local authorities or law enforcement? If you are discreet and can keep your mouth shut, would it attract attention of common criminals and burglars? How 'low crime' is Singapore?

Are there a lot of places where one can buy gold/silver coins?

Thanks in advance.


Ah yes, I've long referred to such people as 'doomsters' :)

Gold = US$1350/Oz
Duty free concession = S$600 (if out 48+hrs), = US$485

So potential for 1/3rd TrOz a time, as near as matters 10Gms, assuming no other significant DF goods.

I wouldn't distract yourself with silver, it's in many ways just a bulky derivative of gold (though perhaps PNGMK could demonstrate his method for retrieving a 100 Oz ingot ;;)


p.s. you do realise you've just published your plan, together with a traceable (to some people) static ip address ... ?


I'm paranoid, but not THAT paranoid 8-) . I'm not exactly building Fort Knox in a 30-50 square meter apartment. I'm not going to have the amounts that would interest those who can track my identity and follow me around the world. But I guess you can't be too careful. :)
"Democracy is also a form of religion. It is the worship of jackals by jackasses."

H.L. Mencken

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Postby PNGMK » Tue, 29 Oct 2013 10:46 pm

CitizenOfTheWorld wrote:
PNGMK wrote:There's no law against hoarding Gold in Singapore.

3 options;

1. Buy coins / bars from UOB exchange counters in T2/T3 at Changi. No GST.

2. Buy gold from jewellers (airside) in Changi. No GST.

3. Buy gold here from gold shops - got GST

4. Buy gold from UOB and have them keep it for you... of course that doesn't jibe with most preppers.

for 1 and 2 make sure you're not flying somewhere like India where the gold will be confiscated, you can only buy on departure. I usually buy a 1/2 ounce, swallow and shit it out when I get back.


Thanks a lot. I'll pass on that last suggestion, though.

My fears are much more mundane than your average prepper. Basically rapacious governments seizing bank accountants and other assets ala Cyprus, or general inflation. Singapore seems to have more financial freedom than most places, but that could change I suppose.

True preppers would be unlikely to move to Singapore. A relatively built up City that is an Island and with minimal arable land and only one road to escape on, which would be quite crowded and at the mercy of the Malaysian government. Also, very few citizens with guns. All in all, Sing is not the place to be when zombie apocalypse happens. So I can't call myself a true prepper.

OTOH, keeping some extra canned food and water on hand in the event of power outage/natural disaster seems like only common sense.


Canned food, rice, water, sugar/tea/coffee, spices and a spare tank of gas for the stove and an always 1/2 full tank in the car are my basic rules.

I keep promising to buy myself a boat (to flee on) but I figure it will be stolen within 12 hours of a meltdown here anways, maybe a Zodiac in the bomb shelter?. The causeway and second link will be shutdown and the only way out will be VIP flights and perhaps boats. It doesn't take much of a boat to get to Johor. Read some of the great POW books if you want a feel for what it was like; here's a start.

http://ktwop.wordpress.com/2010/08/26/f ... e-in-1942/

Even in 1942 there was serious issues with the shutdown of the supply lines into Singapore - starvation and fuel shortages. Read some of the civilan survivor stories.

I'm actually writing a dissertation on an energy crisis in a densely populated city like Singapore... it's quite an exercise and very interesting scenario.

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Postby dpot » Tue, 29 Oct 2013 11:30 pm

Hmmm...not sure I agree with overlooking silver though...it has been on a rampage and outperformed gold in the last quarter or so.


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