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Buying Gold/Silver in Singapore

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JR8
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Postby JR8 » Wed, 30 Oct 2013 11:45 am

Interesting. Rather than seeing hope in the future you see an impending doomsday? Why now? What’s different from 10, 30 years ago?

What do you actually know about Cyprus ‘seizing bank accounts’?
They were, and probably still are, like a sub-tropical suburb of Moscow. A cowboy-Zurich. A member of the EU, and yet the whole ‘kin place awash with dirty money. It got SO ridiculous the EU was forced (I’m sure extremely reluctantly, as we wouldn’t wish to disrupt, Equality, Fraternity etc) to force the Cypriots to enact some kind of client disclosure...

‘Singapore, financial, freedom’ ..... hehehehe ... that was a good one.

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Postby livingontheedge » Wed, 30 Oct 2013 2:22 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?

No - Temasak has more money than you.

If you are discreet and can keep your mouth shut, would it attract attention of common criminals and burglars? How 'low crime' is Singapore?

Keep in a safe at Certis Cisco or UOB

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

UOB and Gold Silver Central - I buy gold at UOB and silver at Gold Silver Central. Remember to keep the invoices safe cause you need it when selling back to them.

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Postby PNGMK » Wed, 30 Oct 2013 5:36 pm

JR8 wrote:Interesting. Rather than seeing hope in the future you see an impending doomsday? Why now? What’s different from 10, 30 years ago?

What do you actually know about Cyprus ‘seizing bank accounts’?
They were, and probably still are, like a sub-tropical suburb of Moscow. A cowboy-Zurich. A member of the EU, and yet the whole ‘kin place awash with dirty money. It got SO ridiculous the EU was forced (I’m sure extremely reluctantly, as we wouldn’t wish to disrupt, Equality, Fraternity etc) to force the Cypriots to enact some kind of client disclosure...

‘Singapore, financial, freedom’ ..... hehehehe ... that was a good one.


And Singapore banks are NOT full of similarly ill begotten gains? Maybe not as much but definitely somewhat.

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Postby JR8 » Thu, 31 Oct 2013 10:02 am

PNGMK wrote:And Singapore banks are NOT full of similarly ill begotten gains? Maybe not as much but definitely somewhat.


As a bank you have two competing forces:
- The desire to make maximum profit via garnering as many clients and their assets as possible.
vs
- The terror of making global headlines - 'XYZ Bank funded North Koreas tyrant president'.
I.e. taking on the wrong sort of client. It's a bit like a faulty O-ring on a space shuttle fuel tank, one little piece (dodgy client) potentially ends the whole operation.

Anyhow, Singapore seems to be home to many larger banks' branches. They have and will be aware of reputational-risk. It's standard practise to profile clients and determine the source of their funds to confirm it's not ill gotten.

Vlad Breznovsky walks in one day. 28, owns several coal mines in the Ukraine, lives in Belgravia, is worth $280 million, and he's looking at opening an account with $25mm, for starters. What would you do? ('Do you feel lucky'?).

The EU put *major* heat on Switzerland to disclose client information (despite them not being members of the EU!). That would have been the end of Swiss private banking, one of their major industries, with a longer history than that of the French Republic.

Why would they do that? Because the Swiss banking industry is so successful, 'too successful', and the French hate others who are 'unfairly' successful. 'All of us must work no more than 35hrs a week, take a 2 hr lunch, and thus it'll be cake for all. If anyone wants to work more than that they're cake-thieves and for the public good they must be prosecuted'.

Where was I ...

To set up here in SG, you need scale. Banks with scale have a lot to lose. Cyprus, most people probably haven't heard of it. If I read a headline 'Russian mob dashed to stash cash in Cyprus' ... well, you wouldn't ever see that headline, as it's like the sky is blue, it's not news.

So, no. SG, bigger players, too much to lose. Cyprus, anyone can set up for business, a Kazakh start-up bank operating from a bedroom, or me, you? Sure...

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Postby zzm9980 » Thu, 31 Oct 2013 11:40 am

This was at Raffles' Place yesterday:

Image

The Perth Mint no less! Someone is here to take care of OSOD form his home town so he doesn't need to swallow and crap up gold anymore.

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Postby PNGMK » Thu, 31 Oct 2013 12:08 pm

zzm9980 wrote:This was at Raffles' Place yesterday:

Image

The Perth Mint no less! Someone is here to take care of OSOD form his home town so he doesn't need to swallow and crap up gold anymore.


What's the scam?

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Postby PNGMK » Thu, 31 Oct 2013 12:09 pm

JR8 wrote:
PNGMK wrote:And Singapore banks are NOT full of similarly ill begotten gains? Maybe not as much but definitely somewhat.


As a bank you have two competing forces:
SNIP
So, no. SG, bigger players, too much to lose. Cyprus, anyone can set up for business, a Kazakh start-up bank operating from a bedroom, or me, you? Sure...


Years ago I had an offshore corp for invoicing purposes. I remember being amazed that the same group (OCRA) assisted in opening 'offshore banks' - how and why would you want to open an offshore bank? Would you even be able to get a SWIFT code?

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Postby JR8 » Thu, 31 Oct 2013 1:32 pm

PNGMK wrote:What's the scam?


At a guess, buying a holding of gold that is 'duty-free', of which they're custodians. They don't even need to hold gold, just buy derivatives, and charge you custodial/account/trade fees.

Not a scam. It could be quite pragmatic.

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Postby PNGMK » Thu, 31 Oct 2013 1:41 pm

JR8 wrote:
PNGMK wrote:What's the scam?


At a guess, buying a holding of gold that is 'duty-free', of which they're custodians. They don't even need to hold gold, just buy derivatives, and charge you custodial/account/trade fees.

Not a scam. It could be quite pragmatic.


I guess if it never leaves Perth it's Singapore GST free.... but duty free implies free of taxes in Australia and Singapore...

The preppers won't go for it - they think (with some justification) that the holders of the gold will not return it when the shit hits the fan.

I have a framed collection of Shanghai Bank Gold Certs from the 1920's..... they never paid out either after the commies came in.

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Postby PrimroseHill » Thu, 31 Oct 2013 1:54 pm

aiyah no need to swallow lah.
Go speak to a broker, buy AG & AU loco Zurich or loco London. Open an account at ubs/jpm vault and store it all there.
then with your zodiac that you store in the bomb shelter, take a ride to pasir gudang, where there are approved warehouses, then hitch a ride from the big shippers maersk/harearous etc to zurich and you get your gold and bullion :D :lol:

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Postby JR8 » Thu, 31 Oct 2013 2:14 pm

Preppers are losers who are rich enough to have time to be paranoid.

I spent some time in Bolivia in the mid-80s, The exchange rate changed by maybe 100% a day, one way, down. On arrival a US1 was about 250-300k pesos, something like $5.5mm by the time we left.

I collected a 3" brickette/donkey choker of bank-notes, denominations 500 pesos up to 5 million, per note. The whole thing, maybe 20 million pesos was worth maybe US$5, but was a dazzlingly striking, and fun thing to keep on the mantle-piece. Just a huge wedge on banknotes with a couple of rubber bands around.

I got burgled, and the wan**r stole it. On the bright side now, I laugh as he must have imagined he'd hit 'The Goldmine To End All Goldmines' ... and hence not nicked other stuff like jewellery clothes TVs etc that actually had value...


p.s. Somewhere, amongst storage back home, I still have in a 'clip-frame' the whole note series... a 100 peso note right through to 5 million, to remind me of those tumultuous days

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Postby zzm9980 » Fri, 01 Nov 2013 1:29 pm

PNGMK wrote:
What's the scam?


Ok, so I zoomed in on the full size photo (still on my phone) and found their website. First, it's a local company that just acts as a distributor for the Perth Mint. Second, apparently Singapore MAS exempts 'IPM' (investment precious metals) from GST. Lastly, they have a press release that Deutsche Bank has opened a 'Gold Vault' in Singapore's 'FreePort' to encourage gold trading. Like most Singaporean websites, details are scarce and I'm not really interested in researching further. Here's their press release:

http://goldsilvercentral.com.sg/about-us/media
Last edited by zzm9980 on Fri, 01 Nov 2013 3:56 pm, edited 1 time in total.

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Postby PNGMK » Fri, 01 Nov 2013 1:40 pm

zzm9980 wrote:
PNGMK wrote:
What's the scam?


Ok, so I zoomed in on the full size photo (still on my phone) and found their website. First, it's a local company that just acts as a distributor for the Perth Mint. Second, apparently Singapore MAS exempts 'IPM' (investment precious metals) from GST. Lastly, they have a press release that Deutsche Bank has opened a 'Gold Vault' in Singapore's 'FreePort' to encourage gold training. Like most Singaporean websites, details are scarce and I'm not really interested in researching further. Here's their press release:

http://goldsilvercentral.com.sg/about-us/media


Yeah it sounds like a scam... wasn't there another gold investment company that went bust here a few years back as well?

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Postby JR8 » Fri, 01 Nov 2013 2:08 pm

[Almost fainted from all the spray-on bull there].

It looks like a pawn-shop to me, run by a teenage spiv. No suggestion of being a regulated (MAS, or otherwise) company.

Perth Mint, is a private company. 'Ooh look I've opened 'Ye Historic Bristol Royal Mint Pte Ltd', do you trust me more now? :)

Enough red flags yet?

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Postby CitizenOfTheWorld » Fri, 01 Nov 2013 11:03 pm

"Singapore, financial, freedom’ ..... hehehehe ... that was a good one"

JR8, in what way does Singapore restrict financial freedom over and above the UK or US?
"Democracy is also a form of religion. It is the worship of jackals by jackasses."
H.L. Mencken


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