Monthly gold purchase UK-Singapore

EdGasketTheSecond

Oh I didn't realize there was a minimum, still you don't have to buy every month, just save up enough to buy 10g and then buy it. I would think it is better to deal with a UK company in GBP than jump through the hoops you are having to for the sake of a 'plan'.

bowlhead99

EdGasketTheSecond said:

Oh I didn't realize there was a minimum, still you don't have to buy every month, just save up enough to buy 10g and then buy it. I would think it is better to deal with a UK company in GBP than jump through the hoops you are having to for the sake of a 'plan'.

Agreed. Moving a few pounds at a time to Singapore and converting it into SGD so that you can have a Singapore bullion dealer buy gold and hold it on your behalf seems needlessly complex. And when you are only investing a few grams, if the currency broker or the Singapore dealer goes pop while holding your money or assets, it would cost more than the value of all the gold you ever bought to get a flight to Singapore to chase after assets. Ah, the "thrill of owing gold (grams) offshore". 

I would agree with buying less frequently in larger amounts. If not physical bullion coins (due to the spread between buy and sell prices) then you could just wait until you have £150-£200 or so and buy a share of an ETF or ETC traded in pounds sterling on the London stock exchange, where each exchange-traded certificate represents a fractional entitlement to an amount of real gold sitting in a vault (eg iShares SGLN or Wisdomtree PHGP).

Sailtheworld

Buy in the UK from a UK based dealer. Have it delivered to an address in the UK. If it needs to go to Singapore then stick it in the post. If you're worried about security you could always hide the gold under the stamp.

Buying very small quantities of anything usually isn't very efficient.

[Deleted User]

Sailtheworld said:

If you're worried about security you could always hide the gold under the stamp.

😂😂😂

coachman12

For those who do not have gold, it is not as pretentious as it seems to buy and store bullion, both bars and coins, offshore. Many governments have been known to confiscate all gold belonging to private owners, most notably USA ( in the 1940s and still enshrined in current US law for use during times of exceptional financial turmoil). No sensible private collector of gold stores it in USA. 
In the mid 60s, the Labour Govt went some way towards that same scenario and owners' stocks were severely limited---there were prosecutions). More recently, after the crash, similar actions were taken by Greece and Poland and several other EU countries. And it has also happened in Australia.
There is a long list of countries which have such legislation at its disposal.
Hence the valid attraction of offshore dealing and storage. The favourites in the case of gold have always been The Caymans and Switzerland ( and I keep my own stocks in Zurich and have a Swiss Bank account). But Singapore has become a big "safe place" in recent years and is highly reputable  and Lone Traveler's  "BullionStar" is Singapore's biggest and most prestigious gold company.
I can't understand your problems in transferring monies to Singapore, Lone Traveler. It should be simple; you used TransferWise and , although I prefer MoneyCorp, your choice is absolutely OK.
Your amounts are very small but making a start is something not many people ever do at all, so good for you and the very best of luck------one day, with your regular payments, you may not need to laugh at hiding the yellow stuff under a postage stamp. All the very best.

[Deleted User]

coachman12 said:

For those who do not have gold, it is not as pretentious as it seems to buy and store bullion, both bars and coins, offshore. Many governments have been known to confiscate all gold belonging to private owners, most notably USA ( in the 1940s and still enshrined in current US law for use during times of exceptional financial turmoil). No sensible private collector of gold stores it in USA. 
In the mid 60s, the Labour Govt went some way towards that same scenario and owners' stocks were severely limited---there were prosecutions). More recently, after the crash, similar actions were taken by Greece and Poland and several other EU countries. And it has also happened in Australia.
There is a long list of countries which have such legislation at its disposal.
Hence the valid attraction of offshore dealing and storage. The favourites in the case of gold have always been The Caymans and Switzerland ( and I keep my own stocks in Zurich and have a Swiss Bank account). But Singapore has become a big "safe place" in recent years and is highly reputable  and Lone Traveler's  "BullionStar" is Singapore's biggest and most prestigious gold company.
I can't understand your problems in transferring monies to Singapore, Lone Traveler. It should be simple; you used TransferWise and , although I prefer MoneyCorp, your choice is absolutely OK.
Your amounts are very small but making a start is something not many people ever do at all, so good for you and the very best of luck------one day, with your regular payments, you may not need to laugh at hiding the yellow stuff under a postage stamp. All the very best.

Many thanks for your detailed writeup, it is greatly appreciated. 
I'll certainly look into MoneyCorp. 👍

DiggerUK

Holding gold offshore is beyond pretentious, it's the action of drama queens doing the Chicken Little Dance. It also makes a lot of gold dealers very rich. 

There are always great big loopholes in any legislation to confiscate or curtail ownership of gold. All  legislation sinks rapidly with such holes. Calm down dears..._

[Deleted User]

DiggerUK said:

Holding gold offshore is beyond pretentious, it's the action of drama queens doing the Chicken Little Dance. It also makes a lot of gold dealers very rich. 

There are always great big loopholes in any legislation to confiscate or curtail ownership of gold. All  legislation sinks rapidly with such holes. Calm down dears..._

I'm new to these forums, but wow that escalated quickly. 

EdGasketTheSecond

It seems a sensible precaution when you have the choice.

https://goldsilver.com/blog/gold-confiscation-history-myths-and-real-solutions/

"Storing gold and silver where a government is less likely to be able to reach it quickly and easily is smart buffer to put in place."

I expect Rishi Sunak will be knocking on Digger Mansions door when he's short of a few bob.

coachman12

LoneTraveler said:

DiggerUK said:

Holding gold offshore is beyond pretentious, it's the action of drama queens doing the Chicken Little Dance. It also makes a lot of gold dealers very rich. 

There are always great big loopholes in any legislation to confiscate or curtail ownership of gold. All  legislation sinks rapidly with such holes. Calm down dears..._

I'm new to these forums, but wow that escalated quickly. 

You ARE new, Lone Traveler---stick around the country's happiest Forum for a few weeks and experience the joy that certain posters bring to the public. 
BTW, my earlier posting is accurate and cannot be refuted by any concrete evidence.