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Old 30th January 2008, 09:19 AM   #1 (permalink)
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Investing in gold via UOB Gold Savings Account

Source: Bullion Gold

Dear readers,

The UOB Gold Savings Account is probably the simplest, if not easiest way to invest in gold. According to the UOB website, you can buy and sell international gold - through a passbook - at prevailing market prices and transact any time during banking hours in units of one gm of gold, subject to a minimum of five gm per transaction.

To simply put, you are depositing cash into your UOB Gold Savings Account and the bank teller will convert your cash amount into grams of gold and record it in your passbook. This method of investment is considered as investing in paper gold.

To sign up, all you have to do is to approach any UOB branch and ask to open an UOB Gold Savings Account. You will be required to produce your identification card to open the account. The process is similar to opening a UOB cash savings account.

Depositing and withdrawing from your UOB Gold Savings Account is just as easy. Simply approach the bank teller at any UOB branch to make your deposit. You must bring your passbook along for each deposit or withdrawal transaction.

As the transaction is considered a deposit and does not involve any purchasing, there is no Goods and Services Tax (GST) levied. Naturally, no premium for production of gold is charged because there is no physical gold involved. The bid spread of S$0.10 between the buying and selling price for each gram of gold is considered very thin as well.

Sounds good so far? Like every investment vehicle, the UOB Gold Savings Account is without its own set of disadvantages.

Firstly, you cannot withdraw physical gold from your UOB Gold Savings Account. Only cash withdrawals are allowed.

Secondly, you will be charged an administrative fee (in grams of gold) of 0.12 gram per month or 0.25% p.a. on the highest balance per month, whichever is higher. This makes keeping low balances in your UOB Gold Savings Account not worth your while.

In my opinion, I find that the UOB Gold Savings Account is a good investment vehicle for investors who simply want their cash to be valued in terms of gold. I use my UOB Gold Savings Account for short term deposits because if the liquidity. The account also allows me to lock in on the price of gold at that period of time. Eventually, I will withdraw the amount to buy physical gold.

So if you are looking for high liquidity, ease of transactions, and do not mind the fact that you are buying paper gold, the UOB Gold Savings Account is the investment vehicle for you.

For more gold investment articles, visit Bullion Gold


Last edited by djchris; 30th January 2008 at 09:35 AM.
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Old 2nd February 2008, 10:47 PM   #2 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

Gold price is now sky rocketing, good time to buy?

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Old 2nd February 2008, 10:51 PM   #3 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

How high is skyrocketing considered?

It depends on your perceived value. If my perceived value for gold is $1000 in future and now it is $900, buying now and hitting $1000 in future means around 11% gain. No good?

I keep telling people this but usually it's hard for people to absorb the fact that gold is probably the safest haven to invest in at the moment.

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Old 2nd February 2008, 10:56 PM   #4 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

I got buy gold, but I bought it during the time when the US dollar is 1.69 to Singapore dollar.

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Old 3rd February 2008, 01:07 AM   #5 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

You need capital for it, i would look into it really when i'm financially fit!

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Old 7th February 2008, 10:09 AM   #6 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

Will gold price continue to increase? If YES, definitely worth to invest.

I was tiking of opening an account but in order to earn the difference, we have to buy and sell right? Can we just buy and then let it grow? Any interest annually for not touching the gold?

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Old 7th February 2008, 10:27 AM   #7 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

There are admin charges tied to the Savings account. My target price is still beyond US$1000 this year. So I'm still investing in gold.

Yesterday I just topped up my gold and silver savings account.

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Old 25th April 2008, 11:05 AM   #8 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

Is this a good time to invest in gold? Even if the gold price dont rise much, still lose out on the admin fee and buy&sell fee.

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Old 25th April 2008, 11:40 AM   #9 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

Not the good time to buy... the boom is over... last time when I enter the market, the price is 800 something and it sore to 822 in two day and now 900+.

Wait for USA president election result...

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Old 25th April 2008, 05:15 PM   #10 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

seem to me many of us here regard tis Gold Acc as a speculative instrument...

yap, Gold s high....
wonder how high it will go....
n wonder how the equities n other commondities will react to tat tis yr....

the mkt s like crazy n extremely volatile nowadays....
ytd the China Stocks jux boomed due to tax cuts....
next minute, something happens in US like job reports, companies profits, consumer confidence etc, then fall again....

i noe we r not bull but r we bear or deer????


any enlightenments out there????


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Old 26th April 2008, 01:09 PM   #11 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

Currently, gold and other commodities are sky rocketing due to the poor equity market in USA (credit crunch) and also the inflation fears of Shanghai, everybody is fleeing into the commodity market.

However, think of it this way, if everybody is buying commodity...then the price would definitely skyrocket. think of a balloon where people is continuously blowing into it...if that is the case when will the balloon burst? Current prices are just escalating it is only a matter of time when the dip comes...

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Old 15th May 2008, 03:32 PM   #12 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

djchris, any ideas if buying the trust "GLD 10US$" listed in SGX for holding of gold will be better than UOB Gold Savings Acct? both requires a monthly fee which i don't really know how to compare.

and what did you mean by locking in the current Gold price? since you're eventually going to withdraw it, meaning to sell it, to buy physical gold?

the lastly , how do you buy physical gold? how much is it? store it in bank? any monthly fees?

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Old 15th May 2008, 05:39 PM   #13 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

actually another alternative is to invest in unit trust which comprise of gold/silver/platinum precious metals companies

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Old 15th May 2008, 08:47 PM   #14 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

Originally Posted by zhiz22 View Post
actually another alternative is to invest in unit trust which comprise of gold/silver/platinum precious metals companies
so many choices, can someone tell me which is the most cost efficient one??

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Old 15th May 2008, 10:50 PM   #15 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

if you buy physical gold you incur gst
if you buy gold cert, there is the annual admin charge
gold savings account is likea trading account where you buy and sell (admin charge plus gst)
unit trust in which have stakes in companies that mine gold (sales charge)

Although its all about gold, they are very different instruments and you need to review your whole portfolio to see where any of the instrument above fits in

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Old 16th May 2008, 12:00 AM   #16 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

Ok..let me answer 1 by 1...

GLD aka street track gold shares is also another gold instrument that you can buy to invest in gold. It's an alternative to the gold savings account. For fees wise, you need to calculate yourself.

As for mining companies, you have to understand that they are not affected by just gold prices. Company performance also makes a difference.

My term of capturing gold price is that I will withdraw eventually to buy gold bars from either UOB or third parties. I keep my gold in a secret location.


Last edited by djchris; 16th May 2008 at 12:01 AM.
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Old 1st December 2009, 04:47 PM   #17 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

Thanks for sharing this up!.

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Old 1st December 2009, 05:43 PM   #18 (permalink)
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Re: Investing in gold via UOB Gold Savings Account

the other problem you face is that if you buy real gold itself it is quite irritating that there is a GST charge on every transaction, so paper gold is good but the administrative fee is lower.

One other thing you need to note is the currency losses against the USD.

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