Invest in Gold - almost like physically keeping it under your pillow

[La Fontaine]

Well, in the course of my CNY visit, I actually encountered someone who invested some obscene amount of money in gold.

Now, we know that it is but a scam. But my relative actually took delivery of the physical gold and kept it in their safe. That was the first time I actually see and touch a large piece of gold.:bigeyes: So, afterall, they din lose that much.

Well, there is a Canto saying, Where got such a BiG Fat Juicy Frog jumping in the street for you to catch.....:bsmilie:

 

[ManWearPants]

The price of gold has gone up too high. If you have bought it years ago, you would have a fatter wallet compared to keeping the money in the bank. Nevertheless, the market is waiting for gold to reach US$1.8k/oz .

The eyes are on the chinese where the people from 2nd / 3rd tier cities are getting affluent and continue to buy gold.

 

[daredevil123]

Gold is inversely correlated to the strength of the US dollar. As long as the US economy remain in the shitters, and the US government adopting a weak US dollar to help in the trade deficit, gold will continue to rise.

 

[trd2970]

Interesting... i trust it's adequately insured

 

[Zichar]

It's a Ponzi scheme isn't it? My relatives had that too in Msia, offered by a local goldsmith shop, about the same time along with buy e-barrel
I never asked what happened to that one :embrass:

 

[9V-Orion Images]

Well, in the course of my CNY visit, I actually encountered someone who invested some obscene amount of money in gold.

Now, we know that it is but a scam. But my relative actually took delivery of the physical gold and kept it in their safe. That was the first time I actually see and touch a large piece of gold.:bigeyes: So, afterall, they din lose that much.

Well, there is a Canto saying, Where got such a BiG Fat Juicy Frog jumping in the street for you to catch.....:bsmilie:

I got one of this as well as a gift :bsmilie:

20 bucks from Bugis. Anyway a 999 gold bullion of that size will have weigh as much as an average adult human male.

 

[daredevil123]

It's a Ponzi scheme isn't it? My relatives had that too in Msia, offered by a local goldsmith shop, about the same time along with buy e-barrel
I never asked what happened to that one :embrass:

Want to buy gold just buy the real thing or buy commodities. Don't believe those companies...

 

[ricohflex]

Was the physical gold assayed and proven to be bona fide?
Has your relative signed some document before he can take the gold home? That document may have vested ownership in someone else although he brought home the gold.
How much did your relative pay before he can take the gold? If it is a lot more than the market price then what is the point?

Some one tried to scam me too. But he told such a tall story that it destroyed his credibility. Good try.

However, extremely outrageous lies are able to convince some people.

Thus scammers have claimed to be Nigerian prince, partner of Goldman Sachs, friends of politicians and royalty, etc....

 

[silencer13]

I think if TS is referring to the Gold Guarantee, those who physically brought back the gold bars paid 20-30% above market value.
And also, there was some contract that the gold could not be sold to 3rd party or something like that.

Anyway, it's all moot, because no one wants to buy that gold since it's highly likely CAD is gonna confiscate it.

 

[alamin]

want to buy real gold.. go to goldsmith shop.. pawnshop..physical gold shops with online presence.. these are legitimate businesses selling gold at a slight premium to spot price.. unlike Gold Guarantee, Genneva, VGMC and similar scams..

 

[9V-Orion Images]

IIRC, the only place where you can get physical gold bullion in exchange for a cash payment directly is at UOB Plaza.

 

[Shizuma]

the whole idea of buying gold is to take physical possession of it. don't settle for less unless doing Xau or spiders , etc

 

[hanzohattori]

IIRC, the only place where you can get physical gold bullion in exchange for a cash payment directly is at UOB Plaza.

Naww.. I've seen quite a few shops selling silver and gold bullions.. one is at clarke quay (the central)
What I don't like is the GST.. or profit markup.. if you have access to stockmarket..better to buy GOLD shares.

 

[Shizuma]

Naww.. I've seen quite a few shops selling silver and gold bullions.. one is at clarke quay (the central)
What I don't like is the GST.. or profit markup.. if you have access to stockmarket..better to buy GOLD shares.

Gold ETF, Gold shares, GLD10, Spiders Gold...all not as good as real physical gold in your hands, in my humble opinion.

The most compelling reason why people buy gold is because the "security" its physical presence brings. Trading gold is one thing, holding gold is another. . .

 

[9V-Orion Images]

Gold ETF, Gold shares, GLD10, Spiders Gold...all not as good as real physical gold in your hands, in my humble opinion.

The most compelling reason why people buy gold is because the "security" its physical presence brings. Trading gold is one thing, holding gold is another. . .

That's why some ah longs wear so many gold bracelets, gold chains, gold piercings, gold rolex etc. etc. Can run road immediately if something ever happens, don't have to go home and pack. :bsmilie:

 

[UncleFai]

Aiyah... just buy the SPDR Gold Shares (ETF) from the stock market lor. Least hassle.

 

[Shizuma]

Aiyah... just buy the SPDR Gold Shares (ETF) from the stock market lor. Least hassle.

"Money is worth only the physical guarantee it is backed on".
Gold shares are a derivative product of a guarantee of gold.

What happens in a crisis where the (stock) depository is damaged beyond repair and all records are destroyed? How to run road like that?
Ah Long all very smart, serious. but must look tough to carry that much gold. otherwise, will kena robbed.

 

[hanzohattori]

"Money is worth only the physical guarantee it is backed on".
Gold shares are a derivative product of a guarantee of gold.

What happens in a crisis where the (stock) depository is damaged beyond repair and all records are destroyed? How to run road like that?
Ah Long all very smart, serious. but must look tough to carry that much gold. otherwise, will kena robbed.

That phrase is outdated.. how many countries are still fully backing their currency with gold?
I doubt most people buy gold for doomsday scenario. In which I doubt people will want the yellow metal, if its any use for trading.
Especially in Singapore.. which have no natural resources whatsoever.. will people drive you or bring you food from Msia.. for example
Most are buying gold for hedging against inflation, in the midst of so called currency war
I find the most convenient way is to buy GOLD shares, which backed by physical gold in HSBC vault.

 

[Halfmoon]

That phrase is outdated.. how many countries are still fully backing their currency with gold?
I doubt most people buy gold for doomsday scenario. In which I doubt people will want the yellow metal, if its any use for trading.
Especially in Singapore.. which have no natural resources whatsoever.. will people drive you or bring you food from Msia.. for example
Most are buying gold for hedging against inflation, in the midst of so called currency war
I find the most convenient way is to buy GOLD shares, which backed by physical gold in HSBC vault.

I am thimking of buying gold... but no experience. .... is it hard to sell? I think gold might be better than savings in bank... keep on depreciating. ...

 

[Shizuma]

That phrase is outdated.. how many countries are still fully backing their currency with gold?
I doubt most people buy gold for doomsday scenario. In which I doubt people will want the yellow metal, if its any use for trading.
Especially in Singapore.. which have no natural resources whatsoever.. will people drive you or bring you food from Msia.. for example
Most are buying gold for hedging against inflation, in the midst of so called currency war
I find the most convenient way is to buy GOLD shares, which backed by physical gold in HSBC vault.

basics of economics never change.