When the investors are downcast with a prediction of a 2.3% fall in Singapore’s export, they received a pleasant surprise of a surging 11.6% as the markets closed on June 17. There are three factors considered to have influenced the surge: pharmaceuticals, prefabricated buildings and especially, gold.
Since May 2015, the exports of “non-monetary gold” have increased by 436.7%. This is the gold not owned by central banks. Despite the decreasing local gold consumption, Singapore plays a major part in exporting gold to the global market especially that the gold dealers want to take advantage of the current market status. Most of Singapore’s gold went to China, Malaysia and Switzerland.
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Singapore Gold Price Today
We are admittedly living past the time of barter exchange as the currencies took over; however, currencies are not stable. They are just bills and coins that will lose power over time since there is no real value backing it up while the gold’s value is consistent, making it the most accurate measurement of fiat currencies in gold.
Most would think that US dollar should be more dependable than gold, however, the value of US dollar took a plunge of 98% for the last 50 years. Simply put, what you can buy in a dollar 50 years ago cannot be bought by the value of a dollar now and maybe in the future your $100 can only buy you a dozen eggs.
If a 1 Oz gold coin can buy a grand wedding gown today at USD 1,000 and the same 1 Oz gold coin can buy a grand wedding gown at 2,000 tomorrow, then the value of US dollar is the one depreciating. According to BullionStar, the gold still retains its purchasing power over time. It has been known that China buys most of the gold available in the market. Why? Over the years, it has been proven that currencies can fail, but the value of gold stays on the top spot.
This simple fact is the reason enough for many to invest on gold. Some investors believe that soon, you can use gold to purchase assets such as on real estate, and eventually such investments can lead to a qualification for a second citizenship.
Soon, gold bullion will be the best alternative hard currency on any currency around the globe. It will be better to start investing on it.
If you are new to this investment, here are simple tricks to buy and sell gold at its premium price.
Buy Gold Bullion and Coins
Choose standardized gold bars or coins. This is the best way to invest on gold. You can either buy an Austrian Philharmonics or Canadian Maple Leafs. Some coins may be promising but less liquid, such as the gold coins with skulls or bayonet on them. By less liquid, it means it will be harder transform it into cash.
Buying specialized gold coins means you are paying for a particular design that might be meaningless in most countries, should you decide to sell internationally, there would probably be no gold dealer that will appreciate the design regardless if it is a special limited edition mint coin and you might end up selling the coin at a lower value.
Choose Smaller Singapore Gold Bars
If you are new to the industry of gold, you must know that they come in any shape yet with standard conditions of manufacturing, labeling, and record keeping. Gold is usually measured with ounces, but others use grams. If you are dealing with gold, you must know that it refers to troy ounce and not the usual avoirdupois ounce you encounter in your daily living. Troy ounce is heavier which is equivalent to around 31.1 grams.
Gold bars are made in smaller ranges including 20, 10, 5, 1, or 1/2 troy ounce, as well as 500, 250, 100, 50, 20, 10, 5, or 1 gram. Some gold bar sizes are in the Indian measurement weights: tola (11.66 grams), ten tola (117 grams or 3.75 troy oz), and one tael (50 grams). It is a dense material so expect it to be smaller compared to its weight. Central banks hold gold reserves in a form of the 400-troy-ounce bar (approx. 12.4 kg) which is known as Good Delivery Bar.
If you are thinking of gold as your safety net in case of an economic collapse by using it as a form of currency, it is better to buy the smaller gold bars. Also with smaller sizes, you can trade gold in smaller quantities at a time.
Determine the 916 Gold Price in Singapore
Karat is the measure of the purity of native gold. It tells the amount of gold mixed with other metals in any form and size. The 24- karat gold is 0.995 to 0.9999 pure gold. Simply put, many consider the 24 karat gold as 99.9% pure gold. The 22- Karat on the other hand is 91.60% pure gold, bearing a now popular name as 916 gold. Few people call it the Indian gold. The higher the karat is the higher is its purity, and the more expensive and soft it gets.
If you want to save a bit of money, yet still invest on the grand gold scheme, you can purchase 22 karat gold as the current price of 55 SGD per gram now instead of buying 24 karat gold at 60 SGD per gram.
Choose The Best Place to Buy and Sell Gold In Singapore
However tempting it is, only deal with the best dealers as they offer with lower or no spread. Spread means the difference between the purchasing value of gold and its selling value. Whether you are searching on where to sell gold in Singapore or the best place to buy gold in Singapore, there are two leading gold buyer and seller which promise none to minimum spread: the BullionStar and UOB.
As of 21st June 2016 the Gold Price in Singapore is 41.35 US Dollar / 1 Gram
BullionStar and UOB Gold Price: 50 Gram PAMP gold bar
- BullionStar sells at USD 2,134.25 and buys at USD 2,043.04 while UOB sells at USD 2862.00 and buys at USD 2763.00.
BullionStar and UOB Gold Price: 100 Gram PAMP gold bar
- BullionStar sells at USD 4,215.64 and buys at USD 4,085.05 while UOB sells at USD 5649.00 and buys at USD 5528.00.
BullionStar takes pride of the zero spread option offered at any given time if the buyer will buy at least 10 pieces of BullionStar Mint – Gold Bars with the price of USD 4,261.12 each.
You can also buy on eBay or other trusted shops in United States because they sell at the cheapest gold price due to tight competition, yet taking it back to Singapore or keeping it in a vault in a foreign shore might cause you more hassle.
Many believe that gold is money which makes people interested in investing on it. On the other hand some people use gold as their last resort when they get into a financial stint. They go to Singapore pawn shops to pawn their heirloom in exchange for short term loans with increasing interest rates, or sell it to gold buyers and never get it back.
If you need more cash to invest on gold or just to patch up some financial need instead of pawning your jewelry, you can just go to license money lender and apply for a low interest personal loan. Application is quick and simple: start by visiting Cash Mart today.
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