One common question we have from you is if there is a solution to catch your desired price for selling your precious metals holdings to us.
Today, we will share how you can use our services to never miss out on cashing out on high prices for your bullion under a pooled allocated storage arrangement.
Solution A is for you if you are an investor who
- Wants an automatic arrangement for selling your bullion
- Knows the price level you want to sell your bullion at (Eg: I want to sell my 1kg Gold Bar at SGD 65500)
- Wants a straightforward method with minimal effort.
Here’s how it works:
- Bring your bullion you wish to sell to us during our operating hours where we will authenticate it.
- Your bullion will be stored with us under a pooled allocated arrangement (simply means that your bullion will be deposit into our holdings)
- Let us know what your specific selling price for your metals is. (For example: I want to sell my 1kg Gold Bar when it reaches SGD 65500).
- And it’s done! When spot BID prices have reached your desired selling price, it will automatically be sold.
- You will receive the proceeds via a Bank Transfer*
*we do need to onboard you as a client which means we need your NRIC and the header of your Bank Statement (reflecting the Name and Account Number). Please omit other sensitive information
- Wants full control of when you want to sell your holding
- Wants to sell your holdings bit by bit (For example, if you have a 100oz Silver Bar, you don’t have to sell 100oz at one go, but you can sell in 5oz sizes
- Want to set your own Sell Limits (Automated Feature)
Here’s how it works:
- Bring your bullion you wish to sell to us during our operating hours where we will authenticate it.
- Your bullion will be stored with us under a pooled allocated arrangement (simply means that your bullion will be deposit into our holdings)
- Unlock the Full GSC Live! Account Features with us by clicking here. This can be done before or during your visit.
- We will deposit the total weight of your metals into your GSC Live! Account.
- Login to your account under the “MetaTrader4” app in “GoldSilverCentral-Live” server.
- You can set Sell Limits to automatically trigger your desired selling prices or you can start selling your holdings whenever your desired prices are reached
Have more questions on the arrangements?
Drop us an email or a call and we’ll be happy to share more information with you!
Curious to know how we price our Gold Jewellery Buyback Prices on our website?
Here at GoldSilver Central, we do get many questions on how we calculate our buyback prices for Gold Jewellery and in this article, we aim to address some common questions you would have:
Q: How do I calculate GoldSilver Central’s Buyback Prices from the Gold Prices I see from mediums provided by General News Providers such as Channel News Asia?
Recall seeing prices like Gold: $1544.70 on mediums such as broadcast or on websites of general news providers?
The prices you reflected here are known as spot prices, and represents the prices for 1 troy ounce of Pure Gold. Spot prices refers to the live prices that a commodity is being transacted & delivered at the current moment. Prices are driven by Demand and Supply. The price for selling your Gold Jewellery to us would be based on the BID price.
1 Troy Ounce of Gold = 31.1035 Grams of Gold
Hence, if the price reflected is USD 1544.70, then 1 Grams of Gold would be:
USD 1544.70 ÷ 31.1035g = USD 49.66 per Grams.
Please take note that our buyback prices for Gold Jewellery are reflected in SGD hence, you would need to calculate (BID) Gold Prices in SGD.
If the ASK for USD/SGD is 1.3847, Gold Prices in SGD would be:
USD 49.66 x 1.3847 = SGD 68.76
This would be the spot price in SGD for 1 Gram of Gold.
So how do we price our Jewellery Buyback Prices from the Spot Price?
When this screenshot was taken, the Spot Price (BID) for Gold in SGD was SGD 2099.90 per troy ounce. Please take note that calculations here are based on estimates.
Final Buying Price = Spot Price (1 Gram) – Discount
As we will send the gold to a refiner for melt, the discount amount would include
- Melting Cost
- Transportation Cost (Shipping, etc)
- Insurance Cost for Shipping
- Manpower Cost
- Cost involved
Taking into consideration that Spot Price (BID) would be for Pure (999) Gold,
Spot Price for 1 gram of 999 Gold:
SGD 2099.90 ÷ 31.1035g = SGD 67.51 per gram.
Discount from Spot Price: SGD 67.51 – SGD 64.40 = SGD 3.11.
So, what if the Gold Jewellery you have is of 916 Purity?
Using the same Spot Price (BID) for Gold,
Spot Price for 1 gram of 916 Gold:
(SGD 2099.90 ÷ 31.1035g) x 91.6% = SGD 61.84 per gram
Discount from Spot Price: SGD 61.84 – SGD 58.30 = SGD 3.54
Note: The prices you see on our website would be the final NETT price, means there are no further deductions.
Q: How does a typical process look like when I sell my Gold Jewellery to you?
A typical process looks like this:
- Drop by our Retail Store during our Operating Hours with your Gold Jewellery.
- Our team will sort out your Gold Jewellery based on the purity
- After deducting the estimated weight for any stones on the jewellery, we will then refer to the Jewellery Buyback Prices on our website and use the rates as seen.
- Upon the confirmation of the total amount you would be getting for your Gold Jewellery, we would issue a buyback invoice and the amount will be given to you in Cash.
To see the latest prices for our Gold Jewellery Prices, Click Here.