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!
Collection will only be available for pick up after the 1st June 2020 or the end of the Circuit Breaker period, whichever comes later. For clients who have arranged for collection after the 4th May 2020, we regret to inform you that this is no longer possible. Delivery options continue to be explored and will also only be able to be arranged after the Circuit Breaker period.
Current Collateral Loans will still continue to be serviced during this period.
We have also revised our policy earlier in April and would like to gently touch on them.
During the Circuit Breaker, we will not be able to take delivery of your bullion so clients can decide based on the 2 options how they would like to sell their Gold/Silver/Platinum.
Clients continue to still be able to place orders via our online store. Do note that full payment is required within 30 minutes of the order as on-site physical inventory is limited. For orders above our online store limit (S$8,200), a minimum of 50% advance payment will be required and clients may reach out to our Sales Team to perform the buy transactions.
As we previously emphasized, there is no shortage of Gold or Silver in the world. The current squeeze in physical precious metals is due to the supply chain being affected by Covid-19 measures implemented globally. Hence premiums for physical precious metals have increased substantially. Clients can consider products such as Perth Mint Certificate Program, GSC savings accumulation Program and GSC Live! as these products will allow you to lock in current metal prices at minimum mark ups and narrower spreads.
Brian Lan
Managing Director
As we near the end of Q1 2020, the Covid-19 virus outbreak continues to dominate headlines, keeping investors and the public on tenterhooks.
Financial markets have reacted with rising volatility as investment capital continues to seek out safe haven assets for refuge while waiting for clarity on full impact from the virus to play out. Governments around the world are still grappling with this crisis and are ready to introduce additional financial measures to stave off recession fears and buffer their economies. The emergency 50 basis point rate cut on March 3, 2020 by the US Federal Reserve was dramatic. It was a magnitude not seen since the Lehman Brothers collapse in 2008, and it revealed the gravity of the situation. However, pundits were quick to note that this was a health crisis and not a financial one. Rate cuts may have limited effects as cities remain in lockdown and factories remain shut. Critics have remarked that finding a vaccination cure might be more useful than a rate cut in these times.
In precious metals, gold has been the clear winner since the start of 2020. As of March 10, 2020 year-to-date, gold is up 8.7%, silver down 5.6% and platinum down 9.49%. The rise in prices has invariably caught the attention of physical gold investors in Singapore, with many donning face masks and making their way into dealerships to sell off their gold holdings at high prices. Volatile gold prices have also caught the attention of online investors looking for opportunities in gold trading to capture directional moves via trading platforms for physical deliverable gold.
In Singapore, lessons learned from SARS were put to the test as government agencies rolled out health advisories and business continuity guides to industry bodies and players to guide them on best practices. Having personal social responsibility, especially in times like these, can go a long way to stop the spread of the virus. In our office and retail store, we have implemented temperature taking and contact detail recording, and have face masks available for symptomatic clients to use. Hand sanitizers are now a permanent fixture in our retail store. Notwithstanding the challenges of Covid-19 prevention, providing liquidity for physical gold is still key for a properly functioning physical retail gold market in Singapore.
Initially, many observers were noting a casual correlation between the uptick in gold and the Covid-19 outbreak. However, the real drivers behind this rally could lie behind the combination of the full effects from interest rate cuts filtering in, disruption of global supply chain potentially leading to unseen inflationary risks, constant zero to negative yield environment and the peak gold scenario commented by analysts over the years. All of this may add up to a resurgent positive tone for the original safe haven precious metal: gold.
The revisit to 2012 price highs of US$1,702.50/oz. on March 9, 2020 has investors wondering if this is the gold bull market that everyone has been talking about and waiting for. Stay tuned to see how the markets will unfold.
GSC Live! will not be affected during this period and in fact this would be a good time for clients to benefit from the volatility in the precious metals market, 24 hours, 5 days a week with minimal mark ups as compared to physical bullion during this current global squeeze due to the Covid-19 supply chain disruptions.
Clients will still be able to transfer in or out, buy and store or sell from their holdings during this period.
Clients on GSAP need not worry as this program will still continue to accumulate precious metals for you throughout this period.
PMCP will still be offered and this program is appealing during this period as clients will only need to pay 2.25% above Perth Mint spot prices to own offshore Government Guaranteed precious metals!
During this period, clients will need to send us a 20% deposit before we will be able to lock in the buyback price of your bullion. Please send us an image of your bullion via email attachment or WhatsApp before confirmation of buyback prices.
Scrap jewellery buybacks will be suspended during this period as we are unable to authenticate the purity of the used jewellery.
New collateral loans will be suspended during this period. Current collateral loan clients will still be able to renew, redeem or sell their holdings. Note that physical collection and physical collateral ticket can only be issued after this period.
Brief Update: Latest Update on Global Shipments
Tuesday, March 31, 2020
10:27 AM
Global airlines have grounded their fleet and more are following suit. How does this translate to precious metals markets? And probably other markets as well?
As most of us are acutely aware, there is no actual shortage of Silver in the market. It is simply a case of demand exceeds supply drastically, and with more airlines grounding their fleet, this situation does not seem to be easing anytime soon.
Physical Premiums for immediate physical delivery of precious metals has continued to increase for the past week. Most significantly, we have seen premium costs for Silver increase exponentially. Costs per oz for bars and coins have increased by more than 200.00% thus far.
That being said, GoldSilver Central Pte Ltd maintains healthy supply lines and has recently brought in Silver Precious Metals to our retail shop. More will be brought over to the retail shop in batches and clients need not worry about not being able to purchase physical precious metals if they so choose to.
Food For Thought: Covid-19 has been described as “the black swan of 2020”. And we all know that in tough times lie opportunities. The true question is, how can investors position themselves with the available tools to grasp these opportunities.
What is the 10 am GSC Reference Price?
The 10 am GSC Reference Price is an electronic snapshot of the Gold price at 10.00 am Singapore time taken directly from our price servers. GSC also uses the reference price as a confirmed price that clients can check and refer to transparently, that was used for the dollar cost averaging for their GSC Gold Savings Accumulation Program.
Click here to find more about the GSC Gold Savings Accumulation Program.
https://www.goldsilvercentral.com.sg/goldsilver-central-savings-accumulation-program/
Are there other types of reference prices used in the Gold market
Yes, there are a few known reference prices worldwide, with the LBMA Gold Price (previously commonly known as the London Gold Fix) being the most well known in the industry. The LBMA Gold Price is now currently being administered by the ICE Benchmark Administration (IBA).
More information about this can be found at this link here:
http://www.lbma.org.uk/lbma-gold-price
The GSC Reference Price is published on GSC’s website (historical data available for download) and updated also on GSC’s Reuters page 0#PREC=GSCP. This facilitates easy price data accessibility, transparency and provides a daily indication for Loco Singapore Gold prices.
Can clients use the 10am Reference Prices for their bullion purchases/sellback?
Yes you may. Please contact us to find out how can this be done.
Disclaimer:
In spite of GSC making every effort to ensure that the information displayed is accurate and complete, GoldSilver Central Pte Ltd is not liable for any errors, omission, inaccuracies, interruption, defect or delays in content or transmission, or for any actions taken in reliance thereon. Under no circumstance will GoldSilver Central be liable for any damages, including without limitation direct or indirect, special, incidental, punitive, or consequential damages, losses or expenses arising out of or relating to the use of the information, or decisions made by any persons or body based on the information provided therein.
In addition, GoldSilver Central Pte Ltd reserves the right to censor the Reference Price if GoldSilver Central Pte Ltd is of the view that the Reference Price was incorrectly, artificially or erroneously effected, obtained or manipulated to not truly reflect the true existing prevailing market prices at that point in time. Any edits done will be recorded with full data pre and post price snapshots disclosures with accompanying evidence to support this decision.