Dear valued Clients,
Hope you all have been well and have stayed safe and stayed home during the Circuit Breaker in Singapore and similar measures all over the world. GoldSilver Central will be allowed to resume operations on June 2nd albeit not all our services as it seems. According to the guidelines provided by the Government, our retail store will remain closed to walk ins and browsing. We are seeking clarifications with the authorities if self pick up of orders and the selling back of bullion/scrap jewellery by appointments are allowed. We will update again when we receive a reply.
Both of our SSIC (Singapore Standard Industrial Classification) codes allow us to open but there are other guidelines that we might need to adhere to hence we needed clarifications. Please refer below for the guidelines provided by Enterprise Singapore and Ministry of Trade and Industry.
https://www.enterprisesg.gov.sg/covid-19/safe-distance#RE
https://covid.gobusiness.gov.sg/permittedlist/
Thank you for your kind patience and support during this period. Stay home and stay safe! We will keep you updated!
Best regards,
Brian Lan
Managing Director
Previously we published an article on being able to cash in on high precious metals prices. We thought it would be appropriate to also talk about investing wisely in times of high precious metals premiums.
As the current situation stands, there is no physical shortage of precious metals worldwide. However, there is a squeeze on immediate settlement of physical precious metals due to the supply chain being affected by Covid-19 measures being implemented globally. (If you are wondering what do we mean, basically no flights = no movement of goods, including precious metals) A quick side note on fundamental economics here:
Price = Demand & Supply. If demand exceeds supply, prices will rise. Which is the current case for premiums of precious metals. The decreasing ability to take immediate physical settlement of your precious metals coupled with increasing rumors of shortages of the physical metal worldwide has rocketed premiums upwards, especially for Silver. You can read more here.
Today, we will share in greater details on how you can utilize GoldSilver Central to invest wisely into Precious Metals.
- Is new to financial investment in general
- May prefer a low entry cost to Precious Metals (As low as $5 a day)
- Wants an automatic arrangement for purchasing your bullion (Less Time Hassle)
- Wishes to avoid higher-premium low denominated items
- Wants a straightforward method with minimal effort.
Here’s how it works:
- You may consider going for our GSC Savings Accumulation Programme.
- Your purchases are done automatically on a daily basis (Dollar Cost Averaging) and will be stored with us under a pooled allocated arrangement (simply means that your precious metals holdings are physically backed by our inventory)
- Your holdings account is updated on a daily basis and a monthly statement is sent out
- And it’s done! When your holdings have accumulated to your target amount, choose the physical item and top up the physical premiums to specifically allocate a bar/coin for you.
- You may collect your physical bullion at your convenience (Currently it would have to be after the Circuit Breaker Period)
- If you wish to, you may opt for our Storage Programme which keeps your physical bullion safe, while providing you the convenience of being able to sell whenever you wish to
- Wants full control of when you wish to purchase your holdings
- Wants to purchase your holdings bit by bit (For example, you wish to purchase a 100ozSilver Bar, but you don’t have enough funds to purchase it at one go. You may break it up into 5oz sizes to accumulate slowly)
- Want to set your own Buy Limits (Automated Feature)
- Buy / Sell with narrow spreads
- May consider the option of taking physical delivery, however if you can sell off for quick profits you wouldn’t mind either
Here’s how it works:
- Unlock the Full GSC Live! Account Features.
- Login to your GSC Live! account and set up your Account preferences
- You may set Buy Limits to automatically trigger your desired buying prices or you may choose to purchase whenever your desired prices are reached
- Prefers security above all else in your precious metals portfolio
- Appreciates overseas diversification in your portfolio
- Demands integrity and professionalism in your counterparties
- Enjoys exclusivity
Here’s how it works:
- Sign up for a Perth Mint Certificate Programme.
- It is the only Government Guaranteed Accumulation Program in the world.
- The cost above Perth Mint Precious Metal prices is only 2.25% for Gold, Silver & Platinum
- A specialized account manager will be assigned to you throughout the entire process
In Summary, all 3 options above allow you to lock in the precious metals prices for the metal you wish to purchase and only top up the physical premiums at a later stage. When premiums are back to normal, you may then choose to take delivery of the bullion bars / coins.
So that’s it, a quick look into a few possible options we have here at GoldSilver Central to value add to our clients’ precious metals investment.
Have more questions on the arrangements?
Drop us an email at enquiry@goldsilvercentral.com.sg or a call at +65 6222 9703 and we’ll be happy to share more information with you!
The Perth Mint Certificate Program (PMCP) is the only Government Guaranteed Certificate Program in the world and is backed by physical metals in Perth. PMCP clients have legal title to their precious metals stored in Unallocated, Allocated and Pool Allocated accounts.
The PMCP facilities are especially suitable for individuals seeking for confidentiality, flexibility and a safe haven for their precious metal assets in an uncertain world. It is also a ideal product for legacy planning.
Below are the SAFE reasons to own PMCP:
Secure
- The world’s only Government Guaranteed precious metals accumulation program.
- The PMCP is permitted in a variety of holdings including Personal, Joint, Corporate and Trust.
Affordable
- Low minimum purchase requirement, minimum of $10,000 (USD).
- FREE storage for unallocated Gold, Silver and Platinum.
- Only 2.25% above Perth Mint’s spot price
Flexible
- Worldwide Delivery and Redemption.
Exclusive
- Overseas relationship is with a Government owned entity, not a foreign bank.
- The Perth Mint’s records utilize code number to ensure client confidentiality and security.
To find out more, you may checkout our PMCP page.
If you are looking to sell away your Gold (Bullion & Jewellery), GoldSilver Central is happy to announce that we are providing free delivery to pick up your items valued at SGD$7500 and above!
To give our valued clients a better understanding of the process flow, here are the procedures:
1. Kindly provide us with your name, contact number and submit a clear photo of your items through Whatsapp or Email. Our dedicated staff will get in contact with you shortly.
2. Please note that we do not buy back any non-gold items such as stones that are embedded in the jewellery, the weight of these stones’ will be estimated and deducted off from the final weight of your items. All of the mentioned stones will be disposed off. If you have the intention to take the stones back, please note that we have no guarantee of the condition and will not be held accountable for any damage during the dismantling process. Clients will have to do a self-collection of the stones. Our team will inform the respective clients when it is ready for collection and clients can then place an appointment with us before collecting it from our office.
3. Complete the following form: Onboarding Form
4. You will receive an email advising you of the day your items will be picked up, tracking number/document for your shipment along with a shipping label. Kindly pack your items in a box/envelope, ensure that there is sufficient protection for your items by filling the box/envelope with fillers (eg. Newspaper, styrofoam etc). Seal the box , print and paste the shipping label on it. Pickups for you items will be before SGT 1200 on the respective date.
5. We will update you once we received your items and begin the process of weighing and authentication.
- Weighing of your gold bars and/or coins
- Authenticating the bullion’s purity through a Magnetic Value Test
- Once this is completed, your dedicated salesperson will quote you the buyback price based on the prices at that point in time (an image of the buyback price stamped with the time and date will be provided)
- Weighing the gross weight of your jewellery (along with non-gold items eg. Stones or parts)
- Authenticating the jewellery’s purity through XRF ( X-Ray Fluorescence Gun), images of the check will be sent to you IF the purity of respective jewellery pieces is lower than your expectations.
- We will record down the final purity breakdown and respective weights.
- Once this is completed, your dedicated salesperson will quote you the buyback price based on the prices at that point in time.
6. Once the prices are confirmed, we will raise a Purchase Order for your items. This Purchase Order will be emailed to you and you will have to sign on this digitally.
7. An immediate bank transfer will be done once we have received your signed copy of Purchase Order.
*Note: After all the processes mentioned are being done, client will have to bear the cost of all logistic costs for BOTH the pick up and return if the client decides not to proceed with the sale.
GoldSilver Central
Today, we explore a sensitive topic – Wire Transfers.
You might ask, why is this sensitive? It’s a simple matter of transferring funds from my personal account to GoldSilver Central’s account, that’s it right? Turns out, not so. And we’ll dive deeper into this realm today to see what are the various costs associated with Wire Transfers and how do they affect you as a client.
Before we go further, lets clarify the terms first. By Wire Transfer, we are referring to an electronic transfer of money. The typical route utilizes a network such as Society for Worldwide Interbank Financial Telecommunications System (SWIFT) to “communicate” from one bank to another, and once the recipient bank confirms the “message”, funds are transferred over and the respective balances are updated in both sender and recipient’s accounts. The entire process takes several days on average from start till end.
But that’s not true! Bank transfers in Singapore are immediate.
That’s because Singapore uses FAST.
FAST stands for Fast and Secure Transfers (I know, the creativeness behind the naming blows me away as well). It is a electronic transfer service enables customers in participating banks to transfer Singapore Dollars from one back to another in Singapore almost instantly. It was introduced on the 17th March 2014 and is currently offered by 23 banks (Information accurate as of 13th December 2019). Personal account transfers currently have no fees attached and corporate accounts only pay a minimal transfer fee (Yes, there are costs for bank transfers also!)
So what are the costs involved?
Typically, we have to break it down into the Sender’s bank fees and the Recipient’s bank fees. We aren’t banking experts here, however based on our experiences, the Sender bank’s fees are typically administrative fees charged by the banks to process your transfer in a timely manner. This makes sense as verification and manual authentication still have to be performed to ensure the right “message” is being sent and received correctly. Thus, banks typically have agreed upon rates which they base on to bill their clients for the transfers, which is the same for international banks also. This is the same regardless of whether you are a “sender” bank or a “recipient” bank, although the charges probably differ slightly. Bear in mind also that depending on the route being used, there may be intermediate banks involved and these incur charges as well. (Think domestic airlines and international airlines. Domestic flights connect you to international hubs which in turn connect you to international flights)
Hence, if a sender instructs their bank to absorb all transfer fees, they should clarify whether its for both sender and recipient bank fees, or just the sender fees. The bank would then act upon the sender’s instructions accordingly. Of course there have been occasions where the unwary / forgetful have instructed wrongly and end up sending too little / too much funds, resulting in more hassle for the sender and recipient.
To be honest, we at GoldSilver Central Pte Ltd have likewise experienced the above on several occasions. Trust us, when it comes to international business dealings, the difference of US$0.01 cents could result in the delay of an entire shipment. (Not Fully paid is not fully paid, period.) And to resend the funds of US$0.01 would likely incur the same charges as before, since the process is the same. (Some banks have enacted policies like minimum and maximum fee charges to lessen the load on client transfers) Hence, it is always important to check with the recipient what kind of policies do they have when it comes to transfer fees.
Why can’t all recipients absorb the transfer fees then? (After all, it’s probably a small amount right?
Wrong again. Bank transfer fees can go up to hundreds of dollars for large amounts of money but do not decrease proportionally for lesser amounts of money. After all, the same administrative work is required for both US$1 and US$100,000 transfers. Hence, international bullion companies with large transaction amount but low profit margins state upfront that recipient banking fees will have to be borne by sending clients. This is akin to sending parcels out for delivery. You don’t usually expect the recipient clients to pay for delivery costs, unless under special circumstances.
So that’s it, a quick look on local and international bank transfers. Keep in tune as we continue our updates. Click here for our various Payment Methods