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Announcement on GSC business operations during “Circuit Breaker” period due to Covid-19

Dear Valued Clients,

Due to the Covid-19 pandemic, many countries have implemented measures to limit the spread and the Singapore have just announced enhanced safe distancing measures termed as the “circuit breaker” to reduce the risk of further local transmission of COVID-19. The measures include the closure of workplace premises, retail outlets except for those necessary to support the daily living needs of the population, and limiting restaurants and food and beverage outlets to takeaway or delivery only. This will be enforced from 7th April till 4th May 2020. Circular from Singapore Government

GoldSilver Central’s physical retail store will be closed during this period but our online store and most of our products and services will still be offered and supported by my full team who will be working from home and serving you remotely. We will still be working tirelessly to secure more inventory via our relationships with refineries, sovereign mints and major dealers around the world.

GSC staff will still be able to take queries via our online chat, whatsapp, emails and phone calls during our operating hours. Please refer below for our products and services that will still be supported during this period.

Sales of physical bullion via our webstore.
Clients will be able to place orders via our web store but do note that all orders have to be fully paid within 30 minutes as physical inventory are limited. Clients will only be able to pick up your orders after the “circuit breaker” period.

For pre-orders that have been placed the past few weeks and slated to come in during the mid of April will only be available for pick up after this “circuit breaker” period. My staff will keep you updated on latest developments and feel free to contact us if you do have further queries.

GSC Live!
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.

GSC Bullion Storage Program
Clients will still be able to transfer in or out, buy and store or sell from their holdings during this period.

GSC Savings Accumulation Program
Clients on GSAP need not worry as this program will still continue to accumulate precious metals for you throughout this period.

Perth Mint Certificate Program
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!

Buybacks
Bullion buybacks
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.

Used Jewellery buybacks
Scrap jewellery buybacks will be suspended during this period as we are unable to authenticate the purity of the used jewellery.

Collateral loans
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.

Final note
There is no shortage of Gold or Silver in the world and the current squeeze in physical precious metals is due to the supply chain being affected by Covid-19 measures implemented globally. (Illiquid Gold prices and wide spreads, Price of physical Silver decouples from Silver spot prices & Gold stocks healthy). 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.

Every crisis presents opportunities. How we identify opportunities and take this chance to improve and embrace change will define how we come out from the crisis. As Jack Ma likes to say, “Change is the only constant.”

Let’s also do our part and stay home. I quote the Singapore Prime Minister Mr Lee Hsien Loong, “by helping one another through this, we will prevail, and emerge stronger.” Take care and stay safe all!

Best regards,
Brian Lan
Managing Director

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