this is being advertised as a new goldbug miracle: http://www.sgpmx.com/ What do you think? Is it really a miracle? Or is it another over-advertised piece of exaggerated goldbug BS? For me it is just another BS webpage with no information whatsoever. No volume statistics, no product activity information, just pure BS. THEY DON'T EVEN HAVE CONTACT INFORMATION, SEE: http://www.sgpmx.com/contactus.html If I were Jim Sinclair - I would either fire the IT department or not support such an enterprise. Is this supposed to be an exchange? REALLY? MORE INFO: this thing opened up half a year ago: http://www.economist.com/blogs/schumpeter/2013/07/precious-metals-trading-0 Quote: "WITH the renowned American investor Jim Rogers on hand to complete the first transaction, a Singaporean entrepreneur called Victor Foo (both pictured below) opened on July 3rd what he claims to be the world's first physical precious-metals exchange. The genial Mr Rogers, resident in Singapore since 2007, showed how it's done: on the premises of a security company called Certis Cisco he bought a few coins which were then zipped up in a bag to be stored in their vaults, from where it can be sold on the new exchange whenever he wants (hopefully after the price goes up a bit)." http://www.bullionstreet.com/news/s...-first-physical-precious-metals-exchange/5142 "The platform which will operate 24/7 will allow investors and traders to buy and sell physical gold for as little as $1,000. After they have bought it, the exchange will also provide facilities to store the gold with Certis Cisco Singapore. Certis CISCO has been providing secure and trusted storage of precious metals for renowned banks and international couriers since 1986. Storage with Certis CISCO will enable SGPMX to provide the platform for private individuals, traders and institutions to buy, sell, store and exchange precious metals including gold and silver bullion, without incurring high spread margins." And here we are at the sunset of 2013 and I would like to post a rhetoric question - what is the progress since July? A better website maybe? No? :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol:
Haha. A very good question indeed. Maybe I should try ordering something and test out their online bullion store.
I made a thread about it here : http://www.goldclubasia.com/forum/showthread.php?t=12483 One of our forum members didn't have a good experience with online purchase. (see page 10) We never brought the site up again. Also, gst is not involved if you purchase and keep your bullion in their vaults. Withdraw it, however and they charge gst.
I've had some communication with them as I am researching better storage for my family. Will try to relay some info: The fact that it's based in Singapore is a big deal for me. You are able to send in your CURRENT metal that you already own. If it's in your home, safety deposit box, other depository - you can send however much in as you'd like. (I will keep a little bit on me, but too much is too much safety liability and need diversification) Insured. Fully Allocated. Backed by Singapore Government which doesn't bow to the Chinese or America, very transparent. 3rd Party Audits are done quarterly + extra audits if you so request. Cost? 0.50% which is competitive with most other vaulting arrangements I have reviewed. You can go and visit it, view it, touch it. Very tangible storage which is nice piece of mind. Once metal is built up in exchange from investors from around the world, the trading side will kick in. Essentially will have thousands of investors that provide Bid vs Ask on actual physical gold & silver. Perhaps similar to a bulliondirect nucleo exchange? - very small fee to trade it and No GST or other taxes as the metal doesn't leave. My take is that this going to be a major boom from European investors seeking to avoid their taxation on metals in Europe in addition to investors out of the US that are concerned about future confiscation, etc. I had started my info dig before Jim Sinclair was announced. I think the reason that Jim Sinclair is involved is because he believes that one day the COMEX/LBMA will default and break, and that physical will trade a MUCH higher premium to the paper price. Exactly what this platform is going to do -- thus quite a bit different than BullionVault, GoldMoney, or anything else out there. This just might be the exchange to break the back of the bankers long term, exciting to think that Sinclair may have the backing and pull to do this. I have a little more research to do but I am interested.
exchange must show statistics. without that it can't be called an exchange It will only be revolutionary - when my broker starts routing orders there
Well 0.5% is what GoldMoney charges to hold silver. I believe there is a steep GST on silver in Singapore, so bringing existing metal there could be expensive. I hope they kill the GST, because it would be a game changer for me.
Singapore scrapped GST on a lot of physical bullion products last year. Unfortunately, they're now using an "approved list" of GST-free bullion products rather than the more typical approved manufacturers, but if your stack is made up of products on the list you should be able to move it in, out and buy and sell without any issues.
Here you go mate: http://www.customs.gov.sg/leftNav/trav/GST+Exemption+for+Investment+Precious+Metals.htm
Oh whaddya know. I went to check Scottsdale Silver and guess what I found: http://store.scottsdalesilver.com/page/35/SGPMX So apparently Scottsdale Silver has entered into a partnership with SGPMX.
New website out http://www.sgpmx.com/home/ which has a lot more information now. I have done more research and hope to open up an account in the new year after Holiday travels are over. NO GST for the SGPMX - special Tax Free Zone
There's a few differences between SGPMX and bullionvault. 1. Allocation and dedication - Both SGPMX and bullionvault are fully allocated, but SGPMX is also fully dedicated. Which means in bullionvault, you own a portion of a big bar, but you don't own a specific portion. So if you want to take ownership of your physical bullion, you are required to pay extra fabrication charges for your specific bar. Whereas in SGPMX, you own a specific bar or coin, not a portion of a generic bar co-owned with other customers. Pro and cons is that, in bullionvault, you pay a lower premium to buy, but pay the extra premium if you want to take ownership. In SGPMX, you pay higher premium at the beginning, but you are assured that you will get to take possession of your bullion whenever you want. 2. peer-to-peer trading - In bullionvault, you only buy and sell with bullionvault, with the price and spread based on the quoted price on world major exchange (which is based on paper contract manipulated by market makers). In SGPMX, you can trade with other users based on the price you set, willing seller willing buyer. So when the supply and demand of physical bullion overpower the manipulated price of paper bullion, you are more likely to benefit from a peer-to-peer willing buyer willing seller pricing system. 3. Asset Transfer - SGPMX allows you to transfer your own bullion into their vault in order to have peer-to-peer trading with their other users, which is a great way to increase the liquidity for your own bullion. Of course it comes with a cost of transportation and assaying, might not be worthwhile for people who own smaller amount. In summary, the offers of SGPMX and bullionvault looks similar but there's some distinctive difference in some of their features. I won't say one is better than another, but both serve different purpose for different group of investors.
The whole point of bullion vault is that it is a peer to peer trading platform, so point #2 is wrong.
Fairly big issue with Bullionvault: Owned by the World Gold Council. Which is sketchy - and the documentation that Sprott, GATA, among others against the Council is enough to run far far away.
sgpmx.com looks like a good option for allocated. Can buy specific coins from SGPMX and then later sell those specific coins on the exchange. So can buy semi-numismatic coins, Perth mint kookaburras etc, that should hopefully increase more in price compared to just pure silver. One thing to bare in mind though is that to sell your circulated metal through their exchange you have to have it assyed by them using destructive methods, which involves drilling. This means that any coins purchased elsewhere that you try to sell on there exchange would be damaged and loose collectors value. Plus the assaying charges are high. But looks like a good option for just storage of your own circulated silver or for purchasing silver through SGPMX and selling through their exchange in the future. I hope that any metal on their exchange is clearly stated if it has been drilled or not. Personally I wouldn't want to purchase any drilled metals.
