Buying/Selling gold bullion coins in Singapore

Discussion in 'Gold' started by IndoHound, Dec 14, 2019.

  1. IndoHound

    IndoHound New Member

    Joined:
    Apr 14, 2016
    Messages:
    12
    Likes Received:
    10
    Trophy Points:
    3
    In my quest to find bullion coins with the lowest spread, I got online just before dawn local time in Singapore this Sunday 15/12/2019.

    I found out that the 1 ounce Maple Leaf is the coin with generally the lowest buy/sell spread among bullion coins in Singapore. The coin does not attract Singaporean GST. Purchasing is not subject to reporting requirements under Singaporean law.

    The fact that a coin with a legal tender status is the coin with the lowest spread is indeed fortuitous as that it means that is should be able to imported/exported from/to the 'Republic' as currency ie Can$50 (face value).

    Have not actually had any contact with the companies below beyond accessing their websites. I did this on a non-trading time and day so I would not be subject to frequently changing prices due to active trading. My impression is that the range of prices are pretty standard with the exception of Indigo Precious Metals which has slightly higher purchase prices and markedly higher selling prices than the other dealers.

    Have limited my sample size to five dealers. All prices are in Singapore Dollars. As of today's exchange rates, an amount of CAD 19400 can be exported (imported) from Singapore without declaration ie 388 1 ounce coins. Whether this has been tested and will work, I don't know. I am theorizing...

    Silver Bullion.....SGD 1951.07 - SGD 2049.73.....Maple Leafs dating 1990, 2011 or 2013
    Gold Silver Central.....SGD 1977.99 - SGD 2046.45.....Maple Leafs
    Bullion Star.....SGD 1946.48 - SGD 2055.33.....Maple Leaf dating 2020
    Central Precious Metals.....SGD 1980.21 - SGD 2048.27....Maple Leafs not dating 2016-19 where sale price is higher.
    Indigo Precious Metals.....SGD 1981.20 - SGD 2079.05.....Maple Leaf

    Some dealers have loyalty programs where larger orders or frequent clients can get better buy or sell prices. Have not found notice whether purchase prices are valid only for items bought from that dealer. This occasionally happens in other jurisdictions.

    Conclusion buying and selling from best dealer, barring Indigo Precious Metals, yields a selling price of SGD 2046.45 from Gold Silver Central & a buying price of SGD 1980.21 from Central Precious Metals. SGD 2046.45/1980.21 = 1.03345 or a spread of 3.345% which I think is quite reasonable considering the salary and rental costs, among other factors, in such an expensive city.

    Most of the above websites above were easy to use and upload with relevant information easy to find.
     
  2. whay

    whay Active Member

    Joined:
    Jan 8, 2016
    Messages:
    435
    Likes Received:
    211
    Trophy Points:
    43
    The face value on a legal tender PM coin is totally meaningless in currency terms.
     
    66rounds likes this.

Share This Page