any opinions on the "singapore precious metals exchange"?

[silvermed]

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.

I am pretty sure this is incorrect. I signed up and went through the process recently. I went ahead and sent in some of metal I already had and it was authenticated at the time of "entry" (not drilled) and it's now available for sale at any time without further testing. All the metal has to be tested when going into the Exchange. Thus everything there is already proven legit and open to trade in the future. That being said, I'm not sending in my collectible stuff, just my investment grade bullion bars/coins, etc.

Another point that helped push me to SGPMX is that you OUTRIGHT own your bars/coins. These other programs you get a percentage of a big bar that you share with others: No Thanks.

Everything went smoothly for my initial opening and I am planning on adding to it regularly if everything continues to go well. I will report anything new.

 

[chrissilver]

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.

I am pretty sure this is incorrect. I signed up and went through the process recently. I went ahead and sent in some of metal I already had and it was authenticated at the time of "entry" (not drilled) and it's now available for sale at any time without further testing. All the metal has to be tested when going into the Exchange. Thus everything there is already proven legit and open to trade in the future. That being said, I'm not sending in my collectible stuff, just my investment grade bullion bars/coins, etc.

Another point that helped push me to SGPMX is that you OUTRIGHT own your bars/coins. These other programs you get a percentage of a big bar that you share with others: No Thanks.

Everything went smoothly for my initial opening and I am planning on adding to it regularly if everything continues to go well. I will report anything new.

I was going by the info I found on their website, however they just replied to my email and said that they wouldn't use destructive methods. Still though, I am not so sure what exact methods they would actually use to authenticate circulated bullion.

Buying direct from them, storing with them, then selling through there platform looks like a good allocated option, and I agree with you, it's nice to have specific allocated coins/bars.

 

[chrissilver]

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.

This doesn't look so good. Seems like they didn't store the silver correctly and it ended up oxidizing? Wouldn't like to take delivery of stored silver in the future and it all ending up black!

 

[MeccaOz]

So has anyone else had any more dealings with SGPMX ? I was just reading the above and would like to know can you cash out in cash ? Can you withdraw your bullion without incurring GST ? Are there any hidden costs importing bullion back into Australia ? Any more general thoughts or lessons learnt from experiences ?

 

[off4shore]

So has anyone else had any more dealings with SGPMX ? I was just reading the above and would like to know can you cash out in cash ? Can you withdraw your bullion without incurring GST ? Are there any hidden costs importing bullion back into Australia ? Any more general thoughts or lessons learnt from experiences ?

Hi Mecca,

I have a sgpmx account. I've sent my metal via their asset transfer service and also purchased directly on the exchange. I now a good bit of my purchases via the exchange...I use my local dealer for stacking what I keep local. When I make purchases I can only do so by first wiring the funds to my account. If I sell any of my metal, the cash is available instantly and I can withdrawal within 24 hours. I have not taken any delivery back of my metal, nor do I intend to at this moment. But the only time you would be subject to GST were if you took delivery in Singapore. If you are having it shipped back to AU you are not subject to GST, just AU import fee which I think is around 100 per shipment.

Overall it's been a good experience. the best part being able to move my existing metal into storage in singapore and at the same time having it authenticated thus allowing for instant liquidity. Happy to share more specifics.

Cheers

 

[MeccaOz]

So has anyone else had any more dealings with SGPMX ? I was just reading the above and would like to know can you cash out in cash ? Can you withdraw your bullion without incurring GST ? Are there any hidden costs importing bullion back into Australia ? Any more general thoughts or lessons learnt from experiences ?

Hi Mecca,

I have a sgpmx account. I've sent my metal via their asset transfer service and also purchased directly on the exchange. I now a good bit of my purchases via the exchange...I use my local dealer for stacking what I keep local. When I make purchases I can only do so by first wiring the funds to my account. If I sell any of my metal, the cash is available instantly and I can withdrawal within 24 hours. I have not taken any delivery back of my metal, nor do I intend to at this moment. But the only time you would be subject to GST were if you took delivery in Singapore. If you are having it shipped back to AU you are not subject to GST, just AU import fee which I think is around 100 per shipment.

Overall it's been a good experience. the best part being able to move my existing metal into storage in singapore and at the same time having it authenticated thus allowing for instant liquidity. Happy to share more specifics.

Cheers

Thanks alot off4shorem you pretty mych answered everything I needed to know.

PS: Keep us apprised if anything else pops up and i'll started setting up my account

 

[havo]

So has anyone else had any more dealings with SGPMX ? I was just reading the above and would like to know can you cash out in cash ? Can you withdraw your bullion without incurring GST ? Are there any hidden costs importing bullion back into Australia ? Any more general thoughts or lessons learnt from experiences ?

Hi Mecca,

I have a sgpmx account. I've sent my metal via their asset transfer service and also purchased directly on the exchange. I now a good bit of my purchases via the exchange...I use my local dealer for stacking what I keep local. When I make purchases I can only do so by first wiring the funds to my account. If I sell any of my metal, the cash is available instantly and I can withdrawal within 24 hours. I have not taken any delivery back of my metal, nor do I intend to at this moment. But the only time you would be subject to GST were if you took delivery in Singapore. If you are having it shipped back to AU you are not subject to GST, just AU import fee which I think is around 100 per shipment.

Overall it's been a good experience. the best part being able to move my existing metal into storage in singapore and at the same time having it authenticated thus allowing for instant liquidity. Happy to share more specifics.

Cheers

Hi, What are the spreads for buy/sell?

 

[off4shore]

So has anyone else had any more dealings with SGPMX ? I was just reading the above and would like to know can you cash out in cash ? Can you withdraw your bullion without incurring GST ? Are there any hidden costs importing bullion back into Australia ? Any more general thoughts or lessons learnt from experiences ?

Hi Mecca,

I have a sgpmx account. I've sent my metal via their asset transfer service and also purchased directly on the exchange. I now a good bit of my purchases via the exchange...I use my local dealer for stacking what I keep local. When I make purchases I can only do so by first wiring the funds to my account. If I sell any of my metal, the cash is available instantly and I can withdrawal within 24 hours. I have not taken any delivery back of my metal, nor do I intend to at this moment. But the only time you would be subject to GST were if you took delivery in Singapore. If you are having it shipped back to AU you are not subject to GST, just AU import fee which I think is around 100 per shipment.

Overall it's been a good experience. the best part being able to move my existing metal into storage in singapore and at the same time having it authenticated thus allowing for instant liquidity. Happy to share more specifics.

Cheers

Hi, What are the spreads for buy/sell?

It is fairly tight, I just logged in and pulled a sample of what is for sale currently. Note spot prices when I pulled were godl 1179 / silver 15.74

Gold
1oz American Eagle Gold Coin 1237.20 1237.20 1237.20
1oz Canadian Maple Leaf Gold Coin 1222.09 1222.09 1222.09
1oz Pamp Suisse Minted Fortuna Gold Bar (ATS) 1218.09 1218.09 1218.09
1oz South African Krugerrand Gold Coin (ATS) 1240.00 1240.00 1240.00
1oz Austrian Philharmonic Gold Coin 1227.96 1227.96 1227.96
1kg Scottsdale Gold Cast Bar 37933.12 37933.12 37933.12

Silver
1kg Scottsdale KILO Stacker Silver Bar 547.92 547.92 547.92
1oz American Buffalo Silver Coin 17.23 17.23 17.23
1oz Canadian Maple Leaf Silver Coin 18.40 18.40 18.40
1oz Perth Mint Koala Silver Coin 2013 23.00 23.00 23.00
1oz Scottsdale RESERVE Silver Round 17.28 17.28 17.28
1oz Scottsdale Silver Bar - The One 17.28 17.28 17.28
1oz American Eagle Silver Coin (ATS) 19.00 19.00 19.00
1oz Austrian Philharmonic Silver Coin 18.40 18.40 18.40
100oz Stacker Silver Bar 1693.97 1693.97 1693.97
10oz Scottsdale Stacker Silver Bar 185.00 185.00 185.00
1kg Pamp Suisse Silver Cast Bar 708.76 708.76 708.76

 

[havo]

is that asking prices in all three columns?

 

[off4shore]

Yes it is an asking price, shown as high/mid/low in 3 columns. I assume if there were multiple lots those nubmers could vary but not certain.