any opinions on the "singapore precious metals exchange"?

S

silvercomments

New Member
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:
:cool:
 
Haha. A very good question indeed.

Maybe I should try ordering something and test out their online bullion store.
 
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.
 
Jrandom said:
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.
Click to expand...

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.
 
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.

Scottsdale Mint Enters Into Strategic Partnership With Singapore Precious Metals Exchange (SGPMX)

SCOTTSDALE, Ariz., Dec. 9, 2013 (GLOBE NEWSWIRE) -- Scottsdale Mint, well-known U.S. based fabricator of precious metals, today announced a strategic partnership with Singapore Precious Metals Exchange (SGPMX). The Exchange has appointed Scottsdale Mint as the first and only Certified Broker to represent SGPMX in North America.

The partnership will allow for U.S. and Canadian based investors to participate in the world's first physical gold and silver exchange with peer-to-peer bullion trading capabilities via online services provided by Singapore Precious Metals Exchange. Investors will now have the ability to access state-of-the-art secure vaulting, 24-hour liquidity and self-directed auditing of their physical portfolios using the SGPMX platform.

"Our relationship with SGPMX presents a ground breaking opportunity for precious metals investors in North America. We are already seeing transfers out of derivative-laden Gold and Silver ETFs into this transparent, high-security physical exchange," said Josh Phair, president of Scottsdale Mint.

Singapore has transformed itself into one of the world's top financial hubs and is quickly attracting significant offshore wealth. With a stable government, transparent legal system, and history of investment management, Singapore is poised to eclipse Switzerland as the world's largest wealth center.

"We have been inundated with queries from clients who are keen to reap the benefits of asset and geographical diversification," said Victor Foo, CEO and founder of SGPMX. "Three of the world's largest banks began storing gold for wealth-management clients here in Singapore in the past year. We believe this trend will accelerate and carry over into the additional markets. This long-term partnership with Scottsdale Mint will play an integral role in providing access to the exchange as a viable investment supplement to investors in North America."

The Singapore Exchange also announced in late November the establishment of its advisory board, which includes renowned American metals trader Jim Sinclair and the former CEO of the Kuala Lumpur Stock Exchange, Dato' Yusli Yusoff.

About Singapore Precious Metals Exchange (SGPMX)

Established in August 2011, SGPMX is the world's first physical bullion exchange established for investors, traders and institutions to trade physical precious metals including gold and silver with physically backed bullion storage facilities. It provides consolidated offerings for customers to buy, sell, store and exchange precious metals under one platform, and is privately held and independently funded.

About Scottsdale Mint, LLLP

Scottsdale Mint is an ISO 9001 certified fabricator and distributor of precious metals. The Mint is recognized in the silver and gold community for offering a wide range of specialized, high quality bullion designs, with production capacity to serve domestic and international markets. Headquarters and manufacturing facilities are located in Arizona, USA. For more information please visit www.ScottsdaleSilver.com

Davis Sullivan
888-745-2279
Click to expand...
 
bron suchecki said:
It is a system just like bullionvault, nothing special.
Click to expand...

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.
 
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.
 
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