Invest In Gold
How do you invest in gold in Singapore's context? There are many ways to invest in gold in Singapore. This post will list one way to invest in gold for the average Singaporean.
Note that before you invest in gold, you should assess your current investment profile and investment appetite to see if you should invest in gold in the first place. There are other investments option other than to invest in gold.
However if you prefer to invest in gold, here is one way to invest in gold in Singapore.
Gold Savings Account
You can invest in gold by setting up a gold savings account, much like a bank savings account. You do not hold your gold assets in physcial form but on paper. In other words, you buy a piece of gold and it is recorded in a gold savings account. When you sell that piece of gold, money is paid and the amount of paper gold is deducted from your gold savings account.
When you invest in gold by selling and buying gold this way, your gains are not GST (Goods and Services) taxed.
An administrative fee is payable on this gold savings account. It is charged on a monthly basis. This administrative fee varies between banks and also depends the amount of gold deposits in your gold savings account.
You should speak to a bank officer before you invest in gold. Terms and other conditions apply to open and maintain a gold savings account.