Friday, December 23, 2011

Buy Silver in Singapore

Lately, I have been having some bizarre interest in collecting silver coins.  It just feels cool to actually own silver knowing that this used to be used as currency across history.  But as a pretty newbie to silver, I won't call my purchases as investing in silver just yet.  Nevertheless, I have been reading up quite a fair bit about silver coins to know how much a troy ounce actually weighs.  And it is interesting to find out a whole new domain of knowledge literally about investing in silver bullion coins, using it as a hedge against inflation, etc.

Well, the first thing to realise is that it is not too difficult to buy silver in Singapore.    I am not talking about investing in silver through ETFs but really owning physical silver bars and coins.  There are actually quite a few companies that sells silver bullion.  Here are the few things that I have learnt about silver coins thus far:

1.  Buy silver coins or bars that are widely recognised

  • This seems to be the advice that people are giving in various forums.  Coins widely recognised include the American Silver Eagle and the Canadian Silver Maple Leaf.  There are others like the Australian Silver Kookaburra from Perth Mint and also the Austrian Silver Vienna Philharmonic.  
2.  Silver Coins Trade Above Spot Price
  • One can check the spot price for silver easily on kitco or some other website.  However, silver coins often trade or are sold above the spot price of silver.  Even on Ebay, they trade above the spot price.
  • Silver price has been increasing slowly.

3.  Places to Buy Silver in Singapore [Grabbed this off another forum]
Many of these shops have a minimum order (e.g. 20 x 1 oz coins) or a minimum purchase of $2000.  Some of them have minimum orders of 500 oz and based on today's price of silver, will literally cost you a 20 over grand (estimated $48++ for a 1 oz silver coin). So you really have to be serious about it before making a purchase.  The first link actually allows customers to buy 1 oz silver bar as a minimum order.  But it is a Scottsdale silver bar and I am not certain that it is as widely recognised as the other silver coins.

4.  Buying off Ebay

If you prefer to buy loose pieces, you can always buy them off Ebay.  However, prices are slightly higher when you do not buy in bulk.  Many sellers also do not ship to Singapore.  


Question:
Do you invest in silver or gold?  
If  yes, where do you buy them from?
How do you store them?



17 comments:

  1. For small retail investors with limited investible fund, we have already lost 7% to GST by buying physical Gold or silver for hoarding. Tthey don't provide yield.

    Hedging??? Great but what sort of impact for small retail investors with limited fund. These are big boys game. :-)

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  2. Hi
    I am also interested in owning the physical metals. After the mf global episode I can no longer trust the paper market.

    Have you figured our whether these silver shops are trustworthy.

    Have you found any gold bullion equivalent?

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  3. Hi CW8888,

    Thanks for the inputs. I guess my intention is really just to use it really as a hedge against inflation. Not going into it big time or anything now at the moment though. It is really small purchases of silver more for collection purposes.

    Hi Crumbs,
    I have yet to complete a purchase. Still in the midst of ordering. Will update once I have completed the purchase (meaning gotten delivery of goods).

    When you are asking about gold bullion equivalent, I guess you are talking about the kind of gold coins and bars too. These shops also do sell gold bullion.

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  4. Hi Crumbs,

    Forgot to add that my first few purchases are all from Ebay. So far, I have only gotten delivery of 1 coin. Still waiting for the rest...

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  5. Love your post! You got what they call the "Silver Bug" I got it 3 month ago... My October Salary and Bonus went ALL-IN into physical silver.
    I am "Ang Mo" in SG since 2 years and i struggled big times to find a shop because 3 months ago i was new to any form of investing..including silver.Since then i spent countless amount of time in Books,Youtube,Blogs mainly from US even if i am not American, the "Database" is huge.Recently discovered the SG community and its nice, good stuff around here. I cannot talk with Family,Friends and colleagues much, they dont understand, ther mind is not open for this.,,im alone in my little world.
    Anyway, after visiting a few sites like the ones described above i went for SilverAG. I really like the website, simple, direct, easy, friendly! just select a product and press F5 and see the price changing while watching Kitco :D
    I really did not like the other sites with a lot of Ads and blink stuff everywhere (waaa so complicated.. we just want to buy and get the stuff right)Conclusion 2 orders, 1 from October and 1 last week. I have mixed with Bullions and Coins.Soon a 3rd one, only 29/oz right :D

    Mr F

    Next step would be to reference and test all pawn shops in SG because one day will need to sell back !

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  6. Hi,

    Glad that there is another silver fan out there who has tried out buying silver in Singapore. It will be good if you are able to share your experience of buying silver.

    ReplyDelete
  7. **wohooo Silver @ 27** :D

    Mr F again,

    Well, following my experience with SilverAg, once you have decided about the product you buy and click "Checkout" (be sure to click update or press F5 if you buy during the Market, you might save a few $ in a few seconds) The price you see is the price you will pay ! that is it.
    Soon after you will receive your invoice by mail and someone will call you the next day or so.
    I set up appointment to go at their office directly with CASH, well received in a small room, inside the office, presenting the product and some others as well if i would have been interested.Took my silver, gave the cash, sign the invoice and Bye Bye (Such an exciting moment, gosh i did not think Silver was so heavy)
    The last time, same thing but i asked delivery. I met the same person coming incognito, gave me the silver, me the cash, sign and Bye Bye.
    Simple,Quick,Easy thats my conclusion.

    Damn **SLV @ 27** i'll buy again but would like to test 25 ?? will see.

    "If you can't touch it you don't own it"
    ++

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  8. Does any one knows if our local pawn shop accepts silver? I tried to buy some off them but they don't seems to have them.

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  9. MR F.

    Can give a call and let us know ? :D (In the Strait Time, they are some Pawn Shop as well)

    Places for pawn shop near Singapore (GOOGLE)
    Heng Seng Pawnshop
    www.hengseng.com.sg
    Place page
    HDB Hub 520
    520 Lorong 6 Toa Payoh
    6251 2213
    Moneymax Pawnshop
    www.moneymax.com.sg
    Place page
    HDB Hub 520
    520 Lorong 6 Toa Payoh
    6354 3433
    Maxi-Cash
    www.maxi-cash.com.sg
    Place page
    HDB Hub 520
    520 Lorong 6 Toa Payoh
    6356 7303
    Heng Soon Pawnshop
    maps.google.com.sg
    Place page
    244 Upper Thomson Road
    6459 3298
    Jewel2Cash
    maps.google.com.sg
    Place page
    193 Upper Thomson Road
    6256 7740
    Hin Fatt Pawnshop Pte. Ltd.
    maps.google.com.sg
    Place page
    407 Ang Mo Kio Avenue 10
    6459 5308
    Fook Thai Pawnshop Pte Ltd
    maps.google.com.sg
    Place page
    116 Toa Payoh Lorong 2
    #0-148
    6253 2856

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  10. I think pawnshops usually have gold. Not too sure about silver though and whether it is possible to buy silver from them.

    ReplyDelete
  11. Glad to know that there are silver bugs out there. I have purhase silver coins mainly from silver bullion, they are quite trustworthy. From my reading, silver is a better investment than gold. Precious metals are real money while all the paper currencies are fiat money. Keep buying PM.

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  12. UOB sells Gold Coins at good rate than gold shops.

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  13. Anyone here knows where I can let go of about 15 x 1 ounce bars of Johnson Matthey at close to spot? Thanks.

    ReplyDelete
    Replies
    1. i'm interested. email me at orangepjs@gmail.com? Thanks.

      Delete
  14. Why not sell it over Ebay?

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  15. hi anon, i'm interested in the 1oz Johnson Matthey bars. Maybe you can drop me a mail at orangepjs@gmail.com? Thanks.

    ReplyDelete
  16. Aside from the aforementioned websites, you could also check BuySilverAssets.com for further information regarding silver investments as well.

    ReplyDelete

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