Month: May 2023

Buy and Sell Gold

Gold is one of the most popular precious metal investments of all time. Gold was once used as the golden standard and relatively standard for currency equivalents for economy.  Gold has been the most effective standards across other precious metals.

Gold Prices Today

Pure gold or 999 gold is going for the market rate of S$87/gm.  This can be purchased or invested through UOB Bank or GoldPrice Org or Bullion Star. 

Maxicash at retail is selling 999 gold at the rate of $103/gm and SK Jewellery, Goldheart and Poh Heng Retail is going or the rate of $108/gm.

916 gold is at $97/gm at Maxicash retail while $102/gm at SK Jewellery & Goldheart & Poh Heng.

Gold Design and Labour Costs

Many of us purchase from retail and spend a lot more on not just the retail value of the gold but also the labour costs imposed by the retailers on the items. Sometimes labour costs can amount to about 10-30% of the total price of the gold item.

Gold Jewelries and Deco for Daily Or Ocassional Wear

If you are buying gold jewelry or gold bars for everyday or occasional wear and deco, buying from retailers seem to be the easiest methods.  That is because they are easily available and you get to choose and pick the designs and styles that you like.  Moreover, as these are lifetime investments and you do not plan to sell them, the price paid that seems reasonable to you should suffice and is justified in such purchases.

Gold For Investments

However, if you are buying gold for long term investments or future resale, then it is good to hunt for the best gold price.

As gold in Singapore and Malaysia are pretty similar, I usually try to hunt for gold and their good designs online.  There are a few gold shops online that you can check out for reference of gold prices available to you for purchase.

Are you an avid coins or notes collector? If you are, check out the new $10 coin to commemorate the 100th birth anniversary of Lee Kuan Yew.

MAS launched this limited edition of the gold-coloured LKY100 coin at the MAS website. Each coin is sold at face value of S$10. However, the application for purchase is through ballot application, with maximum coin application of 5 coins per person. Depending on the number of applications, each applicant may be getting one coin to five coins.

The application for purchase are open to Singaporeans and Singapore PR from now till 9 June.

How To Purchase Online

You can submit your application to purchase the LKY100 coin online, and choose where to collect your coins. On completion of your application, a sms message will be sent to your registered mobile immediately to inform you that an official notification of your successful bid will be sent to you from mid August 2023 through sms, with collection starting in September.

No upfront payment is required, payment can be made at the time of collection at your selected bank branch. once you receive the sms confirmation in August.

You are reminded that the message will be sent to you with no clickable link and purchase or collections will be via the outlet that you choose at the application.

Collection of the coins can be made at the nearest outlet in DBS and POSB, OCBC and UOB as well as the Bank of China, HSBC, Maybank and Standard Chartered.

In fact, people who require in-person assistance can also submit their applications via any community club or community centre, or the ServiceSG centres at Our Tampines Hub and One Punggol.

LKY100 Coin at Face Value of S$10 per piece

The coins will be minted in aluminium bronze. The coins will have a diameter of 30mm, making them about 22 per cent larger than the Third Series S$1 coins currently in circulation.

“The coin pays tribute to his strategic vision, boldness and indomitable spirit that transformed Singapore from a regional trading port to a global manufacturing, business and financial hub, creating opportunities for all Singaporeans,” MAS said in a news release.

This special coin was designed by local artist Weng Ziyan, whose previous works include banknotes commemorating Singapore’s 50th year of independence, Singapore’s bicentennial and the 50th anniversary of the Brunei-Singapore Currency Interchangeability Agreement.

Remember to submit your application before 9 June 2023.

You should be receiving your sms by today, 22 August or the next few days, to inform you of the success of your application. The sms will have information of the number of coins allocated for purchase, place and time of collection. You are to show your successful sms and NRIC at the point of collection.