Yesterday, my wife liquidated our UOB Gold Savings Account (GSA) and made a profit of $500. It wasn’t a big amount of course but considering the fact that we hold the account for only one week, it was really easy money. Opening the account was really hassle-free as you may do so at any UOB bank branch located near your home.
The best part about UOB’s GSA is that you can use UOB Personal Internet Banking to carry out transaction via the internet platform or UOB Mobile from Mondays to Fridays 8am to 11pm excluding Singapore public holidays. This is a new feature introduced by UOB bank a couple of years ago. Before you open an account, please check out the various fees for GSA in UOB’s website. There are several charges that you need to factor in because they would affect your yield.
This is not the first time that I touched on UOB’s GSA. A few years ago, I had also made some money from UOB GSA and shared with readers the merits and pitfalls of investing in gold. When it comes to building wealth, you should always focus on investing what you know best. Compared to stock investments, gold is not that difficult to understand and requires far less complicated analysis.
Basically you need to be aware of the world economy and monitor the market trends. When there are window opportunities, allocate some of your funds in gold but don’t be too greedy. Do not expect gold prices to go up linearly during stock market corrections. There will always be pull-backs for any financial instruments, so always set an exit price for gold and take profits.
However, investors should take note that UOB’s GSA and SSA are not backed by physical bullion, and thus you cannot convert your account balances and take physical delivery of gold and silver or certificates. If you want to have a bullion saving account that allows you to convert the savings to physical gold, then you should open a Bullion Savings Program account with BullionStar.
The Bullion Savings Program (BSP) is BullionStar’s savings and trading solution for physically allocated Gold, Silver and Platinum. With the BSP, you can buy BSP Grams of Gold, Silver or Platinum that is fully backed up by physical precious metals in BullionStar’s stock inventory. Grams in the Bullion Savings Program (BSP) are fully allocated physical precious metals. BSP Grams are available in Gold, Silver and Platinum for a low price premium and a low spread. This provides you with a cost-efficient way to start saving in precious metals.
For the past 6 years, I have avoided investing in any shares because I have been studying the market. It is only recently that I bought K1 Ventures and invested in UOB’s GSA. During the bull run, I found it difficult to make money from stocks because of the reduced safety margins. So the current downturn represents various opportunities to make money from gold and the stock market. Many investors fear financial crises because of the uncertainties and also the possibility of job retrenchments. This fear is reasonable and real but sometimes in order to make money, you cannot follow the herd. There is a need to be a contrarian and buy when the others are selling.
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SG Wealth Builder