Two years ago, I wrote two articles on my investment experience on UOB Gold/Silver Saving Account. There were many comments and queries from my readers.
Firstly, I must clarify that I did not represent UOB when I wrote the articles and UOB also does not pay me for promoting their product. Secondly, I wrote the articles based on my investment experience. I had made some money from it and thus, wished to share with my readers.
I will not bear responsibility for any potential losses incurred as readers need to do homework before investing or alternatively, they should seek financial consultant’s advice before deciding for themselves whether to invest in this product.
Recently a reader queried the GST and fees chargeable for the transactions for UOB Gold/Silver Saving Account. Based on UOB’s website, there is no GST chargeable for transactions. As for the fees, they are indicated clearly in the website for both Gold and Silver savings. I would advise investors to confirm with the bank staff before you open a Gold/Silver Saving Account with UOB. Their customer service’s contact can be found in the website.
As I mentioned two years ago, UOB was the only bank that offered this scheme. And it still is. For this scheme, there is no physical gold or silver being transacted. Essentially, you are converting your deposits from money to gold/silver savings. The gold/silver savings is bench-marked to the gold and silver market prices. In purchasing gold/silver products, the investors must understand and acknowledge that:
a) Gold and silver market is very volatile
b) losses can be incurred from such investment
c) an investment in gold or silver provides no dividend yield or interest
d) prices would have to rise sufficiently over the investment period in order to yield a profit on sale
Good luck in your investment journey.