I sold off my holdings in my UOB Gold Saving Account during the 1st week of December and made 5% return on my investments. It was quite a decent profit considering the fact that I held the investment for only 3 weeks.
Nowadays you will not be able to get this amount of profit even if you put your money in a fixed deposit account. The best thing about UOB Gold Saving Account is the liquidity: you can sell off your investment anytime you want and make quick profits!
Gold Savings Accounts (GSA)/Silver Savings Accounts (SSA) can be opened at any UOB branch in Singapore from Mondays to Fridays during banking hours. You may choose to have a passbook or receive statements of accounts in respect of your GSA or SSA.
Investing in UOB Gold Saving Account is relatively straightforward but investors need to be aware of the risk involved. The gold and silver market is volatile and that the investments in gold and silver are not guaranteed by the Bank nor insured under the Deposit Insurance Scheme. So during a financial crisis, there may be a remote possibility of losing all your investments in the gold saving account.
But the most important thing that investors need to note is that the account balances cannot be exchanged for or converted to physical gold or silver or gold certificates. Read more