BullionStar versus UOB
Many years ago, I wrote several articles on UOB’s Gold Savings Account (GSA) and Silver Savings Account (SSA) in this blog. I had made some monies from GSA and had shared with readers my first experience with gold. But that was the time before BullionStar was established in Singapore and since then, my understanding of gold and silver has improved. The regulatory landscape for bullion trading has also changed as Singapore aims to be a precious metal hub by first removing GST for investment grade bullion. Subsequently, Singapore FreePort was established to cater to gold storage facilities.
UOB’s GSA and SSA
UOB is one of the largest local banks and is the only Singapore bank that sells physical bullion. It is also the only bank that has Gold Savings Account (GSA) and Silver Savings Account (SSA). The biggest advantage of opening a precious metal savings account with UOB is the convenience of transacting online via UOB Personal Internet Banking or UOB Mobile. You can also use your CPF funds to buy gold or silver through GSA or SSA.
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.
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