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Post by Soutpeel on Jun 6, 2016 10:18:24 GMT 7
Any one have or had dealing with bullion star in Singapore ?....think of throwing some cash into some bars and may be some coins I am aware of the cost of storage with them etc, the website seems all kosher, but seeing if anyone has done any dealings with them directly. www.bullionstar.com/ |
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Post by Fletchsmile on Jun 7, 2016 9:33:16 GMT 7
Don't know a lot about the company to be honest but have heard of them in the last couple of years. A few thoughts though: Had a quick look at their website and says they were founded in 2012 and are a privately owned company. Relatively new and privately owned wouldn't be my first choices. I'd prefer established to relatively new if putting my money there. I'd also prefer a listed company - just for the accountability and additional controls and regulation would be around them. Established and listed don't guarantee the company won't fail or something go wrong, but both can decrease the chances. It seems that they aren't subject to much in the way of what they have to report for financials. Also I found it a bit odd they say they are regulatory by the IRAS (Internal Revenue Authority of Singapore). Wasn't aware the IRAs actually regulates anyone. Answerable to them for tax maybe, but regulation sounds strange. www.bullionstar.com/investor_relationsRather than just IRAS I'd be looking to see what other recognised bodies they are members of. eg Singapore Bullion Market Association (SBMA) they don't seem to be a corporate member of Not sure if that would be an applicable body for them to be a member of but it's the type of thing I'd like to see them linked to www.sbma.org.sg/members/I also wonder how they deal/ set prices. The Singapore Stock Exchange mentions the following, and refers to a few bodies. www.sgx.com/wps/portal/sgxweb/home/products/derivatives/commoditiesSo all in all I think you're right to ask more questions and try and find out more or people with experience. Not a market I personally invest in either. If I did I'd probably be looking for a more established player, particularly if they're storing my gold, and with 60% of gold traded in Asia feel there should be more established options. |
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Post by Fletchsmile on Jun 7, 2016 9:55:52 GMT 7
For me I tend to get my gold exposure thru funds. While you don't have the physical asset, it's very convenient. Also compared to the above you know who your money is with. Maybe higher fees/ costs in the long run too, but not unreasonable if you're looking for a store of value wealth as an alternative to cash, equities, bonds etc. In Thailand, we have 3 funds. They're more expensive than you can buy offshore. The advantage is really convenience we can buy locally with THB cash and not having to suffer exchange rates etc. Plus if anything happens to me, the wife can just go to them and sell if she wants. Simple. 1) TMB Gold Fund - no up front fee, total annual expenses approx 1.2% - no up front fee. It's a feeder into the SPDR Gold Trust. Probably the best known global gold fund. So basically you're paying to access this from Thailand www.tmbam.com/pdfs/tb7_03_en.pdf2) Krungsri Gold RMF - also a feeder into SPDR. No up front fee. Total annual expenses 1.1%. As an RMF I get tax relief of up to 35% on buying it. Not applicable to you as I don't think you're a Thai tax payer. They do a similar fund that's not an RMF www.krungsriasset.com/EN/pdf/FFS_KFGOLDRMF_EN.pdf3) MFC Gold International Fund - also a feeder into SPDR. They have a small fee on buying of 0.1%. Annual fee 1%. They are a bit more active in whether they hedge the exchange rate vs THB or not, and seem to take more views on exchange rate. www.mfcfund.com/mfc/incfile/REPORT/fsp/th/igold.pdfSo all pretty similar, easy, convenient available from Thailand, feeding into SPDR and cost you just over 1% a year Overseas I've used various exchange traded funds (ETF) buying from Singapore or UK. These you can buy thru most brokers in the same way you would do shares. Like: IAU - on New York Stock Exchange PHAU - on London Stock Exchange They have bid-offer spreads which represent a cost to you. But the annual fees are less than mutual funds. The US ETFs are more liquid with tighter spreads and of course SPDR, cheaper than anything from Thailand . Singapore's website for the SPDR exchange traded fund shows annual costs are ball park 0.4% with a tight bid-offer spread. If you look at the website straight away you see a transparent product, financials, info, regulator etc www.spdrgoldshares.com/singapore/Fact sheet is here: www.spdrgoldshares.com/media/GLD/file/singapore/Fact_Sheet_GLD_SG_02_29_2016.pdf |
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Post by Soutpeel on Jun 7, 2016 10:25:54 GMT 7
Insightful info as always Fletch thanks... As you allured to was looking to see if any had had direct dealings with them, have read all the reviews and for the most part haven't read a a bad word about them, other than a few "customer service" remarks about responses to emails, ie it seems too "cosy & nice" hence the reason for my question...  Understand the paper gold versus the physical gold thing and at the moment I am leaning more towards the physical gold, I don't keep much money in Thailand and all my dealings are in Singapore, hence my interest in this. I know I had mentioned Bullion Star before in a thread last year but at the time never did anything about it, so just re-visiting before I do anything. With Oil on the "Up", dollar on the "down" can see gold hitting USD 1300 to 1400 an Oz, maybe more in the next 18 -24 months, so could make a few bob off it and seeing as there is is no VAT/captial gains tax in Singapore no grubby little tax man to take a cut. I can do a similar set up in SA, but I try to keep money out of SA as far as possible with the exchange controls etc and the ever watchful eye of the tax man there  |
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Post by Fletchsmile on Jun 7, 2016 11:35:25 GMT 7
I know Naam mentioned he holds some physical gold. Not sure where and via who. But you can guarantee he'll have done his research. As he's not a big fan of gold but just holds some for diversification he also offers a decent and sensible view.
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Post by Soutpeel on Jun 7, 2016 11:44:53 GMT 7
I know Naam mentioned he holds some physical gold. Not sure where and via who. But you can guarantee he'll have done his research. As he's not a big fan of gold but just holds some for diversification he also offers a decent and sensible view. if I do jump in, it will be only with recommended 6% to 10% of the total piggy bank. |
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Post by realisedurgency on Jun 19, 2016 14:50:37 GMT 7
They have a Youtube channel that gives you a feel for what they are about. I have not used them but I have considered them.
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