Friday 5 July 2013

Singapore Precious Metals Exchange (SGPMX)

Singapore Precious Metals Exchange (SGPMX) is the world's first precious metal exchange that is fully backed by physical precious metals. With as little as US$1,000, investors can buy, store, transport and trade precious metals like gold and silver.

Jim Rogers, are among those that started to trade on the new exchange by buying more gold on Wednesday. He is not concerned about the recent correction in gold prices and said he will keep buying more gold.

Visit their official website: SGPMX

I have been buying physical silver from retailers in Singapore at a 15% to 20% premium above spot. That was the only way I could get my hands on physical silver since UOB only sells physical gold. Well, SGPMX offers competitively priced physical silver!

A quick check today found that SGPMX retail store sells the 1oz UK Britannia Silver Bullion Coin for S$26.96 each while shops like SilverAG are selling it at S$35.51. A good thing has just happened for anyone who believes in owning gold and silver coins as an insurance against the inherent flaws of fiat currencies.