Wednesday, 23 April 2014

SGPMX launches first physical Gold and Silver accumulation programme in Singapore

Singapore Precious Metals Exchange (SGPMX), the world’s first physical precious metals exchange with peer-to-peer bullion trading capabilities, has announced the launch of its global gold and silver bullion accumulation programme.

The first of its kind in Singapore, consumers can now accumulate gold and silver bullion in 1g and 10g respectively, without incurring high premiums. In other words, consumers are able to invest in bullion for as little as S$60 for 1g of gold and S$10 for 10g of silver.

Unlike existing paper-backed gold and silver savings accounts, the SGPMX accumulation programme allows consumers to buy physical bullion instead of paper-backed futures, as well as store, trade and arrange for the delivery of the physical gold and silver.

Victor Foo, CEO and founder of SGPMX, said, “We have seen consumer interest to accumulate bullion but there hasn’t been an end-to-end provider in the industry ranging from procurement to logistics and storage. By addressing this gap in the market, we envision that the SGPMX physical gold and silver accumulation programme will be a valuable platform that enables consumers from different income levels to own physical gold and silver.”

In ensuring wider availability and increased convenience to Singaporeans, eNETS is now available as a payment option on the SGPMX platform, allowing Singapore bank account holders to pay by direct debit. In addition, Singapore consumers can make standing instructions for their bank accounts to deduct an allotted amount for the gold or silver each month through the General Interbank Recurring order (GIRO). Both services are available to DBS/POSB, OCBC, UOB and Citibank banking users.

Ang Sok Hong, Senior Vice President, Sales, NETS, said, “NETS has always been about making payments easier for consumers and we are pleased to be partnering with SGPMX in providing Singapore consumers with the first direct debit payment option for bullion purchases via eNETS.”

Foo adds, “We understand that not all consumers have the liquidity to purchase gold and silver in large quantities (above 50g) in each transaction, and purchasing small quantities continues to remain expensive due to the high premiums. Our accumulation programme provides the consumer on the street with the option to purchase 1g gold and 10g silver quantities without having to pay high premiums through the Valcambi CombiBar™.”

The Valcambi CombiBar™ is a multifunctional bar designed to be easily broken off by hand into detachable one gram pieces without no loss of the metal during separation. Consumers who are not able to afford a 50g bar of gold upfront can pay for the gold bullion in 1g each time without accumulating high premiums.

Michael Mesaric, CEO of Valcambi, said, “We are happy to partner with SGPMX in offering our high quality precious metals via the Valcambi CombiBar™, which offers exceptional investment value to investors who are interested to purchase at smaller quantities. We are especially pleased that these will be made available to a wider audience because of the SGPMX gold and silver accumulation programme.”

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