Where to buy gold or silver cheaply in Singapore / World?

Many people like to buy silver and gold bullion bars and coins as an investment for the future, where can they buy in the world?

Metalor gold bar 1 kg
Metalor gold bar 1 kg

Where do buy gold and silver?

Singapore happens to be the cheapest and best place in the world to buy gold and silver. We all know that gold is a solid investment, and ethnic Chinese and ethnic Indians love physical gold as an investment for old age or to pass to their children. Silver, as an useful industrial precious metal, is also very popular to buy and hold.

Why is it cheapest to buy gold and silver in Singapore and where?

Singapore, with high GST (Goods and Service Taxes aka VAT) has NO tax on pure bullion gold and pure bullion silver. You are able to buy gold at 0% tax. Many countries in the world impose GST, luxury tax or various way of taxation on gold and silver, and only Singapore and Hong Kong has no tax on gold and silver.

Silver bar 500g Singapore
Silver bar 500g Singapore

Where can we buy gold and silver in Singapore?

1) Jewellery shops

Many jewellery shops that sell gold and silver jewellery at a high premium (craftsmanship and branding for jewelries are expensive) have also pure gold and silver bars in their shop.

Advantages:

Convenient. They are everywhere in shopping malls.
Trustworthy as most jewellery are big corporations

Disadvantages

Costly Premium – They have a high premium on gold and silver bar even when there is no craftsmanship involved.

2) Pawnshop

Many pawnshops do list gold and silver bars and coins from people who have pawned and sold their precious metals.

Advantages:

Convenient. You can find pawnshops in major shopping malls or town centers.
Premium is lesser than jewellery shops.

Disadvantages:

There is still quite some premium attached as the pawnshops need to earn profitably.
Stigma of “old gold” as the gold or silver is sold by someone who needs money.

3) Bullion shops that specialise in gold, silver bullion bars and coins.

We have seen the rise of bullion shops that specialise in selling beautiful coins collection, silver and gold bullion bars and coins. They do not charge a premium as they are non-jewellery shop and does not focus on the branding and craftsmanship.

Advantages:

The lowest premium you can find on gold and silver

Disadvantage:

Not as convenient as there are only 4-5 bullion shops in Singapore. You need to google search for their shops.

Gold Silver City is an ecommerce shop for gold and silver operating in Singapore for almost 10 years. We do insured courier delivery for numismatic coins, and for large value of bullion silver and gold – we are able to visit you at your selected location and deliver personally.
Buy your gold and silver here in Singapore!

Royal Canadian Mint - Gold Maple Leaf
Royal Canadian Mint – Gold Maple Leaf

How to test for Fake Silver?

How do we test for real or Fake Silver?

When we buy precious metals, we want to make sure we get the real, authentic metal. There are many good ways to test for real silver.

Magnet Test

One of the easiest way is to use magnet. Silver and gold are diamagnetic (metals that are not attracted to magnets) and a magnet will not stick to it. Any metal that sticks to magnet is definitely fake.

And real silver has an interesting reaction to magnet. When you move a magnet over the surface of a silver bar, you will feel a small resistance, as real silver is paramagnetic and create electromagnetic waves that resists the movement.

Ice Cube Test

Among all the metal, silver is the best conductor of thermal energy. It conduct heats extremely well. If you place an ice on top of a real silver coin, it will melt immediately, as if it is on a hot surface.

Sound Test

Strike your silver bar with another metallic object. If it is a real silver, you would hear a ringing sound that holds for 1-2 seconds. If the sound is non-ringing or a strange dull sound, please be cautious.

Density Test

Get an accurate scale and note the weight of your silver bar.

Get a glass of water, place it on the scale, and set the scale to ZERO.

Tie the silver bar, dip it COMPLETELY into the water, but without touching the base of the glass. The silver bar should be in the middle of the water, note this new weight number on the scale.

Divide the first weight of the bar, by the 2nd weight number (in the water), this number should be 10.49 for an accurate measurement of Silver density. (Silver Density = 10.49 g/cm3)

Ultrasound Test.

Using special instrument, you can use an ultrasonic device to test for consistency in a bullion bar. Sound waves travel at different speed through different metal. If your silver bar is merely silver plated, the numbers would differ from a pure silver bar of 99.9 purity. The sound velocity for pure silver should be 3600 meters / second (or  0.140 Inch/µSecond)

 

Caliper Test

Many established brand mint has known dimension and tight tolerance levels. For example, a silver Panda coin of 1 oz would have a diameter of 40.0mm and a thickness of 2.98mm. An American Silver Eagle 1 oz has a diameter of 40.6mm and a thickness of 2.98mm Calipers can reveal any inconsistencies in dimensions, and you should refrain from buying such items.

Acid Test

Warning: This test is destructive and will spoil a tiny portion of your silver. Please do not use unless absolutely necessary.

Buy an acid test kit, it is commonly sold on Amazon. Scratch a surface of the silver bullion and add a few drops of the acid on the silver. If it is pure silver, the color would be Bright Red. If it is silver, but not pure, it would be dark red, brown or green. Any other color means it has no silver in it at all.

Some key pointers before you buy that Silver!

  • Buy from a reputable merchant. If you buy directly from something like Ebay or Carousell, there are no guarantees that your product is authentic. (www.goldsilvercity.com.sg is backed by a Singapore firm, Newell Builders Pte Ltd, that has been established for more than 30 years. We are here for long term business. Over time, we have many regular gold and silver clients, check the clients’ reviews at www.facebook.com/goldsilvercitysg)
  • Mints are starting to fight back as well – some newer products have additional security features to prevent counterfeiting.
  • Know and understand how the different tests for fake bullion work, and use them to verify that your gold or silver is real.