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Suggestion for buying silver to store in a vault in Singapore?


Domenico

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Hi,

I'm looking for suggestions about, good and trusted, bullion dealer in Singapore.

I bought some digital silver back in May on oneGold.com, but I now decided that is better to hold phisical bullion,and put it in a vault in Singapore.

 

Back at that time, I opted for digital cause premium were too expensive. but I'm now starting being worried about confiscation. So I wanna put in a vault in Singapore.

Furthermore, I wanna use it as a collateral to get a loan and buy more silver.

 

Any suggestionnis really appreciated.

 

I did my research and the best bullion dealer in Singapore seem to be Bullionstar.com, but they don't offer loan

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4 hours ago, Domenico said:

Hi,

I'm looking for suggestions about, good and trusted, bullion dealer in Singapore.

I bought some digital silver back in May on oneGold.com, but I now decided that is better to hold phisical bullion,and put it in a vault in Singapore.

 

Back at that time, I opted for digital cause premium were too expensive. but I'm now starting being worried about confiscation. So I wanna put in a vault in Singapore

Correct you don't hold it you don't own it. Digital silver is as good as paper silver. Try cashing it in a crash.. and asking for delivery for physical.

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You're worried about confiscation of silver in Australia? Why?

Confiscation in general is a ridiculously unrealistic concern in almost any modern country. Governments aren't going to steal people's metals. In most modern countries they lack both the legal right and the motivation to do so. They would trigger a war if they tried to steal people's metals, at least in America.

Singapore is one of the safest countries on the planet to store wealth, including metals, and their government is making a concerted effort to make Singapore a world precious metals hub. That's why they recently made PM exempt from their GST tax, which is basically a VAT. There's no realistic near-term scenario where Singapore's government would steal people's assets. If it came to that, the world would have to be in a very different state than it is currently. Storage in a reputable Singapore facility is going to be somewhat safer than home storage for most people, albeit more expensive – the risk of loss from all causes at a facility will be lower than the burglary risk at home. In fact, I'm not sure that anyone has lost metals at any reputable storage facility, vaulted service, etc. anywhere in the world in say the last 30 years. Does anyone know of any heists at gold vaulting businesses?

There was an apparent fraud case involving an American company – Bullion Direct – that offered a type of vaulted or allocated service. I don't know if customers lost their holdings or what the details were. I would just do due diligence with any outfits in Singapore or elsewhere.

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