Thursday, March 28, 2013

Gold Money opens Hong Kong and Singapore Vaults

In my past blogs, I have shared how I accidentally was able to open an account in Gold Money in 2009 through BDO Unibank.  That was a one hit wonder and I could not fund my holding account since BDO said that it was illegal to do so and that they were penalized for allowing my transactions to Gold Money.

According to the increase in the price in gold and silver, my investments have since grown by 150 to 200% since that time.  I wonder at the peculiarities of our national laws, banning the participation of citizens in the acquisition of precious metals when in fact, the scams that have ravaged Philippine society in the past years headed by the recent "Aman" have remained unpunished.

Had those citizens especially in the parts of the Zamboanga Peninsula resorted to buying gold and silver where it is graciously found, they would have been in a better predicament than they are now and tons of cash could have been preserved than believing on these financial saviors who have left them sheepishly cashless.

Anyhow, for those who are seeking still to invest in this segment of precious metals, here is a statement from the Gold Money website:

Quick, online sign-up process for residents in Singapore & Hong Kong

Customers resident in Singapore and Hong Kong can get started quickly with a Basic Holding and later upgrade to a Full Holding as more funds are transferred-in for metal purchases.

What is a Holding?

To buy precious metals with GoldMoney, you first need to open a Holding, which is the digital customer file where the ownership of your metal and your transactions are recorded. We have deliberately chosen the word ‘Holding’ instead of ‘Account’ to make it clear to our customers that they own the metal and it is held in their name. GoldMoney does not charge a fee when you first sign up or when you upgrade from a Basic to a Full Holding.


GoldMoney Holding Types

Residents in Singapore and Hong Kong can choose between two types of Holding: Basic and Full. Basic Holdings are easier to set up due to lighter regulatory requirements, but offer less functionality than Full Holdings.

Photo courtesy of : www.goldmoney.com





 At least, this investment institution will now be at arms length to the Filipino who wants to preserve their purchasing power and enjoy the maximum returns that come from owning precious metals.

As the investment grade rating of the Philippines has just been declared, we hope that Gold Money would consider opening their vaults here in the country as well.