Martin Lee @ Sg
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SG Gold Bites the Dust

It seems that another gold trading company, SG Gold, has collapsed. The slump in gold prices was cited as the reason by SG Gold for their closure.

A few hundred clients of SG Gold are affected. 

When Genneva Gold closed down previously, SG Gold was one of those companies who offered to bail out the investors.

They had offered to pay former Genneva customers 2% a month for 6 months before buying over the gold. The catch is that the customer must pay a large amount upfront.

There is simply no such thing as a free lunch in this world when it comes to investment….

 

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2 comments
James says 10 years ago

Hi Lion,

I am currently maintaining my UOB Gold Savings account.

Getting a bit “pissed” off by the way they keep raising the spread between buying and selling… When I first opened the account, the spread was 10 cents. I think they increased the spread to 20 cents around last year. Now they raised it to 40 cents???

Are you able tell why is the spread getting wider? What’s your take on this?

Cheers

Reply
    Martin Lee says 10 years ago

    Dear James,

    I guess this is one of the risks of buying a product that is through one counter-party that not an exchange traded product.

    You are at the mercy of them changing the spread or any other charges as and when they like.

    Reply
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