Depositing gold at Hua Seng Heng

[CallumWK]

I have decided to purchase a significant amount of gold bars tomorrow, with the intention to beat the 2% bank interests. I guess that will not be too difficult.

The gold will be bought in 5 baht gold bars, 96%.

So I have the option to store it at home, rent a safety box somewhere, or leave it at Hua Seng Heng. The latter option is free, you don't pay any storage costs, get a certificate for the stored gold, and you can sell over the phone in case you want to sell part of it in the future.

Would the latter option be recommended, or which option would you suggest?

 

[mania]

It is probably fine either way but......There is an old saying for precious metals that goes....

"IF YOU DON’T HOLD IT THEN YOU DON’T OWN IT"

 

Many reasons why but the original reason for holding metals is many don't trust paper (fiat currency etc etc) so why would someone want a certificate.

 

Secondly many claims of companies that supposedly hold things leasing them out for various reasons.

 

But in your case your using gold as a hedge & trying to beat inflation or better the 2% bank rates so again probably fine for you in any case

[Phillip9]

 

Gold has more than doubled over the last ten years.  Every time its done that before, it's declined over the next 10 years.  The time to buy gold is when no one is worried about inflation.  The time to sell gold is when everyone is worried about inflation.

[Foxx]

33 minutes ago, Phillip9 said:

 

Gold has more than doubled over the last ten years.  Every time its done that before, it's declined over the next 10 years.

 

Simply not true.  For example,

Jan 2000 - US$284
Jan 2010 - US$1078 (more than double)
Jan 2020 - US$1580 (not down)

[Phillip9]

42 minutes ago, Foxx said:

 

Simply not true.  For example,

Jan 2000 - US$284
Jan 2010 - US$1078 (more than double)
Jan 2020 - US$1580 (not down)

Correct, I should have said almost every time.

[CallumWK]

Thanks for your replies, but it seems you all missed the point of my thread.

I wasn't asking investing advice, but rather, would it be safe to deposit the purchased gold at Hua Seng Heng?