Summary:
A Singaporean company is offering consumers, via a mobile app, the ability to buy much smaller gold pieces than normal, making it more affordable. People can now buy a one-gram gold bar for just US$70. The firm’s founder and CEO says this could bring gold sales to the mass market.
Transcript:
You can now buy a piece of gold for just US$70.
A Singaporean gold exchange now offers pieces weighing from 1 gram to 1kg.
Customers can even purchase the gold through a mobile app.
The exchange’s founder wants to attract non-traders to invest in gold.
Victor Foo, CEO and founder of Singapore Precius Metals Exchange: “When we first started a business a decade, obviously we attracted the elite group. But it’s our inspiration to be able to reach the mass market. So what we did our first programme was we allowed people to accumulate small pieces, small sums of one gram gold bars.”
Foo says sales have increased as people worry about economic impact of Covid-19.
An ounce of the metal exceeded US2,000 for the first time in August.
But while gold is popular in Asia, the firm has found it difficult to sell pieces to ordinary consumers.
People usually obtain gold as jewellery and gifts.
For now, the exchange’s most popular purchase is still the 1kg gold bar that costs an eye watering US$60,000.
Source: South China Morning Post, September 19, 2020