Anyone know if I can open a bank account in Gold ounces? Where?
I wouldn’t necessarily recommend them, but they’re pretty much the only game in town that I’ve ever heard of. They charge a high annual maintenance fee as well as a per-transaction fee. However, their fees are lower than what a gold-coins dealer would charge.
You have to remember, you’re not getting paid interest on the money, nor is gold an investment in the usual sense. “Gold is the corpse of value.” Unless the currency market drives the price of the commodity up, you get nothing.
Still, the gold coins I have are in much better shape right now than the USD.
You could also try HSBC in HK - passbook gold account (gold sold by the tael) or in Taiwan
where to buy
Central Trust of China (CTC) & its branches offices nation-wide
49, Wu-Chang Street., Sec. 1, Taipei Taiwan
TEL: + 886 2 2383-6174 EXT: 2518
FAX: + 886 2 2331-2980 / + 886 2 2376-2139
Some Commercial Banks e.g. PAN ASIA BANK
Add: 2F, 95 Sec. 2, Roosevelt Road, Taipei Taiwan
TEL: + 886 2 2364-8000 (Trust Department)
FAX: + 886 2 2331-7000 pab.com.tw
Most Gold Jewellery Retailers
Gold Bullion/Bars Importers e.g.:
A. King’s Gold & Jewellery Corp.
Add: No. 286-1 Linsen North Road, Taipei Taiwan
TEL: + 886 2 2542-4586
FAX: + 886 2 2581-6604
B. Wang Ding Precious Metal Co., Ltd.
Add: 126, Ta Jen Road, Yen-Tseng District, Kaohsiung, Taiwan
TEL: + 886 7 531-6126~8/ + 886 7 521-7168
FAX: + 886 7 531-50335.
Gold Bullion/Bars wholesalers
Various denominations of bars/coins are available in the market:
A. Small bars with weights below are available in market:
* 1 gram/ 2 grams/ 2.5 grams/ 5 grams/ 10 grams/ 20 grams/ 100 grams * 1 quarter ounce/ 1 ounce * 1 Taiwan Tael (1.21 ounces or 37.49 grams) * 5 Taiwan Taels * 10 Taiwan Taels * 1 kilogram
B. Gold Passbook Gold Passbook Business launched in 1997, which is also provided with the services of telephone on-line transaction and savings plan. Customers can also transform their balance in gold passbook into gold bars.
tax - VAT on bars/coins were removed since 1988
customs - No import duty on bars/coins since 1989
other information - Local retail price for Bars/ Coins is recommended by key bullion bank and bullion distributors according to local demand and supply situation with reference to international price.
9999 Bars/coins imported from LBMA members such as UBS AG are more popular in Chinese markets like Taiwan
CTC and some commercial banks provide custody service for gold bullions/bars. Up-to NT$200 per annum service charge for gold custody is required by various bars suppliers.
Gold Passbook is now available at Central Trust of China & The International Commercial Bank of China)