Serious UOB gold spread

[kkbutterfly]

does anyone knows is UOB gold "spread" always fix at certain %?
or the spread can be different at time?

why?
because today I called up UOB to ask why today spread is 42cent different per gram ( difference between sell and buy back) compare to other days is 26cents different.

the 2 operators that pick up the phone hardly understand what is spread and I gave up on them.

can I say spread % can suka suka change and can have difference of $1 ?

I read through uob website, there is no mentioned of spread %.

 

[XxooxX]

Gold likely to rise .
USD likely to depreciate

 

[johnny333]

Gold likely to rise .
USD likely to depreciate

Which currency will go up?

The Swiss franc?

 

[frenchbriefs]

More volatile more risk so they increase the spread,or low volume,nobody trading gold lately so increase spread.either way they must make up for the lack of profit.

 

[kkbutterfly]

More volatile more risk so they increase the spread,or low volume,nobody trading gold lately so increase spread.either way they must make up for the lack of profit.

no leh.
whenever there is large volume trading like Brexit and Donald Trump black horse winning, they increase the spread.
Though I do not know why and I failed to get an answer from them , I do know the bigger the spread, the more investor will not want to invest.
Imagine buying a kg gold at $57000 and the spread is 5% ,my fortune lose $2850 instantly. In this case I will not even want to invest.
but if I buy a kg now at $57000 and the spread is 1% , my fortune only drop $570. I find it worth to invest. because next few hour , I can make back more than $570 but very hard to hit $2850.

More volatile more risk .

the risk is beared by investor.

nobody trading gold lately so increase spread.

bigger spread discourage investor. lower spread attracts.

 

[Reddog]

does anyone knows is UOB gold "spread" always fix at certain %?
or the spread can be different at time?

why?
because today I called up UOB to ask why today spread is 42cent different per gram ( difference between sell and buy back) compare to other days is 26cents different.

the 2 operators that pick up the phone hardly understand what is spread and I gave up on them.

can I say spread % can suka suka change and can have difference of $1 ?

I read through uob website, there is no mentioned of spread %.

They knew what you are referring to but subject to SOP, they were required to confuse the issue and confuse you to the extent that you just go away. Same as insurance company.

 

[kkbutterfly]

They knew what you are referring to but subject to SOP, they were required to confuse the issue and confuse you to the extent that you just go away. Same as insurance company.

strange enough today (10 nov 16) they revert the spread back to 27 cent and back to 26cents.
again I failed to get an satisfactory answer.
can just change to their advantage?

 

[kkbutterfly]

after pressing for an answer,
I got this reply:
"The spread between the bid and offer price of our Gold Savings Account is not constant throughout.* Please note that the spread will widen when the market gets volatile"

when I ask what is the maximum % the spread can be when market is extremely volatile,
reply is "We do not indicate the range of the spread. However, please be assured that our gold prices are benchmarked as close as possible to the market rate"

 

[garlic]

Such spread means active trade is "yugely" expensive, just buy and hold....