BullionStar vs Public Gold: Which Is Better for Singaporeans? (2026)

BullionStar is the better choice for lump-sum bar purchases: tighter spreads of 1 to 3%, SGD pricing, LBMA-accredited bars, and a Singapore vault. Public Gold is the better choice for monthly accumulation: the GAP program starts from RM 100 per month, and Public Gold holds institutional Shariah certification from Amanie Advisors that BullionStar does not. The right choice depends entirely on your buying pattern, whether Shariah certification is a requirement, and whether you plan to accumulate gradually or buy bars outright.

Quick Overview of Both Dealers

BullionStar was founded in 2012 and is headquartered in Singapore. It operates a retail showroom and vault at 45 New Bridge Road. All pricing is in SGD. Its product catalogue covers gold and silver bars from internationally recognised refiners: PAMP Suisse, Valcambi, Perth Mint, Argor-Heraeus, and others. All bars carry LBMA (London Bullion Market Association) accreditation, which is the global standard for institutional gold.

BullionStar also operates its own proprietary Vault Gram system, which allows investors to hold fractional gold in BullionStar's vault without taking physical delivery. The vault is in Singapore, independently audited, and insured. Spreads are among the tightest available for retail investors in Southeast Asia for standard LBMA products.

Public Gold was founded in 2008 and is headquartered in Kuala Lumpur, Malaysia. It is Malaysia's largest physical gold dealer by retail customer count. Unlike BullionStar, Public Gold mints its own gold bars, stamped with the Public Gold hallmark at 999.9 purity. All pricing is in MYR.

Public Gold's flagship product for retail investors is the Gold Accumulation Programme (GAP): a monthly auto-debit savings plan that credits gold grams to your account at the live market price. GAP makes gold accessible to investors who do not have a lump sum to buy a full bar. Public Gold also holds Shariah certification from Amanie Advisors, one of the most respected Islamic finance advisory firms globally.

Pricing and Spread Comparison

The buy-sell spread is the gap between the price you pay to buy gold and the price you receive when you sell it back. It is the primary upfront cost of owning physical gold.

BullionStar spread: For standard LBMA gold bars (e.g., a 100g PAMP bar), BullionStar's spread runs approximately 1 to 3% depending on the product, size, and gold price at the time. Smaller bars and coins carry wider spreads. A 1g bar carries a higher percentage spread than a 100g bar. For investors buying in quantity, BullionStar is one of the most competitive retail dealers in Singapore.

Public Gold spread: Public Gold's spread on its own-minted 999.9 bars is approximately 6 to 9%. This is wider than BullionStar's spread for equivalent gram weights. The spread varies by bar size: smaller bars (1g, 5g) carry a wider spread than larger bars (100g, 1kg).

The wider Public Gold spread requires context. It includes a lifetime buyback guarantee: Public Gold commits to buying back its own products at the published price on any business day, no questions asked. It also funds the GAP infrastructure, the Shariah certification, and Public Gold's dealer network, which covers over 30 countries. For long-term accumulators using GAP, the monthly dollar-cost averaging effect spreads the spread cost over many purchases, reducing its per-gram impact over time.

A direct cost comparison for a 10g bar purchase at current gold prices (approximately SGD 1,300/g, MYR 4,000/g) would look roughly like this:

For a pure cost-per-gram calculation on a one-off bar purchase, BullionStar is the winner. But the comparison shifts if Shariah certification is a requirement, if you plan to accumulate monthly rather than buy lump sums, or if you are a long-term holder where Public Gold's buyback guarantee provides peace of mind.

Product Range

BullionStar product range:

• Gold bars from PAMP Suisse, Valcambi, Perth Mint, Argor-Heraeus, Metalor, Heraeus (weights from 1g to 1kg)
• Gold coins: Britannia, Maple Leaf, American Eagle, Krugerrand, Australian Kangaroo, Singapore Lion
• Silver bars and coins (wide range)
• Platinum products
• BullionStar Vault Gram: fractional digital-physical gold stored in their Singapore vault
• All gold products carry standard LBMA assay marks and are internationally tradeable

Public Gold product range:

• Own-minted 999.9 gold bars: 1g, 2.5g, 5g, 10g, 20g, 50g, 100g, 1kg
• Gold dinar coins: 1/4, 1/2, 1, and 2 dinar (available in standard and collector editions)
• Silver bars: 1 troy oz, 100g, 1kg
• Silver dirham coins
• GAP (Gold Accumulation Programme): monthly accumulation from RM 100
• All gold products are 999.9 purity and Shariah-certified

One important distinction: Public Gold bars carry Public Gold's own hallmark rather than LBMA refiner marks like PAMP or Valcambi. For resale to international dealers or banks outside Malaysia, LBMA-branded bars from BullionStar are more universally accepted. Within Malaysia and through Public Gold's own dealer network, Public Gold bars sell and buy back easily. For a Singaporean holding long-term and selling back to the same dealer, this distinction is practical rather than critical. But for investors who want maximum future liquidity across international markets, LBMA bars from BullionStar carry a structural advantage.

The GAP Advantage (Public Gold Only)

The Gold Accumulation Programme is the single biggest reason Singaporean retail investors choose Public Gold over BullionStar. There is no equivalent product at BullionStar.

Here is how GAP works:

1. You register a Public Gold account and set up a monthly auto-debit.
2. Each month, Public Gold debits your Malaysian bank account (or you make a manual transfer via FPX).
3. The minimum monthly contribution is RM 100 (approximately SGD 30).
4. Public Gold converts your contribution to gold grams at the live market price on the debit date and credits the grams to your GAP account.
5. Your gold is allocated and segregated: it sits in Public Gold's vault in your name, not pooled with other investors.
6. When you accumulate enough grams to meet the minimum for a physical bar (typically 5g, 10g, or 50g depending on the bar you want), you can request physical delivery to your door.

The practical effect is dollar-cost averaging into physical gold from as little as SGD 30 per month. No other dealer in Singapore or Malaysia offers this structure with Shariah certification and an institutional buyback guarantee.

BullionStar's Vault Gram product is the closest equivalent: it allows fractional gold ownership in BullionStar's vault without buying a full bar. However, it is not a monthly auto-debit accumulation plan. You buy manually. There is no DCA automation. And it does not carry Shariah certification.

For investors who want systematic, hands-off monthly gold accumulation, Public Gold GAP has no real competitor in this region.

Storage Options

BullionStar vault: BullionStar operates its own vault at its Singapore premises. Storage costs approximately 0.39% per year of the metal value, subject to a minimum monthly fee. The vault is independently audited and insured. You can take physical delivery at any time by visiting the showroom or arranging courier delivery. For investors who want to hold gold in Singapore without managing their own safe, BullionStar's vault is a clean, regulated option.

Physical delivery from BullionStar: You pay the product price, take delivery, and store the bar yourself. Costs: a home safe (from SGD 200 to SGD 2,000+ for a quality fireproof model), a safe deposit box at a bank (from approximately SGD 80 to SGD 300 per year depending on the bank and box size), or a private vault service in Singapore.

Public Gold GAP storage: Your gold grams are stored at Public Gold's facility in Malaysia at no additional annual fee while they remain in the GAP account. When you request physical delivery, Public Gold ships the bar to you. You then arrange your own storage in Singapore.

Public Gold physical bars: If you buy a physical bar outright rather than through GAP, it is shipped to you and you store it yourself. The same local storage options apply as for BullionStar physical delivery.

The storage comparison is clear: if you want a professional, insured vault in Singapore, BullionStar is the right choice. If you are comfortable with the gold sitting in Public Gold's Malaysian facility while you accumulate via GAP, the storage is included in the programme at no extra cost. Both are legitimate approaches; the right one depends on how much gold you are holding and how important Singapore-based custody is to you.

Shariah Compliance

This section is particularly relevant for Muslim investors in Singapore, who make up a significant proportion of retail gold investors in this region.

Public Gold: Holds an active Shariah certification from Amanie Advisors, one of the most respected Islamic finance advisory firms in the world, with clients including major central banks, sovereign wealth funds, and international financial institutions. The certification covers Public Gold's bars, dinar coins, and the GAP programme. The GAP is specifically structured to satisfy the Islamic finance requirement that gold must be owned immediately upon purchase (yadan bi yadan, hand to hand). The gold you accumulate in GAP is allocated and segregated in your name, not held as a general asset of Public Gold.

BullionStar: Does not hold an institutional Shariah certification. BullionStar's physical bar and coin purchases do achieve immediate physical ownership transfer, which is the core Islamic finance requirement for gold transactions. Many Islamic scholars would consider a straightforward physical bar purchase from BullionStar to be permissible on first principles. However, BullionStar has not sought or obtained formal certification from a Shariah advisory board.

The practical implication: if you want a documented, formally certified Shariah-compliant gold product, Public Gold is the clearer choice. If you are buying a physical bar outright and are satisfied that immediate ownership transfer satisfies the requirement, BullionStar is a reasonable option. Consult your own religious or scholarly authority if you need a ruling specific to your situation.

For a deeper analysis of what makes gold investments halal or haram, see the Is Gold Investment Halal guide.

Currency Risk

Currency risk is one of the most overlooked costs when Singaporeans compare these two dealers.

BullionStar: No currency risk. All products are priced in SGD. You buy in SGD, sell in SGD. Your gold value fluctuates with the gold price, not with MYR/SGD exchange rates. This is a clean, direct exposure to gold.

Public Gold: MYR pricing adds currency risk. All Public Gold products are priced in MYR. To buy, you convert SGD to MYR. To sell back, you receive MYR and convert to SGD. This means your return from Public Gold gold is affected by both the gold price movement and the SGD/MYR exchange rate.

Over the past decade, the MYR has generally weakened against the SGD. In 2014, SGD 1 bought approximately MYR 2.50. In 2026, SGD 1 buys approximately MYR 3.40 to MYR 3.50. This means a Singaporean who held MYR-denominated assets over that period experienced an additional headwind from currency depreciation on top of any investment returns.

For gold specifically, gold is priced globally in USD. Both BullionStar's SGD prices and Public Gold's MYR prices ultimately reflect the same underlying USD gold price, translated through their respective local currencies. If MYR weakens relative to SGD over your holding period, your Public Gold holding (when converted back to SGD) will underperform BullionStar on a like-for-like gold price basis.

The practical FX cost to consider:

• Bank transfer conversion (e.g., DBS Remit or Wise): approximately 0.5 to 1% per conversion
• Standard bank counter rate: approximately 1 to 2% per conversion
• Two-way cost (buying MYR in, selling MYR out): approximately 1 to 3% total FX cost

For a long-term holder, currency risk is manageable but not negligible. For a Singaporean comparing a pure cost calculation, add approximately 1 to 2% to Public Gold's spread to account for the round-trip FX conversion. That brings the effective spread closer to 7 to 11% versus BullionStar's 1 to 3%.

Who Should Choose BullionStar

BullionStar is the better choice if you:

• Are buying a lump sum of gold in one transaction rather than accumulating monthly
• Want internationally recognised LBMA-branded bars (PAMP, Valcambi, Perth Mint) with the widest possible future resale market
• Want SGD pricing with no currency conversion or FX risk
• Want the tightest buy-sell spreads available in Singapore retail gold (1 to 3% on standard bars)
• Want a professional, insured vault in Singapore without managing your own safe
• Are a non-Muslim investor or a Muslim investor who is satisfied that direct physical bar ownership meets your requirements without formal institutional certification
• Want to buy a wide range of gold and silver products including international coins
• Prefer to interact with a Singapore-registered business with a physical showroom in Singapore

Who Should Choose Public Gold

Public Gold is the better choice if you:

• Want to accumulate gold monthly from a small fixed amount (RM 100 per month, approximately SGD 30)
• Do not have a large lump sum to invest upfront and prefer systematic monthly saving
• Require formal, documented Shariah certification from an internationally recognised advisory board
• Are comfortable with MYR pricing and have access to a Malaysian bank account for FPX payments
• Want a lifetime buyback guarantee from the dealer who sold you the gold
• Want access to gold dinar coins, which BullionStar does not stock
• Are already part of the Public Gold dealer network and value the community and support infrastructure
• Are a Singaporean who regularly crosses the Causeway and prefers a regional dealer with Malaysian operations

Full Comparison Table

Frequently Asked Questions

Dealer disclosure: I am a registered Public Gold dealer (PG02637457). This comparison is written to be factually accurate and balanced. I earn a dealer commission when you sign up through my Public Gold link. BullionStar is an independent Singapore dealer with no affiliate relationship to this site. Spread and pricing figures are approximate and subject to change with gold market conditions.

Disclaimer: This article is for educational purposes only and does not constitute financial advice. Past performance does not guarantee future returns. Gold prices fluctuate and you may receive less than you invest. Please consult a qualified adviser before making investment decisions. All pricing figures are approximate and based on market data available at the time of writing.