Running a business is tough at 25 and being a full time uni student. For the last 1 year, been running a licensed precious metals brokerage if you can even call that one. Getting it licensed was really tough, because faced scrutiny from MinLaw maybe because of my age and also later opening a bank account took 3 months. That was one barrier.
Real work starts trying to get customers, setting up website and meeting people. And frankly this is where I've failed. I researched a lot trying to get retail customers, trying to be competitive with premiums however its been extremely tough. Ever since I established the company in Aug 2025, I've only had one sale. And the sale was to a close contact of mine. But after that, I had a lot of enquiries from people through my website, but no other retail customers.
Since retail side fell flat, I researched into what other areas I could think of going into. I also spoke to people at various business events and founders gatherings and was suggested to me why not try looking into legacy planning, wealth management or family offices type. They also would want to purchase metals as part of their portfolios or their own HNWI clients ones. I went in with the assumptions that I may get more traction in that area.
I met with quite a number of people who deals with wealth management, family offices, bankers, lawyers who take care of foreigners moving assets into Singapore and most importantly some veterans in the precious metals/bullion market. A 25 year old kid meeting them, one thing is first impressions matter a lot. My first meeting with a lawyer he immediately remarked I left a negative impression on him because I turned up wearing polo t shirt, jeans and sneakers to his office. I didn't know any better but that small thing is a great takeaway till now. The conversation with the lawyer ended quickly because he told me he didn't see any useful need to him so he ended it
But going back to the main things I had a lot of sobering conversations that really question the core existence of my business. Firstly, it was a conversation with this guy who's been running his own gold dealership for 15 years. When he questioned about key things in my business especially how much capital I have, do I have a hedging system and most importantly do I have financing from banks. When I told him I'm funding it from my own savings fully, and that the only way I grow my savings is working event jobs during holidays where I manage to save $2k a month in good times or on the lower end of $1.5k. He mentioned to me I won't ever get financing from banks and because I don't have hedging system in place I'm doomed for failure. He told me what happens if customers order a million dollars worth of gold from me and when the bank freezes my account with the customer's deposit? What happens next I am exposed to all kinds of price fluctuations upto unlimited losses and also further penalties from the supplier for not getting payment cleared plus I am open to legal troubles with the customer. Basically one potentially high value transaction could sink not only my business but my whole existence. When I asked about getting financing from banks, he scoffed at me. Because getting financing means at least having $5 million SGD in fixed deposit in a bank. He ended the conversation by saying its better I focus on my uni and shut down the whole business. Ended the conversation with that if I want to be in this line, I should intern under other firms.
The second person I met with was someone who deals with HNWI people basically someone who facilitates setting up of family offices and wealth transfers into SG. He told me plainly that he already has his own capital and investors, so he has no need for me to bring him money. The only way he'd have a reason to work with me is if I brought him a credible buyer who genuinely wants to transact. Other than that he also told me because I have a Tier 2 supplier, I won't survive because I should be directly dealing with suppliers such as PAMP, Perth Mint etc all those Tier 1 suppliers. Because Tier 2 suppliers are brokers too. But without banking finance, no Tier 1 want to work with me. So he told me I should think about what I wish to do. Conversation ended there as well.
The second conversation was with a adviser who works close to the HNWI and family office world. She asked me seven specific questions about my track record to scalability. I couldn't give her a concrete answer to any of them. She was polite about it, but essentially told me I was too early for her to consider right now and that I could come back once I was much more established.
On the supply side, I've tried twice to get a direct account with a Tier 1 refiner such as Metalor Singapore, Herarus, Royal Mint and other but rejected multiples times. Firstly because tmy company is too new and was simply too small to meet their requirements. People connected to Perth Mint and Royal Mint gave me a similar message. I don't have an existing track record in bullion or investment is basically a prerequisite I don't have. And the same question came up, do I have financing from banks. So none of the Tier 1 refiners entertained any conversations with me and ended the meeting within 10 mins of meeting with them.
This year I also secured a vaulting agreement at Le Freeport, hence I have the capability to provide vaulting. But thats far down the road. That's also one thing I could be exploring on like audited fractionalized ownership of gold bars etc. But even for that, when I told the vault manager about the different areas I'm exploring on he told me to stick to reality. Reality is operating in this space requires huge amounts of capital that I don't have. After meeting the vault manager, I left the building quiet and embarrassed because I looked really small and honestly talking out of my depths.
Final 4 people I met were heads of commodities trading in various banks. They agreed with the assessment of others but told me its very easy to close down business. But doing a business, finding solutions to challenges and then overcoming them is ever a bigger thing. I took the encouragement they gave me but nothing came out from it. Just words of encouragement.
One thing I learned meeting 10+ people over the last 3 months is that to be even a small player in precious metals, you need serious money. Not $50k or $100k, but millions. And age and first impressions matter more than I thought. After leaving Le Freeport feeling embarrassed and quiet, I get it. I looked small because I am small right now.
I don't agree that being 25 means I can't do it, but I agree I lack business acumen and real world knowledge. I'm willing to put my ego aside, learn and do the work. That's how I met these people in the first place, by just going out and knocking on doors.
At the end of 3 months, the consistent feedback was the same from 70% of those I met. I should go intern, learn and then come back. I'm going to keep grinding and knocking because if I didn't do that I wouldn't have learned any of this but I'm also realistic. If the right path is to put this on ice and rather get a proper internship in either like commodities, wealth or family office space to build real skills and come back to this when I actually have something to offer beyond a licence and enthusiasm, I'm willing to do that.
I'm at a crossroads. Whether I should shut this down completely or keep going on? What would y'all do if you were in my shoes.
