My friend, if you got physical (coin or bar), the shiny reflection will go deep into your heart.......
Don't believe me? Buy some at GoldChan and try it by yourself.

open at UOB better spread.

UOB is islamic account or not?

uob not far just 5 min drive, but public bank just 1 minute drive...

uob can online buy/sell? coz i just starting can switch if wan... just more procedures and need take leave to do it...

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Added on August 9, 2011, 2:21 pmya, tot of buy at poh kong or uob, but dont know where i put

This post has been edited by xproc: Aug 9 2011, 02:21 PM

Does anyone think it's Maybank's way to cut costs on an obviously increasing valuable commodity, while leaving us only the option of being either precarious holders of unallocated gold or volatile fiat money?

I totally agreed with you

i can't describe it in words......

It sounds like they are backing up the electronic value with paper trading of gold.
No more physical backing. Its a hedging scheme.

I'd be against this new account.
Investing into gold in the first place was because distrust in paper values aka currency, interest rate, bonds, KLIBOR, stocks etc.

kindda defeats the purpose.

edited.. I was wrong

it was backed up.. i wonder why the move and whats the difference.


This post has been edited by cRiXaLis: Aug 9 2011, 02:44 PM

Well, it is backed, But not alloted to individual account holders. I certainly think it's a move to cut costs in proving the gold wafer service anyway. Plus, they ARE sole retailers of Kijang Emas. Though, the obvious problem is the markup price and difference in weight system makes it hard to do a direct MGIA to Kijang Emas withdrawal.

Just hope no sudden decision like FDR in the 30s.

This post has been edited by trencher10: Aug 9 2011, 02:53 PM

If its backed, then they should allow the option of the buyer taking
delivery of the physical gold.

in gold investment theres a saying which goes

IF you dont HOLD it, you dont OWN it.

Gold is gold dude. Hallmarks is just a control act on tracking source of funds.
A lot of people are getting conned on the low end hallmarks, certificate etc.

On bullion trades no difference.

Not alloted to individual account is a big deal. The main reason for buying gold via banking system was to safe guard physical storage of gold.

From initial note on your comment, seems Maybank is hoping to hitch on trading paper faster.

I think that term also applies to all Malaysian banks that have unallocated gold investment devices ( the passbook gold ). I really worried whether to close my GSPA/MGIA and hold physical gold. Decision time, tomorrow!

I would go for OUB due to 3 reason.
(1) Cheaper - Poh Kong sell at RM190/gm for 999 on last Sunday
(2) Lower spread - UOB less than 4%. Poh Kong is 11%
(3) International gold coin - UOB = Australian & Canada while Poh Kong issuing Bunga Raya

However, Poh Kong have 1 major advantage. 12 mths free interest instalment plan. Should worth 6%.

UOB, public bank, maybank or cimb. all not islamic.

i believe d only islamic that according to shariah is Kuwait Finance House gold passbook..unfortunately they dont have so many branches in Malaysia.

erm, next time i will buy some gold coin or bar, which is better in terms of investment, kinebar / pamp gold /gold maple /nuggets?

All of the above products should be just fine...

Also the retailer your buy from matters

The prices of Gold went up today... it is now RM 201/gram.

Gosh... dielah...

Only KFH is and that's why I opened with them. When I first buy gold 4 years ago I do it with Maybank bcos KFH was not available back then. With new Maybank stupid rules I'm closing my Maybank and transfer all to KFH.

To those who wants to open KFH account you have 2 choices. you can buy and bring home the gold wafers OR KFH will keep them for you for FREE. This also in line with Islamic principles if you're a concerned Muslim, where you can't do it with Maybank, Public amd UOB.

I suggest open KFH account and buy some gold coins from UOB when you have the money or do both at the same time.

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Added on August 9, 2011, 5:29 pmi think that's the quote for FGJAM which is no so relevant with bank's price. The prices are spiked which is meant for gold jewellers. That's why they sell expensive.

Don't ever buy from gold shops even they're selling bars and coins unless you want to get married 2nd time

This post has been edited by lustman: Aug 9 2011, 05:31 PM

Than what should I invest in??

I thought gold-bars are the best as they are tangible and can be sold at bad-times.

Been waiting for the price to drop and no luck.

Will it drop to RM 150/g again???

Regarding PG, how do you sell back the gold? Is it thru the agent?