this question has been asked many many many time. after giving many examples and yet the question pops up again and again and again. the problem is "too many cooks spoil the soup". i'll bet people will give all sorts of advice but at the end of the day use your heart and brain to decide. the problem is many people don't want to listen to the truth and that's why they ask the same old question again.

so i suggest read back previous posts and you'll find the answer.

this is just a general statement and is not intended at any particular person

This post has been edited by lustman: Aug 9 2011, 07:13 PM

My thoughts regarding shiny gold and "paper" gold:

1) Gold accounts from the banks are backed by real gold (or so they claim anyway).

2) This talk about falling in love with something shiny in your hand is all well and good, but we are investors, not princesses. $$$ is what counts, not bling. Couldn't give a monkey's what it looks like and whether or not I hold it in my hand.

3) Physical is not very safe. If it gets stolen or house burn down, habis.

4) There is an inherent risk in the banks' gold investment schemes, as we are at the whims and fancies of their pricing structures, and if anything ever happens to the bank such that they cannot pay out, the money is effective stuck or gone. The good news is that these gold schemes are just play-play value-added services for the bank - they make such little money from it, if anything at all. There is no motivation for them to poison their customers with the pricing over something that is so incidental to their bottom line. As for the banks going bankrupt, well, my view is that if that ever happens to UOB, PBB or MBB, we have far bigger problems on our hands than worrying about our gold. I would start worring about how to farm rainwater and how to grow my own vegetables.

i'm afraid you're wrong.. if house got burn, your gold just got melted... still can sell back ma...

one more thing... everyone can claim everything they want. Since this is not regulated by goverment yet.

anyway you can do what ever with your money. I do respect your right

This post has been edited by azizulego: Aug 9 2011, 09:08 PM

Had a look at KFH website. Seems they state they hold gold fineness of 99.5. But somehow it doesn't explain why their gold price rates they selling even higher than Maybank, or CIMB for that matter.

I have a similar thought but always got shut down by some of my relatives who are the physical gold holders. I see gold as a commodity rather than money. Seriously if there came the day when all the banks in the world collapsed and the paper monies had gone down to zero value (which is highly unlikely) I would go after food rather than gold to keep myself living.

Since the collapse of bank is possible but not likely... paper gold (to me) is more attractive than physical gold.

so lung the account is backed by gold shd be ok... I think maybank is doing it.. KFH yes and Al Rajhiiii

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Added on August 10, 2011, 12:59 amjust buy lo... you'll not regret... amerika fiat money now running into the drain... world economy going INto recession... europe economy already got busted... bla,bla, bal... bla-bla bla.. korea suddenly bought tons of gold following china & india... pheewww... in the news= FOCUS IS ON GOLD... SOOOOOOO... i think it will steadily goes up... the earlier bought the earlier

This post has been edited by wysiwyg17: Aug 10 2011, 12:59 AM

Gold can be a commodity and a currency. Thats the beauty of it.

But more oft its a currency rather than a commodity.

Case in point is presently in all the economic and financial chaos, people
turn to the safe haven of gold as a currncy.

Banks will not collapse perse. They will get bailed out as usual.
However to do this, gomens will need to print more currency.
The more they print, the more worthless it becomes.
So, fiat currency may collapse as evidenced
by the weimer republic and more recently, zimbabwe.

As greedy gomens print more and more to satisfy their greed and corruption, gold will
gain in its status as a currency. This is what is happening in U.S in the last 10 years.

Corruptd gomens and bankers teaming up to control the paper systems.
If fiat currency collapse, paper gold will follow suit as it is also paper.

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Added on August 10, 2011, 7:39 amLooking for suckers like thos jewellers?

This post has been edited by prophetjul: Aug 10 2011, 07:39 AM

Does anybody know why UOB's gold savings account spread is only RM2 while Maybank & Public Bank is about RM 7.20? Are there any hidden charges for UOB?

hidden charges? just that opening account requires 20GM, higher than PBB / MBB.

also, the product is still new for UOB msia , not 1yr yet if not mistaken.

who recently as in past couple of days buy gold?
or will u cont to buy more now at its peak?

What make you think the current gold price is at its peak?
It will still go up. just watch.

UOB already established in PM , their HQ in SG has been dealing with Precious Metal for long time maybe 20 yrs. Thus, they have all the expertise in gold and silver market. Thus, they can offer it to U at RM2 spread cause no point offer less than that (RM2) cause other banks are offering at RM5 spread. In SG the spread is SGD0.10

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Added on August 10, 2011, 9:02 amFor me it is a question of timing, when comes to timing very few can make the correct guess.
I agree food is important, but then the question is when will the problem arises.
5yrs, 10 yrs - 15yrs down the road.
at the mean time gold and silver will be the bet as a storage of purchasing power.


This post has been edited by GoldChan: Aug 10 2011, 09:02 AM

hahaha ok, i mean peak at this time.
will u go for it then?

For someone that believe if when bank and economy is collapsing in our county, the most important thing to do is find water and grow food, maybe should relook back this classic video.

http://www.youtube.com/watch?v=7ubJp6rmUYM


Bank will collapse only when the economy as a whole is collapsing?

Not necessary. In 2008, Lehman brothers and Merrill lynch gone with the investor money, but US as a whole still surviving. Remember Barings Bank? too young to know it?

So, Maybank may collapse but Malaysia as a country still survive. While the person with physical gold can still sell their gold, people with paper gold can only knock their head.

Moral of the story, history repeat.
Story is the same, the different is the actor.

i still find the physical gold damn leceh to keep n risky

same though over here..

maybe if you watch this video from start till end you may find some answer too (for those who have not seen yet)

this video are recorded in 2003..

this is the latest one this year( the same lecture topic with some updates) :-

Is there any where i can get data on the price of gold for the past few days/weeks? Some chart or something?

http://goldprice.org/gold-price-history.html

http://www.bnm.gov.my/index.php?ch=12&pg=141

Will the gold price continue to raise? Is it good to buy now?

just go for it, ask urself this has it drop alot lately or past mths?