Is it? I was actually planning to go open an account with CIMB cause the spread for Maybank is much higher and there arent any UOB branch in my town.

so the spread will be bigger than 6%??

Well, for Maybank, they do revise it now and then. Few years back it was ±4% from spot price. Now I think it's ±2%.

2% as in selling at SPOT + (2% * SPOT) and buying at SPOT - (2% * SPOT). I could be wrong about the percentage though. Don't bother to calculate them anymore...

CIMB is fairly new. I think their GIA has not been around for even one year yet. But their spread in % looks slightly lower than Maybank.

If you're planning for long term, all that will be lost is just your opportunity cost.

This post has been edited by jian5481: Aug 22 2011, 04:57 PM

Its still at US$ 1,887 now.

it quit stable at 188X now

bro, i said nearing..not at $1900..

lol.. it reaches 1894 just now at 2pm, but come back to 188X range..lol..

yup, the calm before the storm?

lower spread is good

BUT nothing beats lower price - because lower price gives you more grams in gold weight

for example if you have RM 100,000 to invest and buy at RM 212 a gram - you can buy about 471 grams of gold - at the FGJAM price

whereas if you are not particular about branding - you can buy at RM 192 a gram of SriAyu - u get about 520 grams of gold - about 50 grams extra

it is always up to you - some people will fight to the death and protect their choice of branding and get 471 grams which is the FGJAM price and yet some other people who will give a hoot about branding and get 520 grams which you can physically open and touch anytime

don't forget that certain brands do not allow u to physically touch the gold and if you open the packaging you lose about 25% - some of the bank based dealers do not even want it to buy back - they do not want your gold - of course you can melt it and sell it as used gold - for even lower price

when you sell back the branded gold - they want to see the original packaging intact and god forbid if you lose the original receipt that was given to you a few years ago - pls keep receipts safely and as securely as the physical gold

and do not also forget only certain branches of the bank will do the buy back at appointed times and only when the bank is open on weekdays

whereas the cheaper brands anybody can buy with or without the receipt - packaging is not something to bother about

whereas the cheaper brands have no issue with packaging - and you can touch and smell your gold anytime u want

so the choice is yours to make - granded gold or cheaper gold - more grams to to you for the same amount of money

it is just like people who buy latest bmw and then complain on the servicing costs and those a little bit value minded who buy cheaper cars which can be a serviced at a cheaper cost - even bawah pokok also can - BUT no free coffee and definitely no ai conditioned waiting lounge with free wifi

it is also like insurance - everyone says buy buy buy - BUT when you want claim your hospital benefits that you paid the insurance premiums for every year then there is so many many forms to fill up and tons of supporting documentation required and u have to wait a mighty long time to get - then there will be deductions also

so everyone got to decide cheap gold or expensive branded gold - more grams or less grams of gold

ultimately gold gold is gold just like a rose is a rose is a rose

European stock markets are doing well now. It will have a positive impact on Wall Street but only question would be will it be enough to erase previous losses? Read the following article.

http://money.cnn.com/

no one answering my questions?

this is going to be yet another broken record as the previous broken record, broken totally.

as you all disputing about high low spread, well-known or chekai brand, and so forth, do you realize that you are actually losing out?

so what did you lose?

hmmm.....

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Added on August 22, 2011, 5:42 pmthat's mt answer to your question

This post has been edited by lustman: Aug 22 2011, 05:42 PM

Personally I don't think branding is the issue here.

As we know the biggest threat/risk in investing in physical gold is 'how real' is the gold.

Buying from a trusted Gold Chain, will probably minimise the risk.

That's why I don't buy from the internet... plus if we buy from Poh Kong then sell back to Poh Kong and they 'have to' buy back and cannot question whether it is real or not right?

What's all the taikor and taicheah opinion?

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Added on August 22, 2011, 6:12 pm
Fundamentally.... why is everyone buying gold?



This post has been edited by chengcheng: Aug 22 2011, 06:12 PM

Thanks

btw, can you answer this question?
if jewellery shop sell at rm212/g and it is 6% spread.
then you sell rm190/g and i buy from you, then sell to the jewellery shop,
i will definitely make money already.
i will earn about rm9+ for a gram.
correct me if im wrong. im still new.

if i'm right,
let say for instance i buy 20g of gold at rm190/g price.
then i go sell to the jewellery shop at 6% spread at that time selling price which the price is rm212/g
i earn rm9 for a gram. then i do the same thing 5 times per day and i earn rm900 per day.
then, i repeat the same process for let say a month/30 days. then i will earn rm27k for a month(if the spread still can earn you rm9)

Bro, everyone knows this technique but you can't c ppl earning from this method. Why? Because gold shops only buy back golds sold by them. U bring other gold brands to them, u will lose ard 30% of the gold price. You are thinking smart, but those ppl are smarter than you.

i see...so the jewellery shop spread isnt 6% if we bring other gold brands then, thanks bro

Trading 3 American Silver Eagles with airtite and 1 world 10 dirham with 1 dinar. To read about the dirham, http://aurumaworld.com/2011/08/the-worlds-purest-dirham/

Retailing around RM300-350 plus 2 weeks pre order. I have ready stock.

Gold is a kind of protection against inflation and currency value drops.

Lets say you have cash value worth rm 100 and gold value worth of rm100. After a year inflasiton and currency value effected, your cash value is worth rm50 which was value 100 a year back, but your gold retain that rm100 value. Since gold have its own value, your rm100 gold worth rm200 in international market. Know this, If economic drop so does the currency worth, but gold will ALWAYS retain its value through out time. See your history, everything traded is in GOLD ! Cash value is acctually backed up by GOLD.
Consider GOLD is the basic pure form of money.

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Added on August 22, 2011, 7:33 pmMe thinks you should learn more about GOLD value/ GOLD market and stop thinking about profit for a while. After your knowledge has gain much then you can think about profit making using GOLD.


This post has been edited by TruthHurts: Aug 22 2011, 07:33 PM

Week 34 Gold Technical Analysis @ FxGump

Another week of Gold frenzy. Here is my take on Gold & Silver for the upcoming week, which are probably the market’s darlings of 2011.

Gold (XAUUSD)


Resisted at top of ED channel

Gold price seem to be facing some resistance at the top of ED channel and has also reach 138.2 Fibonacci extension. I’m looking at a throwback to the green zone in the upcoming week.


Potential Support zone (green zone)



Price will most likely do a throwback to the green zone and bottom of the ED channel. If that support zone fail then I’m looking at a retracement to 1670, in order to cover that gap up.

hm.. still consider which bank to go.. u r rite oso..thanks for advise.. how much spread for cimb?

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Added on August 22, 2011, 8:57 pmok thanks.. which bank is better n lower spread other than UOB?

This post has been edited by EvOKIdZ: Aug 22 2011, 08:57 PM