So meaning to say I have made a very big mistake should have bought Kijang Emas instead

If no hurry to sell, just keep the gold. You'll probably get your capital back within a year.

If I'm not mistaken, Poh Kong minus between 8% to 11% depending on the purity of gold and one must produce Poh Kong's original receipt to qualify.

Nonetheless, it's better to sell the gold back to the original source of purchase or one will have to settle for 20-30% discount (depending on the purity of gold) if sold at other goldsmith shops.

Cheers!

Hmm.... you sounded very sure that the gold price will increase to RM195 per gram end of this year? I really doubt so... but seriously I need the gold price to raise to RM195-RM200 just to break-even

Gold price can drop, instead of up 11%.
You never know.

From investment pov, you start of with 89 instead 100 you paid, disregard yield you profit or not, is something very big spread to start with.

20-30% is the real and actual worth of gold.
Is there any black and white documentation stated they will buy back at -8 to -11%?

When gold price is surging, there is no problem for any seller to repurchase back the gold sold.
What if the gold price become RM100, they still repurchase back from you at Rm177 - 11% = Rm157?

The more I read from you sifu, the more I'm heartache now should just bought 1 piece... now I do not have enough cash to buy Kijang Emas anymore...

This post has been edited by echoesian: May 17 2011, 11:29 PM

Perhaps, u could sell back ur gold.
And buy with other manufacturers ?

Of course, there will be more losses since gold in hard times to climb back to USD1500/ounce psychological price.

Just keep your gold, it will go much much higher by 2012.

As far as i know most investor buy physical for the long term (i.e. 1-2 years at least), Medium term players (3-6 Months) go for gold ETF's, futures or options.

Short term players (daily trading) go for forex or bank's spot gold price trading.

In my opinion the spreads available locally is too high for trading.

You biggest mistake not buy at rm177 per gram but the 11% spread

It's either you sell now with 11% loss so you can try other gold investment or keep the gold hoping gold price can reach maybe rm200 per gram later

This post has been edited by Sifha238: May 18 2011, 12:35 AM

The spread is very high for bank, so i guess bank is for long-middle term investment.

I wouldn't worry about it if I were you. Holding physical and paper is entirely different. If there is a real currency crisis, the paper holders will want to redeem physical from the banks. Imagine what will happen then. Why don't you write to the banks that sell paper gold and ask them the procedure in the event customers want to redeem the physical stuff. In such an event, the so called premium Poh Kong or Tomei charges for buying back your gold isn't going to be a factor anymore. In the event of currency crisis scenario, you may be reluctant to sell your gold and if you do choose to sell your gold there would be plenty of people out there who would be more than willing to purchase from you even at spot price I dare say provided you still have the receipt for proof of your purchase. It becomes a matter of survival and no price is too great for survival.

Unless you're a trader just seat back and ride out the volatility. Its all noise. RM177 per gram now is chicken feet when you look back next year. Its going a lot higher.

This post has been edited by speed7791: May 18 2011, 11:21 AM

Given the $$ and choice, I will always buy from UOB. No question ask.

Just buy physical from UOB spread only 4-5%, sure they will buy back one.
again I recommend you all my gold buying strategy for locals. I been buying since 2008. I'm not selling gold cause not profitable. so no conflict of interest.

http://silvermalaysia.blogspot.com/2011/04...g-strategy.html

others scheme are just not worth consideringlah.
Another example, U see www.jutawanemas.com lah. See what gold he have. Other than UOB gold, PG bar which he can gets it cheaply, Kijang emas
I don;t think they have any other gold.
The same goes to many of the traditional gold buyer (experience gold investor), those who been buying since 2008 or earlier, they don;t even buy Public Gold Bar,
just UOB and some kijang emas only. Some quit their Maybank and Public Bank gold saving ac and buy UOB physical only.
There is the lowest spread, no need to think already.
Unless UOb got no stock. then another storylah.

Frankly, I don't know. The gold has been on a 10 year bull run and it was looking good from all the past news articles I've subscribed to.

However, it looks bad today. Read Gold prices drop after Soros dumps gold ETPs

We see the next few days how this plays out. No matter... what goes up must come down; and what goes down must go up.
And I guess, echoesian, thank God you're holding physical gold, not some paper.

Cheers!

---

Added on May 18, 2011, 12:27 pm
You're right. It's already happening and it may be a rough ride downwards as Soros pulled out most of his gold investment as reported today.

On your second point, I don't know. That's was said to my aunt when I accompanied her to cash in her gold at Poh Kong to buy Genneva Gold. Unfortunately I'm a "banana" so don't understand Chinese very well. In the end, she decided to sell and convert her gold directly at Genneva as Poh Kong would need a week to process and issue the cheque.

Cheers!

This post has been edited by PatEagle: May 18 2011, 12:27 PM

Consider this as tuition fee lah.
perhaps it was sold by leng lui.

Next time buy from UOB ok. Buy /sell 1oz only RM185 differences.

Honestly, U won;t be able to get back your any return for 6 mths to 1 years. until you see Public Gold selling at 180/gram then U can get back your capital lah.
Beyond that it's your profit lor. Just keep your gold lah.
they will buy at Spot price and sell you at Jewerely Prices. Federation of Gold Association price.
that why U get 11% margin.

It's a bad investment lah. Just admit your mistake lah.
next time for gold don;t buy if it is >10% above spot unless it's a special gold like maple 99999, gold buffalo slabed.

to add, not to pour cold water on u..but seriously, didn't u read up first before buying? investing blindly is the worst thing to do

Worse than not investing - It's similar to main tikam / gambling

so conclusion is...

buy UOB's physical? yes?

There is banks overseas with normal accounts that allows online trading gold spot at RM1-RM2 spread and silver spot at RM.041-RM0.50 spread per gram.

for even better spread perhaps forex?

what bank does offer that kind of spread? mind to intro?

UOB SG got gold and silver account. Spread is about SGD 10 cent /gram
HOng Kong banks also got paper gold. But all of them U must physically present to do the buy and sell.

below is the full details lah
http://silvermalaysia.blogspot.com/2011/04...pm-trading.html

If you got other bank contact which allow online trading, I ;'m interested to know lah.

Anyone bought gold bullions from UOB before? Is it difficult to get gold stock/supply? Does the bank offer free safe deposit box?