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 Buying Gold As Investment V2, 2011 Gold Rush From Oil Hype

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keii-kun
post Jul 27 2011, 10:16 PM

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QUOTE(kelvinyam @ Jul 27 2011, 02:50 PM)
The only thing I dislike about Maybank Gold Saving Account is that their buying price is way too low than the selling/COMEX price. RM5~RM6 difference which equals to about 3%~4% commission (@ RM150/g).
*
better than CIMB which raise the spread to RM10 during gold price rush recently.

i saw maybank did adjust the spread to RM7 if not mistaken last year end July when the price dived, the selling price was not that low during gold took the dive.

just opened gia with uob. locked buying 154.60 at 2pm, later 3.15pm already revised to 154.90.
was recommended by their customer officer that special rate for those opened acc with 500gm, but not as low as gold premier account (rm1 spread)

diversify my paper gold hahahah

review of gia - by 1million dolarblog

GIA comparison

kijang emas - very sensitive policy by maybank - if scratched - no buyback - hard to get also
uob (aus nugget / maple gold) - as long cert available - weight same - buyback as published. anytime.
keii-kun
post Jul 28 2011, 06:28 AM

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genneva? hmm.gif hmm.gif

hibah 2% .....discount....guaranteed buyback....exactly as per Etika Emas Estet.

furthermore, in islamic banking, a fixed guaranteed profit (like hibah 2%) is already wrong. how dare Genneva claim "Syariah" compliant.

5% discounted from FGJAM price (RM183/gm 24k) would put a 100gm gold bar @ RM17,300. buying at premium already.

BNM Investigates Etika Emas and Genneva
» Click to show Spoiler - click again to hide... «


This post has been edited by keii-kun: Jul 28 2011, 07:28 AM
keii-kun
post Jul 28 2011, 10:12 AM

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QUOTE(kuhfayLover @ Jul 28 2011, 08:44 AM)
I don't see the RM10 spread from cimb ?!  hmm.gif

GOLD Deposit
Last Update: 27-07-2011

                  Selling Buying
Gold Deposit 156.500 151.900
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read correctly, i did not said today or yesterday. it was monitored by other forummers.

QUOTE
RM10 difference
Last Update: 04-02-2011

Selling Buying
Gold Deposit 136.150 126.150
QUOTE
RM5.75 difference
GOLD Deposit
Last Update: 08-02-2011

Selling Buying
Gold Deposit 134.250 130.000
Added on July 28, 2011, 10:17 am
QUOTE(prophetjul @ Jul 28 2011, 07:54 AM)
i asked this....many times, no answer.......giving interest rates is islamic?  i am no muslim but i always thought
interest is haram?

Oh and buy Genneva gold at 30% higher than spot and pay yourself the 1.5% interest!
Whatta great sales point!    rolleyes.gif
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interest = riba = haram.
islamic is more to perkongsian untung aka profit sharing which currently a lot of organisation is manipulating the terms.

genneva gold related = the chairman of so called gold bullion enterprise dealer bla bla and his friends already being charged by BNM, which from the BNM report, they are the owner of Genneva Sdn Bhd.

ok, enough on scam discussion.

buy what you can afford.

everything have risk, buy physical later can hilang or misplaced. buy physical also can kena con fake bars.
buy paper could be fraud.

buy from reputable.

This post has been edited by keii-kun: Jul 28 2011, 10:17 AM
keii-kun
post Jul 28 2011, 02:18 PM

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QUOTE(kuhfayLover @ Jul 28 2011, 10:44 AM)
I'm just trying to tell, it is no more RM10 spread today for cimb, which is better than maybank.
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that is what i am trying to share.. don't be fooled by the current spread.
bank always have the rights to revise the price. those big spread only happens the day where gold skyrocket and cimb revise
the price for that day.
now - slow market - of course better. you are not selling now yet. wait till price sky rocket and everyone going to sell,
you can see the spread changes.

btw, early this month, CIMB spread is 4.25, not 4.75 as of now.

and also, if you are a very long term saver, 3-5 years, spread does not matters laugh.gif

Added on July 28, 2011, 2:22 pm
QUOTE(Debuantu @ Jul 28 2011, 01:17 PM)
On Monday gold price was   US$1600/oz   AU$1502/oz
          Current gold price is   US$1623       AU$1470

Do you spot the difference? While gold/oz is increasing in USD, the price per oz in AUD is getting cheaper. Do you know why?

How's it like in ringgit?
*
usd dollar value is dropping = thus you need more USD to buy 1oz of gold.
Australia is one of the gold producer and its currency is moving based on gold = thus less AUD required to buy gold.

what happen here in malaysia, gold valued in USD.
gold price up, usd down, so when convert into ringgit, gold did not goes up as much as the world price smile.gif

This post has been edited by keii-kun: Jul 28 2011, 02:23 PM
keii-kun
post Jul 28 2011, 03:37 PM

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QUOTE(kelvinyam @ Jul 28 2011, 02:29 PM)
It does matter. If you are with Maybank Gold Saving, you will be making 4% less when you cash out. 4% of RM100k is RM4k leh!
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ya lor, basically you lose the day you deposit already. after 3-5 years, if the price goes up and up...boleh pejam mata la, sebab sendiri silap beli maybank lor. at least you already deposit some, got untung still

Added on July 28, 2011, 3:40 pm
QUOTE(Debuantu @ Jul 28 2011, 02:59 PM)
Gold in Aus is quoted in USD too same as Malaysia. The gold price in AUD is cheaper due to the appreciation of AUD not so much on the decreasing value of USD (otherwise gold price in ringgit would have been cheaper too after conversion).  smile.gif
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yes , you are correct. was trying to mention that AUD moves similar to gold movement as they are gold producer.

thus when USD value dives, gold which valued in USD is cheaper to buy if you have AUD since exchange rate AUD to USD is higher.
same thing did not happen here sad.gif

This post has been edited by keii-kun: Jul 28 2011, 03:41 PM
keii-kun
post Jul 28 2011, 09:07 PM

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if that's the case kelvin,
either you go UOB gold premier - 1kg (rm1 spread)
or UOB Gold Passbook - 500gm (can nego spread, i believe can get RM1.50 spread compared to normal RM2 spread)

else the nugget or maple gold - 3.6% spread
keii-kun
post Jul 29 2011, 12:51 PM

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dear patricia,
i did not say the genneva is fake or anything, but buying gold from a company and its director who were gold beam top people that is currently under investigation by BNM? come on, be realistic. using mahathir to launch the product, the king was not even there!

please stop promoting geneva product here. this is a discussion thread. you can create your own sales thread.

for others, you can see the step by step to purchase here
you can also see on 4/7/2011, the price sold by genneva is rm175/gm for 100gm . and you did not get the official cert for the gold, just a company printed certificate of ownership.

you decide for yourself.


goldchan,
is there any requirement that restricts msian to open uob gold account in spore?
keii-kun
post Jul 31 2011, 09:50 PM

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QUOTE(smokymcpot @ Jul 30 2011, 11:56 PM)
Hmmm, 916 gold at RM158.7/g or 1/4 oz 999 gold coin at RM173.4/g? Which would you get?
both is brand new
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assuming 916 is jewellery, and if you are buying it for an investment or hedge for your saving, i'd go for 1/4 oz, but better get those maple / nugget / kijang rather that those unknown 999 gold coin.

fxgump,
the chart clearly shows the market is awaiting for 2nd Aug decision, which most analyst expect US to raise debt ceiling to manage their deficit while finding better option to 'solve' their debt problem. if this does happen, then gold would continue to rise in USD but not really moving in other currency, i.e AUD, like cherroy mention.
for that, the price in msia might not move that much , due to USD being cheaper than ringgit.

wysiwyg,
i too hope the price to drop, but bear in mind, USA have the biggest gold volume, which in case of default, they could drop the whole stock into the market and plunged the gold price back to pre-2002. then this would kill those who 'invest' in gold , not those who 'save' in gold laugh.gif
you bought in may and expecting it to rise soon? at least 6mth, unless you bought your gold super cheap.

karlos,
i saw your posting on both gold n silver thread. i'd suggest you to read through the thread to understand better on both precious metal investment.
keii-kun
post Aug 2 2011, 11:05 AM

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QUOTE(GoldChan @ Jul 29 2011, 08:19 PM)
I email UOB SG in mid 2007 to open a SG silver a/c
They told me that the dealing has to be done in person over the counter. No online dealing.
No restriction on nationality.
So I decided not to open cause it too troublesome.
for frequent traveller it may be an option.

there are some hiding charges which U can check in UOB SG website.

most of the thing is here
http://silvermalaysia.blogspot.com/2011/05...goldsilver.html

http://silvermalaysia.blogspot.com/2011/04...pm-trading.html
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thanks for the info. already check out the uob account sg. small spread but the annual maintenance is already similar to the spread ..

gold spread (buy/sell) in SGD
62.74 62.64
silver spread (buy/sell) in SGD
47.56 47.16
QUOTE
For Gold Savings Account: An annual administrative fee (in grams of gold) as low as 0.12 gram per month or 0.25% per annum. on the highest balance per month, whichever is higher. The fee is subject to GST, which will be deducted from your account in grams of gold.

An administrative charge of S$30 for the closure of the account within six months. The fee is subject to GST.

For Silver Savings Account: An annual administrative fee (in ounces of silver) as low as 0.2 ounce per month or 0.375% per annum on the highest balance per month, whichever is higher. The fee is subject to GST, which will be deducted from your account in ounces of silver also.
gold - 0.12gm x 12 = 1.44gm annual @ RM154.00 + GST 7%
silver - 0.2ounce x 12 = 2.4oz annual @ RM240.00 + GST 7%

unless you are planning for short term , i.e like recent gains from gold USD1480/oz to USD1600/oz, can get some profit la.

This post has been edited by keii-kun: Aug 2 2011, 11:07 AM
keii-kun
post Aug 2 2011, 11:50 AM

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QUOTE(soonlee33 @ Aug 2 2011, 11:43 AM)
here's a situation
u hv 3k, so far 2 options so far can be taken into consideration

1. maybank
buy 20g and stand a chance to win rm10,000 monthly

2.cimb
buy 10g and remaining goes to 4% fd

pls advise thanks smile.gif
*
another option
3. uob
buy 20gm and get small spread. better chance of profit.
keii-kun
post Aug 4 2011, 10:41 PM

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my uob gspa +4.70/gm already since last week laugh.gif regret buying the nugget, should have put all in the gspa.

my mbb gia from last year almost +30/gm rclxm9.gif rclxm9.gif

of course buy when you can afford, even 1/20oz cos later you will say regret2 did not buy in august laugh.gif
keii-kun
post Aug 7 2011, 05:47 PM

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QUOTE(whizzkid @ Aug 7 2011, 06:33 AM)
My recommendation, don't go to gold shop to sell ur gold since they will consider it as used gold and buy it at below spot price which is very2 low.

Better u open a thread in FB and sell to normal customer..
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you open here also can....i'm interested to buy laugh.gif
keii-kun
post Aug 8 2011, 12:47 PM

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QUOTE(aaronpang @ Aug 8 2011, 11:39 AM)
Kijang jump RM300 in just 6 days  icon_rolleyes.gif

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if u managed to get one laugh.gif - just profit today RM111, else uob maple gold today already profit rm122, and its easier to get rclxms.gif rclxms.gif
keii-kun
post Aug 8 2011, 01:06 PM

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QUOTE(kevyeoh @ Aug 8 2011, 12:52 PM)
darn...public bank gold investment... about RM157/g just early last week and now become RM166/g.... moving too fast.... and furious...
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with uob gia, you'd already +10/gm brows.gif
keii-kun
post Aug 8 2011, 06:59 PM

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it seems maybank already 'adjusted' their price.
spreads
maybank rm6.90 / gm
cimb rm5.00/gm
UOB still RM2.00/gm and revised the price today 3 times if not mistaken thumbup.gif thumbup.gif

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Added on August 8, 2011, 7:00 pm
QUOTE(jutamind @ Aug 8 2011, 06:36 PM)
i'm trying to sell my 999 gold wires & leaf. asked Gold Buyer International kiosk (as recommended by someone in the thread) yesterday, and they're only buying at RM112.2/g, which i think is way too low for current gold price.

any other place to sell off the gold?
*
jutamind,
have you tried asking the following
- gcp.com.my
- oneau.com.my

This post has been edited by keii-kun: Aug 8 2011, 07:00 PM
keii-kun
post Aug 8 2011, 10:24 PM

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wah like tat, u buy 922am then sell evening already untung rm1.10/gm hahahahah
keii-kun
post Aug 10 2011, 08:29 AM

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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.
keii-kun
post Aug 11 2011, 06:38 PM

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hahahah of course, not a day goes by hearing " if only i had ...." esp during gold rally.

anyway, today cashed out my uob saving
almost 12% return in 2weeks.
enter 27.07.2011 @ 154.60
exit 11.08.2011 @173.10 (it was 174.60 exactly my target/tp this morning but was too busy to get out of office)

my saving is in physical. paper is for duit raya hahahah

with the CME margin raised, i do not want to have ' if i had sold my gold when it hits ceiling....... later . similar to what happened with silver.
sticking to my plan - take profit as expected...when its green hehhe (lesson from my expensive lesson learnt in forex)
keeping fiat to collect more physical and moving to shariah compliant KFH
keii-kun
post Aug 11 2011, 08:45 PM

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QUOTE(megabyte @ Aug 11 2011, 08:18 PM)
Ok thanks for the feedback.

But I thought they will give me a passbook or something, but instead, they gave me an ATM card and an acknowledgement slip only. Is this normal?
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yes, their gold account is statement based, which you will receive every end of the month. i opened mine on 27jul and received last week for my july statement. had to open saving acc, but did not take the atm card. yours must've been the passbook-less saving account.

i've sold off my uob gia today and close out the account, but you can only close out at the branch you originally open. else you can only withdraw. balance less than 10gm will be charged rm2.00

and after closing, lets say you want to re-open again , can do. no penalty.

it was a good choice for me to open uob, really worth the distance thumbup.gif
keii-kun
post Aug 11 2011, 10:08 PM

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the price will soon became last week's price for gia in msia...we'll see tomorrow brows.gif
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