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

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megabyte
post Aug 11 2011, 01:53 PM

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Guys I'm planning to open a gold investment account, from what I read, the best is UOB is it?


megabyte
post Aug 11 2011, 07:23 PM

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Guys, I just opened the gold investment account @ UOB. Hope it's a good investment. I know it's quite high to buy at this time but who knows what will happen tomorrow. This is my first time into investment, hope I will gain some knowledge and experience in it.

One more thing guys, if let's say I want to sell all the golds in my account when it reach, say erm. RM200 per gm, but I must leave 10gm in the account to keep it active right??

What if I want to terminate the account? Is there penalty charges?
megabyte
post Aug 11 2011, 07:58 PM

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QUOTE(benedict1213 @ Aug 11 2011, 07:31 PM)
yes, you must remain 10gm in that account. Any lower than 10gm will be charged.  BUT if you close account, you can withdrawn ALL the fund inside that account, (include the 10gm initial requirement).  hope this help.
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Hi. Thanks for the reply. So I can close account anytime without any charges at all?

If let's say I want sell off 15gm when my account only has 20gm, they won't let is it? or that I can still withdraw 15gm but only thing is that they will charge me a certain amount of money?
megabyte
post Aug 11 2011, 08:18 PM

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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?


megabyte
post Aug 12 2011, 04:10 PM

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QUOTE(lee90 @ Aug 12 2011, 01:23 PM)
rclxms.gif Im thinking of that too but im afraid later I kena rob by ppl  hahahaha tongue.gif
But I'll try to do that later  biggrin.gif
*
Haha won't lar I did the same yesterday. I collect my money from HSBC then open gold savings account in UOB. Simple and fast. They even gave me an ATM card, I don't know if there's any charges for the ATM service though, didn't bother to ask.

The reason I opened the gold savings account is to start learning investment, so I start from small, but my friend said silver better if you don't have a lot of cash. But oh well, what done is done. No point regretting like sifus here says. I still have a lot to learn from sifus here.
megabyte
post Aug 14 2011, 02:01 AM

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QUOTE(insaint708 @ Aug 13 2011, 12:36 AM)
how many grams u bought and in what price?
*
I bought 20 grams @ RM174.60 oh. quite high eh?

serious about correction to $1600-ish per ounce? i wonder is it true what the analysts say about gold will rise to $2000 by year end?

how does gold relate to the stock market? Is it that those people sell off their gold to buy stock and then the price will go up?

Like I said, I still have a lot to learn.. Hmm..
megabyte
post Aug 14 2011, 02:13 AM

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QUOTE(cybermaster98 @ Aug 14 2011, 02:05 AM)
Gold investment is not for short term gains. Look to the future. Gold will rise but maybe it might hit rock bottom before that but 20g is nothing much to gain or lose. So dont worry. Sit back and just observe.
*
That is true. One more thing I have been struggling to answer myself is that should I withdraw the money and buy physical gold instead? A friend of mine told me that getting physical gold is more profitable. How true is that compared to paper golds?

I wonder how to see if the price already at rock bottom? For the price of gold as of now, is it $1600 a rock bottom price? I think I should reserve some money to buy more if it hits $1600 per oz. But the problem is, not much cash flow already. cry.gif
megabyte
post Aug 16 2011, 11:47 AM

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QUOTE(keii-kun @ Aug 16 2011, 11:26 AM)
yes. you must have the original receipt.

btw, does anyone knows/tried selling back gold coins to uob which was bought from someone else who bought from UOB?

i.e A buys from UOB. A needs money and sell to B at cheaper price than UOB sell,higher than UOB buy (win-win)
Can B take the coin bought from A and sell back to UOB? Or is it only the registered purchaser can sell back?

cyber,
usually based on 2009.2010 gold goes upward nearing deepavali and continue slowly to rise until dec. then will be sideways until end jan/early feb (CNY) where the price will go down a bit. maybe a lot of chinese sell of gold to celebrate CNY?

i'm waiting for a dip right now to enter back, else dump in ASB first then wait next jan/feb to enter.

past performance does not indicate future performance.


Added on August 16, 2011, 11:26 am

if i had the money for 400gm, i'd goes for uob, could get rm1.50 spread.
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Hi bro, but who would do that? Why selling at much cheaper price when I can just sell back to the bank? Unless the bank is very far away from my house? But my opinion is that as long as we have the receipt then should be okay I suppose. The question is, if I lost the receipt, what are the consequences?

QUOTE(lustman @ Aug 16 2011, 11:33 AM)
wow, bought 400g in 2010, must be around 50k  rclxm9.gif

must be laughing quitely at all of us here who are still asking questions whether o buy or not  doh.gif

good for you, mate  thumbup.gif

btw if i have 400g i'd still go for KFH and you you know why.
*
Why is KFH better? can you explain? sorry if i didn't catch up with the earlier stories. I thought as long as whichever spread is lower then go to which bank? Although the initial deposit of 20gm might be heavy for some initial investors alike.
megabyte
post Aug 16 2011, 11:45 PM

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Is it not advisable to grab golds from those online stores then? Since in the end you will have the risk of not even being able to sell of the gold later? As I see there are a lot of websites which offers cheaper price than the banks.

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