wafak below 1800 already, good for buying opp. ...
hope can reach 1750 by dis week ..

ya.. approaching 17xx.
same situation with yesterday...

i want to buy in at this price point also no chance already...
because Msia market close at 4.45pm.. sigh..

It was RM131/g.

Bloomberg: Greece’s Risk of Default Jumps to 98%

The contagion impact of a default will be severe, because next in the firing line will be Italy, Spain and it will bring down the whole European banking sector

Sept. 12 (Bloomberg) -- Greece has a 98 percent chance of defaulting on its debt in the next five years as Prime Minister George Papandreou fails to reassure investors his country can survive the euro-region crisis.

“Everyone’s pricing in a pretty near-term default and I think it’ll be a hard event,” said Peter Tchir, founder of hedge fund TF Market Advisors in New York. “Clearly this austerity plan is not working.”

It costs a record $5.8 million upfront and $100,000 annually to insure $10 million of Greek debt for five years using credit-default swaps, up from $5.5 million in advance on Sept. 9, according to CMA.

The International Monetary Fund (IMF) financial data shows that Greece’s budget gap widened 22 percent in the first eight months of 2011 instead of decreasing despite the bailout. The default probability for Greece is based on a standard pricing model that assumes investors would recover 40 percent of the bonds’ face value were Greece to fail to meet its obligations.

The nation’s government now expects the economy to shrink more than 5 percent this year, more than the 3.8 percent forecast by the European Commission, as austerity measures deepen a three-year recession.

Greek stocks fell yesterday, with the ASE Index tumbling 4.4 percent to 847.48, down more than a third from 1,286 on July 22.

The risk of contagion beyond Greece pushed sovereign credit-default swap prices to record highs across the euro region yesterday. European bank debt risk was also at the highest ever amid speculation that major French banks will be downgraded because of their holdings of Greek bonds.

“The contagion impact of a default will be severe, because next in the firing line will be Italy, Spain and it will take in the whole of the European banking sector too. This trio are already under intense pressure, but it will get much worse.”


(Note: Im quite certain gold will skyrocket if this happens so load up when you can)

This post has been edited by cybermaster98: Sep 13 2011, 04:57 PM

The last time gold dropped below 1800 was on 7 Sept when it went down to 1,799. The lowest in the last 12 hours was 1,805. Are you sure of your data?

Gold currently trading at US$1,808.

This post has been edited by cybermaster98: Sep 13 2011, 05:23 PM

it may be a good time now to sell your gold and change to USD. and try to buy back in end of september,. Just my gut feeling only.
I think USD will rise 3.1 to 3.2 max RM3.3 , then gold to fall USD1700+
but all these thing will happen quite quickly one.

Why would i wanna sell now and then buy at a much higher price??

The general trend of gold is up and if the current doom in Europe and US continues, we would be looking at US$2,000 an ounce before the end of the year.

Its best to leave my 1st investment where it is. Im planning to top up another 280g in UOB when the price drops further.

As advise by many investors here... GOLD is for long term.

If we want quick money... Gold is not suitable.

hehhehehh..

The problem is if USD stay strengthen, gold price will also expensive after convert to MYR. Like today morning, USD 1825 equivalent to RM 180 in UOB. More expensive then yesterday USD 1835 equivalent to RM 179

The USD will not stay high for long. Its in America's best interest to keep their currency low and the Americans are good in doing that. The dollar will drop soon.

Its possible gold will trade sideways & USD continues its uptrend until 20th September.

Is it possible to check USD to MYR conversion rates on UOB website?

So, it mean the bank no allow us to buy?

Base on today PB buying price rate RM 179.05/g - RM131.00/g = RM45.65 x 400 = ROI RM19,220.00! + Principal RM52,400.00 = Total Return RM71,620.00

This post has been edited by buysell: Sep 15 2011, 12:38 AM

Your target price for 280gm is how much? 170?

This post has been edited by hongchai888: Sep 13 2011, 09:43 PM

Look like gold price won't increase much on this week, not before September 20, 21 everyone waiting for the FOMC meeting.

I was wondering.. What happens if a country default a payment?

Example if Greek cannot pays when the bond due? What can China do?

http://www1.uob.com.my/personal/useful/price_rates.html

China probably don`t affected much with Greece`s default.
But, most banks in Europe(France & Germany) which hold Greece`s bond will hurts quite bad, and it will devalued EURO.

Gold, USD & other basket of currencies will gain

if you play spot gold - can get quick money.
or if u have money for 500gm-1kg - go uob can get quick money.

long term go physical.

lustman,
this lot shop sells dinar restu. good price i'd say.
http://hijrahgold.lot.my/index.php?route=p...roduct_id=28833

hongchai,
yes you are right, with dollar rallying the gold price UOB is not moving much