Silver bars should not be taxed. So I hope kastam wont get idiotic & start taxing

@8181
If there are enough ppl wanna do group buy I can arrange another round. Last I checked bullion money is limited to 300pcs only now

Great conclusion,

So now you guys knows why I stay out of FB even though it's as easy as creating an account, as a collector and sometimes seller, I don't want to compete with anyone else who buys from me in SLS. So I will leave you guys to sell there.

I think the strategy is not to keep getting cheap source, because the dealer will drive the price down. The best strategy is to create demand, get more people interested and when they buy, they buy more and more, then you specialised in certain brand like sunshine bar or something where no one else can beat you, hopefully everyone here can come to a conclusion to leave the seller a piece of the pie to eat.

Not like those newbies who comes in and want to wipe out all middle man and dealers, this will never work as small time buyer only buy very little, big time buyer upgrade to dealer, and small time buyer will not be able to buy direct, so the life cycle of the silver business will still be the same old BUSINESS MODEL.

Supplier - dealer - buyer

Let's keep it this way, let's not compete till we kill each other, be a good and honourable businessman and work with each other, occasionally I back off from offering lower price when someone else is offering lower, it's easy for me to say since I do not depend on selling silver as a living.

chef

PS My 2oz worth

haha, i requested a slight discount for lowyat member. hehe.. so it can benefit us here. bcoz at this very own thread, we discussing and learn alot about silver. So luckily taurusbull agree to give lowyat member a slight discount. if need more, ask him directly

my china supplier asks me to take full responsibility if I want to purchase. bobian. to earn profit, i have to take the risks. But if you sell at 6k, you are the one who bears the risk, for sure.....

hi guys... i have 5pcs `1oz Buffalo silver bar.

im selling it at RM128/pcs.

cod at KL sentral only.


my contact number 0162785346

This post has been edited by khun_khun: Nov 6 2011, 01:35 AM

Well, in that case, you are right, at that price, I do bear all responsibility.

The china supplier is right too, it's usually how it works when purchasing overseas.

Anyway, I will contact the china supplier and see if I can get hold of a few sets and bring it back, if it's available. so any takers and pre-order for this? Let me know. Personally, I think it's too expensive to own.

chef

Wow, quite dangerous huh, supplier could send out a box without the coins and say he did send out.

that's why it costs around RM6k to bear the risk.

If 6k and brought in by your own, that's a hefty profit, worth the trip if there are confirmed buyers.

actually, sending gold and silver out of china is illegal too. China custom only allow tourist to bring out at most 300gm silver and around 30g gold. If you buy too many sets, be prepared to be detained by china custom at the airport.

But i think 1 to 2 sets is ok, you can just say it is gift for relatives. That's why I give up the plan to China to bring in the sets. If china customs detain and confiscate the sets, i will make a huge loss......So i only import 2 sets per time. High risk, so must require high profit.....

Dear Low Yat Folks,
Attached is an updated Conversion to Troy Ounce Retail Price Guide on Nov.6th.2011. I notice a trend. Can anyone care to comment why retail prices sold in troy ounce seems to be cheaper?


Attached File(s)
 Troy_Ounce_Conversion_Table.pdf ( 975.91k ) Number of downloads: 58

coz they mint by the bulk n is cost effective. They may also have cheaper source of raw silver.

Its no point to say 'should'.

There are tax codes for everything.

Whats the tax code for silver bars which explicitly show that theres no tax on this?

When you receive the stuff, all you need is to quote this to the customs

i have a friend who is a gold and silver manufacturer in Malaysia. he has several other businesses but he is now going more aggressive in silver manufacturing. i was having a conversation with him this morning and we talked about custom mintage of silver. there are 2 way of working together:
1. we provide silver for him and he will mint it for us according to our design. he will only charge on the workmanship.
2. we buy silver from him (according to floating price) and he mint it for us. which he will charge us both for silver and workmanship.

the cost for him to produce a minting mold is RM1500, therefore he would have to cater the cost into workmanship.

the price is really up for negotiation depending on the design, quantity and size. especially quantity. i roughly asked him how much would it cost for a 1 oz American Silver Eagle like design, he replied the workmanship would probably cost RM7 / coin.

i'm wondering if there is any interest for custom design mintage from us?
please drop me a PM if anyone is keen with the idea of custom mintage, probably we can have some fun ourselves

side note: we also talked about some of the silver sellers buy back policy in the market. although a lot of seller do offer buy back, when it comes to really bringing the silver back to the sellers, the sellers are making a lot of excuses. my friend is working something with a hong kong party for the buy back policy. so if we are getting silver from him, can safely assume that he would honour the policy.

er.. meaning we can make whatever oversea bullion coin design in Malaysia?? all we need to do is supply the raw material n pay for the labour cost ?

Consider the following, and imagine the fungability of silver in time of global financial distress
1) Acceptance in Malaysia ----------------->Ringgit Malaysia ---------------> Malaysian Mint silver bullion
2) Acceptance in All Islamic Countries ---> Dirham currency-------------> Dirham silver coin
3) Acceptance Globally --------------------> USD or Swiss Franc -----------> International Mint silver bullion

I will go for No.3 silver, unless No.1 is >15% cheaper. We know as explained earlier that No.2 is the most expensive.

Imagine?

literally speaking, we can. but i believe it is not as simple as this. will probably have copy right or trade mark issue. anyway, let me check this with my friend.

---

Added on November 6, 2011, 9:32 pmyup, make sense. let me check with my friend how competitive his price can be.

This post has been edited by property101: Nov 6 2011, 09:32 PM

Sorry chef, gotta disagree a bit with you there. The way I look at it, as there is no control and regulation for silver market in Malaysia, thus anybody can buy and anybody can sell, and therein lies the problem.

What we're seeing here is a free & unrestricted market. Hey, don't get me wrong, I'm all for cooperation. But as the silver market is unrestricted & unregulated, there will always be people wanting a piece of the profit. Unlike, say for example, a furniture shop where you need huge capital outlay (stock, shop, promotion, staff, etc), silver trading can be just as simple as buy 1 silver bar today and sell it the next day for some profit. No overhead costs, no storage costs or any of the fixed costs of running a conventional business.

And I don't its possible to specialize in certain brands either, coz anyone can buy any brands of bars if they want to; unless you are the sole authorized distributor of Sunshine bars and I am the sole authorized distributor of Kitco bars, etc. Even then, can we control who can sell? The buyer who bought 2 bars today can sell the same 2 bars tomorrow if the price is right. As it is now, there are no restrictions on what price can be set or who can sell what silver. Unless it is regulated as such that it is illegal to sell a particular brand of silver if one is not the authorized dealer. But if thats the case, then I believe demand for that brand of silver would die there and then. Why buy something that can't be resold?

Although I do not favour the idea of hogging the whole pie to oneself, it's unavoidable if someone orders a huge stock and dumps it for quick money. I've already noticed there are players in sls who brought in 500 bars and dump at RM119 when 'standard' price there was around RM128 - RM120.

How to control this? Try as I might, I couldn't think its possible coz thing is, silver is silver. Seller A's Sunshine bar is no different than seller B's Sunshine bar. Same for Kitco, or ASE, or Dragons, etc. The person who bought at lower price can always afford to sell at lower price than the guy who bought at higher price and still earn profit.

It is great if we can create awareness and thus, demand (I believe silver awareness in Malaysia is still at the infancy stage. As such, Malaysia is still a vast untapped market) but I wont be surprised if sometime in the very near future, as silver awareness increases and hence bigger demand, there will be big players who are able to bring in thousands of bars and sell at RM1.00 net profit (or dare I say, even lower? )

In conclusion, as the market expands and new buyers/players comes in, the one who can package the best price/promotion will be able to sell better than the other who can't. I don't think this can be avoided even if we want to. Even gold, with its own association of gold dealers cannot control who can buy or sell what gold at what price (Gold Lot Shop anyone?). Then again, I don't think its possible to see a monopoly in the silver market either. If we look at this free & unrestricted market the OTHER way round, someone will always be able to sell at a better price. That guy who bought 1 bar at RM100 last year can sell profitably today at RM110 which is still cheaper than RM119 currently being dumped, no? And I don't think everyone is buying silver looking to sell quickly for a quick buck. I don't think I'm the only one holding silver for mid to long term, no?


Ok, enough of my chatter, don't get me wrong ya, I'm not dissing you or anything ya. I'm just sharing what's been on my mind based on what I've observed so far. Its a discussion and if I'm wrong please feel free to correct me. I never claim I'm an expert, and I'm of the opinion its better to have someone show me my mistake and learn from it than not aware of it, thus keep repeating it and never learn

This post has been edited by bigwolf: Nov 7 2011, 12:26 AM

SilverKini is selling:
1 dirham - rm25
5 dirham - rm125
10 dirham - rm250

i talked to my silver manufacturer friend, he has previously minted dirham for kelantan government and kedah government. therefore there is no cost for the mold. i have worked out a price with him that can provide:
1 dirham - rm20 (20% off)
5 dirham - rm98 (21.6% off)
10 dirham - rm195 (22% off)

is there any buyer interested?

my friend not only has minted dirham for kelantan government and kedah government but also local jewelry shop and shipped his silver to overseas (US and Australia). if anyone interested to get dirham with above price, please drop me a PM. if anyone would like to distribute dirham, i'm sure we can work out a even lower price.

do let me know what u guys think!

This post has been edited by property101: Nov 7 2011, 01:19 AM

Intresting. is it legal to mint kelantan dirham. i belived your friend does not hold the rights of kelantan dirham.

just like books. the publisher hold the rights, not the printer.