Property, your statement is not totally correct. When you buy a smuggled good without paying tax, you are commiting a crime as well. The only safety valve is that when you are caught by the authorities, you can play innocent and claim you are a victim, not knowing that the seller is selling smuggled good. Further you can "bodek" that Malaysian custom is very efficient, therefore not possible for smuggled good into Malaysia. If this good is a smuggled good, then our Malaysian Custom is really below par.

Many reported stories on smuggled cigarettes, liquor and cars. Gold is tax free, silver buy/sell is still low, therefore no stories in the press, doesn't means they don't happen.

Silver coin with legal tender comes with 10% sales tax and 5% import tax. For good indication, any 1 oz silver coin sold below RM135 has to come into Malaysia without paying tax, otherwise the seller is earning nothing or incurring loss. Sometime importer get lucky, and the good just got shipped into Malaysia without Custom imposing tax, and that situation is totally an innocent act on the part of the importer. However custom still have the legal right to impose tax retrospective on all previous goods imported into Malaysia for up to 7 years based on statutory legislation on commercial transactions.

I guess property is just putting it in a blunt way, if you buy silver bar from a seller, it will be a hassle and doubting the seller integrity to ask him to proof that his bar has custom duty duly paid.
I wouldn't believe any seller would show you their tax form, but of course they can issue you the invoice.

To be fair, if we follow strictly on rules and law, precious metals are not allowed to be shipped by courier service, then we will have no way to buy or sell PM overseas.

chef

PS I guess this is where business people comes in.

Chef,
We are in the forum, any positive facts need to be illustrated further, otherwise some readers may follow them as gospel truth to their own detriment. Nobody is absolutely right or wrong, as I already put it clearly before. It is always based on planes of reference.

1) There is a law, you broke it not knowingly, but not caught, you are ok for now, may come back for you to rectify later.
2) There is a law, you broke it purposely, if you caught, you are nailed.
3) Someone broke the law, you support their action, you knowingly broke the law.
4) Someone broke the law, you are ignorant, you are a victim, and law will be lenient to you.

The above is totally different than you knowingly courier your precious metals, as you and the customer are taking a business risk. Someone ask why LGSG only sell silver but not gold. I answered earlier that gold is sold in many brick & mortar goldsmith shops that customer can buy easily and are not willing to take higher risk buying from unknown internet dealer. Of course there is equivalent Gold Lot Shop but their sales vs goldsmiths ratio is minute in comparison. Customer are willing to take higher risk in buying from internet dealer because silver is not easily available in the brick and mortar (goldsmith) shops and the potential investment return are predicted to be higher. High risk high return for silver, Low risk low return for gold. Again it falls back to supply and demand for any commodities.

thanks taurusbull for ironing the facts clearly.

btw guys, in the sell list there are 10 new listings in today alone. feel free to check them out to see if any silver catch your interest

Well, absolutely true, no argument from me here.

Anyway, it really seemed to be a little quiet here, seemed like many people moved to somewhere secret I don't know about or we are just craning our neck waiting for the price to make the next drastic move.

I'm hoping to catch silver at USD 30+, if not, well good news all around too.. at the time of posting, USD 32.15

chef

Just add another 100g silver bar into my collection this morning

facebook group is here

http://www.facebook.com/groups/284739938217191/

in SLS ppl start panic selling already..kookaburra for RM135, Fuji taku RM135, even one seller sell panda at Rm135..crazy competitive market

Potenza, wat type of bar do u buy? I mean is it public silver or something else?

Yes..i'm public gold customer..quite convenience to buy from them.

Have u resold anything to to them b4? I saw the spread is quite high haha

High compare to what brand? I guess pgold is the lowest compare to pamp suisse, TnT, dinar kelantan etc...just start buying, not resell yet..

Share Market=Bursa M'sia , Silver Market=SLS ????
Good opportunity for long term investors to accumulate but bad for short term speculators who want quit profit.

For Your Reading Pleasure, cut and paste from SLS.

Jonathan Quek
While most Malaysians are concerned of the American economy, stating that the US Dollar might crash and holding all their wealth in Malaysian Ringgit, they haven’t realise that Malaysia has only 36.4 tonnes of gold. That’s only 1.5% of gold to ringgit reserves ratio comparing to the United States 73.9% of gold to reserves ratio. How will this affect your savings in Malaysia Ringgit?

http://www.jonathan-quek.com/?p=16649
Is Malaysia Ringgit Safe? | Jonathan Quek - Asia's Youngest Wealth Coach
www.jonathan-quek.com
In 'Why Gold? Why Silver? Why Now?', I've stated a few dates in financial history that we must all know and remember. 1913 - The Federal Reserve Bank was..LikeUnlike · ·Unfollow PostFollow Post · Share · 8 hours ago.5 people like this..


Khairul Amree Hi John. Great to have u here. Totally agreed. Msia will be at the bottom of the pit.4 hours ago via mobile · LikeUnlike.

Khairul Amree And unfortunately we still living on cruthes, instead contributing to GDP4 hours ago via mobile · LikeUnlike.

Ah Chot ler...we have only 1.5% of gold to tinggit? BNM ni tidur ke apa?4 hours ago · LikeUnlike.

Manja Khamis I suspect even that 36.4 tons of Gold stored outside the country probably in the "safe vault" in the US. No chance to repatriate that gold.2 hours ago · LikeUnlike.

Beli Gold Silver Good one John.. I'm sure nobody here wants to buy an apple for RM1 million. =P2 hours ago · LikeUnlike.

Robin Yeen Fatt True but sometimes we have to consider their debt vs GDP ratio also...and US..is very similar to Greece as i can c it..about an hour ago · LikeUnlike.

Taurus Bull: Jonathan, your ratio (gold as % of country foreign reserve) was used out of contact to compare the state of economies between countries. Foreign reserve (Malaysia- USD130.98bil) is used to measure the number of months of sustain import (Malaysia- USD156.6bil/yr), and in Malaysia case we have 10 months import reserve, which is very strong. After the dissolution of Bretton Woods Agreement by Nixon on August.15th, 1971, the greenback is not peck to the fixed ratio with gold in the FED's Fort Knox, allowing US government to print unlimited greenback, unfortunately most global central banks still used them as reserve. What you had quoted the few countries with high gold reserve vs foreign reserve ratio are exceptions than norm for various individual historical reasons. Malaysia is much stronger economically than USA in terms of Balance of Payment (Export > Import + externaal loan servicing), Federal debt to GDP ratio and still a Saving oriented country. Of course USA had the Card Blanc of printing the greenback that the gobal commerce including respective central banks' reserve depending on to trade. I am not defending the government, but BNM is one of the best managed central bank in the world. Our Malaysian economic weakness is the artificial economy created (BN Government) by long-term subsidies that distorted the supply and demand, and saddle the federal budget with ever increasing deficit that is not sustainable, and we are moving towards Greece. It had noting to do with the percent of gold vs country reserve ratio. Yes, you are right to encourage Malaysian to invest in precious metal to preserve their wealth and buying power, but by using the wrong macro-economic example to proof your point is not right. Economically we are better than USA, but we are way worst than Singapore, Taiwan, South Korea and China. The high level of US greenback in all countries' central banks is to facilitate commerce as almost all global trades are in USD. Yes, some countries with the ever growing foreign reserves like China, are moving a portion of greenback to gold, to preserve wealth like us, individual. Most governments are doing it cautiously to prevent the global economy going into a tailspin. about an hour ago · LikeUnlike · 2Loading....

Yip Full Soon ‎Taurus Bull when you want to start giving lecture on the economic? i want to attend leh.. very poor on this since graduated from engineering and hardly touch and read those articles about economic. :Pabout an hour ago · LikeUnlike · 1Loading....

Alwi Adam I wish engineer like me can talk like Taurus Bull. I just know to work hard n buy gold/silver.about an hour ago via mobile · LikeUnlike.

@taurusbull

nice info!~ i never know Malaysia economic is better than USA,

Silver price is going downnnn.....aaaa,so temptingggg!

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Added on November 22, 2011, 12:10 amTouch 30 tonight

This post has been edited by potenza10: Nov 22 2011, 12:10 AM

Chef is load now

Hi all, is there any type of seminar or talk regarding investment in silver or gold? am interested to invest in this but need more knowledge and understanding b4 start...

There are quite a lot of useful material and resources recommended by forumers here in previous posts. If you have gone through all recommended material, as well as reading the insights given by some of the sifus here, you'd probably have enough understanding to start already.

But if you want to attend some talks, i know some friends who give talks on precious metals, some free, some with door charges. If you are interested to attend, pm me.

poison time again

1oz Australian Kookaburra2011


1oz China Panda2011