Yeah, they are allowing only citizen and PR to open the silver account.

of course, there's the charges, but after looking at it real hard, if you are a quick in and out investor, the annual fees are not really that high, considering the spread is so low and the chances of making money easily overshadow the annual fees.

If you are looking to buy and hold for a few years, then just go buy physical silver.

chef

yup, buy physical.
"if you dont hold it, you dont own it" - as simple as that

i opened a silver saving account with them last JAnuary. No, i am not a PR or citizen. Didnt know they changed their terms and condition. Lucky me, i guess. This account is good for trading. Then again, i am in KL, to go there to buy or sell is a bit troublesome.

last january? u mean january in 2011?
either they have changed their policy or they didnt update their website...
anyway, the facts that they charge an annual fee (something like 2.5% ?) and we need to travel down to buy / sell, these 2 factors are enough for most people to stay away.

why go to singapore when we can do COD in KL / Malaysia or get it posted to your doorstep?

if talking about trading, why not consider online trading platform? buy fast, sell fast; make money fast, lost money also fast

Yeap, January 2011.

Physical is to keep. Bank saving more for trading. (my plan is 2/3 physical, 1/3 paper).

Glad i didnt do it with Mf global, else, habuk pun tarak! Dont really know which trading account is safe. But at least with UOB spore, i think they should be around for a while and at the same time can go down makan, jalan jalan and look look.

This post has been edited by chrischin: Jan 9 2012, 11:22 AM

Ah good, then we can meet in singapore, I buy you lunch or kopi. when is your next trip? let me know in advance, and hopefully near weekend. I'm always in and out of s'pore, thailand and KL.

chef

@Chef, if you happen to drop by JB. I may want to get some things from you.
I've PMed you some inquiries.

Anyone still want to join Lowyat Silver & Group Group @ facebook? please PM me your facebook details

Will do. Thanks.

NExt trip is when i see silver below 25, still hoping (no offence to those hoping for higher price).

Hey, I've replied,

no problem, most of my time I'm in JB, let me know where you are and we can meet up, no need for a deal to take place, although that will be a bonus, and we can set up some JB PM interest group.

chef

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Added on January 9, 2012, 11:37 pmWell, if next time you trust me enough, I can do the transaction for you, just bring you bank book and buy or sell, from your savings to your gold or silver account book. no cash is needed, just buy me dinner for every transaction. ha ha....

I have a little bit of silver and gold pass book, purely just for trading purposes, I don't trust ETF, but UOB is my favourite bank as they had been my first bank for almost every thing. to me, they are the best bank in singapore. So I opened the account with them or fast in and out, the spread is really very small, within the same day sometimes can make money already. (only if the market goes up, that is)

chef



This post has been edited by chef: Jan 9 2012, 11:37 PM

Thanks for the offer. BTW, are you using the Spore UOB for gold saving account or the Msia UOB?

ya...i'm saving bullet for that too

Both are singapore account.

If you check the singapore UOB PM rate, the gold spread is S$ 0.20 spread (easily within 1 day you can break even) and the silver spread is S$ 0.60 or a little more, not as easy, which is why silver is not very good for trading, so I hold physical silver more, but compare to actually buying and selling, no need to advertise and look for buyers, just pop by to the bank and on the spot, done deal, within minutes.

I think the malaysia UOB spread is much higher, too high to do fast trade.

chef

a new post for your reading pleasure
http://silverinmalaysia.com/silver-price-drop/

1st time i saw silver post drop to 2nd page, up.

Btw, who know where is SGKY, he was quit active last time.

This post has been edited by stonkong: Jan 12 2012, 07:43 AM

Guys, im planning to invest in silver. My plan is to go quick in quick out when the price reaches my target. Capital wise, my trading and emergency fund is not exceeding rm10k.

My question is which is the most reliable source to purchase silver online. What kind of rate are they charging?

Or would it be advisable instead to buy physical silver? If yes, where from and what kind of rate are they charging?

Any additional advice welcomed. Thanks

? Doubt you can buy paper silver online. Need to go bank to do right?

Physical silver, check the first page, a few posts there on local online sellers. Rates are usually dependent on spot rate + slight premium.

But your idea of in/out quick may not work in this market.

if ur plan is quick in and quick out, with rm10k as capital, u shud buy paper silver which is more liquid.
Silver ETF is available in US market, but u have to open a broker account with US broker and TT ur money there before start trading. u can long or short the market and make profit either way. but this type of investment is for those who have strong heart, sadly im not one of em.

So where do you buy your paper silver? normally what's the % they charge? per transaction? Can the same paper be traded elsewhere besides its issuer?

i invest only in physical gold and silver.
i dont buy paper gold/silver, so i dont know answers to ur questions.
maybe u can seek for clarification here,
they discuss a lot about investing in US markets.