rm2 for every rm100?
thats like 2% ?
or calculate by a standard amount of ringgit?

per gram. or if you have plenty of capital to invest, you can use the premier gold account. only rm1 spread per gram, but buy/sell in 1000 grams la. premier gold account ma

the spread of uob is always maintained at RM2, eg. bank buy gold at RM179.7o ; bank sell gold at 181.70. The spread will be actually around 1.1%. if u use premium gold account...the spread would be around 0.05% .However in premium gold, u need to buy minimum 1kg per transaction. If u are loaded then go for premium as the spread is very very low.

This post has been edited by mingophoria: Nov 15 2011, 08:06 AM

Beside uob, which bank provide lower spread?

woohoo gold drop.... faster drop somore

peliss drop summore.. i want to enter this gold investment XD

http://www.youtube.com/watch?feature=playe...d&v=inn8iVASxLY

might as well buy paper gold if u fear of counterfeit

when i refer to this link, it seems uob have the lowest spread and price..
does this mean it is the best place to get my first paper gold??

All got pros and cons..uob price is lower but entry cost is high..20g to open account.but maybank just need 1g to open and subsequent buy is 1g.so,its more convenience for those with low budget.

GOLD price my per gram = 178.83 .. slowly coming down

yesssss...i'm waiting with my bulletssssss...

for UOB gold trading, any idea whether we can request for physical gold ? if Yes, any terms and conditions ?

1. if you buy paper gold, most probably you already decided its for speculating and not for delivery. had you wanted physical in the first place, you'd buy physical n not paper

2. not sure abt other banks but i asked uob before and they advised if i want to take physical, i need to top up the price difference (1gm GIA vs. 1gm physical) and also RM150 conversion fees. So better to just liquidate the GIA and then use the cash to buy physical. same price difference but you dont need to pay that RM150 fees.

3. Now my opinion here is that although the bank dont have the physical gold, you can still get back your money. And if the bank dont have physical for sale, you can always run to the nearest poh kong/wah chan/etc with the money and buy

This post has been edited by bigwolf: Nov 15 2011, 09:11 PM

2) I asked before as well, if want physical, need 1kg in paper gold, as they won't "chop" into smaller like 10g or 50g for you.
Not sure about it, this is what I being told, correct me if I am wrong.

3) Price different or can be more expensive than bank what offering, aka the spread.

2. wah, 1kg? they didn't tell me that so i don't know ler. but uob only selling 1oz sizes, why would they want 1kg then only convert? weird...

3. yup price spread is definitely more expensive outside than the bank coz bank is selling the physical gold at close to spot rate. thats why uob always out of stock

my point is there's not much difference if u buy paper vs. physical gold as you can convert paper gold to physical anytime either via sell-paper-then-buy-physical from the bank or take the money n go to the nearest goldsmith shop

2) What I mean is the gold account based one, they have 1kg min based gold account one, whereby spread only Rm1 difference, and I was told this 1kg can convert to physical one, but whether there is admin charges on this, I am not sure.

3) The problem, you can buy paper gold at Rm170 and sell paper gold at Rm168, but you cannot buy at RM170 physical with goldsmith out there.

This post has been edited by xproc: Nov 15 2011, 10:02 PM

3. yup thats true. if you had wanted to buy physical gold in the first place, you wont be able to get them at rm170 anyways. you can only get rm170 in paper gold.

i'm highlighting this for the discussions on pro's & cons of physical vs. paper gold. many believe physical gold offers capital security and is easy to liquidate but i'd say paper gold is just as easy to liquidate and secure:

1. same pricing mechanism. a simple example: if you buy 1gm of physical gold for rm200 and spot price goes up rm10, and you sell for rm210, you untung rm10. with paper gold, if you buy at rm170 and spot price goes up the same rm10, and you sell at rm180, you still untung rm10

2. if you buy 1gm of paper gold and if you want to convert it to physical, for sure you must top up the difference (rm200 - rm170 = rm30) + another rm150 conversion fees. thats why the staff there told me might as well sell it and buy the physical with just the top-up. you save the conversion fees. but if the bank don't have physicals, you can always take the money and go to a goldsmith shop to buy physical. point is, if you wanted to buy gold, but if the bank does not have physical all these while, you still have to buy from goldsmith shop in the very first place.

3. what if risk of bank collapse? well, you can just sell the paper gold and credit back into your savings/current account and withdraw from there

4. shtf and you need to run? as per item 2. take it out and run to the nearest goldsmith shop to buy physicals and keep running lah. i dont think you'll be much concerned by the price difference between goldsmith price vs bank's physical price by then

ofc, if the day comes when the price of physicals starts to disconnect from spot & paper (no more item 1), then i'll be the first to liquidate my paper gold and buys physical. otherwise rugi oh if later 1gm of paper gold says rm170 but 1gm of physical gold sells for rm400

If UOB can convert its premium gold account(1KG>) to physical, that`s means it`s Shariah-compliance.
That`s new to me
I don`t mind to dump my Kijang Emas & Turkiye, and run into UOB because the spread is very low.

Anyone can clarify this ?