Hi , i'm new here

Been to 1stopgold at Ampang before, they are only offering PAMP Suisse gold and silver bars (~5% spread). Do take note that they don't accept walk-ins when purchasing / selling merchandise, need to set appointment.

Also for new customers, you need to register with them first.

mfglobal is the recent one.
read the horror story ok.
http://www.zerohedge.com/contributed/trust...llion-mf-global

trustee seize (curi) all the stored customer gold. What about paper gold?
long time kena curi already lah.
but small fry no need to worry lah.

in summary,
physical gold lost like died of accident . if you can avoid it, then U won;t die

paper gold lost like dying due to cancer. the doctor will tell U there is hope 4 U lah. your life is not lost etc.. and still charge you medication+consultation fee (storage fee). Guarantee died.






This post has been edited by GoldChan: Dec 19 2011, 05:07 AM

Liquidation of Customer Stored Gold and Silver Bullion From MF Global
Commodities / Gold and Silver 2011
Dec 17, 2011 - 12:27 PM

By: Jesse


The bottom line is that apparently some warehouses and bullion dealers are not a safe place to store your gold and silver, even if you hold a specific warehouse receipt. In an oligarchy, private ownership is merely a concept, subject to interpretation and confiscation.

Although the details and the individual perpetrators are yet to be disclosed, what is now painfully clear is that the CFTC and CME regulated futures system is defaulting on its obligations. This did not even happen in the big failures like Lehman and Bear Sterns in which the customer accounts were kept whole and transferred before the liquidation proces
Obviously holding unallocated gold and silver in a fractional reserve scheme is subject to much more counterparty risk than many might have previously admitted. If a major bullion bank were to declare bankruptcy or a major exchange a default, how would it affect you? Do you think your property claims would be protected based on what you have seen this year?

You always have counter-party risk if you hold gold and silver through another party, even if they are a Primary Dealer of the Federal Reserve. As Ben said, the Fed offers no seal of approval.

If a Bankruptcy Trustee can pool your bullion into the rest of the paper assets and then liquidate it at prices that are being front run by the Street, you will have to accept whatever paper settlement that they give you.

The customer money and bullion assets are not lost, or rehypothecated or anything else. This is a pseudo-legal fig leaf, a convenient rationalization.

The customer assets were stolen, and given to at least one major financial institution by MF Global to satisfy an 11th hour margin call in the week of their bankruptcy, even as MF Global was paying bonuses to its London employees.
And now that powerful financial institution does not want to give the customer money back. And they are so powerful that the Trustee and the Court is reluctant to try and claw it back. And so in the great Wall Street tradition they are trying to force the customers and the public to take the loss. The regulators and the exchange are aghast, and are trying to imagine how to resolve and spin this to preserve investor confidence and prevent a run on the system.

'Let them eat warehouse receipts.'

For many this would have been unthinkable only a few months ago. They had been cautioned and warned repeatedly, but chose to trust the financial system. And now they are suffering loss and anxiety, frozen assets, and the misappropriation of their wealth.

How more plainly can it be said? The US financial system as it now stands cannot be trusted to observe even the most basic property rights as it continues to unravel from a long standing culture of fraud.

Get your money as far away from Wall Street as is possible. And if you want to own gold and silver, take delivery and store it in a secure private facility outside the fractional reserve system.


Barrons
The Silver Rush at MF Global
By ERIN E. ARVEDLUND
December 17, 2011

It's one thing for $1.2 billion to vanish into thin air through a series of complex trades, the well-publicized phenomenon at bankrupt MF Global. It's something else for a bar of silver stashed in a vault to instantly shrink in size by more than 25%.

That, in essence, is what's happening to investors whose bars of silver and gold were held through accounts with MF Global.

The trustee overseeing the liquidation of the failed brokerage has proposed dumping all remaining customer assets—gold, silver, cash, options, futures and commodities—into a single pool that would pay customers only 72% of the value of their holdings. In other words, while traders already may have paid the full price for delivery of specific bars of gold or silver—and hold "warehouse receipts" to prove it—they'll have to forfeit 28% of the value.

That has investors fuming. "Warehouse receipts, like gold bars, are our property, 100%," contends John Roe, a partner in BTR Trading, a Chicago futures-trading firm. He personally lost several hundred thousand dollars in investments via MF Global; his clients lost even more. "We are a unique class, and instead, the trustee is doing a radical redistribution of property," he says.

Roe and others point out that, unlike other MF Global customers, who held paper assets, those with warehouse receipts have claims on assets that still exist and can be readily identified.

The tussle has been obscured by former CEO Jon Corzine's appearances on Capitol Hill. But it's a burning issue for the Commodity Customer Coalition, a group that says it represents some 8,000 investors—many of them hedge funds—with exposure to MF Global. "I've issued a declaration of war," says James Koutoulas, lead attorney for the group, and CEO of Typhon Capital Management.

At stake is an unspecified, but apparently large, volume of gold and silver bars slated for delivery to traders through accounts at MF Global, which filed for bankruptcy on Oct. 31. Adding insult to the injury: Of the 28% haircut, attorney and liquidation trustee James Giddens has frozen all asset classes, meaning that traders have sat helplessly as silver prices have dropped 31% since late August, and gold has fallen 16%. To boot, the traders are still being assessed fees for storage of the commodities...

By Jesse

http://jessescrossroadscafe.blogspot.com

buying gold, phyiscal or otherwise, at these times.. ahahahahhaha

I notice the Public Bank Online Gold Savings Accounts have discount on both ends

Bank
------
Buying = RM 167.5100
Selling = RM 160.9300

Online
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Buying = RM 167.1039 (small discount for customer)
Selling = RM 160.8524 (small discount for bank!!!!)

so u mean buy online and sell at counter? i think it is only affect those buy >200g... however buy large quantity rates can nego also.... so doesnt affect much...

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Added on December 19, 2011, 10:51 amtheir Pamp rates better than UOB if i chk website. of coz i know its not updated, some1 please verify... definitely better than buy pamp and tomei or poh kong right?

This post has been edited by xproc: Dec 19 2011, 10:51 AM

I wait this post so long,
aka MFglobal bankruptcy.

But MFglobal is not a bank.

I never said it won't default, but storing physical is huge risk for me. Theft is more than often nowadays,
My personal view, theft whatever result in loss of physical risk > paper gold default risk.

OK, buy a few Kgs (entire saving), and stored in home. Brilliant idea to counter the fear of fiat money system.

will paper gold lost it value?
i want to topup my MGIA, but afraid coz its dropping faster than it recovering..

If paper gold lost the value, physical also does.
Physical follow paper gold pricing one.

1 kg of Gold? Which place is the safest to put it?

Theres risk of THeft in both instances..whther physical or paper as demonstrated by MF global-
you are left with a piece of receipt

Wohooo, physical and paper also no different now...

Unless physical stored in house.

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Added on December 19, 2011, 2:50 pm like few KGs in house?

This post has been edited by cherroy: Dec 19 2011, 02:50 PM

Then the maid come and clean it up

Just keep it in the bank safe box deposit lh.
U also can insured ur safe deposit box.

If things turn ugly, withdraw and keep it in other places.
U will know what the bank will bankrupt because they dont just kaput overnite.

few kg gold store at house no
problem at all. few kg is really very small only. In a shoes box ady can hide few kgs. No people will know you store gold at your house unless u show off to everyone and that is your problem. Buy safe deposit box at home to store gold is also a dumb thing because that will be the 1st place for the thief to search. Just hide your gold at a place that the thief will never expect it, eg hide it in your messy store room.

Which one would u go? Safe deposit at the banks or SD provider (eg Safe Deposit Box S/B, Malaysia Royal Safe Deposit, etc)?

You dont read too well....

Its with respect to THEFT.........

There will be a difference IF

Paper fails and the TSHTF scenario. This would mean that any PAPER will NOT be trusted.

http://www.businessinsider.com/north-korea...00-to-1-2009-12

So in the meantime, paper gold CAN be sujbected to theft as phsyical as evidenced by MFglobal

This post has been edited by prophetjul: Dec 20 2011, 08:54 AM

I knew that paper subjected to default all the while.
Physical also subjected to theft as well if stored in house or even third party.

The link (devaluation of paper currency) is about cash vs gold.
If paper gold is not being defaulted, paper gold also serve as same as physical to hedge against currency devaluation.
Currency devaluation is not a strong point to say physical is preferred over paper.

ok, next time able to buy a few kgs time, store a few kgs in shoe box.

Let's visualize a scenario when paper gold default is approaching.

Say, inflation starts to pick up pace due to further quantitative easing measures. Then common people start to pick up pace converting their fiat money into precious metals, some goes to paper gold, some goes to physical gold. And that result in gold price being pushed higher. That will encourage more and more people converting fiat into gold. And when inflation "growth" slope becomes steeper, more fearful people will chase gold like crazy and they totally lose confidence in fiat money.

Then sellers prefer to receive gold rather than fiat (unless they charge a high premium on fiat), the physical people can start buying stuff with their metal. The paper guys can try to convert their paper gold into physical and start buying things. Now, here's when paper problem comes. During this time, can you imagine how immense shortage of gold are we experiencing? Coupled with the huge amount of paper wanting to be converted to physical gold, don't you think a default will be inevitable?

This post has been edited by cruzzie73: Dec 20 2011, 02:20 PM