Dude, isnt 1 oz= 28.35gram ?

thanks for the reply, if thats so , normally the price for ounze is consider troy oz or just ounze

Thanks for the reply, been in forex for past 7 years, start trading gold since october, bought 200 gram physical gold , and bought another one through the broker at $1634.

dude, mind asking for UOB is there any hidden charges for each transaction ? which include buying and selling ? How long does the transaction takes ?

This post has been edited by Minimayo: Nov 15 2011, 01:12 AM

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

bought 100 gram yesterday , finding another good entry for next 100 gram

1- You can start trading with Rm2k, the best is go for paper due to lower spread, for physical one ,u can only purchase less than 10gram of gold
2- normally 916 one is for jewelry coz its harder, got 999 and 999.9 , better purchase those type for physical gold bar
3- if u plan to purchase the physical gold bar, of course u can keep it yourself, but physical one u need to wait the price goes above 15% of the price u purchase in order to make profits. Example : PohKong will buy back their own physical gold bar ( hibiscus ) 12% lower from the current price, Tomei buys back their own physical bar ( twin tower ) 15% from the current price.
4- if you buy the gold bar from poh kong or tomei, the best is sell back to them, there are some other goldsmith which offer their own 999.9 gold bar ( sk and othrs ), you can also purchase the gold from banks ( refer back to page 1 for the info provided )
5- Example : For UOB gold ( paper ) which is about RM180 (buy) , RM178 (sell) , Lets say u puchase 10gram which cost you Rm1800, when the price increase to RM190 (buy) and RM188 (sell), that means you earn RM 8 for each gram. Of course there are T&C applying for UOB due to lower spread, all the trading of gold will be in multiple of 5 , and u need to keep min of 10gram in your account else you will be charged for RM2 as penalty for every month.

Any pro please go through my answer, if there are mistakes , please correct me . Thanks

Not sure for this, as i know the penalty charges is Rm2 per month if your gold account left LESS than 10 gram. For me , i will trade based on the price and depends on the situation. If gold price shoots up alot, i will definitely sell all.

they need to mark up 25% for the profits,
Easier calculation : Lets say 1 ounze gold is 1,600 USD means 1,600 X 3.2 ( usd to Rm ) / 31.1gram = RM 164.6 per gram. That means goldsmith will take RM 164.6 X 1.25 = RM 205.75 << This is the price quoted in most of the goldsmith, some markup 20% and some 25%