Agree - Gold price per g for UOB has rise up to 168.70 this evening, from 166.8 last friday! Wohooooo!!

Gold Prices
Gold Investment Accounts
Last updated 17/01/2012 15:55. The Prices shown here are indicative only and are subject to change without prior notice. They are not to be taken as an offer to contract. United Overseas Bank Group shall not be responsible for any loss or damage arising directly or indirectly from the use of or reliance on the information provided herein.


Item Size Bank Selling(RM) Bank Buying(RM)
Premier Gold Account 1 KG 168000.00 167000.00
Gold Savings Account 1 GM 168.70 166.70


Source: http://www1.uob.com.my/business/GMIM/GMIM_pga.html



This post has been edited by izzudrecoba: Jan 17 2012, 04:28 PM

Desmond, you made a valid point. My friend who had invested in gold several years ago informed me that the gold price will rise up during and after Chinese New Year. Goldman Sachs picked gold & silver as the best commodity to invest this year

Thank you for the kind word, mate. Please find an interesting article on gold prediction this year below.


Morgan Stanley Predicts Gold to Hit $2,200 in 2012... Maybe as High as $2,464

By Brian Hicks
Friday, January 13th, 2012

Morgan Stanley is predicting gold will be the best-performing commodity in 2012 — and may make a new record high as investors look to secure their wealth against European uncertainty and slowing economic growth.

Their price target is $2,200 an ounce… with the potential to reach as high as $2,464.

Goldman Sachs is less aggressive, but bullish nonetheless.

Their price target for gold in this year is $1,940 an ounce:

We’re staying overweight on commodities as a rebound in demand revives speculation of shortages, with gold a favorite for 2012 as investors seek a hedge against Europe’s debt crisis.

Demand for gold strengthened most of last year as Europe’s debt crisis widened and the U.S. Federal Reserve pledged to keep interest rates near zero until at least mid-2013. Low interest rates increase the appeal of bullion because they generally reduce the prospect of returns on bonds.

Our view on gold is driven by our view on underlying real interest rates. It is the sharp drop in price that makes it more attractive.

One of the things I do to gauge the gold market is I go to coin and bullion dealers.

Before coming to the office today, I stopped in to see my favorite coin and bullion dealer. And I can tell you business in his shop is still booming.

Then came this little tidbit over the wire...

Hong Kong reported this past Wednesday that their gold imports reached record heights this month as investors rushed to the precious metal before the Luna New Year — a weeklong holiday beginning on January 23 — in order to "hedge against financial turmoil."

According to Bloomberg:

Demand for gold is climbing in China as investors seek to protect their wealth against slumping property prices and equity markets amid an inflation rate above 4 percent. The nation overtook India in the third quarter as the largest gold jewelry market, according to the World Gold Council.

The country is also the biggest producer. Bullion rose as much as 0.9 percent to $1,647.45 an ounce today, the highest since Dec. 13.

I usually read Wall Street predictions with a skeptical and suspicious eye.

But I actually think they’re spot-on with their call — especially after reading the Chinese story.

And the chart of gold suggests they’re right.

Take a look:



Gold is setting up a double-bottom formation after selling off late last year.

You see, this pattern formed before — in 2008-2009.

In fact, it’s almost the exact same formation:



Gold broke out perfectly from the “W” formation… and hit the precise price target is was supposed to hit.

The current chart suggests a breakout to $1,950 — almost exactly what Goldman is predicting.

I’ve been long gold for several years. I’m still long this year.



Source: http://www.wealthdaily.com/articles/gold-going-to-2000/3366



This post has been edited by izzudrecoba: Jan 17 2012, 05:33 PM

My advise: Go grab some grams of gold for before Chinese New Year. But if you migrate to UOB Bank Gold Savings Account it would be even more better!

http://senseofmoney.blogspot.com/2011/06/c...gs-account.html

Mate, i think it would be quiet hard for gold to drop below rm165/g. Yesterday the price was rm 168.7 and today was rm 167.3. I bet the lowest point of uob gold would be around rm 166.3.

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Added on January 18, 2012, 11:14 pmChoose the bank with the lowest spread rate and pow buying price. UOB is the preferred choice for now as you can quickly make profit from your gold investment as compared to other gold saving account.

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Added on January 18, 2012, 11:19 pmBuddy, if you can convince UOB Bank to implement online trading that will be fantastic!

This post has been edited by izzudrecoba: Jan 18 2012, 11:19 PM

Hi Dchk,

You are required to open saving/current account prior to invest in gold saving account. For quick gain I would suggest you pick UOB Bank as the preferred financial institution for your gold investment, due to its lowest spread rate as compared to other banks.

Good luck!

Hi czpin, welcome to the world of gold investment. We are more than happy to share our experience and knowledge in selecting the right bank for your gold investment.

As for me, I personally recommend UOB Bank for your gold investment due to the following:-

i. The lowest spread rate as compared to other banks (Price spread per gram is only RM 2, or 1.15%. Meaning that you are able to reap the highest profit from gold investment)

ii. Allow one to convert paper gold to a physical gold (conversion fee of rm150)

iii. Gold is one of the highest quality as compared to other banks (999.9)

iv. The lowest selling price as compared to other banks

v. Highest buying price as compared to other banks

The drawback is UOB required initial deposit of 20 grams and higher min balance of 10 gram in order to waive the annual fees and it is base on month end balance basis.


Here is the link for you to do your comparison in a greater detail:-

http://www.horlic.com/comparison-between-5...hoose-the-best/

As for where to observe gold's market for daily fluctuate, you can check here:-

http://malaysiagoldinvestment.blogspot.com/


Happy Investing!


Regards,
Izzud

This post has been edited by izzudrecoba: Jan 21 2012, 09:10 PM

He may want to seek an additional fund to choose the optimal gold investment. I would advise him to avoid investing gold account in Maybank due to its high spread rate.

TSOM, can you be more specific?

Incidentally, you may want to read the article below to understand at what month the gold will reach a new high.

http://www.caseyresearch.com/articles/when...-reach-new-high

As mentioned by many fellow experience gold investors, you are suggested to purchase gold ANYTIME when you have money My friend told me that gold price will increase shortly after CNY. Just take his word with a pinch of salt.

Check this article out guys:-

http://www.efinancialnews.com/story/2012-0...adlines-home-TT

Apologize TSOM. The website has encountered some problem. Please find another interesting article on gold investment during CNY below:-



Chinese celebrate Year of the Dragon with gold
Amanda
By Amanda Payne
Jan 23, 2012 - 2 hours ago in World


+
China celebrated its New Year on Jan 23, with celebrations and fireworks to welcome the Year of the Dragon. The dragon is supposed to bring luck in wealth so gold has become a popular commodity in China.
A report in the Financial Times says that China overtook India as the world's biggest gold jewellery buyers in late 2011. Traditionally, the new year means the giving of gifts but as the dragon, the only mythical animal in the Chinese zodiac, is associated with wealth, this year many people are giving gold instead of the more traditional gifts. The Financial Times report says
" Rising incomes in China have fuelled consumer spending on luxury items. Buyers look to gold as a more durable store of value at a time when other investment options in the country are extremely limited."
Trading in gold rose by 8% in the last three weeks leading up to the New Year celebrations according to Financial News. The paper says
"Gold historically performs well in troubled times as investors perceive the precious metal as a safe haven, but analysts attributed the recent rise to the pending Chinese New Year. Gold is bought for decorations and gifts for the New Year and Chinese demand has helped boost prices, analysts said."
The Daily Mail reports that the exclusive London store, Harrods, has produced special gold bars with the dragon motif imprinted on it especially for their Chinese customers. Many more Chinese are able to travel abroad and are doing so to celebrate the New Year. The Daily Mail says that the high end shops of Bond Street have hired Mandarin speaking staff to cope with the expected influx, especially Burberry's who are expecting a large number of Chinese customers wishing to buy similar clothes to those worn by the Duchess of Cambridge.
According to the BBC, many Chinese families will be trying especially hard to have a baby during the year of the Dragon as it is considered to be especially lucky for a child to be born in a Dragon year.
Whether the Year of the Dragon will prove especially lucky for China remains to be seen, but no-one is taking any chances making sure that the gold markets will remain buoyant for the next two weeks at least.


Read more: http://www.digitaljournal.com/article/318328#ixzz1kIHZliIJ

Based on the current U.S. debt, gold is set to reach a record USD 24,000 per ounce by 2021!





Please read the link below:-

http://www.caseyresearch.com/editorial.php...f=ZHB231ED1111A

This post has been edited by izzudrecoba: Jan 26 2012, 07:06 PM

Hi bro, capital is not on your side but time is indeed on your side. If i were u, i would not invest gold in maybank due to its high spread rate of 4-5%. I may invest in cimb gold account due to its low spread rate of 2.99%. If u have about 3k and able to fork out rm800/month, then the best is uob gold saving account due to its lowest spread rate of 1.15%. I have already made profit of rm1000 from my uob gold saving account that i've invested 3 weeks ago.

This post has been edited by izzudrecoba: Feb 1 2012, 11:56 AM

By 3k, I mean u need to fork out roughly rm3k+++ to purchase minimum 20g to open uob gold savings account (1g = rm 172 as of 31 Jan 2012). If you are tight on budget, i would suggest you to invest in cimb gold saving account as u can invest 5g and a subsequent 1g, and due to its low spread rate of 2.99%. I would suggest you to avoid Maybank gold saving account due to its high spread rate. If you dont care about profit maximization, then by all mean please invest at Maybank.

This post has been edited by izzudrecoba: Feb 1 2012, 08:06 PM

For CIMB, Minimum subsequent Purchase/Sale is 5 grams and must be in multiple of 1 gram. That mean, you can purchase/sale 5,6,7,8,9,10,11 gram of gold at one time.

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Added on February 2, 2012, 10:27 amUOB is the best in terms of the spread rate, the buy rate, and the selling rate. Look, it is not wise to say the location is far away from your house. Russia and China has invested oil & gas in Iran and Caspian Sea. Did Iran located about 5km from Russia and China? Of course not. Did Russia and China hunger to maximize their country's profit? Probably yes. Did Russia and China aims to increase their GDP growth through oil & gas investment? I bet they did. When you want to invest something, pour your heart into it and create a will/way to explore the best way to reach the location.

The RM800 is a rough estimation, as one need to make a subsequent purchase/sale in 5 grams and must be in multiple of 5 gram for UOB Bank. That mean, one can purchase/sale 5,10,15,20,25 gram UOB gold at one time.

This post has been edited by izzudrecoba: Feb 2 2012, 10:28 AM

Hi Turion64,

Correct. The UOB gold rate after CNY was RM172/g from RM166/g. That's a ROI of almost 4% within 2 weeks bro.

The price of gold will goes up after CNY 2012 due to the following reasons:-


i. The United States Federal Reserve announced "near zero interest rates" policy until late 2014 result in investors and consumers pouring their money and savings into gold. Gold price rose sharply upon the announcement by the Federal Reserve Chairman.

ii. Aggressive gold demand by emerging countries such as China, India, Russia and Venezuela. Venezuela, the holder of Latin America’s biggest gold reserves, is now busy bringing back some 160 tonnes of gold – the bulk of its foreign bullion reserves – held at banks abroad, including the Bank of England. The Qatar Royal Family has invested $10 billion in gold investment. As demand soar, so does the price of gold.

iii. EU oil embargo for Iranian oil starting on 1st July 2012. Oil price rise in tandem with gold price. India and China is set to purchase Iranian's oil with gold to skip U.S. sanction.

iv. The rumors of war between US-Israel-Iran further exacerbate gold price in the long term.

v. U.S. budget deficit is at it's highest as compared to the Great Depression and World War I, will result in a spike of gold price.

vi. Upcoming quantitative easing (money-printing) from U.S. Federal Reserve will result in further U.S. dollar devaluation, and this will increase the value of gold to a record high. Central banks worldwide have rolled out an unprecedented $12 trillion worth of stimulus programs, with most of the money still to be spent.

vii. A Looming Currency Crisis: The “PIGS” – Portugal, Italy, Greece and Spain – aren’t in very good fiscal shape – and they aren’t alone. Iceland has already gone over the edge. The United States, the United Kingdom, and countless other economies are struggling. That reality has ignited a crisis of confidence about fiat currencies in the minds of many investors. Under such conditions, gold – the ultimate store of value, and the oldest existing form of money on earth – will soar as investors seek to protect their purchasing power.

Overall, 2012 will continue to be a year of turbulence. In these latter times, gold will continue to be one of the best performing investment for investors.


Warmest Regards,
Raja Noor Izzuddin a.k.a. izzudrecoba

Raja Noor Izzuddin is a consultant in Frost & Sullivan Asia Pacific. He holds an MBA in International Business from Universiti Putra Malaysia. He served PETRONAS and Maybank before pursuing his career in management consultant.

This post has been edited by izzudrecoba: Feb 2 2012, 04:52 PM

Hi Harris, welcome to the world of gold investment. It is impressive at your age you have already contemplating about investing in gold. You reminds me of Augustus Caesar, at such a young age, are so ambitious to build coalition with Rome's senators & middle class to be the emperor of Rome

To answer your question, if your physical gold is scratched, damaged, dented, then the bank will no longer purchase the gold. However, for certain gold like public gold, you are still eligible to sell the "not so perfect" gold to the bank/seller.

This is like saying Lady Gaga can become the next U.S. President. UOB has one of the lowest spread for the physical gold - Canadian Maple Leaf 1 oz. As for gold investment account, UOB has the lowest spread rate of 1.15%.

Guys, get ready for a whopping rise of gold once ECB inject nearly half a trillion euros today


http://www.reuters.com/article/2012/02/29/...E80T1QZ20120229