If they give to you a Physical Gold as exchange with the money has been spend should be OK but not good enough without black & white where they stated, >100% they will buying back the physical gold at current price & at any time as you wish.

If they only provide/give you statement showing how many gold has been bought/invest by you than pleased avoid this trading transaction. Cause 200% they don't even have physical gold in hand (this type of scams has been known globally), what ever they have in hand just for showing only to attract their next victims..

yes trading of gold is not under BNM purview but one needs to be extra care as pointed below:

Already in the Bank Negara list of "non-authorised nor approved under the relevant laws and regulations administered by BNM" (Company #23 in the list)

http://www.bnm.gov.my/documents/2012/Senar..._sesawang_n.pdf




And declared Not Halal

Most banks do not have physical gold as well.............

Ui? I thought boss PatEagle has post something earlier but hilang post already?

Kena bash by all the Gold taikor here until del post?

Got deleted due to:
Too much advertisement in her/his siggy gua
OR
obviously misleading post since Geneva Malaysia (new) AND Geneva (old) on BNM's watchlist liao + "hibbah" tak boleh guna + "interest" pun tak boleh guna

BTW, this fellow also never replied to my Excel on the calculations posted on an old thread/topic started by him/her, simulating returns 1 to 5 years based his/her website on Geneva's structure + on gold prices stagnate, goes up or falls. Numbers are hard to "lie" unless one is a professional "statistician"

This post has been edited by wongmunkeong: Jul 31 2012, 08:32 AM

Oh i see... I think most of his/her post promoting the scheme were deleted. Boss, he/she dint reply to your post... Because SILENCE is GOLD....


This post has been edited by edyek: Jul 31 2012, 11:21 AM

a new player in the market


http://cforum2.cari.com.my/forum.php?mod=v...&extra=page%3D1
http://royalgolds.com/index.htm

Actually they got but keep it all at BNM, BNM monitor the their sale should not exceeds their stock. Stock mean in WEIGHT not RM, my group doing some research with Financial, IPTA student & several Govt Agency group on Gold Trading 2 or 3 years back...

This post has been edited by Oldskolboyz: Jul 31 2012, 12:44 PM

For that matter, all banks do not have physical money as well

It is just that the confidence with the banks is strong.

Where did you get this?

Any link? Thanks

---

Added on July 31, 2012, 1:38 pmActually they do. Only part of.....Thats the deposits where they do fractional banking.
Where they book as liability and lend out up to approx 10 x the amount!

All dirty derivatives...i speculate thats the same woth gold.....only hold part of.

i think thats why most banks do not entertain delievry of the physical gold.

This post has been edited by prophetjul: Jul 31 2012, 01:38 PM

or someone's having their (golden) goose cooked

[quote=prophetjul,Jul 31 2012, 01:34 PM]
Where did you get this?

Any link? Thanks

---

Added on July 31, 2012, 1:38 pm
U ask link ka? None Central Bank in this world would put it on the net... What for?

Yes, you are right. I think Central banks all over the world calls it Statutory Reserve Requirement (SRR). Ie % cash they retained from deposit, and lend out the rest. If I'm not wrong, BNM's SRR is 4% only. That means, when we deposit RM100, our physical cash only left RM4 in the bank, and the rest all lend out. Then when the loan installment comes back to the bank, the bank lend it out again. The multiplier could be more than 10x If the SRR is 4%, then they can actually lend out 25x !

I hope oldskolboyz is right. The banks have physical gold backing to every single dollar. Then the gold we buy from banks are all safe. But I also doubt the banks do this. Hope I am wrong

This post has been edited by EddyLB: Jul 31 2012, 02:12 PM

Then says WHO?

Issit a perception or fact?

---

Added on July 31, 2012, 2:15 pmEasy.............ask yer banks who sells you gold in gold accout whether they have the physical backup.

i used to invest in public bank gold a/c. When they first started, they allowed request for physical withdrwals.
Then 6 months along, they stopped the practice. i wonder why?

This post has been edited by prophetjul: Jul 31 2012, 02:19 PM

nomore gold liao?

This post has been edited by jinaun: Jul 31 2012, 02:33 PM

Your guess is as good as mine!

[quote=prophetjul,Jul 31 2012, 02:13 PM]
[/quote]
Then says WHO?

Issit a perception or fact?

---

Added on July 31, 2012, 2:15 pm
Easy.............ask yer banks who sells you gold in gold accout whether they have the physical backup.

i used to invest in public bank gold a/c. When they first started, they allowed request for physical withdrwals.
Then 6 months along, they stopped the practice. i wonder why?

[/quote]

Why you confused between investment in Gold Stock Market Vs Physical Gold. Bank Gold A/c was investment in Gold Stock Market where invest by their Treasury Division. Similar with Unit Trust, ASN/ASB & etc investment. We are talking physical gold trade either in coin, pallet or etc here. Actually bank stock was in BAR, not even process to coin/pallet shapes yet. When got buyer than they process it, normally in limited edition. If I remember correctly last time got a few bank do sale it like UOB, KFH & BNM.. If bank sale Kijang Coin that one BNM product..

This post has been edited by Oldskolboyz: Jul 31 2012, 02:46 PM

[quote=Oldskolboyz,Jul 31 2012, 02:41 PM]
Then says WHO?

Issit a perception or fact?

---

Added on July 31, 2012, 2:15 pm
Easy.............ask yer banks who sells you gold in gold accout whether they have the physical backup.

i used to invest in public bank gold a/c. When they first started, they allowed request for physical withdrwals.
Then 6 months along, they stopped the practice. i wonder why?

[/quote]
Why you confused between investment in Gold Stock Market Vs Physical Gold. Bank Gold A/c was investment in Gold Stock Market where invest by their Treasury Division. We are talking physical gold trade either in coin, pallet or etc here. Actually bank stock was in BAR, not even process to coin/pallet shapes yet. When got buyer than they process it, normally in limited edition. If I remember correctly last time got a few bank do sale it like UOB, KFH & BNM.. If bank sale Kijang Coin that one BNM product..

[/quote]
i have invested in , GLD, coins, bars, numis, ...but i have yet to hear to Gold Stock Market!

But i am sure they wpuld have denominations of 1g,5g,10g, 100g and 1kg bars....is they wanted to.

BUT i doubt they keep any phsyical.

i think you are refering to GLD as in the SPDR Gold Shares ?

If that be the case, why bother to pay the bank a premium of 4 to5% spread while you can invest directly
into the stock? i am doing that presently..cost me few ringgit to trade

If depend on investor itself, bank just one of the option to inter gold investment with 120% secure rather than through unknown 3rd party trader/source. Mostly people will choose the almost secure way to protect their fund. Before can bought directly, we need some sort of acc like CDS but not many people has CDS account especially rural/village or small town area people..

This post has been edited by Oldskolboyz: Jul 31 2012, 03:03 PM