The physical price of gold as at 5pm stood at RM132.52 per gramme, down six sen from RM132.58 at 5pm yesterday - Bernama

why do you say its a scam?
and any evidence its a indonesian based scam?


why do u say its a ponzi? any evidence?

Lol already many people get cheated in Indonesia... you want to try your luck.. go ahead no one is stopping you.

Dear all,


Today's gold price update:-

PAMP SUISSE GOLD BAR (Physical gold 999.9)

As at 14/4/2014 at 9.15am

Weight
Bank Buy (RM/pc)
Bank Sell (RM/pc)

10g
1,339.47
1,529.33

20g
2,678.94
3,009.30

50g
6,697.35
7,421.93

100g
13,394.70
14,767.20

500g
66,973.50
73,338.30

1000g
133,947.00
145,925.89

Yeah, when you got the evidence, then your $$ is saying bye bye to you... Read more, there are many "investor" already cheated and comes out in the news so many times before..

Earn less is still earning.. Greedy = loss. I'm not saying you greedy, but some "investment plan" is too good to be true.

Thank you.


Regards,
full

Which bank is this quote ? How come charge such a huge margin ?
10g - 14%
100g - 10%

HYE..if you want to invest on gold...let me know...100 % secure and good profit.

hm..
im comparing with UOB PAMP price.
although the spread is lower but the price per 10gram is higher.

UOB gold price link
10 GM-
1549 sell
1380 buy
12%

so gold price lower but spread high?
or
gold price high but spread is low?


This post has been edited by devilkid84: Apr 14 2014, 01:30 PM

Pricing from Al Rajhi Bank Malaysia. Currently having a Gold Regular Preservation Plan with discount up to 2% on regular gold purchase.

This site sells much cheaper for 50g and 100g - http://www.malaysiangold.com.my/
100 g PAMP SUISSE: RM 13700.00
50 g PAMP SUISSE: RM 7010.00
10g PAMP SUISSE: RM 1550.00

For 50g, lower by 7421-7010=411 or 411/7010=5.8% lower
For 100g, lower by 14767-13700=1067 or 1067/13700=7.7% lower

This post has been edited by topearn: Apr 14 2014, 03:13 PM

Buy from http://www.malaysiangold.com.my/ and sell to Al Rajhi Bank Malaysia to reduce the buy/sell margin.

For 50g PAMP SUISSE bars, buy at RM 7,010, sell at 6,697<--- only 4.6% margin
For 100g PAMP SUISSE bars, buy at RM 13,700, sell at RM13,394<--- only 2.2% margin.

doubt that alrajhi bank will buy back those gold not bought from them...

It's standard PAMP SUISSE gold. How can they not buy since they're trading in PAMP SUISSE gold.

They are trading doesn't mean they have to buy back. Most traders will ask for proof of purchase. If buy from same trader,normally price is higher while same PAMP gold from different source would fetch lower price.

I used to buy from pohkong, and they stated up-front that if i plan to sell back to them.
make sure the condition of the gold bar is sealed with plastic as per purchase.
once unseal, either they offer u lowest price that what it should be or they refuse to buy back.
So, i think just can sell back to the original trader if im not wrong. else will be insanely low price to buy from other traders.

Gold jumped to a three-week high yesterday as mounting tensions in Ukraine curbed investor appetite for risk, sending equities lower and boosting bullion's appeal as an insurance asset.

Spot gold rose 0.3 per cent to US$1,322.00 (US$1.00 = RM3.27) at 1203GMT, having earlier touched its highest since March 24 at US$1,329.70. Gold futures for June delivery were up by the same margin to US$1,322.50.

Palladium was up one per cent at US$808.47, on course for its fifth session of gains.

Platinum gained about one per cent to US$1,467.40 and silver fell one per cent to US$19.76. Reuters

guys, do u all know where I can withdraw a physical gold bar with gold investment account?

there is no tax for gold.

>> read the article . http://fgjam.org.my/aboutus.asp
the above tax rate is applicable in 1974 - 1975,


A brief history of Federation of Goldsmith and Jewellers Association of Malaysia

The Association started life as Goldsmith Merchants Association of Malaysia established on 25 April 1978 made up of twelve founder associations viz: the Goldsmith Association of Selangor, Negeri Sembilan and Pahang, the Perak Chinese Goldsmith Association, the Penang Gold and Silver Merchants Association, Province Wellesley Gold and Silver Ornament Merchants Association, the Gold and Silver Merchants Association Kedah, the North Perak Goldsmith Association, the Lower Perak Goldsmith Association, Melacca Goldsmith Merchants Association, the Muar Goldsmith Merchants Association, the Batu Pahat Gold and Silver Merchants Association, the South Johore Golden Ornaments Trade Association, Kelantan Chinese Gold Merchants Association and the following were elected to the First Council of the Association: President: Leong Yee Ban, Vice President: Thong Chew Wah, Treasurer: Wong Sik Kay, General Secretary: Yee Siew Kun, Liason Officers: Loong Kooi, Chooi Sui Kee. Members of the Council: Ko Hon Kwong, Lo Chup Pho, Dato Wong Chor Wah, Loong Hue Toong, Mak Guan Pin, Thoo Chee Kee, Looi Chun Sing, Lan Keng Yeew, Koh Choong, Ho How Kwong, Choong Wei Sing. Three Members were also entrusted with the task of drawing up a constitution. They were Leong Yee Ban, Yee Siew Kun and Wong Sik Kay.

Establishing the Association in those early days had not been easy. The founding fathers from the various states had to overcome a whole range of obstacles and difficulties. However, Spurred on by the desire for unity, for the better development of the trade and the need to protect of the legitimate rights of fellow members they preserved and finally succeeded.
In 1985 the constitution was amended under the leadership of then president Datuk Ng Teck Fong under which the Association became the Federation of Goldsmith and Jewellers Association of Malaysia.

The new constitution was duly approved by the Registrar of Societies on 25 July 1985. By the time the number of constituent associations has increased from 12 to 19.

Besides better understanding and relationships between members it also standardizes retail charges of gold and other jewelry ornaments. It also exercises responsibilities in the arbitration of industrial disputes between the employers and the employed.

In 1972 the government implemented sales tax. To protect the interest of members.

The Association set up a sub-committee to study the problem and negotiated with the Government. They were able to persuade the government to understand the special circumstances under which the members operated and to improve its measures in taxation.

In 1974 and 1975 the government once again increased its taxes on the gold and jewelry trade according to the following scheme:
Import Duty Surtax Sales Tax Total
Gold Bars 7% 5% 10% 22%
Gold Ornaments 15% 5% 10% 30%
Loose Jade & Diamond 15% 5% 10% 30%

The above measures placed great restrictions on the jewelry trade in the country. Large number of goldsmiths started to leave for neighboring countries in search of a livelihood.

The Association thereby presented the government with a fresh memorandum urging the a reduction of Import Tax on Jewellery Raw Material from 30% to 15% and taxes on gold bars from 22% to 5%.

Following joint meetings and consultations the requests we accepted.

In 1982 the Association presented the government with another memorandum asking for a free and open policy whereby gold bar imports would be exempted from taxtation, Gold Control liberalized and import license (A.P) for import of gold abolished.

On 21 October 1983 the government announced the exemption of gold (Import Tax on Non-monetary Gold Bullion) from import duties. Further Government listed gold and ornamental jewelry pioneer products and those engaged in the gold and jewelry trade enjoyed pioneer status with five years tax free exemption.

On 1 January 1987 the Government relaxed its regulations on gold control and gold regained free trade status.

On 1 April 1987 important license for gold (A.P) was abolished.

The above measures successfully removed the obstacles and hindrances facing the gold and jewelry industry. As a result business began to flourish and prosper.

Our present concern is the government’s plan to introduce compulsory Hallmarking system. We have already submitted a memorandum to the Ministry of Domestic Trade and Consumer Affairs requesting the government not to risk adopting a system which can have grave consequences for the jewelry trade in particular and the national economy in general.

We are currently engaged in discussion with the authorities on this important issue and hope that the government will be sympathetic to the people’s view point and do away with any compulsory Hallmarking. Finally, we hope that all those engaged in the gold and jewelry trade will continue the good work and fulfill the aspiration of those who have gone before us, Only through unity can we have the Strength to protect our legitimate interests as well as to face successfully the challenges that lie ahead. And ensure our trade will continue to grow and prosper.

FYI, Al Rajhi Bank only buy back their own gold, as each gold they sell comes with certificate of purchase. TQ

Gold futures contract on Bursa Malaysia Derivatives opened higher this morning on continued buying interest for the precious metal.

At 9.34 am, April 2014 gained seven ticks or RM0.35 to RM138.75 a gramme and May 2014 gained two ticks or RM0.10 to RM139.00 a gramme.

June 2014, July 2014, August 2014 and October 2014, however, stood at RM139.15 a gramme, RM139.50 a gramme, RM139.55 a gramme and RM140.05 a gramme, respectively. Turnover amounted to 86 lots while open interest totalled 1,322 contracts. At 9.30 am, physical gold was RM0.11 higher at RM133.98 a gramme. -- Bernama