Dear all, noticed recently the Silver Investment Corner thread has gone missing.... I believe there are silver investors around here who would like to always share their findings & opinions on this interesting subject.... so let's get started!

Anyone has first hand buying experience from Nubex?

http://www.nubex.com.my/index.php

Thanks in advance for sharing

hahaha.. i was about to open a silver discussion thread too.

visited their website but haven't buy from them. the location is near to my place...

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This post has been edited by livina2011: Nov 14 2013, 11:53 AM

Read somewhere that we need 24% before can profit unlike gold

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This post has been edited by livina2011: Nov 14 2013, 11:52 AM

any reason why so high at 24% compare with gold?

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This post has been edited by livina2011: Nov 14 2013, 12:14 PM

The spread of paper silver is quite huge comparing to paper gold.... therefore on paper for short term to medium term, paper gold is more favorable to trade....

However, how if we comparing the spread of physical gold VS physical silver?

personally I started with silver, then converted all my silver maples to gold bullions and never look back.

that was when I am almost half way through my monster box (250oz).

No doubt the premiums for silver is HUGE, even in Singapore where I bought most of my metals from.
For silver maples alone, the premium is 14.37%... that means I need to sit and wait till my maples appreciate above 14% to breakeven.
In Malaysia silver premiums are even higher (over 20%) which makes it "worthless" to invest in physical silver.

In contrast, 1oz gold maple's premium is only 3.8%.


XtraLeoGecko, the reason why silver's premium is on the high side is because local market do not have much demand and not many dealers bringing them in at large quantities. If you look at APMEX their silver prices are much more reasonable and their 100oz silver bars have similar premiums as 1oz gold bullion. I will only re-consider holding physical silver if the premiums drop to the same level as gold.

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This post has been edited by livina2011: Nov 14 2013, 12:36 PM

Thanks for this important sharing, really appreciate... This allow us to view physical silver investment in local context and also review the way moving forward...

This post has been edited by XtraLeoGecko: Nov 4 2013, 08:46 PM

In Singapore pawnshops accepts gold at spot, so if I buy 1oz gold at 4% above spot I only need to wait for gold to appreciate above 4% and I will break-even if I sell at spot. None of the pawnshops in Singapore accepts silver.

If one wish to sell his silver, the only ways to do it in Singapore is to sell to dealers at spot + small premium for coins, or spot for bars. Some prefer to sell at local forums like GoldClubAsia as they can sell at higher price to other forumers. Some just post on eBay and let eBay take some profit.

Seriously if you want to invest in physical silver, source them from overseas like APMEX. They will ship to you for any orders above USD1,500 but not sure what is the tax structure for precious metals at Malaysia customs. A Royal Canadian Mint 100oz silver bar has around 4.6% which is on-par with 1oz gold.

Even so, are you seriously going to lug a 3.1kg silver bar to meet your buyer if you wish to cash it out? I can get the same profit with just an ounce of gold... and that is 31.1 grams!

You need to do your own calculation., and yes I agree 100% with livina2011... local metal dealers are way overpriced.

Did some calculation:
4th Nov 21:18

Kitco 21.8 USD/oz
Silver spot as on BSM 70.7 RM/oz
Currency rate as on BSM 3.243 RM/USD
Maybank currency 3.137 TT (RM/USD)

10oz
Scottsdale 242.25 USD
Converted to RM based on Maybank TT rate 759.82 RM
Does not consider courier fees

Selling price
BSM 812.53 RM
Difference = +52.71 RM (compare to ordering of 1x10oz from Scottsdale directly)

Note: does not consider the shipping fees

So.... if we are located at US or near to a place whereby silver mint are available... perhaps we do not need to pay such a big premium due to transportation + middle man costs.....

Conclusion: Perhaps looks for reputable LOCAL mint ?! Is there any

SUISSE Mint - is this local mint?

XtraLeoGecko, do take some time to think hard on this:

1. What is your exit strategy? Even if you have a large stack of silver bullion who will you sell them to? It is just like stacking palladium or platinum, yes you can easily find 1-ouncers but who will take them off your hands when you want to sell them? Don't forget transportation is a major problem if you have large quantities of silver.

2. Precious metals in physical form, will incur higher premiums when you buy in small denominations. Personally I think for silver 100oz should be the "right" balance on premiums vs price. 10oz silver bars definitely has very high premiums (12.3% in Singapore).

I personally know some metal dealers in Singapore... take Perth Mint as an example. Master dealers order their stuff from Perth Mint at spot + small premium... say 1 ton of silver. Smaller dealers get their stock from this Master dealer at a mark-up (the Master dealer still needs to eat right?). Small dealers then sell to other smaller dealers, or sell direct to consumers with even higher markups. Due to floating spot price the premiums tend to be quite high as the dealers need to hedge for any price fluctuations. In the end consumers like you and me end up paying 15-25% premium above spot.

If you look at large dealers like APMEX, they have the capacity and customer base to move their stock very quickly thus they can pass the savings to consumers. It is not about whether you stay next to the Mint or not... even if you stay next to US Mint you can't just walk in and get your silver eagles over the counter.

Ya, you nail the point -- it is always the exit strategy which worries me.... still not able to find a reasonable way for selling.....

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This post has been edited by livina2011: Nov 14 2013, 12:26 PM

Depends on local market demand I guess. In Singapore most silver stackers go for Perth Mint Lunars and Kookaburras, or Chinese Pandas. Personally I have sold some past-years bullion coins for a nice profit as well. Some silver bullion coins change their designs annually thus giving them some numismatic value. However similar to most numismatic stuff, one thing rarer than a rare coin is a buyer. Without buyer appreciating your coin you can't command much for your silver stash.

Especially in Malaysia, you buy numismatic/semi-numismatic coins at a HUGE premiums from local dealers... you need to find someone really low in IQ to grab them off your hands at a profit.
Take SilverStreet as an example... they are selling 2014 Perth Mint Lunar Horse Proof at RM688... then discounted to RM438. Perth Mint's issue price was only A$90 which is like RM230 only. One can still find the Lunar Horse proof at close to mint issue price on eBay. In fact for numismatics I tend to tell my friends... "buy them if you like the coins, don't buy them and expect quick profit".

To all potential silver stackers, please do your own research and be familiar with the terms premiums and spot price. Make sure you know what you are paying for.

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This post has been edited by livina2011: Nov 14 2013, 12:24 PM

Wow, reading all these comments make me feels like it's a bad idea to invest in silver.

Its a great idea to diversify your investment, but it is the worst idea to overpay on metals.

It's the exit game plan that I'm worried about. Although I'm expecting to hold it for long.

... been there, done that. No one wants my 250oz of silver unless I sell them at spot. And due to drop in spot I incurred more than 40% loss in paper value.

So happened someone wish to trade his gold for silver when GSR was above 60 thus I quickly did the swap. And now my gold is only 8% underwater which is not too bad

I usually buy small pieces like 1oz-10oz. What do u mean by underwater? Do u still buy any physical gold/silver now? Or totally keep ur hands away from metals...

Do u guys really believe/think that the fiat currency will crash one day?

Underwater = my metals are now worth below my purchase price. In other words it means I'm in red.

I still buy physical gold at every $100 drop in spot. For silver I buy only numismatics and ongoing series... more as a hobby than investment.

I do believe USD will lose its world reserve status soon.

This post has been edited by yrh0413: Nov 5 2013, 10:30 AM

Haha. That means my metals are currently underwater too. Btw, I just started PM investment recently in aug. I'm ok to hold it for long period as I'm using it to hedge inflation or in case, currency crash do really happen one day.

Hi all sifus,
I add in more comparison to see how much spread if i buy it over local seller (e.g. BSM) Vs from manufacturer (Scottsdale):

4th Nov 21:18

Kitco 21.8 USD/oz
Silver spot as on BSM 70.7 RM/oz
Currency rate as on BSM 3.243 RM/USD
Maybank currency 3.137 TT (RM/USD)

10oz
Scottsdale USD 242.25 RM 759.82 (Maybank TT)
Spot price USD 218 RM 683.757
% over spread (Scottsdale Vs Spot) 111%

BSM (RM/10oz), with delivery 812.53
% over spread (BSM Vs Spot) 119%
% over manufacturer (BSM Vs Scottsdale) 107%

It looks different now.....

Note: Not consider the courier price from Scottsdale to KL (which is quite significant)...

Summary:
Looks like Scottsdale has a 11% over spot;
BSM has a 7% over Scottsdale (not consider delivery cost if buy direct from Scottsdale);
BSM has 19% over spot
So, holding physical silver at this moment in Malaysia is relatively expensive.... would this cost be more favorable in future? I think this is the key to evaluate is it worth continue invest in physical silver.....

This post has been edited by XtraLeoGecko: Nov 5 2013, 12:10 PM

Dear all,
I am very happy and gratitude to all who has constructively shared facts and experience in this subject ... and hope all continue to do so and discussed professionally and remove all the negative "chi "....

If the price of silver goes up, it'll cover the premium right? Maybe the question that one should ask is will it goes up to the price that can cover the premiums + profit? It's like some expert says, PM investment is more to "buy, hold, and pray" kind of investment. Ur money isn't working for u.

But I will continue to buy small amount of silver monthly. How much is 1-2 oz worth? Probably around rm160. I will spend it on shopping or a decent meal anyway. And the rest of my money will divert to other form of investment.

This post has been edited by hey_there: Nov 5 2013, 12:34 PM

XtraLeoGecko your calculations are flawed. Scottsdale Silver does not do international shipping.

Current spot price at 12:42pm is $21.64...

10oz Scottsdale bar is going for $245.52. Premium over spot is $29.12 which is 11.86%.
Same bar at BSM is going for RM805.78. Premium over spot is $39.61 which is 15.47%.

If you order only 1 Scottsdale from any International dealers, you will never get a good price as there will always be a minimum order quantity and the shipping gonna kill you.
For your case getting from BSM is the cheapest option although you are paying a high premium for the bars.

Premiums will go down if there are more dealers in the market, and large local demands for silver. Else you will always be slapped with this huge premium.

As per my calculations above, upon purchase you already "lose" 15.47%. If silver spot rise above 15.47% you breakeven.
My friends in Singapore shared with me... when silver surged during 2011 dealers offered % below spot as buyback, when silver dips they offer spot as buyback.
So if silver rise 15% you might still be at a loss if you were to sell your silver by then... and no guarantee that the dealers will buyback from you.

If you are OK with the premiums then no harm to stack on. But for RM1000 on silver you might want to have a second look on the premiums for 5g gold.

Yea, 5g gold is also in my wish list. Hehe. But as for now, I will only allocate <200/month for PM investment. Maybe I'll stop buying silver for 2 months and buy the 5g gold instead. I'm ok with the premiums as I expect to keep it for long for 10-20 years. My only concern is who to sell to? But think positively, u won't know what ppl's perception on silver after 10-20 years. The gold silver ratio is 1:60 now and if it is 1:20 (don't ask me why 20, just simply pick a number ) ppl might hoard silver like gold too. If it really happens, it'll be easier to sell silver then.

I have similar thought. ... would trade paper gold but hold physical silver. .... as silver has more upside than gold in my investment horizon of 5-20 years. ... merely a diversification tool to hedge against inflation n paper money. ....

For silver I only keep numismatics because they have interesting designs and their value is based on market demand and at times has no connection with spot prices.

Recently bought a coin for $160 and it was traded on eBay for over $300...

I keep gold as long term investment but that also I selectively keep semi-numismatics like gold panda. Premiums are slightly higher than normal gold bullion.

At least I know 10 years later if gold rise and falls to $1300 my 10-yr old gold panda will worth more than just spot

I might want to stop paper gold and go for physical gold instead. The spreads are too wide for me. I will buy more to lower down my average cost and sell all either at break even price or small profit. Gonna buy 5g or 10g gold...

Is it easier to sell for physical gold with better margin comparing to paper gold?

CIMB is having a selling/buying diff of ~4.3%. What are the reliable channel to sell for physical gold?

In Singapore one can sell gold at spot to any pawnshops, sell at spot to dealers, and sell premium + spot to other stackers. Gold is better than silver when it comes to liquidity.

Does pawnshop in Malaysia takes gold at spot?

If CIMB spread is around 4% then it is similar to holding physical gold.

Physical gold is easier to sell. Can sell at pawnshop, poh kong etc. I took my gold chain and shop for better selling price from shops to shops.

What I'm worried about paper is that banks might increase their spread when price is up. It's up to them to put any price they want.

What's the buyback rate for pawnshops in Malaysia? spot or below spot?

Seriously, I don't remember. The last time I sold my gold chain was about 10 years ago. I remembered I walk a few shops and sold at the highest offer.

1 thing for sure, jewel4cash offer the lowest price. Even small pawnshops at masjid India can offer better price.

Where is the best place to buy physical gold and silver ?

This post has been edited by royalben: Nov 6 2013, 02:38 AM

https://www.buysilvermalaysia.com
http://www.silvermalaysia.com
http://www.silverstreet.my
http://www.nubex.com.my

thanks a lot

If you are buying in large quantity (over USD1,500), strongly suggest you source direct from APMEX or Gainsville.

Local dealers are like a bunch of vampires...

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This post has been edited by livina2011: Nov 14 2013, 12:13 PM

Got ur message very loud and clear long time ago. The problem is not everyone buys big amount. Like my case, 1-2 oz per transaction.

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This post has been edited by livina2011: Nov 14 2013, 12:30 PM

that's so complicated
maybe buy 100oz directly from oversea and sell it slightly cheaper than the local vampires... hehehe.. becoming another vampire myself.. wouldn't it be better.. heheh

btw, i think BSM is a slightly better vampire. they give store credits upon sending in feedback after each purchase. sometimes, they will send you email, and ask for feedback on certain issue and u earn store credits too. i accumulate the store credits and use it for my next purchase. thus, lower down my purchase amount.

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This post has been edited by livina2011: Nov 14 2013, 12:31 PM

sure want to jimat la. but the way u mention is too complicated. plus, we r talkijng about 100oz leh... me small potato only. just discipline myself to buy 1-2oz until i found a better way. am still looking for a better way. meanwhile, no choice.... let them suck a little lo.

Buying 1-2 oz per month might not be a good idea... imagine each oz of silver you are paying 20% premium (say RM100 per 1oz silver). One year you spent RM1200 on 12oz silver.

You need to wait for silver to appreciate at least 20% to break-even. If silver shoots up like a rocket then consider yourself lucky; but what if silver didn't move much you will be sitting on your stash for nothing.... might as well put your RM100/month in Maybank e-FD and earn 2-3% returns per annum?

I do agree with livina2011, no point investing in small ounces of physical silver each month as you likely to be drown in super high premiums.
Instead you might want to consider going paper silver or gold (buy close to spot), accumulate your wealth and then buy a 100oz silver bar or 1oz gold once you have the funds.

Let them suck "a little"... 20% is no joke man

hey_there, looks like your source for silver is reasonable in pricing. RM70/oz is a good price.

I think what livina2011 mentioned is that... buy paper gold or silver, once you have accumulated sufficient funds cash them out into fiat and use them to buy physical silver.

maybe some of us might wanna buy 100oz from US dealer and sell it at lower premium over spot price. that might trigger a huge competitive price to local dealer and everyone starts selling closer to spot to be able to survive. or maybe we get 10 ppl to buy 10/oz each from international dealer. but do we trust each other?

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This post has been edited by livina2011: Nov 14 2013, 12:32 PM

Count me in ya....

Setup a company to import then split... just need to identify a few regular silver investor as director. . So blood won't b sucked by vampire....

personally I treat my metals as part of my savings.
Every month I save certain amount of my salary into savings, and some convert to gold and silver.

livina2011, be it wealth preservation or retaining purchase power... we will always be looking at "profiting" from our purchase.
"Buy low sell high" always come to mind. Your scenario of buying bread with silver only works if gold and silver becomes currency at some point of time.
Until then 1 loaf of bread could be RM4, could be RM40, could be RM4000 but it is unlikely to be bought in ounces of gold and silver.

Looking back at history, when bread was RM0.30 per loaf gold was at RM800 per ounce.
Fast forward to recent years bread is now at RM6 per loaf and gold is at RM4,500 per ounce.
Years down the road bread might cost RM60 per loaf and gold at RM45,000 per ounce.
Unless gold and silver becomes a currency by itself it is unlikely you can buy anything with precious metals.
If you don't sell your metals, how can you have enough fiat currency to buy anything?

Retention of purchasing power only works if you can make any purchase with your silver.
For me I treat my metals as preservation of wealth in hope that it could, in long-run appreciate high enough to overcome inflation.
For example, now 1 ounce of silver, converted to fiat say RM70 may buy me 100 apples.
10 years later the same 1 ounce of silver, converted to fiat (whatever worth at that time) may still buy me 100 apples or more.

Again, if I can buy my metals cheaper or closer to spot price without much hassle I would be happy. I don't want to spend so much time and effort to save rm10/oz, where I can use that time to earn more $$ elsewhere. If I'm buying straight 100oz and can save rm1000 then is worth the hassle. U understand what u mean?

Do u mean the 1st method - import the silver and sell like any other local dealer or 2nd method - we share the 100oz and split the cost evenly?

There's no way I'm gonna sell u evenly with 1st method. Cos I gotta spend my time and pay my money first together the stocks. I have to earn smth. Just like any local dealers aka vampires.. Hehhe

I totally agree with u. I discipline myself to save certain amount of money monthly. I used to save them in banks and earn close to nothing as interest. Until I learn about metals and fiat currency. So, I allocate some of my money from my savings to buy silver. I will buy gold too when my savings increase.

Ai...yo... so many vampires... becoming World War Z

But seriously, 50 - 60 oz oredi >USD1,500.... can buy directly oredi.... Find some trustworthy kaki and can start importing direct....

The problem is more on what is the courier fees (or they actually send through sea freight?) from Mints / APMEX / etc... to KL?

Does it worth the hassle if we are accumulating slowly.....

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This post has been edited by livina2011: Nov 14 2013, 12:12 PM

Want to become kaki or not? We share the 100oz la. With XtraLeoGecko.

This post has been edited by hey_there: Nov 7 2013, 11:13 PM

There are some nice discussions over here since last thread and it looks like you guys are optimist to get silver at dirt cheap price. I agree with your getting silver from oversea (BEFORE shipment to Malaysia) is cheaper than local market but the bold part in your statement above definitely not true. . Please enlighten me if any overseas dealers offering silver bar at RM3.00 premium (based on exchange RM3.23, it is USD0.928 above spot price) for 1oz JM bar. I would stack not a parcel but a lorry into my vault and be a vampire.

The lowest premium over spot is Scottsdale and Silvertowne silver bar which is a lot more than USD0.928 as you quoted and JM bars premium about USD0.20-0.50 above Scottsdale/Silvertowne Bars.

Lets see how much premium you pay if buying from scottsdale itself. .

At this moment, silver spot price is traded at $21.65 and scottsdale selling $232.51 ($23.25 each) for pack of 10 with minimum purchase of 7 (70oz). This price remaind the same till 390oz. A little bit more discount if you purchase 400oz and above ($231.53 for 10, make it 23.15 each, 10 cents save for each bar)

Since you guys are planning to buy 100oz, hence the price is $23.25 each (Spot: $21.65). Premium: $1.60 (RM5.20 based on exchange RM3.25/USD) *Remember, Scottsdale is the lowest premium bar over spot price and you already pay $1.60 premium for it. Is RM3 premium over spot for JM bar make sense?

10oz Buy from Scottsdale = $232.51 = RM755.66 (exchange RM3.25/USD) BEFORE SHIPMENT
10oz Buy from BSM = RM812.50 AT YOUR DOOR STEP (I wish to compare with SilverStreet but our price does not update follow the spot price. Our regular buyers normally text/call us for latest price instead of depends on web. FYI, we are working on new platform on our web to follow spot price and could be ready by the new year. Stay tune). Those who buy from SilverStreet before definitely aware that our price is RM10-RM20 cheaper than other dealers for every 10oz.

How much the shipment cost? Since Scottsdale does not ship to Malaysia (or at least does not list the shipping fee to Malaysia), we take APMEX shipment cost as reference:

Shipping & Handling Fee: $49.95
Charge for 100oz: $33 ($0.33/oz)
Total shipment fee (100oz): $82.95 (RM269.59 for 100oz based on RM3.25/usd)

RM755.66 + RM26.96 = RM782.62 for 10oz (not includes RM25 bank fee (your side) which about RM0.25/pcs and extra $10 per transaction to cover for bank fee at the receiver's side. Overall about RM0.575/pcs).

Total you pay after bank fee: RM788.37 for 10oz.

BSM Price: RM812.50 for 10oz

Different Scottsdale vs BSM price: RM24.13 (assume this profit for BSM which is 3.06%) *Please note that Silver Street selling price is RM10-20 lower than BSM for every 10oz for bulk purchase. The profit could be as low as 0.523%-1.79%.

There are a lot more other businesses offer better margin than 3% out there but the prospect of silver/gold (precious metal) keep us running. . Labeling silver traders in Malaysia as vampire is a little over. The profit in this business is just too thin. Honestly, we are paying almost similar premium as you guys (imagine, you guys save $0.10/each if buy 70oz and 400oz. Do you think dealer get USD0.50 less than what you guys paying? In our dream lah!).

There are a lot of hidden fees when buying from oversea. The above comparison does not includes some other hassles. Eg: If you are unlucky, you have to collect your parcel at customs at LCCT Pos office, Sepang (even your parcel is non tax item and customs have to improve on this) which would add extra cost (time, petrol, toll). Not to mention the waiting time to get your bar and trust (if you share bulk).

You might get RM20-RM25 cheaper for every 10oz if buy from oversea but you are facing risk of paying more than local price if you are unlucky.

By the way, please challenge me if the above calculation is not true. Healthy discussion would be appreciated. .

Thanks.

This post has been edited by Seng_Kiat: Nov 8 2013, 06:19 AM

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This post has been edited by livina2011: Nov 14 2013, 12:44 PM

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This post has been edited by livina2011: Nov 14 2013, 12:32 PM

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This post has been edited by livina2011: Nov 14 2013, 12:34 PM

If you guys think I am bias, so lets be it. . I am just sharing about my own experience of those charges and fee. You guys might need to experience it yourself to understand those charges. .

Mate, what is the buyback price by oversea dealers?

APMEX, based on spot 21.75, buyback sunshine Bar at $21.85. Sellback to APMEX may have many to take into consideration:
1. Are they accept buyback outside of US? I doubt so.
2. Shipping cost back to US
3. Time taken to get money clear

Silverstreet, based on spot price $21.75, buyback silver bar at spot + USD1 ($22.75)

The bold part tells the overall story about buyback. Or perhaps, you may recommend us about our buyback policy?

I think you got confused with bullion and numismatics... The ones you listed above are semi-numis and numis, they are priced at a larger premium over spot.

Regardless of that, numismatic value is stripped off if you sell back to metal dealers, all they want is the silver content.

The colored lunar dragon is over S$100 if you buy direct from Perth Mint. It contains 1oz of silver but it also runs at very limited mintage this these numismatic coins are meant more for collectors.

I have a 5 ounce silver coin that I bought for RM1800... You can't compare just the raw silver content when it is a numismatic coin.

There is no one buying this collector items for resell/making money. Hahaha.

Perhaps you are the first one

No doubt, cheap, but is this on sale forever at $1.19 above spot?

for him, everything is just the same. he wouldn't accept other opinion.

well I did. When metals are in bearish trend all my bullion gold and silver were underwater. However my semi-numis and numis coins have held strong. Some coins which I bought for $30 was sold for $30-50, some of my past year releases were sold at over twice my purchase price.

Personally I have converted all my bullion gold and silver into semi-numis and numis, and years go by I believe their value will only increase.

Do check eBay on past years Chinese Pandas or Perth Mint kookaburras...

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This post has been edited by livina2011: Nov 14 2013, 12:11 PM

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This post has been edited by livina2011: Nov 14 2013, 12:36 PM

Seng_Kiat, I do run a business myself and I understand you have your operation cost to sustain, but personally I hope the premiums for gold and silver bullion can be lower... as the few pioneers to offer physical silver in local market, I believe it is key to ensure prices are attractive so that more of us will start to stack metals.

I am stationed in Singapore, and I don't stack silver mainly because the premiums are way too high... that being said Singapore's metal market is much larger than Malaysia and most people here buy silver in kilos and not in ounces. Still, the thought of 12-15% premium over spot pretty much killed my appetite for silver.

This was made known to my regular dealer but the premiums won't be dropping anytime soon if buyers' market is still small. Its more or less a chicken-and-egg situation now. We all want low premiums but market demand is not high enough for dealers to bring in large quantities of silver (in tons, not in ounces). Dealers want more buyers but they can't reduce premiums as their cost is high. So in the end some of us just reach out to overseas large metal dealers like APMEX.

I think this is normal... its the same situation in Singapore too.
My dealer gives me better buyback price if I get my metals from him.
He also buyback metals that was not sold by him at spot.

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This post has been edited by livina2011: Nov 14 2013, 12:11 PM

Aiyah, I also doing business. Imagine my customers squeeze my price until I don't earn even a penny. Moreover in this industry, they only earn rm10/oz. in my industry, some big company monopolize the industry and mark up the margin to almost 100%. I believe clothing, food etc earn high margin as well. So? Every industry we have to go make noise? As consumer, it's normal that we look for the best deal. If u think local deal is crap, don't buy then. Like some aunties. Gave me a whole list of at least 10 LV bags to buy when I travel overseas coz local is more expensive.

Today, I let seng_kiat or BSM earn my rm10/oz. tmr, they let me earn theirs when they buy my products or services. The economy is healthy in that way. Imagine everyone wouldn't want anyone to earn their money and start baking bread for themselves and grow ingredients behind their yard.

This post has been edited by hey_there: Nov 8 2013, 11:43 AM

This is the reason why I rather buy from local even though they are vampires. I don't want to crack my head and waste my time for this just to save that rm10/oz. with the amount of time spent, I could've earn more that that in my profession. I do import stuffs and go through this process too. Sometimes, I have to 'pow' the custom officer to get my stuff clear quicker.

This post has been edited by hey_there: Nov 8 2013, 11:41 AM

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This post has been edited by livina2011: Nov 14 2013, 12:35 PM

Mind if I ask... why 100x 1oz instead of 1x 100oz? You save U$120 if you go for the bigger bar and you get the same weight and purity.

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This post has been edited by livina2011: Nov 14 2013, 12:10 PM

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This post has been edited by livina2011: Nov 14 2013, 12:09 PM

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This post has been edited by livina2011: Nov 14 2013, 12:37 PM

Livina2011 mind sharing what's the best price you got from local dealers other than Silver Street?

and why didn't you pick the "The One" JM bars? From your screenshot they seem cheaper...

Advantage Buy from SilverStreet (low premium bar):
1. You get the firm price a.k.a no hidden risk of paying more.
2. Price is the best in town. (hey, I know you have a questions on our prices in your post. I will answer 1 by 1).
3. Get faster stock for ready stock items.
4. Definitely better buyback price at present compare to overseas and other local company. They don't even take buyback for outside of US.
5. Much cheaper shipping cost for sellback purpose compare to oversea.
6. Self collection to ensure safety in getting your silver bar.

Evaluation on buying bar from overseas:
1. Cheaper by RM10-15 for every 10oz compare to local market but facing risk of paying more if you are unlucky. Not to mention, hassle.
2. Insured parcel but if anything goes wrong, it takes 1-3 months to get back the money from insurance company. By the time we get back money, do we able to buy silver bar at same amount of weight for the same amount of money? .
3. Sell back, they dont even buyback if you are located outside of US. But if they do, shipping cost will kill the opportunity.
4. Can you more please? I just can't think more positive than point no 1 (but potential risk turns off to many people).

In my experience dealing in silver business, I have many type of customers:

1. Some do not have much cashflow to splash on silver investment. Thus, buying overseas is out of options.
2. Some who has cash flow but do not trust silver much especially they witnessed silver drop from $49 to slightly above $20. So, they buy bit by bit and not to miss the boat if they wrong.
3. Some who has cash flow and buy from Silver Street because they want fixed price, hassle and risk free of paying more.
4. Coin Collectors who do not care the percentage over spot price.

That are our 4 main customers based. .

Thanks.

Any other company in the world buyback those silver bars that is not bought from them previously at the same price?

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This post has been edited by livina2011: Nov 14 2013, 12:09 PM

The premium is not controlled by us, Silver traders in Malaysia or any other part in the world. It was controlled by the minters (manufacturers). Based on percentage, yes, we are paying more to silver compare to gold but that is not something we can do about. .

Even worse, we got an update from supplier that the premium for American Silver Eagle will be revised soon due to short in supply. .

The world if full of unfair advantage. Everybody in PM investment keep telling that USD will crash if they print more money but what happened today? USD still the king of currency.

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This post has been edited by livina2011: Nov 14 2013, 12:09 PM