The gold price is at an all-time high, but due to the exchange rate, it doesn’t benefit the local currency when converting to Ringgit.

When gold was at USD 2390, I sold it for RM 356 per gram with an exchange rate of USD 1:4.70 MYR.

Now, with gold at over USD 2500 and the exchange rate at USD 1:4.37 MYR, the buyback price is less than RM 350.

I just got my self into gold last year tbh.
long term wise, im stacking 1gram gold bar piece.
short term wise , im collecting 1gram gold bean.

last year was good, manage to purchase some at RM280 per gram
this year average was above RM300, but for me below RM350 per gram I will consider.

Those who purchase physical gold bars are likely to hold onto them for at least 10 years, or even pass them down to the next generation.

Habib and PK gold bars are both certified with a purity of 999.9, so any claims you’ve heard otherwise are false.

Gold beans are typically priced lower than gold bars, and buying through platforms like Shopee (sengfong, gold bullion, pg gold, public gold, tai fook)can sometimes offer prices below the market buyback rate when stacking with voucher. In the short term, you can potentially make a profit of around RM20 per gram.

I always monitor the buyback prices at Razak Jewelry, my frequent go-to shop. When I see that the price of gold beans is lower than thier buyback price, I know it's a good deal.

However, keep in mind that gold beans come in purities of both 999 and 999.9, so it’s important to always choose the "four 9s" (999.9).

This post has been edited by killertcb007: Sep 2 2024, 10:59 AM

Yes, I have sold a total of around 20 grams of gold beans at that shop. I sold them in July at RM 356 per gram and in August at RM 352 per gram. I've kept all my receipts and passed them on to Razak Jewelry. They only offer cash payments, not bank transfers.I believe, based on what I know so far, that they offer the highest buyback price among jewelers.

I've checked, and they calculate the price by converting from USD per ounce to RM per gram, then deducting 1.5%.

My personal forecast, not financial advice:
gold at 2500/OZ, fx rate 4.30MYR
342.22 MYR for gold buyback price (after -1.5%)

(short term, I don't expect it to go beyond RM360.)
gold at 2650/OZ, fx rate 4.15MYR
348.27 MYR for gold buyback price (after -1.5%)

(long term, probably the best-case scenario, we hope for)
gold at 3000/OZ, fx rate 3.90MYR
370.59 MYR for gold buyback price (after -1.5%)

Firstly, unless you have a gold-checking machine, you can't be entirely sure if the gold bar/bean you purchased from Shopee is genuine. However, this shouldn't be a reason to avoid buying gold online altogether. The risks can be minimized if proper precautions are taken.

Choose sellers that operate a physical shop.

Opt for stores marked with “Mall” or “Preferred” on the platform.

Check reviews from customers who have completed their purchases to ensure reliability.

Personally, I don't see why one should pay a premium or above-market prices at a physical store when there are opportunities to buy gold at significant discounts online. For example, if you're going to buy a 1g bar for RM500 at a physical shop, why not buy it from the same seller's official online store with a discount voucher? It's the same product, and instead of waiting 10 years for a return on investment, you could potentially see results in 5 years thanks to the voucher subsidy.

The Ringgit is strengthening against the USD, and I estimate it might fall to around RM3.90 or lower soon.

My next selling target is gold at $3,000 per ounce, which would mean a rate of RM4. At this gold price, the cost would be approximately RM380 or more per gram.

There's no guarantee that gold will reach $3,000, but the probability is high given the factors at play. The U.S. debt situation, the upcoming election, the post-election landscape, the rate cut cycle, USD toilet paper, BRICS, and geopolitical events all seem to support a rise in gold prices. I don't see any significant events that would work against this trend.

The current price is being manipulated by digital contracts, making it unclear how the physical gold supply is managing to keep up with demand. Countries' reserves and central banks are purchasing physical gold, often in massive quantities, measured in tons. So when countries' gold imports begin to surge, it's a clear sign that something significant is on the horizon.

The next BNM rate decision is scheduled for November, giving us about a month until then.
Given the pace at which the Ringgit is appreciating, there's a possibility it could break through 4.00, or even further to 3.80.
In my view, BNM might consider reducing rates, especially to support exports. This could help prevent the Ringgit from appreciating too rapidly and uncontrollably.

Gold wise, my view is that, western player are kickin in now, i wont say it fall but consolidate yes.
giving the US election and geopolitical concern, all these are giving the support for gold.

I believe we need to go back to the basics and recognize that precious metals, like physical gold, are always regarded as a store of value.

When purchasing gold, it's important to understand that you're likely to hold onto it for at least 5-10 years, or even pass it on to the next generation.

If you buy gold now, you'll incur a premium cost, meaning you'll likely face a loss in value initially. It's unlikely you'll turn a profit in the short term.

In my opinion, if you have funds that you don't need immediately and are concerned about currency depreciation and inflation, investing in precious metals could be a good option.

I personally believe people should consider purchase physical (gold bar and gold bean) from reputable shops on Shopee using vouchers. By avoiding premiums or fees, you can buy at prices that are close to market value, which can help mitigate asset risk right away. Furthermore, this approach can significantly lower the risk of potential market price pullbacks. Additionally, using a bank card can provide extra benefits.

If the current international gold price depreciating slowly or remains stable, while the ringgit depreciating rapidly, the price of gold in ringgit will rise.

https://www.bloomberg.com/news/articles/202...time-since-2020

thailand dah cut rate.


agak2 BNM will follow larh, private bank already reduce rate.

Take profit !!! 🤩🤩🤩

The FOMO is kicking in! Let’s go!


This post has been edited by killertcb007: Oct 19 2024, 09:55 AM

Wow, it seems like someone has made a substantial profit! Congratz!

It's not fair to us that they classify 999.9 purity as simply 999. The 999.9 grade should be priced higher, as the price difference can be substantial, especially in large quantities.

Is that the final place you surveyed that offers the highest price? Or is it because of the convenience of transport?

I visited Razak Masjid Jamek last Sunday where their cash vault had been emptied by people selling their gold. In the end, they completed the transactions via bank transfer.

Wow, it seems like someone has made a substantial profit! Congratz!



I always take public transport, using the MRT and then switching to the LRT and leave at Masjid Jamek station. No, parking just outside the shop is not a good idea.

This post has been edited by killertcb007: Oct 22 2024, 01:44 PM

The deals I make are usually under 10k. When I inquired online banking, they always said it had to be cash. So, I typically take the cash, walk to the CIMB bank by the LRT station, and deposit it.

There was one time I received a damaged RM20 note, which made it difficult to get rid of.

Significant fluctuations may occur around the U.S. presidential election, and when Bank Negara Malaysia (BNM) cuts rates at November, the resulting price squeeze could be substantial!

Gold at $2850 per troy OZ
1 USD = 4.45MYR

1 gram of gold is approximately RM407 !!!