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> HelloGold - Ask Me Anything, related to HelloGold or gold in general

robincflee
post Apr 27 2017, 11:38 PM, updated 2y ago

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I am the CEO of HelloGold, a retail financial services platform that enables mass market consumers to access micro savings in investment grade gold through a mobile app (both Android and iOS). The mobile apps allow users to save, borrow and send gold at a minimum transaction threshold of ~USD0.25. HelloGold users have the opportunity to better preserve and diversify their wealth, as well as the ability to access short term financing by collateralizing their gold.

HelloGold makes gold affordable by allowing its users to buy very small weightage per purchase at international spot prices. Customers have direct ownership of the gold they buy. The gold bullion is stored in a vault in Singapore, fully insured against physical loss, and is fully redeemable as physical bars and coins, or simply cash.

Our partner in Malaysia is Aeon and we are about to partner with one of the largest banks in South East Asia. When the agreement is finalised, I will be in a position to disclose the name of the bank.

Before HelloGold, I was CFO of the World Gold Council where I was also part of the senior management team of the world's largest gold fund, GLD, with US$30 billion of gold under management.
ricstc
post Apr 27 2017, 11:42 PM

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QUOTE(robincflee @ Apr 27 2017, 11:38 PM)
I am the CEO of HelloGold, a retail financial services platform that enables mass market consumers to access micro savings in investment grade gold through a mobile app (both Android and iOS). The mobile apps allow users to save, borrow and send gold at a minimum transaction threshold of ~USD0.25. HelloGold users have the opportunity to better preserve and diversify their wealth, as well as the ability to access short term financing by collateralizing their gold.

HelloGold makes gold affordable by allowing its users to buy very small weightage per purchase at international spot prices. Customers have direct ownership of the gold they buy. The gold bullion is stored in a vault in Singapore, fully insured against physical loss, and is fully redeemable as physical bars and coins, or simply cash.

Our partner in Malaysia is Aeon and we are about to partner with one of the largest banks in South East Asia. When the agreement is finalised, I will be in a position to disclose the name of the bank.

Before HelloGold, I was CFO of the World Gold Council where I was also part of the senior management team of the world's largest gold fund, GLD, with US$30 billion of gold under management.
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hi

I inherited via will of a close relative Maple leaf 1Oz Gold coins eg Canada Maple Leaf Gold
Coins 1Oz

what can i do with it other than keep it? If i wish to sell it how and where can i get the
current price and where to or whom to sell it to?
fireballs
post Apr 27 2017, 11:49 PM

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https://www.crowdfundinsider.com/2016/12/93...ntech-platform/

syariah complaint too

question: how do you change mindset of chinese elders who buy gold and hide under bed?
robincflee
post Apr 28 2017, 12:08 AM

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QUOTE(fireballs @ Apr 27 2017, 11:49 PM)
https://www.crowdfundinsider.com/2016/12/93...ntech-platform/

syariah complaint too

question: how do you change mindset of chinese elders who buy gold and hide under bed?
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the physical bar and coin market is largest segment of the gold investment space - many people simply prefer to hold gold physically under their bed. but it is the worst way of saving using gold.

I wrote an article in the Edge about this point - http://www.theedgemarkets.com/article/soli...bullion-traders

the only way you can change people's mindset is by 1) educating them on how best to save using gold 2) informing them on how to identify a reputable bullion dealer who can help them save gold at the best price 3) working with reputable partners that they trust

in my experience, when you can provide all that as I did with ICBC in China and Reliance in India before I started HelloGold - many will choose to save gold through you

Robin
robincflee
post Apr 28 2017, 12:15 AM

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QUOTE(ricstc @ Apr 27 2017, 11:42 PM)
hi

I inherited via will of a close relative Maple leaf 1Oz Gold coins eg Canada Maple Leaf Gold
Coins 1Oz

what can i do with it other than keep it? If i wish to sell it how and where can i get the
current price and where to or whom to sell it to?
*
well. that's wonderful - 10 oz of gold is worth about US$12k now. that's the good news.

the bad news is that most reputable dealers will not offer you a price that is close to the actual price of gold unless you bought the gold from them. mainly because they don't know if it is real gold. the only dealers that will offer you a good price will be a dealer that has the equipment to test that the gold is really gold and that they really weight 10 oz. they effectively should assay the gold. A company like Silver Bullion which is headquartered in Singapore but they have an office in KL will have the right equipment to assess your coin

here is an article (one of many on the internet) that will explain in more details the reason why a 10 oz coin is a challenge to sell at the market price - https://www.moneymetals.com/precious-metals...-silver-at-home


ricstc
post Apr 28 2017, 01:12 AM

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QUOTE(robincflee @ Apr 28 2017, 12:15 AM)
well. that's wonderful - 10 oz of gold is worth about US$12k now. that's the good news.

the bad news is that most reputable dealers will not offer you a price that is close to the actual price of gold unless you bought the gold from them. mainly because they don't know if it is real gold. the only dealers that will offer you a good price will be a dealer that has the equipment to test that the gold is really gold and that they really weight 10 oz. they effectively should assay the gold. A company like Silver Bullion which is headquartered in Singapore but they have an office in KL will have the right equipment to assess your coin

here is an article (one of many on the internet) that will explain in more details the reason why a 10 oz coin is a challenge to sell at the market price - https://www.moneymetals.com/precious-metals...-silver-at-home
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thanks but i think you misread my writing

if you look carefully i wrote 1Oz as in ONE Oz not 10 Oz

there are no 10 Oz maple gold leaf coins in existance

anyway thanks for the link and info

appreciate it and will action it soon thanks
robincflee
post Apr 28 2017, 07:30 AM

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QUOTE(ricstc @ Apr 28 2017, 01:12 AM)
thanks but i think you misread my writing

if you look carefully i wrote 1Oz as in ONE Oz not 10 Oz

there are no 10 Oz maple gold leaf coins in existance

anyway thanks for the link and info

appreciate it and will action it soon thanks
*
Yes. You are right! I was super excited for you that you had 10 oz. the fundamental challenges still remain true. But folks at Silver Bullion should still be able to help
ronho
post Apr 28 2017, 10:12 AM

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Hi , what is your price for 1 gram gold ?
robincflee
post Apr 28 2017, 03:53 PM

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QUOTE(ronho @ Apr 28 2017, 10:12 AM)
Hi , what is your price for 1 gram gold ?
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Our prices are live and therefore change 'minute to minute'

You can currently buy RM1 worth of gold for RM180.46 per gram and we charge 2% fee


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ronho
post Apr 28 2017, 04:45 PM

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Hi, mind explaining all those data in the picture ?
robincflee
post Apr 28 2017, 05:39 PM

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QUOTE(ronho @ Apr 28 2017, 04:45 PM)
Hi, mind explaining all those data in the picture ?
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I took a snapshot of my account on the HelloGold app to see what the price was
MNet
post Apr 28 2017, 09:50 PM

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ur price is not competitive compare to uob
https://uniservices1.uob.com.my/jsp/finance/fin_gia.jsp
robincflee
post Apr 29 2017, 12:07 AM

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QUOTE(MNet @ Apr 28 2017, 09:50 PM)
ur price is not competitive compare to uob
https://uniservices1.uob.com.my/jsp/finance/fin_gia.jsp
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The UOB product requires a minimum purchase of 20 grams and subsequent purchases in multiples of 5 grams. You are also required to maintain a minimum balance of 10 grams in the account otherwise the monthly fee is rm2.12

In contrast HelloGold allows a minimum purchase of RM1 and if there is no minimum of gold that you need to keep in the account.

Assuming you buy 1 gram of gold and hold it for one year and the price of gold is RM180. UOB fee payable would be RM2.12 x 12 months = rm25.44 whereas your annual fee at hellogold will be 2% of RM180 = RM3.60. The UOB fee is nearly RM22 more expensive than the HelloGold product

For those who want Shariah compliant gold, the UOB product isn't Shariah compliant whereas the HelloGold product is

The UOB product is available during banking hours v HelloGold which is available 24/7 on your mobile

Over the new few months, we will also enable customers to use their gold to apply for a Shariah compliant loan with Aeon whereas that facility is not available at UOB

I trust this helps

This post has been edited by robincflee: Apr 29 2017, 12:08 AM
icemanfx
post Apr 29 2017, 12:28 AM

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QUOTE(robincflee @ Apr 29 2017, 12:07 AM)
The UOB product requires a minimum purchase of 20 grams and subsequent purchases in multiples of 5 grams. You are also required to maintain a minimum balance of 10 grams in the account otherwise the monthly fee is rm2.12

In contrast HelloGold allows a minimum purchase of RM1 and if there is no minimum of gold that you need to keep in the account.

Assuming you buy 1 gram of gold and hold it for one year and the price of gold is RM180. UOB fee payable would be RM2.12 x 12 months = rm25.44 whereas your annual fee at hellogold will be 2% of RM180 = RM3.60. The UOB fee is nearly RM22 more expensive than the HelloGold product

For those who want Shariah compliant gold, the UOB product isn't Shariah compliant whereas the HelloGold product is

The UOB product is available during banking hours v HelloGold which is available 24/7 on your mobile

Over the new few months, we will also enable customers to use their gold to apply for a Shariah compliant loan with Aeon whereas that facility is not available at UOB

I trust this helps
*
If one has 10g of gold at uob, annual fee is zero. While hellogold cost rm36 annually.

robincflee
post Apr 29 2017, 12:53 AM

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QUOTE(icemanfx @ Apr 29 2017, 12:28 AM)
If one has 10g of gold at uob, annual fee is zero. While hellogold cost rm36 annually.
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That's correct. HelloGold is focused on providing services for the ordinary Malaysian

This post has been edited by robincflee: Apr 29 2017, 12:54 AM
morninghero
post Apr 29 2017, 01:31 AM

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Gold price daily change? If hellogold provide the 10 gram storage free service like UOB bank , should be awesome
xu7jp
post Apr 29 2017, 01:36 AM

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QUOTE(ricstc @ Apr 28 2017, 01:12 AM)
thanks but i think you misread my writing

if you look carefully i wrote 1Oz as in ONE Oz not 10 Oz

there are no 10 Oz maple gold leaf coins in existance

anyway thanks for the link and info

appreciate it and will action it soon thanks
*
U can buy/sell gold coins at UOB.

Source
robincflee
post Apr 29 2017, 07:59 AM

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QUOTE(morninghero @ Apr 29 2017, 01:31 AM)
Gold price daily change? If hellogold provide the 10 gram storage free service like UOB bank , should be awesome
*
The price at HelloGold is live - it changes on a minute-by-minute basis

The HelloGold product isn't paper gold -it is fully allocated, fully insured, and audited gold. There is a cost associated with all these features. In contrast, products at banks are typically unallocated, uninsured and unaudited

I hope this helps
robincflee
post Apr 29 2017, 08:06 AM

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QUOTE(xu7jp @ Apr 29 2017, 01:36 AM)
U can buy/sell gold coins at UOB.

Source
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I believe that you can only sell back coins at UOB that you bought from them. That is definitely the case for UOB Singapore




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icemanfx
post Apr 29 2017, 08:17 AM

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QUOTE(robincflee @ Apr 29 2017, 07:59 AM)
The price at HelloGold is live - it changes on a minute-by-minute basis

The HelloGold product isn't paper gold -it is fully allocated, fully insured, and audited gold. There is a cost associated with all these features. In contrast, products at banks are typically unallocated, uninsured and unaudited

I hope this helps
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Who is verifying physical allocation? Who is the legal owner of the physical gold? Physical gold in what weight? How often do you trade the physical gold?

This post has been edited by icemanfx: Apr 29 2017, 08:21 AM

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