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

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TS robincflee
post Apr 29 2017, 12:02 PM

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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
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As HelloGold grows its business, we believe we can lower our cost-to-serve. As we are able to do that, we would like to pass these savings onto our customers
ricstc
post Apr 29 2017, 12:13 PM

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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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thank you so much I really appreciate your sharing
TS robincflee
post Apr 29 2017, 12:17 PM

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QUOTE(icemanfx @ Apr 29 2017, 08:17 AM)
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?
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At the end of every day, HelloGold publishes a number of statements that show 1) the amount of gold our customers have with us 2) the amount of gold that we have with our vaulting agent according to our records and the corresponding bar numbers 3) a link to our vaulting agent's site that also displays the amount of gold that they hold on our behalf according to their records with the corresponding bar numbers

HelloGold will always have more gold than the total balance held for our customers - this is called over-allocation. We buy in whole 1kg bars and our customers buy in any amount with a minimum of RM1. So the 1st test is whether our records and our vaulting agent's record match in terms of bars held and whether the amount of gold held is greater than the total held on behalf of our customers

HelloGold only has allocated bars so we know specifically which bar belongs to us. The records of bars that we have our vaulting agent should show the exact same bar number.

You can review the customer and bar lists here - https://help.hellogold.com/en/how-do-i-know...stored-is-safe/

Every six months, an independent auditor - Bureau Veritas - will conduct a series of tests that verifies the physical allocation of gold. For more details, pls refer to this - https://help.hellogold.com/en/how-do-i-know...old-is-genuine/

We buy our gold from the refiner through our vaulting agent.

In terms of ownership, our terms and conditions set out that HelloGold acts as your bailee for your gold on your behalf - https://www.hellogold.com/terms.html. Your gold is owned by you.

I hope this provides with you with the necessary clarification
TS robincflee
post Apr 29 2017, 12:19 PM

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QUOTE(ricstc @ Apr 29 2017, 12:13 PM)
thank you so much I really appreciate your sharing
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You can definitely buy and sell gold coins at most banks. However you are not usually able to sell coins to any bank other than the one that you bought it from and they reserve the right not to buy it back from you

"UOB accepts gold coin or gold bars originally bought from UOB Singapore or OUB Singapore. Customers are required to produce invoices of purchase satisfactory to UOB.The gold coins or bars must be in good condition (to be solely determined by UOB which decision shall be final). For the gold kilobar, the seal must be intact."
ricstc
post Apr 29 2017, 12:58 PM

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QUOTE(robincflee @ Apr 29 2017, 12:19 PM)
You can definitely buy and sell gold coins at most banks. However you are not usually able to sell coins to any bank other than the one that you bought it from and they reserve the right not to buy it back from you

"UOB accepts gold coin or gold bars originally bought from UOB Singapore or OUB Singapore. Customers are required to produce invoices of purchase satisfactory to UOB.The gold coins or bars must be in good condition (to be solely determined by UOB which decision shall be final). For the gold kilobar, the seal must be intact."
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my problem is i dont have any official receipt but i know that the purchase of
the coins were from OUB (or UOB) singapore

ill find out and if there is anything worthwhile i will share info here too

thanks again
seiluen
post Apr 29 2017, 01:12 PM

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have just download your mobile apps smile.gif will try it out later

first time buying gold online here
icemanfx
post Apr 29 2017, 01:20 PM

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QUOTE(robincflee @ Apr 29 2017, 12:17 PM)
At the end of every day, HelloGold publishes a number of statements that show 1) the amount of gold our customers have with us 2) the amount of gold that we have with our vaulting agent according to our records and the corresponding bar numbers 3) a link to our vaulting agent's site that also displays the amount of gold that they hold on our behalf according to their records with the corresponding bar numbers

HelloGold will always have more gold than the total balance held for our customers - this is called over-allocation. We buy in whole 1kg bars and our customers buy in any amount with a minimum of RM1. So the 1st test is whether our records and our vaulting agent's record match in terms of bars held and whether the amount of gold held is greater than the total held on behalf of our customers

HelloGold only has allocated bars so we know specifically which bar belongs to us. The records of bars that we have our vaulting agent should show the exact same bar number.

You can review the customer and bar lists here - https://help.hellogold.com/en/how-do-i-know...stored-is-safe/

Every six months, an independent auditor - Bureau Veritas - will conduct a series of tests that verifies the physical allocation of gold. For more details, pls refer to this - https://help.hellogold.com/en/how-do-i-know...old-is-genuine/

We buy our gold from the refiner through our vaulting agent.

In terms of ownership, our terms and conditions set out that HelloGold acts as your bailee for your gold on your behalf - https://www.hellogold.com/terms.html. Your gold is owned by you.

I hope this provides with you with the necessary clarification
*
It seems the weakest link is hellogold and buyer has no protection against hellogold default.

[Ancient]-XinG-
post Apr 29 2017, 01:33 PM

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Hmm. What should the people do when they hide the gold under the bed? Where to sell it?
morninghero
post Apr 29 2017, 01:40 PM

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what if suddenly hellogold shut down? what happen to our gold?

later become like JJPTR?
Pewufod
post Apr 29 2017, 01:45 PM

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QUOTE(morninghero @ Apr 29 2017, 01:40 PM)
what if suddenly hellogold shut down? what happen to our gold?

later become like JJPTR?
*
my concern exactly

how do you compare yourself to other FI in the market ?
TS robincflee
post Apr 29 2017, 02:41 PM

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QUOTE(icemanfx @ Apr 29 2017, 01:20 PM)
It seems the weakest link is hellogold and buyer has no protection against hellogold default.
*
Customer's gold is protected even if HelloGold closes for any reason because the gold is your gold and not ours

https://help.hellogold.com/en/what-is-the-d...allocated-gold/

In fact, the gold that HelloGold holds on behalf of its customers is legally safer than the gold stored by the bank for its customers

TS robincflee
post Apr 29 2017, 02:48 PM

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QUOTE(morninghero @ Apr 29 2017, 01:40 PM)
what if suddenly hellogold shut down? what happen to our gold?

later become like JJPTR?
*
I have replied to an earlier post about this

Customer's gold is protected even if HelloGold closes for any reason because the gold is your gold and not ours

https://help.hellogold.com/en/what-is-the-d...allocated-gold/

In fact, the gold that HelloGold holds on behalf of its customers is legally safer than the gold stored by the bank for its customers.

Ownership of your gold in HelloGold is outright.  HelloGold bullion is not subject to a trust deed, and it is not anyone's liability. It is - quite simply - your outright property from the moment you buy it to the moment you sell it. In accepting the HelloGold’s business terms, you have engaged HelloGold as a custodian of your bullion. HelloGold has subcontracted the physical custody of your bullion to vault operators and the trading of gold to its liquidity provider - currently those two services are with the same party.  HelloGold retains responsibility for administration and record keeping.

The gold is your personal property and is treated under Singaporean law as a "bailment". In law, a "bailment" occurs when a person [the bailor - the customer] delivers physical property into the possession of another person [the bailee - HelloGold] on condition that the goods are either returned to the bailor at some later agreed date, or disposed of in accordance with the bailor's instructions. The essence of a bailment is that the bailee [a custodian] has physical custody of goods but they remain the outright property of the bailor. Simply put, the transfer of goods to a custodian does not grant a property right to the custodian, or to its creditors in the event of the custodian's failure. Instead the property remains that of the original owner until it is delivered according to the bailor's instruction.

I hope this addresses your concerns
TS robincflee
post Apr 29 2017, 02:53 PM

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QUOTE(Pewufod @ Apr 29 2017, 01:45 PM)
my concern exactly

how do you compare yourself to other FI in the market ?
*
I have replied to an earlier post about this

Ownership of your gold in HelloGold is outright.  HelloGold bullion is not subject to a trust deed, and it is not anyone's liability. It is - quite simply - your outright property from the moment you buy it to the moment you sell it. In accepting the HelloGold’s business terms, you have engaged HelloGold as a custodian of your bullion. HelloGold has subcontracted the physical custody of your bullion to vault operators and the trading of gold to its liquidity provider - currently those two services are with the same party.  HelloGold retains responsibility for administration and record keeping.

The gold is your personal property and is treated under Singaporean law as a "bailment". In law, a "bailment" occurs when a person [the bailor - the customer] delivers physical property into the possession of another person [the bailee - HelloGold] on condition that the goods are either returned to the bailor at some later agreed date, or disposed of in accordance with the bailor's instructions. The essence of a bailment is that the bailee [a custodian] has physical custody of goods but they remain the outright property of the bailor. Simply put, the transfer of goods to a custodian does not grant a property right to the custodian, or to its creditors in the event of the custodian's failure. Instead the property remains that of the original owner until it is delivered according to the bailor's instruction.

https://help.hellogold.com/en/what-is-the-d...allocated-gold/

If by FIs, you mean banks, then the gold that HelloGold holds on behalf of its customers is legally safer than the gold stored by the bank for its customers. Compared to most banks, HelloGold’s customers own only allocated gold. This obliges HelloGold’s custodian to hold the customers’ gold as their outright property, under a custodial or safe-keeping contract. Under well-established law of bailment (see above), a liquidator must return the formal property to the customer if any of the parties fail. In contrast, when a bank sells unallocated gold, the customer becomes a creditor - i.e. the bank owes you gold which it may not physically have. HelloGold’s gold is fully insured against all risks including loss or theft with cover in excess of RM300 million. In contrast, gold held by banks are not insured by Perbadanan Insurans Deposit Malaysia.

Other differences are as follows:
!) HelloGold will be the first shariah compliant gold product in Malaysia that will be fully compliant with the Accounting and Auditing Organisation for Islamic Financial Institutions’ (AAOIFI) standard on gold-based products. In contrast, most banks in Malaysia do not provide gold products that are compliant with this international standard.
2) HelloGold’s minimum purchase of RM1 is significantly more affordable than most banks which typically require a minimum transaction value of 1g and in multiples of whole grams (c. RM170)
3) HelloGold allows a minimum physical redemption of 1 gram. In contrast, some banks do not allow physical redemption while others only allow physical redemption of a minimum of 100 grams (c.RM17,000)
4) HelloGold is available through a mobile application on a 24/7 basis. Most banks only enable customers to buy and sell gold during office hours. Some operate extended hours but none provide a 24/7 service.
5) With the launch of the gold-backed personal finance product with Aeon Credit, HelloGold will offer customers the ability to use their gold as a form of collateral at market beating rates. No bank currently bundles its gold investment account with a lending product.
6) In 2017, HelloGold will enable its customers to transfer gold between accounts at no cost. No bank in Malaysia provides this facility.

I hope this answers your question



Pewufod
post Apr 29 2017, 03:19 PM

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QUOTE(robincflee @ Apr 29 2017, 02:53 PM)
I have replied to an earlier post about this

Ownership of your gold in HelloGold is outright.  HelloGold bullion is not subject to a trust deed, and it is not anyone's liability. It is - quite simply - your outright property from the moment you buy it to the moment you sell it. In accepting the HelloGold’s business terms, you have engaged HelloGold as a custodian of your bullion. HelloGold has subcontracted the physical custody of your bullion to vault operators and the trading of gold to its liquidity provider - currently those two services are with the same party.  HelloGold retains responsibility for administration and record keeping.

The gold is your personal property and is treated under Singaporean law as a "bailment". In law, a "bailment" occurs when a person [the bailor - the customer] delivers physical property into the possession of another person [the bailee - HelloGold] on condition that the goods are either returned to the bailor at some later agreed date, or disposed of in accordance with the bailor's instructions. The essence of a bailment is that the bailee [a custodian] has physical custody of goods but they remain the outright property of the bailor. Simply put, the transfer of goods to a custodian does not grant a property right to the custodian, or to its creditors in the event of the custodian's failure. Instead the property remains that of the original owner until it is delivered according to the bailor's instruction.

https://help.hellogold.com/en/what-is-the-d...allocated-gold/

If by FIs, you mean banks, then the gold that HelloGold holds on behalf of its customers is legally safer than the gold stored by the bank for its customers. Compared to most banks, HelloGold’s customers own only allocated gold. This obliges HelloGold’s custodian to hold the customers’ gold as their outright property, under a custodial or safe-keeping contract. Under well-established law of bailment (see above), a liquidator must return the formal property to the customer if any of the parties fail. In contrast, when a bank sells unallocated gold, the customer becomes a creditor - i.e. the bank owes you gold which it may not physically have. HelloGold’s gold is fully insured against all risks including loss or theft with cover in excess of RM300 million. In contrast, gold held by banks are not insured by Perbadanan Insurans Deposit Malaysia.

Other differences are as follows:
!) HelloGold will be the first shariah compliant gold product in Malaysia that will be fully compliant with the Accounting and Auditing Organisation for Islamic Financial Institutions’ (AAOIFI) standard on gold-based products. In contrast, most banks in Malaysia do not provide gold products that are compliant with this international standard.
2) HelloGold’s minimum purchase of RM1 is significantly more affordable than most banks which typically require a minimum transaction value of 1g and in multiples of whole grams (c. RM170)
3) HelloGold allows a minimum physical redemption of 1 gram. In contrast, some banks do not allow physical redemption while others only allow physical redemption of a minimum of 100 grams (c.RM17,000)
4) HelloGold is available through a mobile application on a 24/7 basis. Most banks only enable customers to buy and sell gold during office hours. Some operate extended hours but none provide a 24/7 service.
5) With the launch of the gold-backed personal finance product with Aeon Credit, HelloGold will offer customers the ability to use their gold as a form of collateral at market beating rates. No bank currently bundles its gold investment account with a lending product.
6) In 2017, HelloGold will enable its customers to transfer gold between accounts at no cost. No bank in Malaysia provides this facility.

I hope this answers your question
*
i appreciate you taking the time for replying lowyat forumers and the desire for blockchain technology. i have registered via the app and will explore my way in.
icemanfx
post Apr 29 2017, 03:25 PM

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QUOTE(robincflee @ Apr 29 2017, 02:41 PM)
Customer's gold is protected even if HelloGold closes for any reason because the gold is your gold and not ours

https://help.hellogold.com/en/what-is-the-d...allocated-gold/

In fact, the gold that HelloGold holds on behalf of its customers is legally safer than the gold stored by the bank for its customers
*
The ownership of physical gold belongs to hellogold. If hellogold in default, customers has no recourse or protection.

This post has been edited by icemanfx: Apr 29 2017, 03:27 PM
aspartame
post Apr 29 2017, 04:51 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.
*

How does HelloGold make money?
TS robincflee
post Apr 29 2017, 06:35 PM

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QUOTE(icemanfx @ Apr 29 2017, 03:25 PM)
The ownership of physical gold belongs to hellogold. If hellogold in default, customers has no recourse or protection.
*
The contractual relationship between HelloGold and the customer means that the gold belongs to the customer and not HelloGold. We simply store it with the custodian. I found this link for you to read so that you can see for yourself - but pls feel free to google for more aspects

https://legaldictionary.net/bailment/

The use of bailment principle is common to many of the largest online gold bullion providers - Goldmoney in the US and BullionVault in the UK
TS robincflee
post Apr 29 2017, 06:38 PM

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QUOTE(aspartame @ Apr 29 2017, 04:51 PM)
How does HelloGold make money?
*
we make money through
1) our annual management which is 2% per annum. we accrue for this on a daily basis and we charge this on a monthly basis
2) our transaction fee which is 2% on the value of gold bought/sold
3) when the Aeon personal finance product is launched, we will share part of the income earned from the provision of the loan (we are still working on the product with our partner, Aeon Credit Services)
aspartame
post Apr 29 2017, 07:16 PM

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QUOTE(robincflee @ Apr 29 2017, 06:38 PM)
we make money through
1) our annual management which is 2% per annum. we accrue for this on a daily basis and we charge this on a monthly basis
2) our transaction fee which is 2% on the value of gold bought/sold
3) when the Aeon personal finance product is launched, we will share part of the income earned from the provision of the loan (we are still working on the product with our partner, Aeon Credit Services)
*

Very expensive
icemanfx
post Apr 29 2017, 07:25 PM

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QUOTE(robincflee @ Apr 29 2017, 06:35 PM)
The contractual relationship between HelloGold and the customer means that the gold belongs to the customer and not HelloGold. We simply store it with the custodian. I found this link for you to read so that you can see for yourself - but pls feel free to google for more aspects

https://legaldictionary.net/bailment/

The use of bailment principle is common to many of the largest online gold bullion providers - Goldmoney in the US and BullionVault in the UK
*
In the event of hellogold default, customers rights to the gold is way below other creditors. Beside if hellogod liquidated gold, customers would have no control or protection like geneva gold.




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