Thanks for the feedback. We are launching some new features in the next month to the application which we hope will be interesting and useful for our customers. And we will be announcing an investment by a major singaporean bank and a singaporean government fund in our business.

If you have any questions at all, please feel free to post it here or ask us on the chat function on the app

Robin

I think your average Malaysian is more than able to afford 10g of gold, the price of that is around Rm1600+ ? I can't see anyone with a smartphone and Internet not being able to afford Rm1600+


This post has been edited by wodenus: Jun 3 2017, 07:02 PM

I wish you were right. It would be great if Malaysians have that much disposal income

But according to BNM, 3 out of every 4 Malaysians do not believe they are able to put together RM1,000 if they had an unexpected emergency. Based on this report from BNM, I am not sure that the average Malaysian has as much as that. And based on our own customers, the average gold holding is much lower than RM1600 per customer

Hello Mr Robin Lee,

TS = Thread Starter
*Regular short form in the forum.

Have anyone here have tried HelloGold app and buy golds on this platform?
Care to share more on how it works?

Damn expensive fees, 2% annually and during transaction?

Geez man, people are better off buying from 1/10 oz coins or 1G bar - those are just 200-600 only, and you get the physical gold.

This smells like Geneva gold all over again.

When you buy a 1 gram coin, you will find that the premium that you pay over the prevailing spot price far exceeds our fees. Typically this premium is between 20% to 50% over the prevailing spot price. With HelloGold, we buy 1 kg bars and we enable our customers to buy fractions of the bar for as low as RM1 a time.

I would encourage you to read our FAQs on how we store our gold and the transparency that we provide - https://help.hellogold.com/en/how-do-i-know...stored-is-safe/

We are hoping to announce in the next week two new investors - one is one of South East Asia's largest banks and the other is an investment fund of a South East Asian government

We have video tutorials on YouTube as well as an extensive set of Q&As on our FAQ website - https://help.hellogold.com/en/

If you have any specific questions, please ask it here and I would be more than happy to answer them

Robin

So tell this, since you keep on emphasizing that whatever gold we purchase is ours - so what would happen if I buy 1g of gold from you and I WANT the PHYSICAL 1g gold.

You're gonna melt down that 1kg bar that you have sitting in your vault somewhere to grams?

Mr Robin,
Thank you for sharing, I shall take a look on that.
Have a pleasant day ahead.

Never mind, I found my answer on your website.

So you don't buy back the actual physical gold that we redeem from you?

High fees, 5 business day redemption period and physical gold given is just your standard pamp suisse which can be bought online practically anywhere with no 2%+2% fee, and you do not accept back the actual physical gold that we redeem if we were to buy it from you.

So how is this supposed to be attractive again to gold investors?

The process works as follows: we buy back the 1g from you at the prevailing price - the 2% fee. we then quote you the prevailing price for a 1g PAMP bar which will include the courier, insurance, packaging costs from Singapore

Our business is focused on helping individual save with gold. It is similar to GLD which I am sure you are familiar with - but at significantly lower transaction size. We enable customers to save with gold with as little as RM1. Customers can also transfer their gold at no cost to other HelloGold customers. And before the end of September, Aeon Malaysia will be launching with us a loan product that will enable our customers to use their gold as collateral for personal loans at significantly below market rates. We believe that these product features are and will be attractive to many people because they do not require to hold the gold physically. As the CFO of the world's largest gold fund, I can tell you that professional institutional investors tend not to hold physical.

That said, for people who simply want to hold and keep physical gold in their house, there are many different ways to buy the gold coins/bars as you have pointed out. You can buy bars from jewellers, banks, online dealers.

Robin

I can now also announce that Finlab in Singapore is one of our investors. The Finlab is a joint venture between United Overseas Bank and a Singapore technology agency, SGInnovate

https://e27.co/8-companies-get-ready-singap...ohort-20170614/

This post has been edited by robincflee: Jun 15 2017, 01:01 PM

So you're trying to help people to save money by enabling them to purchase small amount of gold, hence your main selling point is for people NOT to get physical gold from you since getting physical gold from you is considerably more expensive than others and you do not even buy back your own gold.

Then you go on saying that institutional investors do not hold physical gold, sure, I agree, but institutional investors do not buy RM1 worth of gold, do they? So what exactly are you getting at here? Making gold available to non-institutional investors who would buy at small amounts and expect them to have the same behaviour of institutional investors who purchased huge amount of gold?

Hmmmm.......

For many people in emerging markets, they only have access to cash deposits that 1) return zero or very low interest and 2) keeps them exposed to local currency risk. This market do not typically have the ability to access fixed income or money market funds. We believe that gold can help them save better and, through our lending product, get access to more affordable loan products.

HelloGold enables them to start saving from as low as RM1. So for customers who can not afford to buy a whole coin, they can start buying gold for any amount that they can afford until they achieve the right weightage. They can then choose to redeem the physical gold bar at that point or they can continue to save through the 1kg bar. It is a choice that they can make.

Moreover, if they were to buy, say 1g of gold trading at a spot price of say RM170, the cost from HelloGold is RM170 + 2%. The physical coin premium, as I had mentioned earlier, would be anything between 20% to 50%. With HelloGold, if they want to sell their gold, they can do online through the app anytime from anywhere and get the prevailing price - 2%. If they had the physical gold, they would have to take it back or mail to back to the shop and the trade-in price would typically be lower than the 2% spread that we charge.

We offer a more convenient way of accessing a gold savings product than buying and holding a physical coin because it has a lower spread and you can buy and sell anytime.

If our customers want to take delivery of the physical gold bar, they simply have to call us up to arrange delivery. Based on the feedback that we have gotten from our customers who have enquired about physical redemption, the costs are in line with the market.

So basically hello gold is just like the normal gold savings account from the numerous banks we have in Malaysia, only difference between hello gold and normal bank gold savings account is -:

a) hello gold min purchase is RM 1, bank min purchase is 1g

b) hello gold 2% annual fee, bank has no annual fee

c) hello gold doesn't buyback physical gold even if it's from hello gold, bank buys back physical gold as long as the gold is from the bank

d) physical gold withdrawal charges differ between banks and hello gold

you are partly right and partly wrong

1) most banks do not offer their product on a mobile phone or 24/7 whereas HelloGold is mobile and 24/7
2) their gold product is typically not shariah compliant because the banking gold product is typically unallocated whereas HelloGold's gold is allocated gold
3) their gold product is not insured whereas HelloGold's is fully insured
4) it is not true that banks don't charge a fee. some banks charge an annual management fee. For example, UOB charges an administrative fee of RM2.12 per month if the balance of the account falls below 10gm at month end. so if you have only 1g of gold worth RM170, your annual fee will be RM2.12 per month or RM25.44 per annum which is equivalent to 14.96% annual fee - http://www1.uob.com.my/business/GMIM/GMIM_pga.html
5) it is hard to compare physical withdrawal prices because they are on prevailing rates. but the principle that is adopted tends to be the same e.g. the differential between physical gold price and the cost of the coin + processing fee
6) you can transfer the gold to another person with HelloGold. Banks do not provide this feature
7) you will be able to collateralise the gold against a loan - we are working on this with Aeon Credit. Banks do not provide this feature

Any reason why HelloGold does not buy back its own gold?
How does it compare with KFH gold account?

Maybe because they're giving you gold plated fake things instead of real gold? HAHAHAHAHAHA.

That no-buyback of own gold is one very suspicious thing and that is the deal breaker for me - I'd rather buy my gold somewhere else.

Nubex is not bad for bars and coins, and they buy any gold.