The buy and sell fee is to support the cost of us operating our business to allow our app to run 23 hours a day, 7 days a week, along with a team to support the business. Like in all businesses, there is an operating cost and it is the buy/sell fee that helps us sustain this cost.

In the event of a death of a customer, the gold still would be under their name and the deceased's estate can claim it. HelloGold would not be able to liquidate and use the gold as our own.

The cost of making bars is not within our control. When you redeem physical bars, our vault partner would inform us of the price of the bar (price of gold + cost of making the bar) and we deduct it from your HelloGold account.

Right now we do not have a self collect service but once we do, we will inform all our customers.

As for the Administrative fee details, please refer to the post prior to this.

We provide a platform that makes it easy for everyone to access gold. Of course the choice as a consumer is yours as to which medium you prefer to buy gold.

As mentioned previously, please do provide us with your contact number and we will be happy to speak to you in detail.

Thank you

For your information, Bullionstar International is an international bullion vault, serving many clients globally. You are free to check with them about HelloGold and the gold they hold for us.

Our aim is to allow people to save for their future.

Thank you

That is of course your prerogative as a consumer. Do let us know should your need more information.

Thank you

Good morning

Just for clarification purposes, HelloGold does not sell paper gold. We sell physical gold with the option of either us keeping the gold for you or have it delivered to you.

I wish I could but I would not know the price of gold that other retailers would have bought and sold at since the beginning of 2019 till date. I would like to point on though that there is an element of risk should you hold the bar yourself. It would be tough to monetize that risk, which of course is part of holding physical gold in your hands.

From HelloGold's platform if you bought at the beginning of 2019 :

1st Jan 2019 price = Rm171.60 per gram
100 grams = Rm17,160.00
Assuming price on 31st Dec 2019 = Rm199.27 ( price at time of this message), after deducting 0.79% buy fee, 2% per year Administrative fee and 2% sell fee, you would be able to sell your gold at Rm18,986.70 with a profit of Rm1826.70. That gives a gain of 10.645% overall.

I hope this helps.

This is exactly why we provide our customers an option to have us keep the gold securely for them.

With HelloGold, we buy in kilo bars and fractionalize it for our customers. We allocate gold to them.

Allocated gold means the gold is your property and you are the legal owner of the gold. Allocated gold accounts use your funds to buy and store physical gold in secure, insured vaults. The gold stays in the vault and cannot be used for any other purpose.

When you buy with HelloGold, you are the legal owner of the gold and HelloGold is the custodian. You pay HelloGold to store it for you and not matter what happens, your gold is protected if HelloGold closes down for any reason.

With unallocated gold, many feel it is more risky. Unallocated gold accounts do not have to physically store your gold. Your gold may be lent out during the time that the company or bank holds the gold on your behalf. If the gold provider goes bankrupt, all you will have is the promise to give you back your gold – which will leave you waiting in line with other creditors.

This post has been edited by Joshua_ambrose: Dec 26 2019, 11:11 AM

We have developed a platform that does transactions for customers based on the amount of gold we have. When you buy, our system deducts gold from our holdings in the vault and sells it to you. When you sell, our system deducts the gold from your account and deposits it in our account. That is why we always have more gold in our vault than the total amount of gold that customers hold.

This post has been edited by Joshua_ambrose: Dec 26 2019, 11:26 AM

Can I know what additional fees you are referring to please?

As mentioned, we are not selling paper gold. Unfortunately, we do not have the past rates of other gold retailers to provide you with a comparison.

Right now, the additional fees are only on weekends.

As for other retailers, we are sorry but we do not have their past prices.

As mentioned before, the buy and sell fee is to cover the operating cost of the business. The Administrative fee goes to the vault to securely store, insure the gold held as well as provide audits of the gold stored for purity.

If you would like to speak to us in person about this, do DM me your contact number and we will be more than happy to speak to you about our business.

Thank you

Hello.

Our platform has been active despite the removal of the "Add Cash" feature. We believe that more and more people are keen on saving in gold and they can do so easily with an app that allows them to do it for as low as RM1.

As a consumer, of course it is your prerogative as to how you would want to save, be it via HelloGold or any other means. The choice is always yours.

Gold is not for immediate gains but rather one that is more towards a longer term. Of course I would not be able to predict as to how long "long term" is but just to share based on my previous post :

If you bought gold at the beginning of 2019, based on the price of gold via our HelloGold app :

1st Jan 2019 price = Rm171.60 per gram
100 grams = Rm17,160.00
Assuming price on 31st Dec 2019 = Rm199.27 ( price at time of this message), after deducting 0.79% buy fee, 2% per year Administrative fee and 2% sell fee, you would be able to sell your gold at Rm18,986.70 with a profit of Rm1826.70. That gives a gain of 10.645% overall.

Cheers

This post has been edited by Joshua_ambrose: Jan 7 2020, 12:04 PM

It is your right to buy gold from whichever retailer you would like, as a customer. We focus on providing customers an option to buy and sell gold 23 hours a day, 7 days a week via your mobile phone from as low as RM1 as our platform can fractionalize gold.

Edit: physical gold.

This post has been edited by Joshua_ambrose: Jan 7 2020, 03:10 PM

Hey there. We are sorry but at this point in time, we do not buy physical gold from anywhere except from our bullion vault partner. By buying from our vault partner, we can ensure that the gold you buy via our HelloGold app is genuine as the vault undergoes periodical audits by an LBMA approved auditor.

Hey there. We sell PAMP Suisse gold that does come with a certificate. Please see the picture as an example.

This post has been edited by Joshua_ambrose: Jan 8 2020, 02:53 PM


Attached thumbnail(s)

Good morning.
As previously mentioned, when a customer requests for physical gold, there definitely would be additional charges such as :
1) cost of making the bar ( as per the price our vaulting partner quotes to us)
2) courier fee to have it delivered right to your doorstep
3) insurance for the courier in the event something happens to your gold during delivery

All these 3 charges are not revenue for HelloGold. If you would like, you can check with other gold retail outlets of what the difference of gold market price is versus how much they would charge you for a physical bar. There definitely would be a variance between gold market price versus physical bar price as they too would incur other costs such as making of the bar, possible premise overheads, operational expense, cost of shipping the gold to their premise and so on.

The vault exists as it is a :
a) secure and insured storage for the gold that we keep for our customers. The last thing we would want is for our customers' gold to go missing or for anything unforeseen to happen
b) partner that sells LBMA audited gold. This is to ensure that the gold we sell is genuine. There have been many cases where people have bought gold from individuals/organisations, only to realize later that the gold is not 999 gold. With an LBMA audit process, it is a guarantee that the gold is genuine.

As for accepting physical gold by other parties, we do not provide that service at this point in time as this would require assay services. I am sure no one would want to buy gold that is not genuine. Allow me to provide you an example:

If customer A wants to sell physical gold to us, without assay there is no way that we can guarantee the purity of that gold. If we were to accept it and then sell that same gold bar to customer B, there is no guarantee that customer B would receive genuine 999 gold.

If you would like to speak more about HelloGold, our business, the gold we hold or anything related to us, do PM me your contact detail and we would be more than happy to answer your queries.

As a consumer, you can buy from any retailer of your choice as that is your prerogative. However, I would like to know what do you mean by 'drama'.

Actually, the bars we allocate are bought by us and stored in the vault. We do own those bars. You can view the details of the bars we own by cliking here .

All gold bars have a minting cost attached to them.

This post has been edited by Joshua_ambrose: Jan 9 2020, 12:50 PM

Happy Friday!!

Ok, so with regards to the audits done at Bullionstar International, the auditors are LBMA approved bullion auditors that do a number of checks. You can see their latest report here.

The cost of storing gold does include these audits as well as 100% insurance of the gold stored. The "audit fee" can't be removed as it is a part of the storage fee from our bullion partner.

Good morning. We are very sorry for the error above. It should read :

"The Customers must successfully buy through direct purchase (not through the SmartSaver plan) between 1:00:00 am at the beginning of the date range specified above under the heading “Successful Buy Date” and 11:59:59pm at the end of the date range specified above under the heading “Successful Buy Date”. "

This promo is not for the SmartSaver plan.

Apologies about this.