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HelloGold - Ask Me Anything, related to HelloGold or gold in general
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aspartame
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 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? |
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aspartame
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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 |
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aspartame
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Apr 29 2017, 07:46 PM
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QUOTE(robincflee @ Apr 29 2017, 07:31 PM) that depends on how much gold you plan on buying if you are buying say RM100, you pay RM2 against spot and RM2 for annual management - that is cheap if you are buying say RM1k, you pay RM20 and RM20. you might argue that it is cheaper to buy the GLD - but that will cost you RM80 in fees on the way in if you buy UOB gold, you need to buy a minimum of 20g and if you have less than 10g, you are charged RM2+ per myth - so if you have 1g of golf, you end up paying RM24+ a year in fees if you buy RM100+k in gold, then the cheapest way of buying gold is through GLD - no one is cheaper and safer Irrespective of absolute, 2% mgt fee per annum plus 2% per transaction fee is very high. If you buy once, sell once and buy once again to hold till end of the year...that's 8% gone. Gold as an investment or as a hedge for whatever is overrated. You get zilch for holding it. |
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aspartame
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Apr 29 2017, 08:47 PM
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QUOTE(robincflee @ Apr 29 2017, 08:01 PM) Hellogold is not a trading platform to take positions in and out of gold throughout the year. Holding any asset or less than a year is not really for investment. It is designed to be a long term savings (c 3-5 years) vehicle for people to access investment grade gold at an affordable transaction size and which will also allow them to get access to personal financing at an affordable rate In terms of gold as a hedge, it is not a good short term hedge as gold tends to be completely uncorrelated 1) in the short run to most asset classes and 2) when markets are behaving 'normally' or volatility is normal. Gold acts as a great hedge - in the emerging market context of the ordinary people of ASEAN- against any weakening of the local currency in the short term and against inflation in the long term Short term or long term is not the point. Transaction cost and management fee too high. At 2%, it is like the more I invest, the more I pay you 2%. It is like your company are depositing FD with me and I have to pay you 2% every year. LOL. The money comes from me! If I invest in a fund and the fund provides expertise in managing my money to beat the market, then 1% or 2% management fee is still justifiable. Now retailers invest with you and you do not provide any expertise and you charge 2%? that's ridiculous! Oh well.......I hope retailers will see that this is a rip off. However, 99.99% of the time they are not aware of such things. Not surprising given forex and whatever fast money schemes have done well with even more ridiculous things. This is a good business proposition for you, congrats. I hope I have done my tiny part to let retailers know that in the long run, whatever small amount they invest is meaningless to them ( and hence the word hedging is laughable) but collectively they represent a 2% income to your company. Of course, you will say it will cost a bomb etc storing those things but just like how the banks work, I am quite sure only a small % is kept in physical to meet the small "exchange into physical" requirement. BTW, whats the personal financing you talk about?????? it sounds fishy already...sorry..couldn't resist |
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