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.

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?

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?

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.......

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

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.

Starting to sound like typical ponzi/mlm/scam business whereby they focus mainly on piggybacking on other established organizations instead of own success.

The ability to pawn our gold for money/collateral for loan is nothing new, you're not innovating anything by simply partnering with Aeon Credit, don't really need to highlight that every single time where your business model is being questioned.

Also, stop highlighting Deloitte like they're such a big deal if they're your auditors. Auditors are - no matter how prestigious they are, basically your suppliers and they bow down to you because you're paying them. Everybody knows about Enron - who was their auditor? Ah......same thing with your lawyers too.

You can just say that you do not buyback your own gold because you don't want to since you only want to profit from your exorbitant fees, that would have been simpler. Buying your own gold back would essentially open up risks to you if gold prices surges up and you'd have to pay more than your cost, hence losing your profit.

Also, since you keep on emphasizing on your 1kg gold bar - I suspect even withdrawing gold from hellogold would be hard - sure I can buy and accumulate until I have 10g of gold - but you store 1kg gold bar at your vault, you're gonna chip off 10g if I want my gold?

Banks who are established also buys back their own gold, you know, so gold buyback is not limited to just bullion or gold shop.

Your mobile app and buyin 24/7 idea is great, makes life easier but again - your no buyback gold policy is a major turnoff. MAJOR turnoff. It also means that if I accumulate my gold with you, and one day you ship off my gold bar and I get a fake gold - you can just run away from the liability - saying postage is insured, etc but insurance doesn't cover much since posting precious metals are always risk and some postage doesn't even accept it.

There is ZERO confidence when you are promoting your gold but you yourself do not accept your own gold.

How can someone else be confident with your business when you do not even accept your own gold? Like literally if I go to your office and withdraw my gold and 2 seconds later I said "changed my mind, I want cash back", and you say "nope", what the heck is that? First thing anybody's gonna think is that "what shitty gold did you give me that you won't even accept it".

Exactly - the fees are just.....pointless other than to make hellogold money.

I'm assuming hellogold target market should be people of the lower income group and not those who have the means to regularly invest in gold - if you're able to put in, let's say 1k each month into gold, or a few grams - might as well just go with some bank's gold savings account with option to withdraw, it's pretty much the same thing with more confidence to banks and probably even higher returns for the investors.

Then we look at the other side which are those whom are not capable to put in a few grams in gold regularly, and let's say they can only get maybe a few ringgit into hellogold regularly - take like RM 50/month - any returns to the investor would be pretty much.....insignificant considering the high fees.

Doesn't seem to be much benefits to the investors. Yeah hellogold makes gold investing convenient, but I'm pretty sure not many people are willing to sacrifice returns for convenience.