With 999.9 fine gold buillion bars at Poh Kong sold out (my preferred jeweller), and gold buillions not being such a viable option to get from the other jeweller's due to their deduction rates, I was looking to see if there were other available options.
I was just checking out Gold Investment Accounts just the other night and with stocks being scarce to come at this time, I thought it was a good option to open an account.
If looking at today's gold rate at the bank, it was about Rm141.20/gram.
At the jewellers, it is selling at Rm165/gram. The difference for the purchase of 100 grams at today's rate of Rm16,500, would be Rm2380.
Well, what do you think?
Gold Investment Accounts allows the buyer to lock in price of gold when it is low. It also allows the buyer to buy in small increments, and the spread is smaller than at the jewellers and gold buillion shops.
Anyways, the bank I finally decided on is: CIMB Gold Investment Account.
Reasons mainly being
1) It allows the options of withdrawal to be credited into the saving/current account in cash, or physical 999.9 fine gold in Minimum amounts of 100 grams.
For people who don't have much money, they can take as much time to accumulate the grammage required before withdrawal.
2) It allows trading and buying online, as well as on mobile phones. This is especially convenient for those who are immobile and don't have access to the banks.
1) There is no interest rates for gold grams bought. Your money is basically locked up in digital form till the required grammage is accumulated. However in the case you don't want the physical gold, you can still credit the money back into your savings or current account.
2) The gold savings account is not insured by PIDM. (Perbadanan Insurans Deposit Malaysia). Touch wood, and hope CIMB doesn't bankrupt any time soon, okay??
CIMB Gold Investment Account: