For those who are gold investors or interested to look into this commodity, here’s some good news. Gold price has come down again, so it’s time to buy! Here’s today’s price as at 10.20am, as quoted by Public Bank.
Today’s selling and buying prices are at RM86.66 and RM83.66 per gram respectively.
Some background information about gold as a commodity investment tool.
I buy into gold from Public Bank’s product called Gold Investment Account where you trade gold with a passbook over the counter at any Public Bank branches. You are required to buy them by the grams and the initial investment required when you open an account is at 20 grams. Any subsequent top-ups can be purchased at 5 grams, in multiples of 1 gram. The minimum account balance required is 2 grams.
When you open an account and deposit money to buy gold, you buy at the bank’s selling rate. Likewise when you wish to withdraw, you sell the gold and it will be at the bank’s buying rate. It works like buying and selling foreign currency. No commissions are charged for buying and selling. The only fee applicable is RM10 a year if your account balance has less than 10 grams of gold.
You do not get the physical gold itself when you trade this account, it’s just cash exchanges. But if you wish to get the physical gold in hand when you withdraw or sell out, then the bank will oblige to provide you with the grammage you have purchased.
There are currently two banks offering this product, of which Maybank is the other. However, Maybank’s offering is not as superior to Public Bank’s simply because they charge a big spread between the buying and selling prices of gold. Your investment with Public Bank will serve you better with thinner spreads between the buying and selling rates.
Now that you know how this works, it’s rather easy-peasy, so think about investing in gold for the future.
{ 3 comments… read them below or add one }
Nice writing. You are on my RSS reader now so I can read more from you down the road.
Allen Taylor
Gold consistently gearing up. I think the price might go up in the future.
Hi Allen, thank you! I’ve put a link to your very informative site. Do link me up too.
Fooi, I believe strongly that it will. So now’s a great time to buy, buy and buy!