Here is an interesting development in our local scene lately. We have a new comer in providing locally branded silver by Gold Silver Resources Sdn Bhd.
^ GSR2u.com.my is by Gold Silver Resources Sdn Bhd Malaysia – Screen captured on 11-Feb-2012
Gold Silver Resources’ Background
Gold Silver Resources Sdn Bhd is a privately held company founded on 16 November 2011 and headquartered in Shah Alam. GSR is the initial for the company and just like how Tomei did it, they appended “2u.com.my” for their web address to make it truly Malaysian. With that, we have gsr2u.com.my. They product offering includes silver bars, silver rounds and gold jewelry.
^ Truly Malaysian – The Bunga Raya Malaysia and Harimau Malaya 1oz Silver Bar by GSR2u.com.my
GSR took the extra effort in making silver bars with local appearance. Currently, they have silver bars with Bunga Raya and Harimau Malaya emblem. They are scheduled to have Rhinoceros Hornbill and Dragon 1oz silver coins by sometime in February. Looks like GSR is also herding on the Dragon boat for 2012! Apart from that, they also have silver bars with various weight from 100 gram to 1 kilogram.
GSR’s Spot Price and Spread check!
Let’s do a quick calculation on GSR’s spot price and spread. At the time of writing, the silver spot price is USD33.59/ozt which is approximately RM102.90/ozt.
Before that, let’s review back the formula to calculate above spot price and spread. Alternatively, you can use our Silver Spot calculator which is conviniently placed on the right side of this blog.
Two Steps in Calculating Above Spot Price %
Step 1) Get Live Silver Price.
Formula: Live Silver Price = Silver Spot Price X Weight
Step 2) Getting the Above Spot Price %
Formula: (Silver Retail Price – Live Silver Price)/Live Silver Price X 100%
Buyback Spread % Formula
Formula: (Silver Retail Price – Buyback Price)/Buyback Price X 100%
Now, let’s refer to GSR2u.com.my for their latest silver pricing and start punching our calculator.
^ At time of capturing, the buyback for 500g GSR silver bar was priced wrongly
… and GSR’s Spot Price and Spread is… (drumroll!)
|#||Product||Above Spot %||Buyback Spread|
|1.||1oz Bunga Raya Malaysia Silver Bar||52.5%||23.2%|
|2.||1oz Harimau Malaya 2012 Silver Coin||54.2%||23.5%|
|3.||100g GSR Silver Bar||31.6%||17.9%|
|4.||250g GSR Silver Bar||28.0%||14.4%|
|5.||500g GSR Silver Bar||27.1%||Unavailable|
|6.||1kg GSR Silver Bar||27.3%||12.5%|
The 1oz Bunga Raya silver bar and Harimau Malaya silver coin are a premium to buy at 50%+ over spot. Bare in mind this is without legal face value. In comparison, imported international recognized silver coins with legal face value such as American Eagles and Canadian Maples are usually around 45% over spot in Malaysia.
GSR2u.com.my VS PublicGold.com.my VS GoldSilver2u.com Comparison Worksheet
Moving forward, lets compare GSR’s standing with competitors of the same league. I’ve done a comparison worksheet using excel with screen capture of price offered by PublicGold and GoldSilver2u.com for your reference. All prices from respective company are captured at the same time of writing – with silver price calling for USD$33.59.
^ Screen shot of spot price and spread comparison in Excel
Click here to download my Excel spreadsheet for free. Virus free.
While I too, runs a webstore selling imported silver bullion, my webstore is family owned and is at no par with them – at least for now. It is good to see how Malaysia is shaping up for Silver. It is tremendously exciting to see new players coming into picture. Bring it on!
You may be interested in the following articles I previously wrote:
PublicGold’s Spot Price:
GoldSilver2u.com’s Spot Price:
Understanding Spread for Buying and Selling:
Silver Spot Calculator:
Understanding Weight for Precious Metals: