Its Friday today and I am going to make this post K.I.S.S.
Here are five quick tips for buying and investing silver in Malaysia:
Tips #1 – Buy Silver Bars
Silver bars are imported under HS-code 7106. Silver coins are under HS-code 7118. HS-code 7118 says, “Coin (other than gold coin), not being legal tender, is subject to import duty of 5% and sale tax of 10%”.
Buy silver bars and skip the 15% import tax premium.
Tips #2 – Go Bigger Oz
Buy 1 x 10 oz bar instead of 10 x 1 oz bar. Buy 1 x 100 oz instead of 10 x 10 oz. The bigger oz you buy, the bigger saving you get on minting. Scottsdale Silver’s 10 oz and 100 oz comes with a cool stacking feature.
Venezuela, which holds 211 tons of its 365 tons of gold reserves in U.S., European, Canadian and Swiss banks, will progressively return the gold to its central bank’s vault in Caracas. Venezuela is world’s 15th-largest holder of gold.
“It’s a healthy decision”, Venezuelan President Hugo Chavez said.
When it comes to precious metal investment in coins format, it is recommended that we invest in bullion coins. Bullion coin is a coin struck from gold, silver, platinum or palladium. Generally, investment grade bullion coins have purity of not less than 0.9 fineness. For silver, it is recommended to buy fineness with triple 9 (0.999) or more.
Although bullion coins usually have legal tender in their country of origin, its legal tender value are ignorable as it is valued lower than the actual metal price. For instance, 1 oz of American Eagle silver has a legal tender of USD$ 1 value. Would you like to trade it with my RM3.00?
There are plenty of different bullion coins in the market. In this post, we will discuss the top five favourites for Malaysia.
Maybank no longer backs its paper gold with physical gold. They may say they does. You will never know.
Dear Valued Customer,
With effect from 16 May 2011, Gold Savings Passbook Account (GSPA) has been renamed as Maybank Gold Investment Account (MGIA). In line with MGIA’s enhanced features, existing GSPA accountholders who wish to withdraw from their account in a form of gold wafer may do so, subject to availability as per Clause 16.2 of the GSPA Agreement with a premium charge applicable. Accountholders have until 2 September 2011 to withdraw in the form of wafers, after which the available options of payment will only be in the form of cash or credit into their accounts.
For GSPA accountholders who are holding Maybank gold wafers, you may convert the gold wafers to cash or credit them to your account at the prevailing market price at selected Maybank branches from now till 2 September 2011. The selected Maybank branches are listed below:
Kuala Lumpur Main
Penang Main
Kuantan Main
Bukit Bintang
Alor Star Main
Seremban
Kota Bahru Main
Malacca Main
Shah Alam
Tawau
Ipoh Main
Wisma Satok
Kota Kinabalu
Lahad Datu
Should you still wish to have the option of retaining the gold in physical form, we would suggest that you opt to purchase the Kijang Emas gold coin issued by Bank Negara Malaysia which is available at selected Maybank branches.
Thank you.
Those who invested in Gold Savings Passbook Account (GSPA) will have until 2nd of September to withdraw their physical gold wafers. Thereafter, your gold investment will in paper format – a passbook.
When it comes to precious metal investment in coins format, it is recommended that we invest in bullion coins. Bullion coin is a coin struck from gold, silver, platinum or palladium. Generally, investment grade bullion coins have purity of not less than 0.9 fineness. For silver, it is recommended to buy fineness with triple 9 (0.999) or more.
