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.
Read more on this at Politicalmetals.com – Bullion Bank Run.
Tun Dr.Mahathir Mohamad talks about Islamic Banking and recommending the use of gold dinars as basis of currency instead of the US dollars.
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.
The first thing you need to know about gold to silver ratio is 1 unit of gold buys 44 unit of silver today.
^ Ratio of Gold:Silver on 17th August 2011
When investing in Precious Metals, you will notice that unlike shares, it is measured in weight. Common terms are ounces and grams but do you know the different between ounce and troy ounce? If you happened to be in Kelantan, you will see gold or silver measured in dinar and dirham.
Please make your own assessment of the relevance, accuracy and adequacy of the information contained in this Blog. You are advised to make your independent investigations as may be necessary or appropriate for the purpose of such assessment including the investment risks involved.