GoldSilver2u.com’s High Premium and Wide Spread Gap

Back in November 2011, I reviewed GoldSilver2u.com’s above spot premium as well as their buyback spread. Just recently, I had an conversation with a reader of mine and we touched the topic of GoldSilver2u.com. I had a rude shock when I realized the premium and spread for GoldSilver2u.com has widen – in a big way!

Today, we are going to pay GoldSilver2u.com a revisit. Armed with my faithful calculator, we are going to revised our previous calculation on GoldSilver2u.com’s pricing. At current point of writing, the international spot price for silver is USD$34.78.

Back to November 2011: Premium Above Spot

^ Screen capture from GoldSilver2u.com on 26th Nov 2011

Refering back to the previous screen capture I made in 26th November, let us calculate the premium above spot back then.

Premium above spot in between 22% – 25% is acceptable.

Forward to March 2012 – Current Premium Above Spot

^ Screen captured from GoldSilver2u.com on 3rd March 2012

Considering Malaysia does not have import tax on silver bars, there is no reason for such high premium. Bare in mind that we are dealing with decent weight here (10oz and 1kg), not silver bars of one ouncers.

I would give it for PAMP Suisse as it is always known as the Rolls Royce of silver bars but 37.80% above spot price for TWIN TOWER silver bars? Really?
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Gold Silver Resources (GSR2u.com.my) VS Publicgold VS GoldSilver2u.com

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.
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How much is GoldSilver2u.com’s Silver?

To know the answer, we will need to examine GoldSilver2u.com silver pricing above spot. Calculating the above spot price for GoldSilver2u.com is as easy as UPSR’s mathematics. It is simple mainly because all your needed ingredients are clearly visible from GoldSilver2u.com website.

^ Information captured from GoldSilver2u.com’s website on 30th Nov 2011 4:15am

Let’s do a quick calculation on GoldSilver2u.com’s silver price. Bring out your Einstein thinking cap. We are going back to class.
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Tomei brings in GoldSilver2u.com

Tomei recently launched GoldSilver2u.com to sell investment grade gold and silver bullion online. This is something exciting to silver investors in Malaysia!

^ Screen capture from GoldSilver2u.com’s mainpage on 26th Nov 2011

Currently, they offer gold and silver bullion from PAMP Sussie and their own house brand Twin Tower. It is stated in their website that they will be offering Canadian Maples and Perth Mint Kangaroos too.
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