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.
Buying and selling from Tomei seems straight forward. First, you register a free account with them. Secondly, pick your desired product – gold bar or silver bar and thirdly, pay online via credit card. If you are purchasing product worth more than RM30k, you have the option to pay an initial deposit of RM30k and settle the balance sum within 6 hours. You will then able to schedule your pickup at the your nearest Tomei shop. As simple as that. No rocket science.
However, there is one catch. Usage of credit card will incur additional 2% charges on top of your total price.
One positive thing about GoldSilver2u.com is their pricing are based on live international price. Unlike walking into a physical Tomei shop, your buying price is based on price set by Federation of Goldsmith and Jewellers Association of Malaysia, or in short, FGJAM. Thing is, FGJAM does not provide pricing for Silver. This move is lauded as it offers better transparency in buying gold and silver.
^ Funny how they have Panasonic as part of their FB profile picture. Captured from FB on 26th Nov 2011
Let’s grab our calculator and check out their buying and selling spread.
^ Screen capture from GoldSilver2u.com on 26th Nov 2011
At time of writing, GoldSilver2u.com’s silver is priced at RM3.25/gram. A little bit of Einstein magic will get you a spread of approximately 23.45% for PAMP Suise silver bar whilst Tomei’s local Twin Tower brand is approximately 17.65%. That’s an express look into their silver spread. We will examine in detailed again on a separate article next week. I am not going to bore you with all the macros today.
For now, I will just comment that it is competitive with PublicGold.
If you would like to understand more on spread, you can refer to this article I wrote earlier: Understanding Spread for Buying and Selling Gold or Silver.
My only bitching on this is, why GoldSilver2u.com? I am expecting Tomei’s branding department to come out with more creative branding other than having Mike Maloney’s popular GoldSilver.com domain and making it Malaysian by appending “2u” onto it. “2u” is just so Maybank. Won’t you agree with me?
^ Formula for Tomei’s branding: GoldSilver.com + Maybank2u.com = GoldSilver2u.com!
Come on, Tomei? You can do better than that.
Nevertheless, this is a positive sign. It is great to have big player coming into position. Malaysia is heating up nicely for silver market! Yeehar!
There's 0 Comment So Far