UOB Gold Account in Malaysia


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UOB Gold Investment Accounts consist of Premier Gold Account (PGA) and Gold Savings Account (GSA), introduced by Malaysia United Overseas Bank on October 15, 2010.

The investment concept of both PGA and GSA is similar to Public Bank Gold Investment Account (GIA) and Maybank Gold Savings Passbook Account (GSPA). Basically, all the accounts’ trading activities and statement will be reflected in a passbook.

PGA vs. GSA vs. GIA vs. GSPA

Let’s do a comparison on some of the important features:

Does the investment insured by the Perbadanan Insurans Deposit Malaysia (PIDM)?

  • UOB PGA: Nope
  • UOB GSA: Nope
  • Public Bank GIA: Nope
  • Maybank GSPA: Yes? (I got the answer ‘Yes’ from their Customer Care Hotline, please double check with their branches)

Does the investment available for conversion to physical gold?

  • UOB PGA: Request to covert into physical gold will be at Bank discretion
  • UOB GSA: Request to covert into physical gold will be at Bank discretion
  • Public Bank GIA: Physical gold withdrawal is available
  • Maybank GSPA: 100% backed by physical gold and in collaboration with the World Gold Council

What is the minimum initial investment?

  • UOB PGA: 1 kilogram
  • UOB GSA: 20 gram
  • Public Bank GIA: 20 gram
  • Maybank GSPA: 5 gram

What is the minimum subsequent investment / withdrawal?

  • UOB PGA: 1 kilogram
  • UOB GSA: 5 gram
  • Public Bank GIA: 5 gram
  • Maybank GSPA: 5 gram

How much is the difference between selling and buying prices?

  • UOB Gold Price – PGA (*last update at 26/01/2011 3:37PM)
  • Selling Price – RM132,000/kilogram
    Buying Price – RM131,300/kilogram

  • UOB Gold Price – GSA (*last update at 26/01/2011 3:37PM)
  • Selling Price – RM133.30/gram
    Buying Price – RM131.30/gram

  • Public Bank Gold Price – GIA (*as at 26/01/2011 3:45PM)
  • Selling Price – RM134.56/gram
    Buying Price – RM129.39/gram

  • Maybank Gold Price – GSPA (*last update at 26/01/2011 8:50AM)
  • Selling Price – RM133.48/gram
    Buying Price – RM128.07/gram

Click here for more information – PGA
Click here for more information – GSA

{ 8 comments… read them below or add one }

Rayz

All seem nice, hardly know which to choose. Horlic, which one you can recommend.?

Ps: Does UOB GSA giving the Saving passbook.? Or it’s by slow mail statement.?

Reply

Horlic Lim

Rayz, i prefer the smallest difference of buying and selling price.

Reply

josephtan83

Hi Horlic,

I came across your blog while reading up articles about gold investing through savings passbook in Malaysia’s context.

I would prefer UOB GSA as my search today showed me that UOB again wins with lower spread:

Gold Prices are based on 18/02/2011, per 1 gram:

Public Bank: sells RM 138.74, buys RM 133.39;
CIMB Bank: sells RM 137.73, buys RM 133.48;
Maybank: sells RM 138.05, buys RM 132.50;
UOB (GSA): sells RM137.50, buys RM135.50

The choice of bank to invest (over at counter) in paper gold is obvious.

However, has anyone had experience buying/selling gold through Public Bank online? As it says trading through its online could be cheaper than at over the counter. Any Public Bank user can share his/her experience?

Cheers,
Joseph

Reply

prasad

Online gold transaction with PB is only for gold account worth 30K above. the last I checked this year. I was excited too but then ……..

Reply

Low Ying Ying

i saw dis from UOB website, under gold saving account :
You can buy and sell unallocated gold – through a passbook – at prevailing market prices and transact any time during banking hours in units of one gm of gold, subject to a minimum of five gm per transaction. Limited to a maximum of 1,000 gm per account on Saturdays

Your gold account holdings are not subjected to Singapore’s Goods and Services Tax (GST) and can be exchanged for cash, whenever the need arises.

Since the selling/buying price have lowest variance & can be exchange to money anytime.. is it safe to invest at UOB??

Reply

raj

hi horlic, been following your articles lately.
however i read in some blogs that Singapore UOB are chargin admin fees of 0.15% or something for GSA. Is that applicable here in Malaysia as well?
Thanks for your great articles.

Reply

Sane

In Malaysia, an administrative fee of RM2.00 will be charged per month if the balance of the account falls below 10gm at month end.

Its mean if the whole month for a year ur gold amount is below 10 gr, the charge is RM24.00.

Could anybody tell me why there a different btwn Malaysian and Singapore UOB.

This make me curious about UOB. Easily can change policy or what?

Reply

Abraham T. David

Of the five local banks involved in gold invetments in Malaysia, I found that, in my experience over the last five months, UOB gives the best deal in terms of the buy/sell gold rates. The almost constant spread or difference of RM 2.00 between buy and sell gold prices, makes it an additional attractive feature compared to the other four banks. The spread in the other four banks can be as much as RM 7.00 to RM 8.00. In other words, at UOB you can reach your target of a fixed profit when you buy and sell gold over a shorter time frame than the other banks. However, the other banks do also give other attractive terms. But, based on the two significant factors vis-a-vis maximising your profits – the best buy/sell gold prices and the minimum spread, I chose UOB. One may do your own homework before you choose the right bank. Another less important factor is that your distance proximity from your office or home to the bank of your choice, since you have to physically go to the bank to carry out the transactions except when you do online banking at a few banks and which entails adherence to several other terms and conditions.

Reply

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