In view of the world food crisis and the increase in inflation in Malaysia's economy, I have recently sold all my investment in shares listed on Bursa Malaysia and use the sale proceeds to invest in Gold. The gold fineness is 99.9% and it is a good hedge against inflation.
The invesment in gold is by way of a Gold Investment account with Public Bank Berhad. A minimun initial investment of 20 gram is required to open the account and subsequent investment of 5 gram. However, the account must be maintained with a minimum balance of 2 gram. You will be provided with a passbook to record your investment and divestment.
The daily gold price is available from Public Bank website and as at today, Wed, 25 June 2008, the prices are :-
Selling : RM95.52/gram; and
Buying : RM92.52/gram.
Please note also, Malayan Banking Berhad has also a similar product called Gold Savings Passbook and their pricing as at today are as follow :-
Selling : RM97.87/gram; and
Buying : RM90.63/gram.
Please also note on the different of the spread between the selling and the buying price, Public Bank RM3/gram and Maybank RM7.24/gram!
Trusting that the appreciation in gold prices will offer me a good hedge against the rising inflation in Malaysia.