Gold Investment

The interest was brought up alive again by a friend. Here's a good news :

Kuwait Finance House Malaysia Launches KFH Gold Account-i

KUALA LUMPUR, April 30 (Bernama) -- Kuwait Finance House (Malaysia) Bhd (KFHMB) aims to sell 50kg of gold under its newly-launched KFH Gold Account - i by year-end, says its Retail and Consumer Banking Head Attar Salleh.

He said since the soft launch of the account two-and-a-half-month ago, the bank had received more than RM1.08 million and transacted nine kilogrammes of gold.

"The KFH Gold Account-i, is the first Shariah-based gold account offered in Malaysia, where KFHMB sells physical gold to the customer," he told reporters after the official launch of the account here on Friday.

"Through the account, customers are able to purchase and invest in gold in a convenient and secure way. Customers have a choice to either collect the gold or keep it with the bank for safe custody at no charge," he said.

Attar also said customers can start investing from as low as 10 grams of gold and must maintain a minimum balance of two grams.

He said the gold price is about RM125 per gram.

"Customers can always sell or withdraw their gold at the branch based on the bank's daily purchasing price. The physical withdrawal of gold can be made in denominations of one, five, 10 and 50 grams," he said, adding that the account is available at all its seven branches nationwide.

Attar said the bank also plans to launch automobile financing in the second half of this year.

He said the bank has target its consumer business to constitute half of its undertakings by 2015.

"We plan to form business alliances with several third parties. I can't reveal their identity at the moment. We believe such alliances are important to growing the business," he said.

(Source : Bernama)

So far, I've known 4 banks who offer Gold Investment ;

1. Maybank : Kijang Emas and Gold Savings Passbook Account
2. Kuwait Finance House (KFH) : Gold Account-i
3. Public Bank : Gold Investment Account
4. UOB Bank (Not much info I've got so far)

Interestingly, there were arguments on the little advantage of Gold Investment in term of gaining revenues. Even my friend's dad said ASB is better in generating revenues. I'll dig some info on this.