[SPONSORED] How to Buy Gold in Malaysia, as an Investment

Buy Gold in Malaysia

When I first started investing, one of my first investments was gold. I was in my early 20s, it was the early 2010s, and I bought 20 grams. I’ve since sold some of them, but still keep a small amount.

Why I chose gold as an investment

Briefly, I wanted to diversify my investment portfolio and gold is considered a safe option. There’s a story behind this decision.

During my travels in rural France I met a gentleman who swore by gold, said it helped him sustainably finance his retirement. “It’s great as a long-term investment,” he advised while fiddling a large gold ring worn on his index finger – it’s obvious that he really liked gold.  I believed him, but for my own sake I looked up the charts.

He was right. I met him in 2009 – it was mostly smooth sailing for him (look at the historical chart below). I hope he managed to sell it off in 2011, or had the patience to wait out the price drop during 2013-2015. As of writing time, the price of gold is back up again. I’m predicting it to continue its long-term upwards trend.

(Disclaimer: Not an investment advice. Please do your research as well)

Buy Gold in Malaysia

How to Buy Gold in Malaysia

You can buy:

  • Physical gold – gold coins, gold bullions, gold jewellery
  • Gold Savings Accounts / Gold Investment Accounts – an account where your money is turned into gold, which can be fully allocated (i.e. using real physical gold) or unallocated (i.e. the bank will make sure that you get the same result as if you had real gold)

Some places that sell physical gold includes jewellery shops, banks and private gold distributors.

Personally, I’m not a fan of physical gold options. If I wear it, it attracts muggers. If I keep it at home, I’d worry about home security all the time. If I rent safe-keeping vaults, that’s a lot of added expenses.

This article concentrates on the second option – Gold Savings Accounts.

Which Gold Savings Accounts are Available in Malaysia

In the early 2010s, the only (safe and trusted) places that offered Gold Savings Accounts were banks. iMoney has a comparison tool for this.

Now in 2017, I’d like to introduce you to a non-bank, technology-enabled approach to buy gold in Malaysia: HelloGold. Previously I gave them a shoutout in my All the Fintech Products in Malaysia that I Love Now article. That one was not sponsored – was genuinely impressed by the team and the technology they use (blockchain).

buy gold in malaysia

Here are some tips and pointers if you choose to use HelloGold to buy gold:

  • Insert my referral code and RM5 discount. Click here to download the app (note: referral link) or insert the promo code ‘SURA024F’ to get RM5 discount if you buy RM50 worth of gold.
  • You’re buying physical gold. It’s 99.99% investment-grade gold stored in Singapore. I quite trust Singapore’s financial industry, so this is a plus point for me. And it’s certifiable yours, which means you can order and get it delivered to your home or, if things go ‘belly up’, you’ll get your money back.
  • You can buy gold from just RM1. If you’ve bought gold before, you know the common practice is to buy gold by grams. This means that last time people with just RM100 or so to spare per month can’t afford to invest in gold, they can’t buy even the minimum 1 gram. Now they can.
  • Fees to know: The annual management fee is 2%. The buy and sell transaction fee is 2% of the transaction value. The top-up processing fee is RM1.20. Added up, it’s within the range of what traditional banks charge for this kind of service.
  • Try not to buy/sell gold during the weekend. It’s 2% more to buy and 2% less to sell on weekends.
  • The user experience is different than other Gold Savings Accounts. It’s more fluid, and the branding/design/layout is fresh. My Gold Savings Account last time was boring, made me feel old :/
  • Syariah-compliant 🙂

How to Buy Gold from HelloGold

buy gold in malaysia

The simplified process to buy gold from HelloGold is:

  • Download the app, register for an account. Alternative: go to Playstore or Appstore, download ‘HelloGold’ and add my code ‘SURA024F’ to get RM5 discount if you buy RM50 worth of gold.
  • Upload verification documents (IC card – just snap from phone)
  • Top up account with bank transfer
  • Buy gold from the app at the price you want
  • Keep it until you want to sell it off

To find out more about HelloGold, please visit the official website.

Final words

If you want to buy gold in Malaysia for investment purposes, HelloGold is a good option. I find it easy to use, and the team is professional. I also like a value they preach – to enable people with not-so-much spare cash to invest in gold. Financial inclusion for all, woo!

Do you keep gold as an investment?

Author

23 comments

  1. I like to put 10% of my salary each month into physical gold because it’s shiny and stable. We’ve been using it for 3000-ish years and it hasn’t failed us yet.

    That said, the app looks intriguing. I have an el-cheapo RM400 phone that doesn’t even have enough internal storage for Uber, but I’ll look into this HelloGold thing if and when I upgrade, unless they have a desktop version in which case maybe I’ll check it out… later.

    If you were wondering, the rest of the salary goes to BTC (10%), retirement (30%), food & games & petrol & Patreon & gifts for friends (50%). I don’t really have any bills yet aside from RM9 a month for Google Storage.

    1. No desktop version, only app. Try it out la, my code (suraya09) will give you free RM5, no catch.

      You can’t have no bills, really? Mobile? Internet? Nothing aside from Google Storage?

    2. “because it’s shiny and stable” is the best part of this comment! Worth buying for that reason alone hahaa. =D

      no bills except for google storage?! How on earth?

  2. Hi Suraya. Have u tried CIMB Gold account? How would u compare it? I’m currently using the CIMB one, but as u said, “I quite trust Singapore’s financial industry” lol. I’m thinking to try it. Any suggestion?

  3. Hey Suraya,

    Hows the app going so far? Im quite eager to try it but would like to get your opinion in regards to the safety of the app. Is there like a safety net if for example (Touch Wood) the app company go bust?

    Thank you,
    Hope to hear from you soon

    1. Hey Haneef,

      The team is pretty reputable. I’ve met them personally. I believe their claim to having all the gold in reserve in a Singapore vault.

      1. Hi Suraya,
        Found your entry useful and I’m intrigued…
        Though… my concern is the same as Haneef.
        You have met the HelloGold team but have you seen with your own eyes the gold in the vault?
        I need more convincing on that…

  4. Hi Suraya,

    Just bumped into your article and site today, and a lot of the infos here are really good! 😀
    I currently have a CIMB Gold account and I try to buy some gold monthly. I’ve heard of HelloGold too, but still contemplating to whether to switch over all my gold investments to this. What are your thoughts on bank GIAs compared to HelloGold?

    Thanks!

    1. Hi Dave,
      Thanks for the kind words, that’s nice of you 🙂
      On Hellogold vs bank GIAs, that’s up to you. Banks are tightly regulated in Malaysia and your gold there should be secure as well.
      I say you have 3 options:
      1) Maintain CIMB for simplicity
      2) Get both to diversify companies
      3) Switch to HG if you like the idea of buying fractions of gold (I believe minimum you can buy from CIMB is per gram, so if you don’t have enough for 1g, then you can’t there)

  5. Hye.

    Found this article, really thanks for the information. I have a little bit confused the difference between HelloGold.com and HelloGold.org. For Syariah compliant, is it the certificate for both or just HG.com because what I know Amanie Advisor the Syariah compliant certificate provider just have a positive view of cryptocurrency but only specific to Bitcoin and Ethereum only.

  6. Hi Ms suraya,

    Im wondering if hellogold is scamm or not? because i try to search review hellogold and mostly it is fake and scam.

    would you clarify regarding this matter.

    1. Hi Nabila,

      They satisfied my personal investment checklist, but tell me what you know? What do critics say about hellogold?

  7. I already downloaded the app and was cruising with it looking for rates and FAQ, googled it found your post. Definitely will try. Thank you so much for the info.

  8. This app actually caught my attention because i’ve been using Boost Wallet and it’s advertised there. So i got intrigued and downloaded.. as of now, i’ve started buying gold but i still have the jitters when i think about the app registration. They technically have my IC now and that’s so scary. My question is, is the app safe (not a scam) and is my IC safe ? 😰

    1. Hey Naim,

      That’s a very good question, shows your due diligence. Keep up this trait, it’s useful in investing (and finance in general)

      I can’t speak for HG team. I can’t reassure you either beyond telling you how they operate so far have satisfied myself. I do believe they will take care of my account and personal information well.

      But of course that’s no guarantee. Data leaks have happened, and even to much bigger companies. It’s a risk I’m taking as an internet user. It sucks but I can’t see other alternative than stop using companies’ services completely :/

  9. Hello, there is a new plan from Hellogold, it’s called Smart Saver Plan. Have you tried it? Can review if it is good or not? Thanks.

    1. Hi Curiousme,

      It’s pretty much the cost-averaging method, made simple. The method is generally considered the safe and steady way to make regular contributions towards an investment. It’s a good strategy of you just want to automate this part of your life.

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