GOLD Investment Account (GIA) Via CIMBCLICKS

Posted by Kris | Wednesday, August 29, 2012 | , | 7 comments »


For those gold bugs out there, CIMB Bank has come out with a nice online system to buy & sell electronic gold. The new investment scheme is called the GOLD Investment Account (GIA) . *P.S GIA sounds like a girl name to me, nice touch though. It is easier to remember a girls name that any made up acronym.

Add gold to your investment portfolio today in the most opportune way – now you can invest in gold via CIMB Clicks.  You can buy and sell gold via CIMB Clicks in the purest form (99.99% fineness). Basically, you will be able to trade in paper gold format but perform and view all transactional activities without the hassle of holding physical gold.

How it works
This is an Internet Banking only account on CIMB Clicks which is available to individuals, Joint and/or Sole Proprietor customers. You can access your account via CIMB Clicks on your PC to perform transactions and keep track of your investment.


Features
Features you can perform include:
  • Account Opening
  • Buying and Selling of Gold
  • Schedule Transactions
  • Set Recurring Transaction
  • View Transaction History
  • Gold Calculator
  • Physical Gold Request
  • Gold Price Alert via SMS/Email
Account Opening
Opening an acount can be done quickly and conveniently through www.cimbclicks.com.my.

Buying Gold
You have the convenience and flexibility to purchase gold, with these features:
  • Buy gold at the prevailing selling price
  • Buy gold for yourself or third parties
  • Make a one-time purchase of gold
  • Schedule transactions – Choose to buy at a future date based on a predetermined gold price and amount (one-off or recurring). All you have to do is specify the quantity of gold you would like to purchase at a certain price (limit price) and state if it is a recurring transaction. The system will check daily whether the limit price is matched by the selling price. If the limit price is matched by the selling price, the system will execute the transaction and the affiliate CASA will be debited accordingly. The order will be repeated until the recurring transaction is completed.  All scheduled transaction requests have a 3-month validity period.
Selling Gold
You have the ease of selling your gold, with these features:
  • Sell gold at the prevailing buying price
  • Sell off your one-time purchase of gold
  • Schedule transactions – Choose to sell at a future date based on a predetermined gold price and amount (one-off or recurring). All you have to do is specify the quantity of gold you would like to sell at a certain price (limit price) and state if it is a recurring transaction. The system will check daily whether the limit price is matched by the buying price. If the limit price is matched by the buying price, the system will execute the transaction and the affiliate CASA will be credited accordingly. The order will be repeated until the recurring transaction is completed.  All scheduled transaction requests have a 3-month validity period.
Gold Price
Gold price is quoted as RM per gram. Investment value will be converted to gold holdings in gram based on CIMB Bank’s prevailing gold Buying / Selling price quoted in RM per gram on a daily basis.

Withdraw Cash or Physical Gold
You may realize your gold holdings in the form of cash or physical gold. Withdrawal of gold into Ringgit Malaysia can be performed through CIMB Clicks. Withdrawal in the form of physical gold can be requested through CIMB Clicks; however, the collection of the physical gold currently can only be done at our CIMB Bank branch at Menara Bumiputra Commerce (“MBC”).

Gold Calculator
Use the calculator to help you trade more effectively as it allows you to:
  • View gold prices for buying and selling
  • View gold price charts
  • Estimate profit and loss

Interest Rate

No interest will be paid on this investment. Return on investment will be purely based on capital gain if there is an appreciation in the gold price. 
Return on Investment =
Return - Investment
Investment
X 100%

Benefits
  • Earn potentially higher returns from preferential buying and selling rates, and appreciation in gold price
  • Good hedge against inflation
  • Affordable initial purchase and subsequent investment
  • Trading of gold is performed on CIMB Clicks, making it convenient to invest
  • Invest in gold without the hassle of having to hold physical gold

ItemDetails
Number of accounts per personMaximum of 3 accounts
Eligibility
arrowIndividuals (residents and non-residents) aged 18 years and above
arrowPersonal, Sole Proprietors or Joint Account 
arrowExisting customers of CIMB Bank with a conventional CASA and access to CIMB Clicks
(Note: New customers are required to open a conventional CASA with CIMB Bank and have access to CIMB Clicks)
Mode of OperationAccount opening via CIMB Clicks via internet.
Account can only be closed at CIMB Bank branches.
Minimum Initial Buy5 grams
Subsequent BuyMinimum 5 grams and in multiples of 1 gram
Minimum Sell5  grams
Minimum Balance in Account1  gram
Maximum Limit of GoldNo maximum limit
Minimum Quantity for Withdrawal100 grams and in multiples of 100 grams
Terms & Conditions (“T&C”)Customer needs to read and accept the T&C displayed prior to opening the account on CIMB Clicks.
Statement TypeE-Statement
Operation Hours
arrow8:30am to 11:30pm daily except on national public holidays
arrowFor one-off transactions, the buying or selling price will be based on the prevailing gold price when the transaction is submitted by the customer
arrowScheduled transaction requests will only be processed at 4pm daily. If the gold price quoted at 4pm matches the customer’s pre-specified order criteria, it will be processed. Otherwise, the request will be processed the following day (during the 3-month validity period)
Physical e-Gold Request
arrowPayment will be debited from the customer’s designated affiliate account
arrowCustomer is required to collect the physical gold from our CIMB Bank branch at Menara Bumiputra Commerce
arrowPhysical gold ordered and not collected within the stipulated time period will be liquidated and the amount will be credited back to the customer’s affiliate CASA at the prevailing buying price
Depositing of Physical GoldCIMB Bank does not accept depositing of physical gold
InterestNo interest payout
Fees & Charges
arrowAn annual service fee of RM5 will be charged to the designated affiliate account on the first day of the calendar year should the gold balance in the account fall below 5 grams as of year end
arrowRM1 per gram of gold in the event customer requests for physical withdrawal of gold from their account (inclusive of insurance and transport charges)
arrowRM1 per gram of gold in the event customer fails to collect the requested physical gold 30 days from date the notification letter is sent out (inclusive of insurance and transport charges)
arrowRM10 for closing of account within 6 months of its opening





Hence I logged into my CIMBCLICKS to have a look. Here are some screenshots of the interface.

 Main Interface under "Manage My Wealth"


Gold Calculator - Bank Sell is the price we buy , while Bank Buy is the price we sell. :) So the Bank make money aka commission since the Bank Sell price is always higher than Bank Buy. Note that the spread for today is around RM10. In the terms & conditions, I noticed that there is a clause that gold prices offered in this account may fluctuate a lot after working hours and during weekends. World Gold prices are very violatile hence the disclaimer by CIMB.


Gold prices
You can request physical gold but you can only collect from CIMB KL main branch.


Now it is so easy to buy & sell GOLD. Just by a click of a mouse. And the spread is not that huge compared to physical silver that my friend ask me to invest in. (~25-30% spread)


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7 comments

  1. Mr Lonely // 10:36 PM  

    thanks for this info. how about public bank?

  2. Kris // 7:05 PM  

    Lonely,

    As far as I know, I don't think Public Bank has an online system to buy gold.

    You still need to go to a physical branch to buy gold

    Rgds,
    WM

  3. Anonymous // 12:27 PM  

    Dear Kris,

    May I ask, can we either sell or buy gold everyday? I just wondering how this works.

    Thank you,
    Melati

  4. Kris // 12:11 AM  

    Hi Melati,

    This Gold Investment Account allows you to buy/sell gold online EVERYDAY.

    Do note the operating hours and which price quote is used during certain time windows.

    8:30am to 11:30pm daily except on national public holidays

    For one-off transactions, the buying or selling price will be based on the prevailing gold price when the transaction is submitted by the customer

    Scheduled transaction requests will only be processed at 4pm daily. If the gold price quoted at 4pm matches the customer’s pre-specified order criteria, it will be processed. Otherwise, the request will be processed the following day (during the 3-month validity period)

    Hope this helps, Melati.

  5. Anonymous // 4:16 PM  

    I am wondering how does gold investment work in general. Does it works like forex?

    JoeHassan

  6. Anonymous // 8:46 AM  

    hello.. is there any other bank out there in malaysia offer the online trading? thank u

  7. Kris // 12:28 PM  

    Try Public Bank & Maybank.I think I written a post on this. Just search for it.