Holder of Worldcard, especially the one issued by Genting, will definitely have Worldcard points, and possibly Genting points.
A little known fact is that both Genting Points and Worldcard points are transferable across borders.
That means if you have 1 Worldcard point earned in Singapore, it will be translated as slightly more than 2 Worldcard points in Malaysia.
There is no need to convert manually. When you want to pay with Worldcard points, the merchants can tell you how many points you have.
The same thing with Genting Points.
If you have 10 Genting Points earned in Singapore, you can go to the Worldcard center in Genting Highlands, and ask for conversion to Genting Points in Malaysia.
The conversion rate differs every day.
Both Genting Points and Worldcard points are useful for the following purpose:
1. Book hotel room
You can use Genting points to book hotels in Resort World Sentosa, and Genting Highlands.
It is possible to convert the points in Philippines and use them to stay free too.
I heard that you can even convert points from UK for use in Malaysia too. However, I have not heard of vice versa.
The website at rwmanila states that “Points earning at Resorts World Manila and other Genting affiliates (Resorts World Genting, Resorts World Sentosa, Star Cruises).”
The site about UK is not stated.
Worldcard points have wider usage. You can redeem at many participating hotels as listed in the Rewards catalogue for each country.
2. Cash
When Genting has certain promotions that allow you redeem Genting Points for cash, you can do so.
Once Genting Highlands had a special promotion for all Singapore visitors who traveled by coach. As long as they could show the return coach ticket, and had purchased the Go Genting 200 package, they could redeem up to 160 GP for RM640.
The redemption rate was at 1 GP for RM 5.
3. Cruise
You can use Worldcard Points or Genting points to redeem free cruise stay.
Once I called up Starcruises in Singapore to check the rate, the ongoing rate is 45 Genting Points (Singapore) or more than 100 Genting Points (Malaysia) to redeem a cruise stay for 1 person.
I forget to ask the duration of the cruise.
Since Starcruises operate out of many destinations, including Hong Kong and Thailand, you might as well save up your Genting Points for use in other countries.
The completion list of Departure port and contact number for Starcruises offices is located
http://gentingtravel.starcruises.com/Articles-Contact_Us.aspx
4. Food and entertainment
Where food and entertainment is concerned, Worldcard points have much wider applications.
You can use Worldcard points at any participating merchants to offset part of the bill.
That means if the dinner costs RM 100, and you have 5000 Worldcard points, you can use your points to pay part of the bill. You need to pay RM 50 in cash.
Genting Points are very valuable for use in Genting premises.
You can use Genting Points to pay for car park space in Resort World Sentosa. Parking is free if you are holding gold card and above.
Now that Genting has operations in USA, we can look forward to redeem our Genting points and Worldcard points there.
The holders of Worldcard in USA can enjoy greater value when they convert their Genting points and Worldcard points over.
Tuesday, November 29, 2011
Sunday, November 27, 2011
Learn from the lifestyle of the rich
If we want to get rich, we have to learn from the rich.
The rich people get rich because they have many good qualities.
When we see the lifestyle of the rich, we get the wrong idea that they are burning money by spending so much.
That is not true at all.
Once we compare their spending to their income, we can see that they are very frugal.
Let us take a look at the lifestyle of the rich, and see what we can learn from them.
1. House
If you earn a million dollars, and live in a million dollars house, that is frugality.
That means the house costs just one year of your income.
Even if you add in the interest from the mortgage, it still does not cost more than two years of your income.
That is why statistics show that the rich do not spend a large proportion of their income on houses.
The middle class is the group of people who tend to buy big houses, and spend ages to pay off the loan.
2. Eat real food
Many rich and famous people will not eat junk food everyday.
They are not likely to order pizza or food from fast food restaurants.
They eat real food. They do not eat junk food, and end up with many health problems.
Even if you are not rich, you can learn to eat real food.
The cost of eating fresh vegetables and fruits is not going to make you homeless.
Taking care of your health means saving up for your future. You do not need to pay doctors or pharmaceutical companies for all the pills.
You can work hard and enjoy life with a vibrant health.
3. Protect your asset
The newspaper always report that the rich buy this or that.
We considered all the expensive items as luxuries, but they, the rich, think of it as an asset.
Once they bought anything, they will protect the asset.
They do it in a few ways.
One way is to set up a company before they buy anything. They will use the company to buy and hold the assets.
Another way is to buy insurance.
At an age when many people ignore the wisdom of buying insurance policies, the rich are using insurance policies to protect everything.
You need to buy adequate insurance policies to protect your earning ability, your house, your health, your children, and everything else.
This is the lifestyle of the rich.
4. Live below your means
The lifestyle of the rich often seems excessive to us.
We do not think from the perspective of income level.
If you can make a billion dollars a year, and spend $20,000 on a vacation, that is not excessive.
That is living way below your means.
Actually many rich people do not pay the full rate. They have numerous corporate discounts or freebies available.
One example is the handbag and accessories given to the celebrities.
Do you really think that they buy the expensive handbags with their own money? If you say yes, you are too naïve.
The celebrities either get it free or buy with a deep discount.
Only the working class who wants to imitate the celebrities buy at full cost.
The lifestyle of the rich is admirable. The lessons from observing the lifestyle of the rich will enrich our life too.
The rich people get rich because they have many good qualities.
When we see the lifestyle of the rich, we get the wrong idea that they are burning money by spending so much.
That is not true at all.
Once we compare their spending to their income, we can see that they are very frugal.
Let us take a look at the lifestyle of the rich, and see what we can learn from them.
1. House
If you earn a million dollars, and live in a million dollars house, that is frugality.
That means the house costs just one year of your income.
Even if you add in the interest from the mortgage, it still does not cost more than two years of your income.
That is why statistics show that the rich do not spend a large proportion of their income on houses.
The middle class is the group of people who tend to buy big houses, and spend ages to pay off the loan.
2. Eat real food
Many rich and famous people will not eat junk food everyday.
They are not likely to order pizza or food from fast food restaurants.
They eat real food. They do not eat junk food, and end up with many health problems.
Even if you are not rich, you can learn to eat real food.
The cost of eating fresh vegetables and fruits is not going to make you homeless.
Taking care of your health means saving up for your future. You do not need to pay doctors or pharmaceutical companies for all the pills.
You can work hard and enjoy life with a vibrant health.
3. Protect your asset
The newspaper always report that the rich buy this or that.
We considered all the expensive items as luxuries, but they, the rich, think of it as an asset.
Once they bought anything, they will protect the asset.
They do it in a few ways.
One way is to set up a company before they buy anything. They will use the company to buy and hold the assets.
Another way is to buy insurance.
At an age when many people ignore the wisdom of buying insurance policies, the rich are using insurance policies to protect everything.
You need to buy adequate insurance policies to protect your earning ability, your house, your health, your children, and everything else.
This is the lifestyle of the rich.
4. Live below your means
The lifestyle of the rich often seems excessive to us.
We do not think from the perspective of income level.
If you can make a billion dollars a year, and spend $20,000 on a vacation, that is not excessive.
That is living way below your means.
Actually many rich people do not pay the full rate. They have numerous corporate discounts or freebies available.
One example is the handbag and accessories given to the celebrities.
Do you really think that they buy the expensive handbags with their own money? If you say yes, you are too naïve.
The celebrities either get it free or buy with a deep discount.
Only the working class who wants to imitate the celebrities buy at full cost.
The lifestyle of the rich is admirable. The lessons from observing the lifestyle of the rich will enrich our life too.
Wednesday, November 23, 2011
Is buying 5 gram silver bars a good idea?
This question comes to mind after receiving an email from Scottsdale Silver.
The email announces the arrival of the new 5 gram silver bars.
This is how the email phrase it:
“Announcing the Limited Time 5 Gram Silver Bar from Scottsdale Silver.
Perfect for gift giving this Holiday Season. This classy looking silver bar is .999 Fine Silver and weighs 5 Grams. The front has the Lion logo and hallmark markings, while the reverse has the Double S design. Comes sealed in plastic and ready to win over new fans of the Scottsdale Silver Lion and bullion investing. Also a great size for preppers and consumers needing small options.
LIMITED MINTING - this may be the only offering of this exact product for the 2011-2012 years.
http://store.scottsdalesilver.com/product/47/5-Gram-Silver-Bar-by-Scottsdale
As a reminder, our Current Offer of FREE SHIPPING to the USA on any order of $500+ is still running.
We offer straightforward pricing without surcharges. You can literally see what you want, click, and checkout with a credit card or paypal within minutes, or you can call us to lock in a bank wire order.
Scottsdale Silver....the most distinguished name in Bullion”
As a gift, the 5 gram silver bar definitely sounds grand. Since all silver and gold products are attractive, shiny, and elegant, the recipients probably will remember this occasion forever.
However, from a purely investment perspective, there is no point getting such a small bullion.
Even one ounce silver bullion is not that worthwhile.
The best size is 10 ounces.
If you are staying in the US, you can make use of the free shipping option to combine the investment size bars, such as a couple of 10 ounces silver bars, with a few 5 gram bullion for gift giving.
At least you kill two birds with one stone.
You can save the headache of gift giving by making a single online purchase, while getting the larger bullion for investment purpose.
The email announces the arrival of the new 5 gram silver bars.
This is how the email phrase it:
“Announcing the Limited Time 5 Gram Silver Bar from Scottsdale Silver.
Perfect for gift giving this Holiday Season. This classy looking silver bar is .999 Fine Silver and weighs 5 Grams. The front has the Lion logo and hallmark markings, while the reverse has the Double S design. Comes sealed in plastic and ready to win over new fans of the Scottsdale Silver Lion and bullion investing. Also a great size for preppers and consumers needing small options.
LIMITED MINTING - this may be the only offering of this exact product for the 2011-2012 years.
http://store.scottsdalesilver.com/product/47/5-Gram-Silver-Bar-by-Scottsdale
As a reminder, our Current Offer of FREE SHIPPING to the USA on any order of $500+ is still running.
We offer straightforward pricing without surcharges. You can literally see what you want, click, and checkout with a credit card or paypal within minutes, or you can call us to lock in a bank wire order.
Scottsdale Silver....the most distinguished name in Bullion”
As a gift, the 5 gram silver bar definitely sounds grand. Since all silver and gold products are attractive, shiny, and elegant, the recipients probably will remember this occasion forever.
However, from a purely investment perspective, there is no point getting such a small bullion.
Even one ounce silver bullion is not that worthwhile.
The best size is 10 ounces.
If you are staying in the US, you can make use of the free shipping option to combine the investment size bars, such as a couple of 10 ounces silver bars, with a few 5 gram bullion for gift giving.
At least you kill two birds with one stone.
You can save the headache of gift giving by making a single online purchase, while getting the larger bullion for investment purpose.
Tuesday, November 22, 2011
Getting free accommodation in Genting Highlands
I notice that since the opening of the two casinos in Singapore, Genting Highlands is giving out more free hotel rooms than before.
It used to be that you have to wait till your birthday month to get free accommodation in Genting Highlands.
Sometimes, you may not even get it.
Now, it seems that Genting is giving out free rooms for practically every two months.
Ironically, the free accommodation in Genting Highlands do not have anything to do with your time or amount of playing.
I, for me, definitely do not enjoy playing in the smoky environment there. I go there for relaxation, and spend a lot time in Chin Swee temple, and my hotel room.
In fact, I slept more than ten hours there!
I hardly earn more than 1 Genting Point, unless I bought the Genting Premium Program.
The following are tips to get more free accommodation in Genting Highlands if you are an existing member:
1. Call to ask
There is no harm calling Genting to check if you have free room entitlement.
Sometimes, I do not even receive the sms of free room. I get to know about it only when I call and ask.
Just call, and give them your Worldcard number, and get them to check for you.
You can call (603) 2718 1118 or 6823 9888 (if you are calling from Singapore)
2. Make use of your entitlement
All the free room entitlements are generated by computers.
That means if you receive the sms or email notification of free rooms, and you never go. It is unlikely you get more freebies in the future.
While you do not have to go all the time, it is best that you make use of it.
For example, if you get free accommodation offer in January, March and May, and you never go once, you are unlikely to continue getting such freebies.
Go at least once out of three times.
Please remember to ask if you can stay in Resort Hotel or Superior Deluxe room in First World Hotel.
3. Update your particulars
It is best that you update your particulars whenever you change your cell phone number.
Getting sms is better than getting offers from other sources.
Genting is a company which is trying to cut cost. If it can inform you of freebies by sms, it will not send hard copy notification.
4. Upgrade your card
You can go to the counter and request for an upgrade of your card.
It seems that all Singaporeans will get silver card upon request. I am not sure about other nationalities. There is no harm in requesting.
Other tips for visiting Genting Highlands:
1. Conversion of Genting Points
Most people do not know that you can convert your Genting points across the group.
That means you can ask the staff at the Worldcard Counter in Malaysia to transfer your Genting Points in Singapore over.
Conversely, you can also ask the staff in Singapore to transfer the Genting Points from Malaysia to Singapore.
2. Make use of the Worldcard kiosks
You can check the number of Genting Points from the kiosks in Genting Highlands.
You can also update your particulars, and print out vouchers or redeem vouchers.
For example, one of the promotion is to use 3GP to redeem for a meal.
Sometimes, you get freebies too.
You might get a free buffet voucher for two persons. This kind of freebies is available for a day only. My mother ever had a meal voucher of $50.
If you do not print out today, you will not see it tomorrow.
The best is to check everyday. You may get a pleasant surprise.
3. RM200 package
You can buy the RM200 package everyday.
Make sure you make use of it if you intend to play.
This is how it works:
1. RM200 package comes in the form of NN chips or NN slots.
2. You get the same value in NN chips or NN slots.
3. You get a free meal voucher and 2 Genting Points.
4. You use your NN chips to play. For example, you play with $20 NN chip. If you win, you get cash chips, and you can cash out.
If you are playing slots, the money will be in your card. You do not need to feed cash into the machine.
You can cash out all the accumulated winnings. Even if you do not hit the jackpot, you definitely have winnings from free games or normal playing.
Just a side note on the usage of free meal voucher. If you are using it for breakfast, I recommend the Hainan restaurant in First World Hotel. The coffee is very nice. The set meal consists of coffee, kaya and butter bread and two eggs.
If you are using for lunch, the best is Fortune Corner. It comes with a drink (hot or cold), fruit or dessert and chicken rice or fish soup noodle or rice and vegetables.
It used to be that you have to wait till your birthday month to get free accommodation in Genting Highlands.
Sometimes, you may not even get it.
Now, it seems that Genting is giving out free rooms for practically every two months.
Ironically, the free accommodation in Genting Highlands do not have anything to do with your time or amount of playing.
I, for me, definitely do not enjoy playing in the smoky environment there. I go there for relaxation, and spend a lot time in Chin Swee temple, and my hotel room.
In fact, I slept more than ten hours there!
I hardly earn more than 1 Genting Point, unless I bought the Genting Premium Program.
The following are tips to get more free accommodation in Genting Highlands if you are an existing member:
1. Call to ask
There is no harm calling Genting to check if you have free room entitlement.
Sometimes, I do not even receive the sms of free room. I get to know about it only when I call and ask.
Just call, and give them your Worldcard number, and get them to check for you.
You can call (603) 2718 1118 or 6823 9888 (if you are calling from Singapore)
2. Make use of your entitlement
All the free room entitlements are generated by computers.
That means if you receive the sms or email notification of free rooms, and you never go. It is unlikely you get more freebies in the future.
While you do not have to go all the time, it is best that you make use of it.
For example, if you get free accommodation offer in January, March and May, and you never go once, you are unlikely to continue getting such freebies.
Go at least once out of three times.
Please remember to ask if you can stay in Resort Hotel or Superior Deluxe room in First World Hotel.
3. Update your particulars
It is best that you update your particulars whenever you change your cell phone number.
Getting sms is better than getting offers from other sources.
Genting is a company which is trying to cut cost. If it can inform you of freebies by sms, it will not send hard copy notification.
4. Upgrade your card
You can go to the counter and request for an upgrade of your card.
It seems that all Singaporeans will get silver card upon request. I am not sure about other nationalities. There is no harm in requesting.
Other tips for visiting Genting Highlands:
1. Conversion of Genting Points
Most people do not know that you can convert your Genting points across the group.
That means you can ask the staff at the Worldcard Counter in Malaysia to transfer your Genting Points in Singapore over.
Conversely, you can also ask the staff in Singapore to transfer the Genting Points from Malaysia to Singapore.
2. Make use of the Worldcard kiosks
You can check the number of Genting Points from the kiosks in Genting Highlands.
You can also update your particulars, and print out vouchers or redeem vouchers.
For example, one of the promotion is to use 3GP to redeem for a meal.
Sometimes, you get freebies too.
You might get a free buffet voucher for two persons. This kind of freebies is available for a day only. My mother ever had a meal voucher of $50.
If you do not print out today, you will not see it tomorrow.
The best is to check everyday. You may get a pleasant surprise.
3. RM200 package
You can buy the RM200 package everyday.
Make sure you make use of it if you intend to play.
This is how it works:
1. RM200 package comes in the form of NN chips or NN slots.
2. You get the same value in NN chips or NN slots.
3. You get a free meal voucher and 2 Genting Points.
4. You use your NN chips to play. For example, you play with $20 NN chip. If you win, you get cash chips, and you can cash out.
If you are playing slots, the money will be in your card. You do not need to feed cash into the machine.
You can cash out all the accumulated winnings. Even if you do not hit the jackpot, you definitely have winnings from free games or normal playing.
Just a side note on the usage of free meal voucher. If you are using it for breakfast, I recommend the Hainan restaurant in First World Hotel. The coffee is very nice. The set meal consists of coffee, kaya and butter bread and two eggs.
If you are using for lunch, the best is Fortune Corner. It comes with a drink (hot or cold), fruit or dessert and chicken rice or fish soup noodle or rice and vegetables.
Enjoy your free accommodation in Genting Highlands.
Labels:
Genting Highlands
Saturday, November 19, 2011
Buy 1 gram gold bar: wise or not?
Is it wise to buy 1 gram gold bar?
Talking purely from an investment standpoint, it is plain stupid to buy such tiny bars. No investor will tell you to buy 1 gram gold bar.
The premium over spot rate is very high, since the effort is to produce the gold bars, whether 1 gram or 100 grams, is basically the same.
The mint will have to mint the bullion.
The mint will have to insure the bullions, and transport them to the retailers.
The shop will have to pay the same salary to the salespersons, even if the salespersons spend all days selling the 1 gram gold bars.
That is why small bars incurred a large transaction cost in relation to the weight.
Many 1 gram gold bar also comes with Assay card.
That is added cost to the investors.
If you have the money to buy 1 ounce gold bar, it is best you buy a single 1 ounce gold bar, and not many 1 gram gold bars.
However, there are times when you can consider buying 1 gram gold bars.
The main reason is gift giving.
Instead of buying gifts that look nice, and do not have any practical value, you can consider buying 1 gram gold bars for your loved ones.
Hopefully this gesture will interest them to the world of precious metal investment.
Many people love the novelty of gold. It seems that this metal has a special place in the history of mankind.
Men and women love gold, even though they know that the love for gold is one sided.
You cannot expect the gold bars or gold coins to return your love.
Buy 1 gram gold bar is a way to show love, and teach about investment.
You can consider buying several such items for Christmas season.
Your gift will capture the attention and heart of your loved ones, and close friends. Just when they are expecting chocolate or wine, you give them a beautifully wrapped and unique item.
Imagine their curiosity to receive such small gifts, and imagine their joy to see the wonder of gold, pure gold!
1 gram gold bar is 99.9% pure gold. You can never get any purer than this.
Talking purely from an investment standpoint, it is plain stupid to buy such tiny bars. No investor will tell you to buy 1 gram gold bar.
The premium over spot rate is very high, since the effort is to produce the gold bars, whether 1 gram or 100 grams, is basically the same.
The mint will have to mint the bullion.
The mint will have to insure the bullions, and transport them to the retailers.
The shop will have to pay the same salary to the salespersons, even if the salespersons spend all days selling the 1 gram gold bars.
That is why small bars incurred a large transaction cost in relation to the weight.
Many 1 gram gold bar also comes with Assay card.
That is added cost to the investors.
If you have the money to buy 1 ounce gold bar, it is best you buy a single 1 ounce gold bar, and not many 1 gram gold bars.
However, there are times when you can consider buying 1 gram gold bars.
The main reason is gift giving.
Instead of buying gifts that look nice, and do not have any practical value, you can consider buying 1 gram gold bars for your loved ones.
Hopefully this gesture will interest them to the world of precious metal investment.
Many people love the novelty of gold. It seems that this metal has a special place in the history of mankind.
Men and women love gold, even though they know that the love for gold is one sided.
You cannot expect the gold bars or gold coins to return your love.
Buy 1 gram gold bar is a way to show love, and teach about investment.
You can consider buying several such items for Christmas season.
Your gift will capture the attention and heart of your loved ones, and close friends. Just when they are expecting chocolate or wine, you give them a beautifully wrapped and unique item.
Imagine their curiosity to receive such small gifts, and imagine their joy to see the wonder of gold, pure gold!
1 gram gold bar is 99.9% pure gold. You can never get any purer than this.
Saturday, November 12, 2011
Wealth is using money to buy time
We always link money with wealth.
However, wealth is not about having money, or accumulating money.
Wealth is about using the money you have to buy time.
There is no use having cash in the bank, and you have no time for yourself, your family and friends.
Even when you are working 14 hours a day, you do feel guilty about not watching your children grow up.
Is that the kind of life you want?
For the short while, maybe. You do need money to pay off the mortgage, and save for the educational needs of your kids.
However, in the long term, working such hours defeat the whole purpose of having a family.
Your children will not even know how you look like. They are asleep when you leave for work. They have slept when you reach home.
That is why wealth is about using money to buy time.
When you have enough money for survival, and a sum of money in the bank for emergency needs, you can use your money to buy memories with your family.
That is why rich people use their money to travel by air, even though they can drive. They do not save money by traveling first class, but they save time.
They know that money comes and goes, but time does not come and go.
Once a minute is gone, it is gone forever.
They spend more time in the golf course, and less time in the office.
They have time for their children. They have time to celebrate the birthdays of their kids.
That is the true meaning of wealth.
Even if you are not as rich, you can have the same experience.
Even if you have no children, you have friends, parents, and siblings.
The time spent with your friends and family brings happiness.
The time spent in the office beyond the normal working hours leads to burnout.
There is not much things in life that is fair, but time is one of these.
Regardless of how rich or how poor you are, everyone has just 24 hours a day. Everyone will die one day.
Everyone has someone who cares about them and loves them for who they are.
Time is so precious. Using money to buy time, and using time to create memories is the best use of time.
We all treasure certain moments in life that are shared by someone whom we loved. When we have more of such memories, we feel wealthy.
Just remember that wealth is using money to buy time, and memories.
However, wealth is not about having money, or accumulating money.
Wealth is about using the money you have to buy time.
There is no use having cash in the bank, and you have no time for yourself, your family and friends.
Even when you are working 14 hours a day, you do feel guilty about not watching your children grow up.
Is that the kind of life you want?
For the short while, maybe. You do need money to pay off the mortgage, and save for the educational needs of your kids.
However, in the long term, working such hours defeat the whole purpose of having a family.
Your children will not even know how you look like. They are asleep when you leave for work. They have slept when you reach home.
That is why wealth is about using money to buy time.
When you have enough money for survival, and a sum of money in the bank for emergency needs, you can use your money to buy memories with your family.
That is why rich people use their money to travel by air, even though they can drive. They do not save money by traveling first class, but they save time.
They know that money comes and goes, but time does not come and go.
Once a minute is gone, it is gone forever.
They spend more time in the golf course, and less time in the office.
They have time for their children. They have time to celebrate the birthdays of their kids.
That is the true meaning of wealth.
Even if you are not as rich, you can have the same experience.
Even if you have no children, you have friends, parents, and siblings.
The time spent with your friends and family brings happiness.
The time spent in the office beyond the normal working hours leads to burnout.
There is not much things in life that is fair, but time is one of these.
Regardless of how rich or how poor you are, everyone has just 24 hours a day. Everyone will die one day.
Everyone has someone who cares about them and loves them for who they are.
Time is so precious. Using money to buy time, and using time to create memories is the best use of time.
We all treasure certain moments in life that are shared by someone whom we loved. When we have more of such memories, we feel wealthy.
Just remember that wealth is using money to buy time, and memories.
Thursday, November 10, 2011
How to buy and sell gold for profit
When you think about how to buy and sell gold for profit, you have to think about many factors.
You have to get answers to the following questions :
1. Where to buy gold?
2. Should you buy physical gold or paper asset?
3. When to buy gold?
4. How much can you afford?
5. How long can you afford to wait?
6. Where to sell gold?
7. When to sell gold?
8. What are the transaction cost?
9. Where to store physical gold?
10.what are the risks of investments?
All these are the basic questions before you even venture into gold investment.
All these questions are related to the main question of how to buy and sell gold for profit.
Most people make the mistake of buying gold, but they forget to think about selling gold.
If you know about buying gold, but do not know about selling gold, you are not going to make money.
Let us have a quick look at the possible answers for the questions above.
1. Where to buy gold?
You can buy gold from the local banks, goldsmith shop, pawnshop, coin shops, online sites, Ebay, and gold discussion forums.
2. Should you buy physical gold or paper asset?
Best to have both.
However, when money is tight, you have to think about the purpose of buying gold.
Paper asset is good, but you do not own the gold.
If you buy the gold ETF, you have to pray that the fund does not close down in the near future.
Physical gold is good if you think about passing down to your children and grandchildren. Many people inherit gold coins from their ancestors.
3. When to buy gold?
After a gold crash, and when everyone is buying into the stock market.
It seems that gold price and stock market goes in opposite direction most of the time.
4. How much can you afford?
You must have at least six months of cash available for emergency use. You can then use the rest of the money for investment purpose.
5. How long can you afford to wait?
Gold price is volatile. If you need money within three months, you must not use it for gold investment.
6. Where to sell gold?
When you guy gold from the banks, the goldsmith shop or coin shops, you can check the value of selling back to them.
Most will sell you at a higher mark up, and buy from you at spot rate.
If you buy from private sellers, you can ask for the original receipt.
7. When to sell gold?
The best is when everyone is talking about buying gold, and the price reaches a new high everyday.
8. What are the transaction cost?
Depends on whether you buy physical asset or paper asset.
9. Where to store physical gold?
For long term, buy a safe at home.
For short term, such as the time when you go for a trip, you can bring to pawn shop. The interest rate for parking the physical gold is usually lower than the bank charges for a safe deposit box.
10. What are the risks of gold investment?
The risks are many. You can think about the fluctuation of US dollar, the wrong timing, the lack of buyers, the sudden and urgent need of money that makes you sell at a loss.
As long as you remember that there is no such thing as a safe investment, you will exercise prudence in investment.
Just remember that luck and knowledge are equally important when it comes to the question of how to buy and sell gold for profit.
You have to get answers to the following questions :
1. Where to buy gold?
2. Should you buy physical gold or paper asset?
3. When to buy gold?
4. How much can you afford?
5. How long can you afford to wait?
6. Where to sell gold?
7. When to sell gold?
8. What are the transaction cost?
9. Where to store physical gold?
10.what are the risks of investments?
All these are the basic questions before you even venture into gold investment.
All these questions are related to the main question of how to buy and sell gold for profit.
Most people make the mistake of buying gold, but they forget to think about selling gold.
If you know about buying gold, but do not know about selling gold, you are not going to make money.
Let us have a quick look at the possible answers for the questions above.
1. Where to buy gold?
You can buy gold from the local banks, goldsmith shop, pawnshop, coin shops, online sites, Ebay, and gold discussion forums.
2. Should you buy physical gold or paper asset?
Best to have both.
However, when money is tight, you have to think about the purpose of buying gold.
Paper asset is good, but you do not own the gold.
If you buy the gold ETF, you have to pray that the fund does not close down in the near future.
Physical gold is good if you think about passing down to your children and grandchildren. Many people inherit gold coins from their ancestors.
3. When to buy gold?
After a gold crash, and when everyone is buying into the stock market.
It seems that gold price and stock market goes in opposite direction most of the time.
4. How much can you afford?
You must have at least six months of cash available for emergency use. You can then use the rest of the money for investment purpose.
5. How long can you afford to wait?
Gold price is volatile. If you need money within three months, you must not use it for gold investment.
6. Where to sell gold?
When you guy gold from the banks, the goldsmith shop or coin shops, you can check the value of selling back to them.
Most will sell you at a higher mark up, and buy from you at spot rate.
If you buy from private sellers, you can ask for the original receipt.
7. When to sell gold?
The best is when everyone is talking about buying gold, and the price reaches a new high everyday.
8. What are the transaction cost?
Depends on whether you buy physical asset or paper asset.
9. Where to store physical gold?
For long term, buy a safe at home.
For short term, such as the time when you go for a trip, you can bring to pawn shop. The interest rate for parking the physical gold is usually lower than the bank charges for a safe deposit box.
10. What are the risks of gold investment?
The risks are many. You can think about the fluctuation of US dollar, the wrong timing, the lack of buyers, the sudden and urgent need of money that makes you sell at a loss.
As long as you remember that there is no such thing as a safe investment, you will exercise prudence in investment.
Just remember that luck and knowledge are equally important when it comes to the question of how to buy and sell gold for profit.
Friday, November 4, 2011
Best time to buy silver
When is the best time to buy silver?
On hindsight, the best time was when silver was at all time low of $4 per Troy ounce.
That was way back in the 80s.
Most of us were probably too young to know about investment then.
Let us talk about the current year, and the future.
The volatility of silver means that there are many good time to invest in silver.
When silver reached a year high of almost $50 a few months ago, a change in margin requirement sent the price crashing down to $30.
That was the best time to buy silver for that month.
The low price did not stay low for a long time.
It went up again, and crashed a second time due to changes in margin requirement again. If you had bought at the low price, and sold when silver was more than $40, you would have made a profit.
Many investors did not sell due to panic selling.
They sold because they have no money to hold the position. They knew that they were selling at a loss, yet they had no choice.
That presents the best time to buy silver for those with cash on hand.
The current silver spot rate is $34 per Troy ounce.
Is it a good time to buy silver?
Yes, it is a good time. It may not be the best time, but it is a good time.
Why? The accumulated average price for silver in 2011 is $35.74. That means the current price is below the average for this year.
That is why it is a good time.
You can comfort yourself when you think of those who bought at the peak of $50, and sold at the low of $30.
Knowing the best time to buy silver is one thing. Knowing the best time to sell silver is another thing.
If you are buying paper asset, you can gain from the volatility of silver.
If you are buying physical silver, you may have to wait longer. Make sure you have at least 20% profit before selling.
Silver price will definitely go up, at least for the foreseeable future. US economy is not going to recover in a few months' time.
Buying silver is a hedge in times of uncertainty.
On hindsight, the best time was when silver was at all time low of $4 per Troy ounce.
That was way back in the 80s.
Most of us were probably too young to know about investment then.
Let us talk about the current year, and the future.
The volatility of silver means that there are many good time to invest in silver.
When silver reached a year high of almost $50 a few months ago, a change in margin requirement sent the price crashing down to $30.
That was the best time to buy silver for that month.
The low price did not stay low for a long time.
It went up again, and crashed a second time due to changes in margin requirement again. If you had bought at the low price, and sold when silver was more than $40, you would have made a profit.
Many investors did not sell due to panic selling.
They sold because they have no money to hold the position. They knew that they were selling at a loss, yet they had no choice.
That presents the best time to buy silver for those with cash on hand.
The current silver spot rate is $34 per Troy ounce.
Is it a good time to buy silver?
Yes, it is a good time. It may not be the best time, but it is a good time.
Why? The accumulated average price for silver in 2011 is $35.74. That means the current price is below the average for this year.
That is why it is a good time.
You can comfort yourself when you think of those who bought at the peak of $50, and sold at the low of $30.
Knowing the best time to buy silver is one thing. Knowing the best time to sell silver is another thing.
If you are buying paper asset, you can gain from the volatility of silver.
If you are buying physical silver, you may have to wait longer. Make sure you have at least 20% profit before selling.
Silver price will definitely go up, at least for the foreseeable future. US economy is not going to recover in a few months' time.
Buying silver is a hedge in times of uncertainty.
Wednesday, November 2, 2011
Stupid to invest in gold jewelry
It is plain stupidity to invest in gold jewelry.
In fact, buying gold jewelries should not even be termed as an investment.
It is a sheer waste of money if you do not wear the jewelries, and just keep them in the safe.
If you want to invest in gold to hedge against inflation risk or against the declining value of US dollar, you can buy gold bars or gold bullion coins.
Never waste your money in gold jewelry.
Why is it sheer stupidity?
1. Very high premium
You definitely pay a very high premium for the jewelries than for gold bars.
It is true that bullion bars do not look nice, and nobody can wear a gold coin or a gold bar, the fact is that the premium over spot rate of gold is much lower.
You have to pay for the mintage, the shipping, the insurance, the rental of the goldsmith shop, the paperwork involves in the purchase for buying any form of gold.
When it comes to jewelries, you have to pay extra for the workmanship.
2. Not pure gold
Gold jewelry is never made of pure gold.
You cannot see the word 0.999 purity stamped to the jewelry.
Pure gold is actually very soft.
Once you drop the gold coin or gold bar, you will cause a dent.
However, gold jewelry is mixed with other hard metals to maintain the shape.
That is you will find mostly the jewelries of 0.916 purity.
3. Lack of resale market
How do you liquidate the gold jewelry when you need money?
If you sell back to the goldsmith shop, you will not even get cash for it.
You must buy another piece of jewelry.
If you sell at pawnshop, you can get cash, but the rate is unfavorable.
However, when it comes to pure gold bar, and gold coin, you will find that selling to private investors at a premium is possible.
As long as you can show the original receipt, you have no problem selling them.
You can sell to the bank, the pawn shop, the private investors, online shops, or the shop selling you the gold bar in the first place.
You can also liquidate the asset in another country.
You do not have to worry that the shape of the gold jewelry is offensive to the people in other country.
4. Selling price
It is easier to determine the selling price of gold bars and gold bullion coins, since these are pure gold, and you can track the current gold price.
Technically there is just one spot gold price in the world.
You can check Comex spot market for the current spot price.
As a result, the selling price is pretty transparent. Most buyers expect to pay a standard premium over spot.
Over in Singapore, the premium over spot for gold bar is 20%, because we have a sale tax of 7%.
If you are talking about gold jewelry, it is hard to determine the selling price. You cannot just base on the gold content in the jewelries.
If you are selling to a private buyer, you can get a slightly higher than spot rate if the buyer likes the design.
If she does not like the design, you may not even get to sell it at gold spot rate.
That is a very miserable price, since you are likely paying a very high premium for the workmanship.
That is why never treat gold jewelry as an investment.
It is an expenditure, and not an investment.
If you really want to invest in gold, you can open gold saving account, buy though gold ETF, buy physical gold bar or coin, but never buy gold jewelry.
In fact, buying gold jewelries should not even be termed as an investment.
It is a sheer waste of money if you do not wear the jewelries, and just keep them in the safe.
If you want to invest in gold to hedge against inflation risk or against the declining value of US dollar, you can buy gold bars or gold bullion coins.
Never waste your money in gold jewelry.
Why is it sheer stupidity?
1. Very high premium
You definitely pay a very high premium for the jewelries than for gold bars.
It is true that bullion bars do not look nice, and nobody can wear a gold coin or a gold bar, the fact is that the premium over spot rate of gold is much lower.
You have to pay for the mintage, the shipping, the insurance, the rental of the goldsmith shop, the paperwork involves in the purchase for buying any form of gold.
When it comes to jewelries, you have to pay extra for the workmanship.
2. Not pure gold
Gold jewelry is never made of pure gold.
You cannot see the word 0.999 purity stamped to the jewelry.
Pure gold is actually very soft.
Once you drop the gold coin or gold bar, you will cause a dent.
However, gold jewelry is mixed with other hard metals to maintain the shape.
That is you will find mostly the jewelries of 0.916 purity.
3. Lack of resale market
How do you liquidate the gold jewelry when you need money?
If you sell back to the goldsmith shop, you will not even get cash for it.
You must buy another piece of jewelry.
If you sell at pawnshop, you can get cash, but the rate is unfavorable.
However, when it comes to pure gold bar, and gold coin, you will find that selling to private investors at a premium is possible.
As long as you can show the original receipt, you have no problem selling them.
You can sell to the bank, the pawn shop, the private investors, online shops, or the shop selling you the gold bar in the first place.
You can also liquidate the asset in another country.
You do not have to worry that the shape of the gold jewelry is offensive to the people in other country.
4. Selling price
It is easier to determine the selling price of gold bars and gold bullion coins, since these are pure gold, and you can track the current gold price.
Technically there is just one spot gold price in the world.
You can check Comex spot market for the current spot price.
As a result, the selling price is pretty transparent. Most buyers expect to pay a standard premium over spot.
Over in Singapore, the premium over spot for gold bar is 20%, because we have a sale tax of 7%.
If you are talking about gold jewelry, it is hard to determine the selling price. You cannot just base on the gold content in the jewelries.
If you are selling to a private buyer, you can get a slightly higher than spot rate if the buyer likes the design.
If she does not like the design, you may not even get to sell it at gold spot rate.
That is a very miserable price, since you are likely paying a very high premium for the workmanship.
That is why never treat gold jewelry as an investment.
It is an expenditure, and not an investment.
If you really want to invest in gold, you can open gold saving account, buy though gold ETF, buy physical gold bar or coin, but never buy gold jewelry.
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