Silver in Malaysia – MySmartGold (Part 1)
This post is dedicate to people who are interested to buy from MySmartGold but unsure how, unsure of their credibility, unsure of their professionalism or basically concerned about the whole precious metal purchase transaction. I personally have bought several bars from MySmartGold, the following is my non-bias review on their service of selling silver in Malaysia.
On the website you could find a person’s name – Marcus Chong appears repeatedly. His contact number is 016-2222355. He will be the first person you will in touch with if you are buying silver or gold from them. Unlike some other retail precious metal businesses, his phone number is always reachable. I have called him more than I could remember, there was only one time I couldn’t get him on the phone. But the interesting thing is, I got a call back from him in less than 2 minutes. (Note: There is another retail precious metal business I dealt with that I have called for several days and several times a day, yet still couldn’t get through the line.)
Once you get through the line with Marcus, he can speak fluent Mandarin, Cantonese and English (not sure how good is his Malay though). MySmartGold distributes several types of silver (different brands and sizes of bars). Please go ahead and ask Marcus and he will explain the different type of silver they are selling and will ask you which one you prefer. If you are buying more than 1 bar, you can also mix and match the bars. The last time I dealt with MySmartGold, they have the following types:
- PAMP SUISSE bar (1 kilo – low in stock usually)
- Hong Kong bar (1 kilo – without certificate)
- Oneasia Gold Mint bar (500 gram – comes with assayer certificate)
They are selling all the bars with the same price, according to the rate display on the website; so you might want to consider buying PAMP SUISSE bar, Oneasia Gold Mint bar, and lastly Hong Kong bar. Of course, that would also depend on whether the size of the bar fits your investment appetite. After you have confirmed what type of bar that you want to purchase. Marcus would quote you a “at the moment” rate (as price is changing every second), but it would have very very little difference from the rate displayed on the website. You may even request him to send you SMS to confirm the price he just quoted you and the bank account number to ensure there is no misunderstanding and no room for mistake.
Next is to proceed with payment. They do accept payment from several banks. I have forgotten the another, but the one that I used was Maybank. I used Maybank2u to transfer the amount to MySmartGold company account. Note: NOT his personally account.
The lady in the image is for viewing pleasure purpose only 😛
Most people are buying silver in Malaysia at a price dip. When a price dip do comes, there will be many people contacting and buying silver from MySmartGold all together. The amount that online user can transfer is usually cap at RM 5,000. If you are buying precious metal that cost more than RM 5,000, for example RM 7500, Marcus would remind you not to bank in RM 5,000 + RM, 2500 as it would be hard for him to trace who deposited RM5,000 to him as there could be several other buyers are also banking in RM5,000 – especially during price dip and many people are buying at the same time. So, instead of banking in amount of RM 5,000 + RM, 2500, you might want to consider banking in RM3750 + RM3750. It is still 2 transfers, but it would be unique to your price.
Next, is to collect your silver in their office. However do give them prior notice that which data and time that you are arriving so that there will be people to stand by to wait for you and have your precious metal ready.
The location of the office is right behind Wisma Rockwills. Their office is near to a assayer office and next to a Mamak store. Be reminded that the area is not easy for parking. If you have a choice to drive a big car or small car on the day of collection, go ahead and drive the smaller car. As you can expect, their office is highly secured, equipped with multiple layers of gate and multiple high resolution CCTVs are install along the way to reach the office. Once you reach to the ground floor of their office, Marcus would open the gates for you accordingly.
When you reached their office, they would bring out your precious metal. Marcus would unwrap it and measure it with an electronic scale in front of you. If you are buying silver bars that comes with assayer certificate, he would also let you examine the serial number on the certificate matches the serial number on the precious metal. After that, Marcus would wrap back your precious metal and share some useful tips on how to avoid silver from tarnish.
Here you go! You have just bought MySmartGold silver bar.
The above are the standard procedure of buying silver bar from MySmartGold. Stay tuned for my next post on my personal point of view about buying from MySmartGold.