A Malaysian guide for Silver Price in Malaysia
There isn’t any fixed silver price in Malaysia. Repeat, the silver price in Malaysia is not fixed by individual or any organization. However, silver collectors and investors do have several favorite sources to benchmark silver price in Malaysia before they make any purchase. Base on the price (in USD), collectors and investors would convert the price back to Malaysia currency (RM) to get the silver price in Malaysia. The author would start off with how silver price in international market relate to silver price in Malaysia and then silver prices published by local silver seller and share an interesting story about silver price in Malaysia at the end.
1. Using Kitco to benchmark silver price in Malaysia
Kitco is one of the favorite source for Malaysian to check silver price. The image below is particular famous as it provide 3 days history of silver price.
- Silver Price in Malaysia using Kitco (USD)
2. Using SilverPrice.org to benchmark silver price in Malaysia
SilverPrice.org is another favorite source to check silver price in Malaysia. Reason being is because when a person type “silver price” in Google, the first 3 results are coming from SilverPrice.org (at the point of writing this page). The silver price would be shown in the following graph:
3. Using 1StopGold to benchmark silver price in Malaysia
1StopGold is one of the biggest silver sellers that offer silver at competitive price (in Ringgit). The price 1StopGold offers has one of the lowest spread among all silver sellers. However do note that there are several negative remarks regarding their service in the silver seller and silver investor community. The price 1StopGold published on their website is not updated live, 1StopGold only update the website price once a day. Buyer will still have to call in to get the current price. You may check 1StopGold silver price here.
4. Using MySmartGold (live rate) to benchmark silver price in Malaysia
MySmartGold is another one of the biggest silver seller in Malaysia at competitive price (in Ringgit). Their silver price is transparent and easily accessible. The silver price is updated every second during their trading hours. Although the spread is slightly higher compare to 1StopGold, but the remarks from silver buyer is the whole transaction is way better. You may check MySmartGold silver price from here.
5. Using Facebook to benchmark silver price in Malaysia
At the point of writing this page, there are 2 very active Facebook groups that actively buying and selling all type of silver to the members. You may have to join the group before you can start posting. If you are a buying silver (coins or bars) in a smaller scale, this might be the place you want to check out the silver price in Malaysia. The Facebook group pages are:
6. Using other sources to benchmark silver price in Malaysia
There are a lot of smaller independent silver sellers who are not attached to any organization. They published their prices on their websites, eBay, forum, etc. You may check out more from here.
Real Life story for Silver Price in MalaysiaWhen the price of silver is hanging around USD 33+ (base on Kitco), I made a purchase of 1 tube of American Silver Eagle (x 20) coins from one of the sellers that offer competitive price. He has quoted me RM142 / oz which I found it reasonable after comparing to some of the other silver sellers. The next day, I was talking to my friend who happens to also bought 1 tube of American Silver Eagle (x 20) coins. My friend has paid for RM130 / oz. The seller does not sell silver for a living and was desperate to cash out fast. Therefore my lucky friend got to buy it with such a low price.
The point of sharing this experience is to tell that there is no fixed price for silver in Malaysia. The silver price in Malaysia is totally about willing buyer willing seller.
Good luck for getting the lowest silver price in Malaysia!