Buy Gold Info

Gold Dinars

Gold dinars are now being suggested by the Malaysian government as a means of exchange in the Arab countries. Although a gold dinar has been used during the seventh century by Islamic rulers, the coin has since stopped circulation and minting due to the common wars and other political and economic problems that those rulers incurred during their reign. But now, the use of the gold dinar is being proposed as a way of either ending the dependence of the Islamic world in the gold of European and Western countries and also to take some control in the global economy.

It was in 2003 that the Malaysian Prime Minister proposed to create a gold dinar in order to boost the economy of the Arab countries and also to be a means of exchange for the trades that are done between Islamic nations. It will perhaps be a way of equalizing the differences between the various Arab currencies who in their own are experiencing some economic problems. So, with this in mind, the Arabs are now finding a way on how they can even out the problems that the Arab countries are now facing.

It is not yet known which country would be producing the gold dinars and what they would weigh exactly but if they will be used as a contender for the gold bullion coins that are now being used and circulated in the world, then they would probably be at about one ounce being a standard unit of measure for bullion coins. Aside from that, they may try to catch up with the purity of the Canadian Maple which is pure gold. If the coin will be produced in Malaysia, then it will probably have a face value based on the Malaysian currency which is the Ringgit. According to some sources, it might probably be about the same weight that was used by the earlier versions of gold dinars which is about .12 of an ounce.

If the idea will be carried out in the future, then the West will definitely have a tough competitor for the gold bullion market. Aside from the current leader, the Krugerrand, there will then be a lesser consumption from the Arab nations as they produce a gold coin of their own. Aside from the gold value of the coin, it will also even be used as a currency which will make it as a standard unit of trade in the Arab countries. There has been a push recently by some countries to stop dealing in the U.S dollar in exchange for buying and selling gold dinars in exchange for goods, and commodities.

[ad name=”Content”]

If this will be the end result of the production of Arab gold dinars, then there will definitely be a change in the world economy in the future. Since the price of gold is usually dictated by demand, then a lessening of the amount purchased will produce a significant effect on the price of gold in the international market. Although this might mean some possible disaster for some, it may a great boost for the failing Arab economy in the future. Aside from that, it will give them a type of identity in the area of gold coins. 

Buy Gold In Malaysia

If you’re interested in how to purchase gold in Malaysia you’ll be happy to know there are a variety of ways to purchase the metal indirectly through a mutual fund or directly from one of the many gold merchants. You can buy gold in Asia through jewelers, dealers, banks and also through specialty shops which sell it in various forms such as bars and coins. Probably the best way to acquire gold is by going to banks in Malaysia, since they are more surely to provide pure and genuine gold than those from other agents which you may not really know or have a trusting relationship with.

Some of the more reputable banks that you can buy gold from are the Bank Negara Malaysia, Maybank, the Public Bank, and the Kuwait Finance House.  Most of these banks will not require a lot for your gold purchase as there is not much strict rules regarding gold-buying if it involves only a small amount.  These banks sell various gold coins issued by national mints of several countries such as the Swiss Kinebar, the Singaporean Lion gold coin, the Australian Kangaroo gold, and the Canadian Maple Leaf.

The price of gold is usually set by the Federation of Goldsmiths and Jewelers Association of Malaysia.  Once the price of gold has been set, gold dealers and other types of business that sell gold or gold products would set their own price, which will not exceed that which was set by the association. This is one of the confusing and rather difficult aspect of buying gold in Malaysia. One shop may have a lower price than that of the other gold seller.  As of now, the value of gold in Malaysian Ringgit per gram is MYR 168.51 and MYR 168,513.20 per kilo.

If you want to buy gold from a bank, you may want to try buying it from Maybank with the required minimum purchase of 20 grams.  You may want to open a gold account in this bank since they also offer these types of account although it will not gain any interest.  But, if you wish to get your gold, you can do so by withdrawing it in actual physical bars or coins depending on what you have bought from the bank. The minimum maintaining balance for a gold account is one gram.

[ad name=”Content”]

You can also buy precious metal coins and bars from dealers if that is the option that you want.  One of the most trusted is the Public Fine Gold International also known as Public Gold.  You can buy gold bars and coins at the price set in the world market.  But if you prefer to buy them at a cheaper price, you can get them from local dealers and jewelers in the area where you are staying since there are many gold dealers almost anywhere in Malaysia.  However, before buying from these shops, be sure to ask somebody you know who resides in the area if the dealer is a reputable one. Such jewelry shops include the Tomei, the Poh Kong and the Wah Chan which all have branches dispersed in many areas in Malaysia. The value of  bars and bullion may vary from bank to bank and so you may have to check their prices first before choosing which to buy from.

Categories

  • Buy Gold Coins
  • Buying Gold
  • Dental Gold Scrap
  • Digital Currency
  • ETF Funds
  • Gold Book
  • Gold Coins
  • Gold Commodity
  • Gold Futures
  • Gold Investing
  • Gold Mutual Funds
  • Gold Price
  • Gold Stock Investing
  • Online Gold Trading
  • Price of Gold
  • Scrap Gold
  • Selling Gold
  • Uncategorized
  • World Currency

Recent Posts

  • Best Way to Buy Gold Coins
  • Selling Jewellery for Cash
  • Is Gold A Good Investment
  • Creative Ways to Invest in Gold
  • Five Popular Gold ETFs (Exchange Traded Funds)
  • Gold ETF Funds
  • Buy Dental Gold
  • How to Buy Physical Gold
  • Dental Scrap Gold
  • How to Invest in ETF Gold