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buying gold from HSBC online

  1. #1
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    Oct 2008
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    buying gold from HSBC online

    anyone bought gold online from HSBC? any feedbacks and how does it works? you have to enter the number of MACE and etc but I can't find any historic prices or chart .. etc.

    it will great if someone can enlighten me on how this work, thanks!

  2. #2
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    Feb 2009
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    I did before - the Way Foong passbook gold.

    It's basically an ETF. You buy and sell and it tracks the international gold spot rates. The spread between buy and sell is fairly small so quite good value. There are no storage costs or anything like that - the bank makes money from the spread on transactions.

    I would be careful though - unlike currency deposits these ETF funds are not guaranteed should HSBC go bankrupt. If HSBC goes out of business you will lose your gold holdings entirely. I have therefore recently sold up all my 'paper' gold investments.

    If you're holding gold as a hedge against incoming major financial shock that might bankrupt most financial institutions then probably best to hold physical gold - can buy coins and bars over the counter at Hang Seng.

  3. #3
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    Jul 2008
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    hmm thanks for your informative reply.. hmm I wonder whats are chances of HSBC going bankrupt......

  4. #4
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    Jul 2009
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    If HSBC goes bankrupt, think Lehman multiplied by 100