Public Bank Launches Gold Investment Account

Public Bank is pleased to announce the launch of a new investment product effective 21 April 2008 known as the Gold Investment Account that allows individual customers to purchase the purest available gold commodity in 99.99% fineness at daily prices in Ringgit Malaysia per gram. Managing Director Dato' Sri Tay Ah Lek said, "The launching of the Gold Investment Account is in line with the recent rise in gold demand and to provide alternative investment products to the Bank's customers who wish to earn potentially higher returns. Gold investment is always regarded as the best possible hedge against inflation. The world demand for gold as a precious metal is ever growing as evident from the India and China markets which are among the world's largest consumers of gold." The Gold Investment Account provides the Bank's customers with the convenience of investing in gold without the hassle of keeping physical gold as trading is carried out through a passbook. The passbook will record every purchase and sale of gold made through the account. The initial gold purchase quantity to open a Gold Investment Account is affordable at only 20 grams and subsequent minimum trading quantity is 5 grams and in multiples of 1 gram. The difference between the selling and buying prices is relatively small. As a global practice, the Gold Investment Account does not pay interest as this is not a deposit placement and furthermore, the Bank keeps the gold with an authorised custodian bank. The Bank can make available the physical gold in denominations of 100 grams, 500 grams and 1,000 grams should the customer require physical withdrawal of gold. A minimum quantity of 2 grams of gold is to be maintained by the customer to ensure the account remains active. For more information on the Gold Investment Account, customers may visit their nearest Public Bank branch, call free-phone at 1-800-88-3323 during working hours, or log on to Public Bank's website at www.pbebank.com. * * * * * * * * Gold Investment Account * * * * * * * * Source from http://ww2.publicbank.com.my/cnt_press257.html