FollowI received a sizable amount of gold jewelry during my wedding 20 years ago. They were mostly from my parents and relatives from both sides of the families. Some of the jewelry are thick as dog chain while some are thin as dental floss. Whatever size and thickness they are, I treasure them all. I’ve been keeping these gold jewelry in the bank safe deposit box for the last 20 years and hardly ever wore them. When we had a wedding to attend last December, I couldn’t find among the gold stash a jewelry that matched my dress. I just randomly picked a thick dual color gold necklace (yellow gold and white gold plated) to wear but my sil from Hong Kong commented that the necklace is not in fashion anymore!
Thus, I resolved to get myself some à la mode gold jewelry as we’re going to have another wedding coming up soon! Another cousin of the hubs will be getting married in December this year. Since I had the time on Monday, I went to Poh Kong along with three pieces of my decades-old gold jewelry that I decided I wouldn’t be wearing anymore to trade-in for new ones. Poh Kong charged me a whopping 25% commission for the trade-in! No wonder I received such good service from the staff. The jewelry shop earned almost RM2k just from the trade-in commission!
My jaw dropped when the jewelry assistant told me that the 3 items fetched a price of RM7,500 AFTER deduction of the commission! I was only expecting a sum of RM2k or 3k. I think this must be the price 20 years ago for the 3 items. Can’t blame this aunty here who hasn’t gone to the gold jewelry shop since her wedding 20 years ago 😂
Old jewelry.
New ones.
With 3 pieces of old gold jewelry, I got 4 new pieces – a pendant, chain, one-piece auspicious necklace with flower pendant and a bracelet. I have also chosen a pair of earrings but was told that I had to top up over RM500. El cheapo me was reluctant to dig from my wallet, so I now have a credit of over RM400 at the jewelry shop. I’ll be going to the shop again soon to dispose of more old jewelry to get the earrings. I think I’ll have an excess with the new disposal and shall get another pendant ☺️
Did you know that the price of gold has been steadily increasing over the past 2 decades? There’s been a 468.47% increase in gold price from December 1999 – November 2019!
If you bought gold at its lowest price in 2008 and sold it off at its highest peak in 2011, you would have made a fortune. Gold prices increased by more than 100% in those three years, from RM82.97 per gram on Oct 30, 2008 to RM181.38 per gram on Sept 20, 2011.
Gold has historically been an excellent hedge against inflation, because its price tends to rise when the cost of living increases. Over the past 50 years investors have seen gold prices soar and the stock market plunge during high-inflation years.
For those of you who have that little extra money and don’t want to place it in FD (which has miserably low interest rates), why not invest in gold?
For a seasoned player who would like to diversify your portfolio, there is always the option of purchasing gold via our local banking systems. Banks like CIMB Bank, Public Bank, UOB, Maybank, Kuwait Finance House all offer a gold investment account. These investment accounts allow you to purchase and sell gold at the bank’s set price without having any gold in its physical form factor. With most of these accounts, you can get started with as little as owning a single gram of gold.
Chinese New Year is coming soon. Perhaps you should try your new year luck and invest in gold! If you do earn from the price hike of gold later, just drop me a note to thank me or treat me to iced milk tea 😊
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