The Importance Of Gold's Function Of Money
Gold fulfills the unique functions of money since it is a great and reliable store of value.. It is portable, divisible, indestructible, scarce and cannot creatively be produced. Gold is acceptable worldwide and is easily recognizable as a payment form. Gold is deemed to be a stable means that can limit inflation. Gold also has storing intrinsic value, and preserving wealth besides generating high level of return. Gold offers great benefits to an investor, whether in the physical market or as a part of investment instruments in the portfolio diversification. The value of paper money may fall and rise but the value of gold remains stable. It fulfills the function of money and is accepted as a form of payment internationally.[ Hafizi A.M., 'Gold …show more content…
It is secured and hassle-free investment method, whereby investors can invest in gold without the inconvenience of storing and transferring the physical gold, or worry about the security of holding it.[ : Telegraph.co.uk, 'The Pros And Cons Of Investing In Gold' (2009) accessed 11 September 2015.] Thus, investors gain high liquidity in terms of being able to sell their holdings to the bank during trading hours.Currently, there are seven banks that offer this type of gold investment. They are Maybank, Public Bank, CIMB Bank, Kuwait Finance House (KFH), Citibank, UOB Bank and Standard Chartered Bank. This type of account is normally open for individuals with aged 18 years and above, while some banks allows for the minors as well. However for this discussion we will only compare between 5 bank gold accounts. The first bank that is being compared is the Public Bank. The account named under this bank for gold investment is Gold Investment Account (GIA)[ Pbebank.com, 'Public Bank Berhad - Requirements' (2015) accessed 11 September 2015.]. The minimum investment that must be made under this bank is 10 grams of gold. The minimum subsequent purchase or sale must be in 5 grams and must be in multiple of 1 gram. There must be a minimum of 2 grams of gold in the balance of the account.The Gold Investment Account provides the Bank's customers with the convenience of investing in 24K (99.9% purity) gold without the hassle of keeping physical gold as trading is carried out through a passbook. This bank provides two withdrawal methods which is by cash or physically.The difference between buying and selling prices of gold in this bank is high. The eligibility to open GIA is extended to any Individuals (resident or non-resident) aged 18 years and above.Customers can open individual or joint
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