Malaysian banks want your gold

Hey all,

Normally this wouldnt have even registered on my radar but with some of the stuff Ive been reading on here lately it caught my eye.

Basically all the banks are doing it and have been advertising it heavily of late.

One ad that caught my eye was from maybank, they want you to deposit at least a gram of gold and then basically agree to give up any right to the physical gold and only have access to its (the banks) price if you want to withdraw it.

They are also doing promos where if you deposit this week you go into the draw to win a $10, 000 US gold account.

My tin foil hat wearing side is saying this could be a way of collecting all the gold before dropping the price and getting everyone to take a low cash price for it.

Any thoughts?

Originally posted by IkNOwSTuff
They are also doing promos where if you deposit this week you go into the draw to win a $10, 000 US gold account.

The prize is not in USD, but in RM (unless they are also offering this in the US).

Make a new deposit of one gram of gold with Maybank Gold Investment Account and win RM10,000 worth of gold!

I'm not sure if this is held annually, but it seems that this is a contest running from 1st August 2011 - 30th November 2011. Several banks do offer gold investment in Malaysia, not just Maybank (unless if you're referring to promos in the US, which may differ from the one in Malaysia).