1 type of gold, many type of buyers

At the banking hall today, while sitting & waiting for my colleague, I saw various things at the FD / GOLD counter.

An old lady sitting at the counter, waiting for the officer to prepare her gold certificates. This lady maybe in her 50s to 60s was waiting anxiously. She’s dressed moderately with a sweater over a normal blouse. She wears a pair of loafers with socks. From her action and her outlook, I feel this is a practical lady, buying gold either for her children, grandchildren or for her to keep during her old age. But who knows? She may be an avid investor. I see her counting her certificates, it comes to 5 … I cert for 1 gold.
These gold coins are very precious to her, I knew from the way she carefully wrapped them into plastic bags she brought. Also by the way she carefully put the certificates into the envelope.


There sitting and waiting in front of me is a pair of father and son who very much look alike. The son could be in upper secondary or in higher education. The father is dresses in office attire. I believe this father is taking the school holiday opportunity to guide his son more about banking and investment … for today – buying gold. When the bank officer asked the father are they buying gold, the father replied yes and asked for 2 of 1OZ gold. As their turn come, both the father & son had took their seat at the counter. The father was more anxious, kept checking his wallet and fiddling with his wallet while waiting for the officer to get the gold from the vault. The son seem to be a bit impatiently waiting. The father was talking to the son with a sense of pride that radiates on his face. It’s like saying “See, daddy is buying this for you and your sis, by the time you grow up, you can sell it for a much higher price” Such is the pride of a father guiding his son.

At the same time, they are some bank staff waiting to withdraw their FDs. I happen to know them and smile to them.

The bank counter officer has asked them to hold on a little longer as she served the customers first.
One of my colleagues which used to take LRT from the same station approached me and we started chatting.

I busy body as usual, I asked him what’s he doing and he told me he uplifted his FD to buy a cashier order to pay his other bank credit card… waiyo. I had to salute this guy. All these waiting and work?? I quickly suggested that he can use Internet Banking but he says he prefer the conventional way as he need the receipt. I added that it’s FOC and you can always print the acknowledgement online.

He then asked me about why there are so many people buying gold?
and I say “some buy for keeping, some buy for gift for loved ones, some buy for investment … for many purpose, maybe some buy to make ring =p
he seem to be interested and asked me how to buy and sell and how much is the price like. I initially wanted to pretend I don’t know anything but good things are meant to be shared … not bolot sendiri loh.
So I explained how to buy n sell, what is the price range like.
As he’s amazed how can I remember those individual prices for each day & week like 4D digits, he asked where can he checked the prices. I told him he can always access to the systems or the easiest will be to check through the bank website.
As my colleagues has finished her banking matter and we need to make a move. He excused himself and say he think it’s good to know something he don’t know all these while. “Oh, do find out more”

Sometimes, it’s ironic that the person who’s in an advantage position and should be enjoying the privileges are not enjoying them. Whereas, people who do not have this privileges are fighting for the privileges.

There, sitting at another corner could be a buyer who’s waiting for the gold price to fall further. And at home somewhere, another buyer could be waiting for the gold price to increase so that he can sell off his.

If you were at the gold counter, what type of buyer will you be?