Public Bank's Gold rate on 6-June-2008 was Selling 94.78 / Buying 91.78 (roughly 3.2% spread). OK, let me take 91.78 for calculation. 91.78 was *roughly based on 5-June-2008 NY Closing 878.00. To convert it to per gram: USD x 6-June-2008 Avg. exchange rate 3.2580 / 31. 1 grams per ounce. (Note* : since I do not know Public Bank based on which market's closing price and which exchange rate).
On 6-June-2008 intra-day market, Gold was actually gaining strength. Taking advantage of Public Bank Gold Investment One Day Late quotation, I saw that as an opportunity to purchase its gold on 6-June.
Good move indeed. 6-June-2008 NY Closing price 902.2. Using the same formula, I get RM 94.51. This price almost off-set Public Bank's 3.2% spread, and not yet factored in the slightly weakened Ringgit Malaysia. Will see how the spot Gold perform in coming weeks. Will it break-out USD920 level? I am keeping my fingers crossed...
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