Bank Negara to Look into Enacting New Law to Govern Gold and Silver Trading - The Star Biz Week, November 26, 2011
Source: http://biz.thestar.com.my/news/story.asp?file=/2011/11/26/business/9980859&sec=business
SERI KEMBANGAN: Bank Negara has been asked to do a study on enacting a new law to govern trading in the gold and silver markets, said Deputy Finance Minister Datuk Donald Lim Siang Chai.
He said the Government was concerned about the public's exposure to the risk in gold and silver investments.
Speaking at a press conference after launching Tomei Consolidated Bhd's website, GoldSilver2U.com, yesterday, he said: “Investing in gold is an area where the Government thinks will help the public to save. Besides, the Government is also looking into how gold trading can generate more revenue for the country.”
Meanwhile, Tomei managing director Ng Yih Pyng said the new website was specially designed for the company's customers who were interested in pursuing investment opportunities.
“We set up this website to independently provide gold and silver investments across boundaries. We hope GoldSilver2U.com will flourish on its own and provide more business and investment values to all, especially to all our loyal customers,” Ng said.
Through the website, customers can buy and sell gold and silver at any given time and place. The foundation of this website is to provide investment opportunities in gold and silver to all customers who wish to hedge against inflation.
Tomei's revenue for the third quarter ended Sept 30 increased by 41.11% to RM135mil compared with the corresponding period last year. The increase was due to an improvement in consumer spending, especially in gold investment products, and higher retail gold price.
Ng said the acquisition of Goldheart Jewellery Sdn Bhd in the second quarter had helped to improve its total sales.
He said the group would remain resilient despite the uncertain economic scenario brought on by external factors.
