Many people are not aware that Maybank has got a Silver Investment account. This account is similar to Gold Investment account, you just buy and sell units of silver but you can't exchange it for physical silver.
Maybank Silver Investment account was launched in 2012 and I opened my account in 2013. Maybank launch this product during the hype of precious metals where it was thought that the economy would go into a tailspin and people were opening up to the idea to put money into precious metals as a hedge against hyperinflation. The Silver Investment account at that time did stand out of the other products from other banks.
At that time, even after opening the Silver Investment account, a lot of bank staff didn't know how to process it.
I bought into the Maybank Silver Investment account 3 times at the prices of 2.34, 2.26 and 2.19. Today in 2020, the price of silver Maybank is selling is 2.18. This technically means I'm still at a loss after around 10 years already. Another issue I have with this product is the margin between the buying and selling price is quite high so the chances of actually preserving wealth is quite low.
Looking back, this was one of my investment fails, there was no return at all for my portfolio albeit some losses. I'll be keeping the investment book as it is elegant and looks like it could be an limited edition item. Some say precious metal accounts like gold and silver are for doomsday scenario when the entire world economy collapses, I guess this corona virus situation will be a good proving ground for such a product. Maybank Silver Investment account is still available but probably nobody signs up for it and I can bet almost all the bank's staff do not know how to process this type of account.
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