PETALING JAYA: As geopolitical tensions heighten and economic uncertainty looms large, the global demand for gold is soaring, with prices reaching unprecedented levels. According to Dato Wira Louis Ng Chun Hau, the visionary Founder and Executive Chairman of Public Gold Group, this upward trend is expected to persist as more investors turn to gold as a secure haven in turbulent times.
In 2023, the average gold price stood at an impressive US$1,942.67 per ounce. By August 23, the precious metal had surged to US$2,486.80 per ounce, reflecting a significant rise fuelled by growing anxieties worldwide. “Gold has always been perceived as a safe haven, especially during crises such as wars or economic downturns. History has shown us how gold prices consistently appreciate in such times,” said Dato Wira Louis Ng Chun Hau, who also serves as the President of the Malaysia Gold Association (MGA).
Reflecting on the situation in Malaysia, Dato Wira Louis Ng highlighted the role of government incentives during the Covid-19 lockdown period in boosting gold demand. “With the various schemes and incentives provided by the government, many Malaysians found themselves with disposable income, which they wisely chose to invest in gold,” he noted. This surge in demand has only intensified, with the local gold market remaining robust and active.
Dato Wira Louis Ng Chun Hau strongly advocates for the importance of saving physical gold, contrasting its finite nature with the unlimited printing of “paper money.” He explained that during the Covid-19 pandemic, many central banks printed large amounts of money to stimulate domestic markets, inadvertently leading to inflation. “Gold, being limited in supply, offers a relatively safe investment option,” he asserted.
He also emphasized the difference between saving and investing in gold. “Investors tend to track and compare gold prices, while savers focus on accumulating the actual grams of gold in their possession. This habit of saving gold gradually builds wealth without the stress of market fluctuations,” Dato Wira Louis Ng explained. Gold, with its intrinsic value and unique characteristics, often becomes a long-term asset that individuals are reluctant to part with, except in dire circumstances.
To make gold saving more accessible, Public Gold has introduced gold dispensing automated teller machines (ATMs), allowing consumers to purchase physical gold bars with ease. Launched in February 2023, these ATMs aim to revolutionize gold buying by offering 24/7 access in high-traffic areas like airports and rest stops. “By simplifying the process of acquiring physical gold bars, we are empowering Malaysians to secure their financial future through long-term wealth preservation,” said Dato Wira Louis Ng Chun Hau.
Public Gold plans to roll out 200 gold dispensing ATMs nationwide by the end of 2025, featuring a range of designs from Disney and Marvel Studios to local cuisines and festivities. Each machine offers gold bars with 999.9 purity, weighing up to five grams per bar. “This initiative is not just about convenience; it’s about instilling the habit of gold saving and helping people hedge against inflation,” Dato Wira Louis Ng concluded.
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