A very funny statement made by a friend and he told me that Public Gold Marketing Sdn. Bhd. (www.publicgold.com.my) belongs to Public Bank and it basically keeps all the physical gold that owned by public bank. Huh? Well, I don't know where he got those information.
Perhaps he made his own facts by guessing that everything starts with "Public", it belongs to Public Bank! Yeah... Maybe they do it in purpose? :D
Well, I just want to make awareness here to everyone that Public Gold has nothing to do with Public Bank nor the "Gold Investment Account" offered by Public bank as well. I can see how the confusion comes because if you visit the Public Bank website you will see this "PB Gold" in their Gold Investment Account website. This makes people or investors think Public Gold is part of Public Bank or somehow related. Again, there are 2 independent companies, please don't mix them up!
Is it safe to invest in Public Gold?
Now a million dollar question, is it safe to invest in Public Gold? Unfortunately, I do not know the answer. As you may know, the Gold scam is pretty hot these days. Public Gold is selling physical gold so I'm thinking as long as you physical gold is the real, then you're pretty safe? I don't know how the transaction works too. But I do know one thing, Gold Investment Account offered by banks such as Maybank or Public Bank is always safer comparatively. Thus, I personally do not invest other than reliable institutions or banks.
If you have concerns (you should if you're not sure), I suggest you call or email "Bank Negara Malaysia" (1-300-88-5465 or email@example.com) to verify whether it is authorized or have license to operate as Gold investment company. Even though they're legal, there is a risk of bankruptcy too in my opinion. Are they backed by "Bank Negara Malaysia"? I think no.
Good luck to you if you really still want to invest! But just curious, why do you want the physical Gold? Can share?