The Gold Thread

BenjiRoss · 28th April 2009, 09:01

HDFC and ICICI bank advertise they are giving discounts on gold coins (2-3%). If they are actually charging a premium isn't that weird?!
If I buy a 10 gm gold coin and gold is 1400/gm how much will it cost at HDFC etc and at a jeweller shop.

And finally - where can I sell a gold coin for cold cash!

lambuhere1 · 28th April 2009, 10:19

Quote:

Originally Posted by BenjiRoss

HDFC and ICICI bank advertise they are giving discounts on gold coins (2-3%). If they are actually charging a premium isn't that weird?!
If I buy a 10 gm gold coin and gold is 1400/gm how much will it cost at HDFC etc and at a jeweller shop.

And finally - where can I sell a gold coin for cold cash!

My friend got one 5gm Mudra from HDFC Yesterday. Hole in the pocket is more than 8000 INR. Wonder how they arrive at the costing of gold at bank.

You cannot sell the coin back to the bank. Best choice would be to sell it to your jeweller.

And to reduce the costs further, One can buy bars/coins from the jeweller itself and sell it back to him for COLD CASH

srishiva · 28th April 2009, 10:41

The banks sell 24K gold. But still they are costlier than what one can get at a Jeweller's shop.

Spitfire · 28th April 2009, 10:58

Why would someone buy something when it has the highest possible demand in the whole year?

Buy when no one is buying - Basics no?

alpha1 · 28th April 2009, 11:21

Gold is trading at almost all time high.
Absolutely bad time to invest.
Akshaya Tritiya or Akshaya Dwitiya, doesn't make any economic sense.

amohit · 28th April 2009, 12:04

Quote:

Originally Posted by lambuhere1

One can buy bars/coins from the jeweller itself and sell it back to him for COLD CASH

Are you sure about this?
A few months ago I was in "I want to invest in gold mode" and I inquired from family/friends. Everyone told me that I can exchange raw gold (bar/coin) for gold jewelery and not for cash.
Can any one confirm this please?

Edit: How about Gold ETFs. Are they worth it?
Regards,

lambuhere1 · 28th April 2009, 12:10

Quote:

Originally Posted by amohit

Can any one confirm this please?
Edit: How about Gold ETFs. Are they worth it?
Regards,

Thats the last news I had from JD Paragon.

Believe EFT's are great for Fluidity and costing

akhilesh51 · 28th April 2009, 18:25

Government Banks like SBI and PNB offer quite reasonable rates on gold coins which are certified 24K.

But as has been already pointed, this is probably the worst time to buy gold.

murugaveln · 28th April 2009, 20:29

Tanishq sells gold goins starting from 5 gms. They provide a certificate of authenticity and buy back also.

BaCkSeAtDrIVeR · 26th July 2009, 22:18

Has anybody tried selling the coins purchased from the banks? Any feed back please??

And how are prices? (As in a split up form - like "day's rate + premium + tax ... " etc)

AFAICT, HDFC here says it is daily rate + 7% VAT, less a 4% discount if paid on THEIR credit card. Had a colleauge enquire with ICICI a few months back, and he was left feeling dizzy.

Any branded alternative to banks - somebody mentioned Tanishq - any thing else?

sgiitk · 27th July 2009, 12:00

How about looking for Kruger Rands. May be your jeweller can get them. As for sovereigns virtually all in the market are locally stamped / cast.

amit_mechengg · 27th July 2009, 12:20

never buy from banks. they are just a loot. always buy from a reputed jeweller. i have been fooled by icici bank once. the rate difference was almost 950rs.

mithun · 27th July 2009, 13:03

Quote:

Originally Posted by BaCkSeAtDrIVeR

Has anybody tried selling the coins purchased from the banks? Any feed back please??

And how are prices? (As in a split up form - like "day's rate + premium + tax ... " etc)

AFAICT, HDFC here says it is daily rate + 7% VAT, less a 4% discount if paid on THEIR credit card. Had a colleauge enquire with ICICI a few months back, and he was left feeling dizzy.

Any branded alternative to banks - somebody mentioned Tanishq - any thing else?

Coins bought from banks always go at the same rate when compared to coins purchased from elsewhere. What is matters is the purity, Right ?

Just go & sell it any Jeweller and don't worry too much about tax.

nikhil1300 · 27th July 2009, 15:01

BANKS REALLY RIP YOU OFF AND NO BUY BACK, IN BANGALORE YOU CAN BUY GOLD COINS FROM BANGALORE REFINERY .THEY ARE THE MANUFACTURES OF GOLD AND SILVER COINS .MOST OF THE REPUTED JEWELLERS GET GOLD AND SILVER COINS MADE FROM THEM .YOU CAN VISIT THERE SITE WWW.BANGALOREREFINERY.COM OR WWW.BRPL.ASIA. THEY R IN THIS BUSINESS FOR THE LAST 30YEARS OR SO.THEY PRICE IS RESONABLE,(certified 24KT) AND BUY BACK ALSO

deepaktpatil · 28th July 2009, 11:19

Quote:

Originally Posted by nikhil1300

BANKS REALLY RIP YOU OFF AND NO BUY BACK, IN BANGALORE YOU CAN BUY GOLD COINS FROM BANGALORE REFINERY .THEY ARE THE MANUFACTURES OF GOLD AND SILVER COINS .MOST OF THE REPUTED JEWELLERS GET GOLD AND SILVER COINS MADE FROM THEM .YOU CAN VISIT THERE SITE WWW.BANGALOREREFINERY.COM OR WWW.BRPL.ASIA. THEY R IN THIS BUSINESS FOR THE LAST 30YEARS OR SO.THEY PRICE IS RESONABLE,(certified 24KT) AND BUY BACK ALSO

Hi Nikhil,
Have you purchased from these people. If yes, then how was your experience. Also would like to know if they have any store around MG road area, from the present contact address it looks like they are present only in Peenya and chickpet area.
Regards,
Deepak

28th April 2009, 09:01	#16
BenjiRoss Senior - BHPian Join Date: Jul 2008 Location: Tamilnadu Posts: 1,066 Thanked: 1,330 Times	HDFC and ICICI bank advertise they are giving discounts on gold coins (2-3%). If they are actually charging a premium isn't that weird?! If I buy a 10 gm gold coin and gold is 1400/gm how much will it cost at HDFC etc and at a jeweller shop. And finally - where can I sell a gold coin for cold cash!
	() Thanks

28th April 2009, 10:41	#18
srishiva Senior - BHPian Join Date: Nov 2006 Location: Bengaluru Posts: 4,375 Thanked: 2,256 Times	The banks sell 24K gold. But still they are costlier than what one can get at a Jeweller's shop.
	() Thanks

28th April 2009, 10:58	#19
Spitfire BANNED Join Date: Jul 2006 Location: Panaji - Goa/Bangalore - Karnataka Posts: 3,312 Thanked: 774 Times	Why would someone buy something when it has the highest possible demand in the whole year? Buy when no one is buying - Basics no?
	() Thanks

28th April 2009, 11:21	#20
alpha1 Senior - BHPian Join Date: Apr 2007 Location: LandOfNoWinters Posts: 2,093 Thanked: 2,604 Times	Gold is trading at almost all time high. Absolutely bad time to invest. Akshaya Tritiya or Akshaya Dwitiya, doesn't make any economic sense.
	() Thanks

28th April 2009, 18:25	#23
akhilesh51 BHPian Join Date: Jan 2009 Location: Jaipur, RAJ Posts: 631 Thanked: 339 Times	Government Banks like SBI and PNB offer quite reasonable rates on gold coins which are certified 24K. But as has been already pointed, this is probably the worst time to buy gold.
	() Thanks

28th April 2009, 20:29	#24
murugaveln Newbie Join Date: Nov 2007 Location: Coimbatore Posts: 22 Thanked: 5 Times	Tanishq sells gold goins starting from 5 gms. They provide a certificate of authenticity and buy back also.
	() Thanks

26th July 2009, 22:18	#25
BaCkSeAtDrIVeR BANNED Join Date: Jun 2007 Location: Kochi Posts: 2,522 Thanked: 752 Times	Has anybody tried selling the coins purchased from the banks? Any feed back please?? And how are prices? (As in a split up form - like "day's rate + premium + tax ... " etc) AFAICT, HDFC here says it is daily rate + 7% VAT, less a 4% discount if paid on THEIR credit card. Had a colleauge enquire with ICICI a few months back, and he was left feeling dizzy. Any branded alternative to banks - somebody mentioned Tanishq - any thing else?
	() Thanks

27th July 2009, 12:00	#26
sgiitk BANNED Join Date: Dec 2007 Location: Gurugram Posts: 7,969 Thanked: 4,788 Times	How about looking for Kruger Rands. May be your jeweller can get them. As for sovereigns virtually all in the market are locally stamped / cast.
	() Thanks

27th July 2009, 12:20	#27
amit_mechengg Senior - BHPian Join Date: Dec 2007 Location: Pune Posts: 2,487 Thanked: 2,251 Times View My Garage	never buy from banks. they are just a loot. always buy from a reputed jeweller. i have been fooled by icici bank once. the rate difference was almost 950rs.
	() Thanks

27th July 2009, 15:01	#29
nikhil1300 BHPian Join Date: May 2009 Location: bangalore Posts: 140 Thanked: Once	BANKS REALLY RIP YOU OFF AND NO BUY BACK, IN BANGALORE YOU CAN BUY GOLD COINS FROM BANGALORE REFINERY .THEY ARE THE MANUFACTURES OF GOLD AND SILVER COINS .MOST OF THE REPUTED JEWELLERS GET GOLD AND SILVER COINS MADE FROM THEM .YOU CAN VISIT THERE SITE WWW.BANGALOREREFINERY.COM OR WWW.BRPL.ASIA. THEY R IN THIS BUSINESS FOR THE LAST 30YEARS OR SO.THEY PRICE IS RESONABLE,(certified 24KT) AND BUY BACK ALSO Last edited by Jaggu : 27th July 2009 at 15:17. Reason: Please avoid typing in ALL CAPS, its bad etiquette and is for shouting aloud. thanks
	() Thanks