Things to know before investing in Physical Gold?

[Arpit Kumar Wadhwa]

I was thinking about using the Amazon Vouchers purchased from Credit Cards fo buy Tanishq vouchers or vouchers of some other jeweller. Then I would use those vouchers to buy gold coins.

Is it a viable option?

I have a few queries

1. Do I get rate that matches the market or is at most 5% higher than market rate?
2. Are there any other hidden charges?
3. How easy will it be to sell the gold?
4. Are there any deductions when selling the gold? Will I get the market rate or will they offer lower value?

 

[Aayush25]

Get gold from Bangalore Refinery I believe it is available in TataCliq, you will also get 5% Neucoins while transacting from TataNue app

 

[Arpit Kumar Wadhwa]

After some self research I found out that we have to take min 15% loss if ee buy and sell immediately. So not worth it. Here is the breakup

8-9% making charges
3% GST
3% lower buyback price if you want cash. Jewelers offer buyback at 100% of base gold price only if you exchange it

And not every jeweler will offer buyback

So total min 14-15% loss

 

[Aayush25]

Why 8-9% charges? I believe there are no charges on gold while buying from Tatacliq

 

[Aayush25]

I am getting effective price of gold @5123 per gm after doing some complex, the price can be lower depends.

 

[jack333]

He's talking about making charges. The cost of labour and other inputs and margin the company adds to base gold price

 

[jack333]

After some self research I found out that we have to take min 15% loss if ee buy and sell immediately. So not worth it. Here is the breakup

8-9% making charges
3% GST
3% lower buyback price if you want cash. Jewelers offer buyback at 100% of base gold price only if you exchange it

And not every jeweler will offer buyback

So total min 14-15% loss

Is amazon the cheapest place to get bangalore refinery coins or we can get them offline stores at better rates?

 

[Aayush25]

He's talking about making charges. The cost of labour and other inputs and margin the company adds to base gold price

I get it but I am saying buy physical gold from online instead of offline stores

 

[Aayush25]

Is amazon the cheapest place to get bangalore refinery coins or we can get them offline stores at better rates?

Depends first check on Amazon, TataCliq, but I would say if buy TataCliq GV with Amazon GC and but Amazon GC with any bank portal with discount while paying with normal CC giving 2% value back then it's extremely cheap on TataCliq, I got it @ about 5150 per gram

 

[Arpit Kumar Wadhwa]

I get it but I am saying buy physical gold from online instead of offline stores

Online also they price gold 8-9% higher. Making charges + margins. The online price is inclusive of it. This 8-9% you won't get back when you sell your gold

 

[Arpit Kumar Wadhwa]

I am getting effective price of gold @5123 per gm after doing some complex, the price can be lower depends.

Must be 18K

 

[jack333]

What's the best price of bangalore refinery 24k you are getting online and where?

 

[Aayush25]

Yes I know but after all secret cashbacks via Gift cards, it costs about 5150

 

[Aayush25]

Must be 18K

No 24K (999.9)

 

[Arpit Kumar Wadhwa]

No 24K (999.9)

Link and explanation of how you are getting such a high cashback?

 

[jack333]

No 24K (999.9)

How to buy tata cliq voucher from Amazon voucher?

 

[Aayush25]

Shop: https://www.tatacliq.com/bangalore-refinery-24k-999-9-1gm-gold-bar/p-mp000000006947477

Link and explanation of how you are getting such a high cashback?

First get Amazon Pay Gift card from wherever you want, like SmartBuy or Grabdeals, etc just need high discount on it.
The buy TataCliq GV via Magicpin or anyother website where you can pay for it via the Amazon Pay Gift card, and make sure to pay via your Cc for Amazon GC
For example,
In smarbuy we can get Amazon gc @5% cashback via Payzapp wallet and I used Kotak League Platinum card to add money in Payzapp wallet, so I get 2% value back form Kotak cc and 5% from SmartBuy.
And 4% cashback on Magicpin for TataCliq GV and 0.4% Nuecoins back while ordering vai TataNeu.

 

[Aayush25]

If you are going to use Magicpin then make sure to get someone's Referral code, it will be beneficial

 

[jack333]

Is the cashback on smartbuy and magicpin real cashback or need to redeem in some gift voucher?

 

[Aayush25]

On SmartBuy you will get as cashback on your Payzapp or as points on your cc