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Gold
Trading
Best
way to extract cash from gold
trading.
The impact of inflation is worldwide! It is
utterly an undeniable fact. The rise in gold
prices is also not an exception to it. If you
are really concerned about purchasing and holding
gold without much complication then it is advisable
to trade gold in dematerialized form.
Previous month, the Multi Commodity Exchange
(MCX) of Mumbai and the World Gold Council (WGC)
introduced a gold product that can be established
within 7 days. According to the new policy,
the investor can buy either 100 gram of gold
or gold bar of 1 kg. The price would be around
Rs. 6,500 for per 10 gm of gold, and Rs 65,000
and Rs 650,000 for 100 gm & 1 kg of gold
respectively. The prices and the quantity of
gold are monitored and approved by the LBMA
i.e. London Bullion Markets Association ad the
desired quantity is imported to the country.
All kinds of transactions take place in between
Wednesday & Tuesday. After the specified
period, the investor can deposit the payment
& take the delivery directly. The investor
can also build demat (dematerialized) account
and keep the gold safe for the preferred period
of time.
Creating a commodity demat account is quite
identical to an equity demat account. The prices
quoted are also closer to spot market. The entire
settlement is made after transferring the day’s
prevailing amount into the account (on Tuesday).
The cost that an investor is required to pay
includes a margin fee and a brokerage fee. For
instance, the standard charges of 10 gm of gold
include Rs. 6,500 (actual charge); Rs 3,250
(margin charge) and brokerage charges (can vary).
In addition, if you are depositing the gold
in custody then you have to pay additional charges
for the same. This money is called custodial
insurance fee. This has to be paid as 1% of
the actual gold price annually. The prices are
considered on a weekly basis & billed each
month. It is a far better option than opening
safety vaults in the banks. Though the security
is fully assured but the charges are also less.
Presently, the custodian for gold is National
Securities Depository Ltd.
There will be a signed contract that ensures
the customer an adequate delivery of the product
at the end of the period. In certain cases,
when the investor wishes to reschedule the process
of delivery he or she can easily transfer the
actual quantity of gold into a demat account.
You can settle down the contract at the same
time by paying down the entire cost.
One of the major benefits of transacting in
demat gold is that the process of both buying
& selling are highly expedient in contrast
to purchasing gold from the bank. You cannot
sell it back to the bank.
The prices quoted are also identical to the
spot price. The features and specifications
are also better than regular futures contract
that the exchanges normally offer.
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