Hello everybody
Has anyone dabbed into these?
ICICI bank offers 24 carat gold certified by WGC about its purity..
It comes in 8 gm, 5 gm denomination vacuum sealed so that wear and tear of gold is not there...
I purchased them long back - but I would not recommend them to anybody....It comes across as very poor investment..
reasons being
1) It is priced at a premium to the prevailing market rates - when I purchased it in 2004 the premium was at 15-20% at that times gold prices - the premium is because of the certification of purity I guess (so if you get a 24 carat gold from your trusted jeweller sans certificate you will be better off )
2) Suppose you go ahead with the decision of buying the ICICI bank gold thinking of the appreciating market - and when the time comes to sell it off - who will buy it? The strangest part is ICICI Bank does not buy back the gold .. so who would you turn up to ? the jewellers ...but the jewellers are not going to pay for the certification premium so will be short changed there
I enquired with jewellers about purchasing the 24 K gold and they were not too keen about it
So I cant think of any good reason why I should buy them ( the only reason I can think of is - it can act as a souvenir but a costly one)