need guidance on buying (online) and selling (offline) physical gold/silver

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Deal Brigadier
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my mandatory reqs
buying online from amazon/flipkart/tatacliq or any
selling offline for direct cash without any ids like pan/aadhaar which would make tax implications and create unnecessary hassles.

would buy during offers/sales and sell off immediately or may hold and sell whenever i require.
would not at all exchange or make any jewellery.
maybe i may hold depending upon market.

which one to go for gold or silver?
which purity is best for buying and holding (if req) and then encashing with most profit.
gold – 24k 999 or 24k 999.9 silver – 999 or 995
bars or coins?
with or without designs?
while selling off any online reference site for price where we can know how would we get of we sell off in offline market at that moment?
how much % or price do offline shops buy and provide cash?
which ones in terms of weightage are good for buying, investing (if req) and selling off with most profit?
any certification or hallmarks?
trusted sellers online?
do we need to show any buying receipts or invoices while selling?

31 Comments  |  
13 Dimers
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don’t buy physical gold if your other half gets hold of that you can never sold that

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rogerthat wrote:

don’t buy physical gold if your other half gets hold of that you can never sold that

LOL… that’s true.
Everytime I bought physical gold online. Delivered home and always received by the better half. Within the next 6 months, I would end up at the Jeweller breaking it into jewellery…. no investment here bro. 🤣

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kurk wrote:

LOL… that’s true.
Everytime I bought physical gold online. Delivered home and always received by the better half. Within the next 6 months, I would end up at the Jeweller breaking it into jewellery…. no investment here bro. 🤣

ghar-ghar ki kahaani hai ye
ts- same story in every house

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rogerthat wrote:

.

what makes u think im married if i post in dost and dimes and that too this topic. laughing

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Deal Lieutenant
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Bhai, I have seen this trend among Jewellers that most of them are not gonna buy gold or silver from you unless those are bought from them in the first place. So, stick to renowned shops/ refineries. If you need to buy then buy Gold. Gold is good. Premium over spot price is more in case of silver. And premium over spot price is more for coins. Those are two rules you gotta follow.
Here is an article I found on the internet https://economictimes.indiatimes.com/wealth/spe...
And don’t buy gold etfs. Bhai liquidity issue will give you nightmares. Rather if you want, when market high and Gold rate is low, it is user to buy some Gold mutualfunds or Gold mutual funds.
And if you are buying Gold n Silver during sales, then buy Gold. Silver has the least liquidity and acceptance among jewellers. I recommend to buy silver bars if and only if you live in the city of the sellers’. For e.g. IBJA Gold buys the product at spot price, at least that’s what they told me over phone. And a lot of dimers reported that some Jewellers from Delhi and other parts of India are buying silver at a great price(Spot price was 46000 but they bought at 43000). And choose brand names wisely. smile Bhai you are already a legend.

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rogerthat wrote:

don’t buy physical gold if your other half gets hold of that you can never sold that

True bhai

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Deal Brigadier
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rogerthat wrote:

don’t buy physical gold if your other half gets hold of that you can never sold that

don’t get married. laughing

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kurk wrote:

LOL… that’s true.
Everytime I bought physical gold online. Delivered home and always received by the better half. Within the next 6 months, I would end up at the Jeweller breaking it into jewellery…. no investment here bro. 🤣

don’t take delivery at home. smiling_imp

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bikidas2060 wrote:

Bhai, I have seen this trend among Jewellers that most of them are not gonna buy gold or silver from you unless those are bought from them in the first place. So, stick to renowned shops/ refineries. If you need to buy then buy Gold. Gold is good. Premium over spot price is more in case of silver. And premium over spot price is more for coins. Those are two rules you gotta follow.
Here is an article I found on the internet https://economictimes.indiatimes.com/wealth/spe...
And don’t buy gold etfs. Bhai liquidity issue will give you nightmares. Rather if you want, when market high and Gold rate is low, it is user to buy some Gold mutualfunds or Gold mutual funds.
And if you are buying Gold n Silver during sales, then buy Gold. Silver has the least liquidity and acceptance among jewellers. I recommend to buy silver bars if and only if you live in the city of the sellers’. For e.g. IBJA Gold buys the product at spot price, at least that’s what they told me over phone. And a lot of dimers reported that some Jewellers from Delhi and other parts of India are buying silver at a great price(Spot price was 46000 but they bought at 43000). And choose brand names wisely. smile Bhai you are already a legend.

thx but seems i should have made my reqs specific. so i have update my main post with it.
pls do have a look.

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rajrocks wrote:

what makes u think im married if i post in dost and dimes and that too this topic. laughing

because of your recent advice needs

educated guess

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I buy online only when there is good offer and gold is turning out to be cheaper with the offers than the market price. Tried to sell once with a Jeweller. He offered me 2 different rates, one if I just wanted to sell the gold and the other for exchange with the jewelry.
In my experience they quote about 4-5 % less in the spot price if you just wanna sell gold.There was a difference of 800 Rs.per 10gms. Incase I wanted to exchange for jewelry. That the quote on account of extra charges paid by them for hallmarking. Also they seem to prefer 999 against 995
Although hardly any difference with both. Also earlier when I had checked, only 995 would come with hallmark. 999 purity is generally only with refineries and banks.
Silver I haven’t sold yet. Although I have just invested very recently in some quantity. I would rather hold silver as the price is expected to rise again once all the metal industry turns around again. it’s quite cyclical.

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you can sell at online price at attica gold company better to buy 999.9 purity gold but 999 with BIS hallmark will also do.
I bought some 10s of grams at loot price unfortunately sold at time when gold was 29k

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HelloworldImCoder wrote:

you can sell at online price at artika gold company better to buy 999.9 purity gold but 999 with BIS hallmark will also do.
I bought some 10s of grams at loot price unfortunately sold at time when gold was 29k

when u sell online, they will not provide cash and its a bit risky. i need only cash for obvious reasons.

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rajrocks wrote:

when u sell online, they will not provide cash and its a bit risky. i need only cash for obvious reasons.

you can sell to any local seller and get cash.. they are also happy to provide cash

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rajrocks wrote:

when u sell online, they will not provide cash and its a bit risky. i need only cash for obvious reasons.

Not sell online attica gold company is offline store google it for more info

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@rajrocks Here is replies to all your queries regarding gold and Silver:

1. When you sale gold/Silver they never needs your pan card or other documents because they are paying you in cash which is even not legally allowed for them.
2. Since transactions are in cash so no tax implications expect dont deposit a lot of cash once in saving account.

3. You can track gold prices on the app SPN Gold which is used by most of the Jewellers.
4. There is company named as Cash for Gold. You can call them and check the price anytime you want. They deal is purchase of gold and silver against cash. Expect Gold market selling price usually 400-500 per 10 gram higher than they tell and For Silver 200 around per 100 gram.

5. Difference in 999 and 995 gold is Just 150 Rs per 10 gram. So You can buy whatever cheaper you get. Jeweller are okey with any purity.

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6. Regarding Brand, Try to purchase from sellers who provides temper proof packing. Jweller believe on this packing and 99℅ don’t even open it to check purity.

7. Gold and Silver are equally liquid. Always go to the main jewellery market to sale the gold/Silver. They are very much comfortable in buying against cash.
8. Whether you buy coin or bar doesn’t make any difference

9. Buy Silver only when it is at good discount like Amazon fashion cashback offer and gold you can buy anytime.

10. Jweller are least conscious about hallmark, design or little bit about brand. For them gold is just gold. Buy the brand which is available at best price.

11. Gold is investment with least risk. So You Would always get the profit + cash rotation + Credit card reward points + cred reward points

12. For the first time you may face a little bit issue but after that it would be pretty comfortable to deal.

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Deal Lieutenant
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BIS hallmark is the way to go bhai. It’s the mandatory thing for precious metals. 🙂

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bikidas2060 wrote:

BIS hallmark is the way to go bhai. It’s the mandatory thing for precious metals. 🙂

Bro 999 gold never require BIS hallmark. BIS Hallmark is for purity of Jwellery. Even reputated brand like Bangalore Refinery doesn’t provide hallmark coin and bars

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@rajrocks Brigadier is on fire since last couple of days… cry cry

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manish.kumar19 wrote:

Bro 999 gold never require BIS hallmark. BIS Hallmark is for purity of Jwellery. Even reputated brand like Bangalore Refinery doesn’t provide hallmark coin and bars

True bhai. I bought two silver bars from IBJA. No BIS hall mark on them

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bikidas2060 wrote:

True bhai. I bought two silver bars from IBJA. No BIS hall mark on them

Bro legally they are not bound to provide because pure gold is never subject to hallmark. Hallmark is a measure of purity like 916 for 22k, 750 for 18k but if anything is pure, legally it doesn’t require measurement. It’s always 100. That’s why they doesn’t provide hallmark on coins and bars

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manish.kumar19 wrote:

Bro legally they are not bound to provide because pure gold is never subject to hallmark. Hallmark is a measure of purity like 916 for 22k, 750 for 18k but if anything is pure, legally it doesn’t require measurement. It’s always 100. That’s why they doesn’t provide hallmark on coins and bars

Bhai. What documents do they provide with the bars? In my case it is just the invoice and the sealed package.

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rajrocks wrote:

don’t take delivery at home. smiling_imp

😂🤣😆

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bikidas2060 wrote:

Bhai, I have seen this trend among Jewellers that most of them are not gonna buy gold or silver from you unless those are bought from them in the first place. So, stick to renowned shops/ refineries. If you need to buy then buy Gold. Gold is good. Premium over spot price is more in case of silver. And premium over spot price is more for coins. Those are two rules you gotta follow.
Here is an article I found on the internet https://economictimes.indiatimes.com/wealth/spe...
And don’t buy gold etfs. Bhai liquidity issue will give you nightmares. Rather if you want, when market high and Gold rate is low, it is user to buy some Gold mutualfunds or Gold mutual funds.
And if you are buying Gold n Silver during sales, then buy Gold. Silver has the least liquidity and acceptance among jewellers. I recommend to buy silver bars if and only if you live in the city of the sellers’. For e.g. IBJA Gold buys the product at spot price, at least that’s what they told me over phone. And a lot of dimers reported that some Jewellers from Delhi and other parts of India are buying silver at a great price(Spot price was 46000 but they bought at 43000). And choose brand names wisely. smile Bhai you are already a legend.

gold ETF are mutual finds that buy physical gold. gold mutual funds are one that buy gold ETF.
both are traded in secondary market. in addition, you can also sell back gold mutual funds to the original issuer.
but there is definitely no liquidity issue with gold ETF.

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rajrocks wrote:

do we need to show any buying receipts or invoices while selling?

Most of answers you might already know but still asking rhetorically sad
Still once check with old pros like @ishandon or similar new people around.

as for my own singular (decade back) experience selling small jewellery item at TBZ (original brother group) at Zaveri Baazar Bombay.
Few young but super experienced men by the entrance simply used “kaanas” (कानस पर सोना परखना) (slight scratches on that ston/file and testing it by eyesight)
and
gave the purity reading.
Weight x purity × buying rate … they gave final price (no money, buy something or get credit note for future).

but i was interested to see the small smelter at-least
and
requested the people, some Mr Vyas (manager of the entire section) to let me go in the “karigar only” section. (second floor)

Some pot-bellied guy in simple vest and pajama type attire quickly smelted it.. added some flux (allegedly to get minor impurities out), patiently answered and ecplained stuff.

Final amount estimate after melting was within 50-100 rupees of the primary estimate (rotal of 4-5000 worth gold).

Point is,
except certain “KDM” (kundan/ pure) jewellery (as was ours), Queen"s seal mines and few Indian brand coins.. for most other bullion
Jewellers prefer old fashionex smelting to know final value.
Most hoity-toity shops only use the spectrometre machines besides human and kaanas file evalution.

If appearances of seller or locality is suspect then they might enquire about source
or look with questioning eyes laughing otherwise who really cares even if it was stolen booty also.

reselling big names (say Bangalore refinery) or foreign coins (big Australian, British names) is usually easier.

but someone like you (if so crazy for bullion trading only)
can make a round trip and 💲💲 bingo ↔ https://indianexpress.com/article/cities/ahmedabad/ahmedabad-airport-customs-officer-demands-gold-jewellery-bills-women-passengers-assaulted-6098716
Surely someone like you could even recover the to and fro flight costs by an odd electronic “purchase and resale” alone.
(thus, all price arbitrage in bullion from Muscat, Dubai is “net” profit)
your neighbours (like those from @sence own country) still use human /bidy smugglers despite negligible arbiteage
(because Kerala, Karnataka, TN and Andhra women amongst themselves might be holding 6-8% of world gold.. all India consumption and hoarding might be 10-12% of global reserves)
thus even if price arbitrage is.miniscule, by sheer volume and overheads like making charges and what not; jewellers make a killing.

and todays Joyalukas and Muthoots have all been yestertyears.. ….. … (or who knows, even now the smuggled/ passenger body gold method is used by them).

you come back from Dubai, bring gold but don’t threaten the officers if asked to use the red channel wink
rest you know what to do.

you do know that buying online even with someone else’s cards or COD might still be traceable and that unless purchases and sales/income is declared in tax returns …. …it might end up becoming “unaccounted” income sad
and
applyibg fair and lovely (taking or giving "book entries) of kala dhan to make it fair has about 4-5% costs at-least … …. plus additional accounting.
(like so.. having non existent loan entries from foreign relatives or some lians to/from local businesses.. who are into “giving” and taking “book entries”)

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