Good option to buy gold

ITSMEHERE45 · Jan 11, 2011

Hi everyone,

I live in Utah, USA and I want to buy small amounts of gold when ever I save some money. I would like to know the difference between 22K and 24K gold coins when we exchange them in jewel stores like Khazana in India. My mother told me that even if we give 24K gold, they would be counting it in gms and exchange it in gms of ornament which will be loss for us. I am not sure of this. I have seen 22cts gold coins in Kitco.com. I am wondering if we can buy them and exchange with the same 22cts gold jewellery in Indian stores. Do we need to pay any tax when we take gold coins to India. Which is a better option of buying gold coins/ornaments from jeweller showrooms in India or buy coins here and exchange it with ornaments when we visit showrooms in India. Please let me know the pros/cons of both the options.

shams86 · Jan 12, 2011

Hello ITSMEHERE45,
I don't have the perfect knowledge of this..But still would like to share my knowledge. If u r in USA try to buy 22k Gold coins with ur saved money. And when u want to buy jewellery in India give the gold coins lyk this u can save ur some atleast money of the Ornament rate as the rate of Gold is on high peek. But the making charges will get counted in India even though u present the gold coin and it totally depends on the price of the jewellery which u will purchase in Indian jewellery stores in replacement of the Gold coin.

One of my friend who stayed in US for 8yrs bought 2 gold coins every year and when they returned to India they said it helped a lot in money wise when they bought the jewellery but just some extra money they spent as the jewellery design necklace which they selected were in high demand. So its there point of view.

Hope I tried in answering you...

ITSMEHERE45 · Jan 12, 2011

Hi Shams86,

Thankyou very much for ur reply. I am just wondering if there are any reliable websites that sell gold coins. I know AJPM and Kitco.com. But reviews of AJPM were not good. Kitco has mixed reviews. Shall I go ahead and buy coins from Kitco? How long does it take to receive the order once we make payment? Do we have any other websites/dealers better than Kitco? Please let me know.
Thanks a lot!!

gokusha · Jan 14, 2011

Hi,

I don't know if i'm right. But one of my friend explained that the benefit of buying 24carat (bar).

When you buy 24 carat 8gms, if you want to make an ornament they add 1or 2gms of copper so on total you get 10gms worth of ornament. So inthat way you save some2-3k itseems.

No personel experiment , but heard from few friends and hubby's collegue they carried some 4-5 gold coins along with their used ornaments.

Similar topic has been already discussed in various section.

I pulled few for you, do check these links too:

http://www.indusladies.com/forums/money-matters/5495-buying-gold-in-us.html

http://www.indusladies.com/forums/us-shopping-|-coupons-|/32152-buying-gold-us-india-better.html

http://www.indusladies.com/forums/us-shopping-|-coupons-|/39473-gold-coins-or-gold-biscuits.html

http://www.indusladies.com/forums/money-matters/72602-buying-gold.html

ITSMEHERE45 · Jan 14, 2011

Thanks for the information Usha. Your suggestion is very helpful and thanks for taking extra pain in searching and posting related links for my understanding.

shams86 · Jan 14, 2011

My friends bought Gold Coins in their own respective places of US...But some friends who don't have trustworthy Indian jewellery stores in their places bought Gold coins from the nearby state but only from Indian Jewellery stores....I hope I helped you lil bit...Thanx...