Gold Scam ALERT⚠️ What Jewellers Don't Want You to Know | ETF Investment | Gold Silver Rate

Summary

This video exposes how jewelers calculate gold prices and the common hidden charges consumers face. It highlights the gap between the market rate and what jewelers actually charge, including the impact of purity percentages, GST, and making charges. The video educates viewers on how gold's price is derived from international markets, factoring in import duties and other variables. It also advises on the benefits of buying gold in higher purity forms and shares insights on investing in gold through ETFs, offering a cost-effective alternative to traditional jewelry purchases.

Takeaways

• 😀 Jewelers often charge more than the market price of gold, with extra costs like GST and purity adjustments. Always check for hidden charges.
• 😀 The price of gold is not always as simple as adding GST to the market rate. There are several factors that affect the final price, such as import duties and purity calculations.
• 😀 Gold purity is crucial when determining price. Jewelers may quote higher purity than what is actually present in the gold you're purchasing (e.g., 22 carat gold sold as 92% purity).
• 😀 The formula for calculating gold purity involves multiplying the carat by 4.166, which gives the percentage of pure gold in the alloy.
• 😀 When buying lower purity gold (e.g., 14 carat), you are often overcharged for the gold content, as jewelers calculate at a higher purity (e.g., 60% instead of 58.32%).
• 😀 The difference between carat values significantly impacts pricing. For example, 14-carat gold has a purity of 58.32%, but jewelers may charge you for 60% purity.
• 😀 Always inquire about the gold price in terms of weight (per gram) and the GST-inclusive price to ensure you're getting a fair deal.
• 😀 The price of gold is determined by global market prices, but local market demand and supply can influence it, causing slight fluctuations in the final price.
• 😀 If you want to avoid the high charges on making and purity adjustments, consider investing in gold ETFs, which allow for easier, more transparent investments without additional fees.
• 😀 It is advisable to buy high-purity gold (22-carat or higher) to get better value for your money, as lower purity gold often has higher markups on purity and making charges.

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