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<p>[QUOTE="Juan Blanco, post: 1561133, member: 41665"]"Melt" is irrelevant, a distraction or red herring. I'm not quoting anyone's melt or wholesale, and neither is the bank.</p><p><br /></p><p>In fact, on 10/25/2012 APMEX sells 10 gram ingots for USD$ 25. over Spot; <b>USD</b><b>$ 576.52 </b>retail & no discount, today. Meanwhile, the Indian bank's "discount price" for a 10 gram ingot is <b>Rs. (36,064 - 2,885 =) 33,179. or USD$ 619.59 </b></p><p><b></b><a href="http://www.icicibank.com/Personal-Banking/investments/icici-bank-pure-gold/gold-rate.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.icicibank.com/Personal-Banking/investments/icici-bank-pure-gold/gold-rate.html" rel="nofollow">http://www.icicibank.com/Personal-Banking/investments/icici-bank-pure-gold/gold-rate.html</a></p><p><br /></p><p>POG @ USD$ 54.89 per gram, <b>that Indian bank's "discount" premium is ~ 12.88%</b> while the typical US retail "typical" premium is ~ 5.03%. In other words, the Indian bank's "discount price costs<b> ~USD$ 43. </b><i><b>more</b> than </i>APMEX's US price, and the Indian bank's "discount" is <b>7.47% higher </b>than a <i>retail </i>US gold broker's. </p><p><br /></p><p>I'll state it clearly: that "bank discount" looks like a rotten deal if you can read and do the math. Don't forget that USD$ 43. is alot of money in India; the <i>average monthly wage </i>is USD$ 295. <a href="http://www.bbc.co.uk/news/magazine-17543356" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.bbc.co.uk/news/magazine-17543356" rel="nofollow">http://www.bbc.co.uk/news/magazine-17543356</a></p><p><br /></p><p>Poor consumers should seek better deals, not worse ones: so what's the typical retail premium in India? The WSJ reports from Mumbai, Oct. 25, 2012: "Local gold prices have now fallen by around 5% from their all-time high in September to <b>about 30,800 rupees ($575) per 10 grams</b>, tracking weak global cues..." </p><p><br /></p><p>That Indian market "local" price looks to be nearly the same as APMEX retail, given. </p><p><br /></p><p>So the Indian bank's "discount" remains ... terrible.[/QUOTE]</p><p><br /></p>
[QUOTE="Juan Blanco, post: 1561133, member: 41665"]"Melt" is irrelevant, a distraction or red herring. I'm not quoting anyone's melt or wholesale, and neither is the bank. In fact, on 10/25/2012 APMEX sells 10 gram ingots for USD$ 25. over Spot; [B]USD[/B][B]$ 576.52 [/B]retail & no discount, today. Meanwhile, the Indian bank's "discount price" for a 10 gram ingot is [B]Rs. (36,064 - 2,885 =) 33,179. or USD$ 619.59 [/B][URL]http://www.icicibank.com/Personal-Banking/investments/icici-bank-pure-gold/gold-rate.html[/URL] POG @ USD$ 54.89 per gram, [B]that Indian bank's "discount" premium is ~ 12.88%[/B] while the typical US retail "typical" premium is ~ 5.03%. In other words, the Indian bank's "discount price costs[B] ~USD$ 43. [/B][I][B]more[/B] than [/I]APMEX's US price, and the Indian bank's "discount" is [B]7.47% higher [/B]than a [I]retail [/I]US gold broker's. I'll state it clearly: that "bank discount" looks like a rotten deal if you can read and do the math. Don't forget that USD$ 43. is alot of money in India; the [I]average monthly wage [/I]is USD$ 295. [URL]http://www.bbc.co.uk/news/magazine-17543356[/URL] Poor consumers should seek better deals, not worse ones: so what's the typical retail premium in India? The WSJ reports from Mumbai, Oct. 25, 2012: "Local gold prices have now fallen by around 5% from their all-time high in September to [B]about 30,800 rupees ($575) per 10 grams[/B], tracking weak global cues..." That Indian market "local" price looks to be nearly the same as APMEX retail, given. So the Indian bank's "discount" remains ... terrible.[/QUOTE]
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