Friday, June 6, 2014

Gold Rush...Spouse Wait

Gold Trend last 3 months

If you observe Gold trend, Bull and bear are fighting each other for their dominance. Few months before it touched 3010 ( 22K, 1 gram price) because of RBI tight Rules, Fin ministry's interest on CAD as well as Global cues (Europe and Ukraine crisis). Below is the chart from March to June.

Spouse Long wait

Priya eagerly waited for Gold to correct below Rs 2600 for almost 5 months. Finally it touched that magical figure on 29-May-2014. I gave my word few months before that I will buy Long chain for you ( 30-40 grams range) provided if the price touches Rs 2600. So i was in position to keep my words and I did yesterday. I was behind her to go for Gold shops, but she was hinting me that It will slide further. But somehow my instinct says, it can't go further down below Rs 2400. If it does, it can go upto Rs 1800-2000 range.

We went to G.R.thanga Maligai, T.Nagar for buying Gold chain and we did. Below are few interesting moments happened at Shop.

1. Shop is crowded like Market. Like us, Many people put their anchor in that shop. Indians are always Indians.

2. Abhinav obsessed with Rings especially Platinum due to TV Ads. Abhinav is so adamant to buy that Gold Ring with Lion face on it. We were fine with it but we dropped due to 16.5% of Making charges. We bought him a silver ring and Priya tricked him that " it is Platinum". He is So happy. Somehow i am not happy on Foolishing him, I told him that it is a Silver ring. But he argued that I dont know anything about it. I did my part.

3. Selected Chain weight is 32.06 grams. Total Gold value is Rs 81476 based on Yesterday's Gold rate Rs 2539 per gram. Total Bill comes around Rs 90089 ( 8% wastage, Rs 1282 as making charge). After discussing with Floor Manager, Bill comes around Rs 89066 ( 7.5% Wastage and Rs 680 making charges). Again Bill influenced by My friend's Brother in Law who is working at GRT, Total Bill comes around Rs 87950 (7% Wastage and Nil Making charge).

4.We got One Travel bag, One Purse, One small cloth based Carry bag, One Cloth based suitcase as part of Chain Delivery.

5. Last but not the Least, I tried to Pay using my credit card. EDC responds with " Pls call Issu" which means I need to call Bank for approval. Very Embarrassing Situation, I called bank with lot of manual IVR options and understood that Based on my buying pattern, Citibank security team suspected as Fraud Transaction. Cleared my identity with Citibank and my payment also honored. I was in dilemma about feeling bad about Embarrassing situation or Feeling happy about my banker's proactiveness.