Monday, 8 June 2015

When is it a Good Time to Buy Gold?

Question : When is a good time to buy gold? 

Answer : My Mum's Birthday! 

My First Gold Purchase

Sorry folks, I am not a gold expert and no gold price analysis here. Just that today is the first time in my life I am buying Gold. And it is for my Mum's 72nd Lunar Birthday. What I learnt about gold today :

  • 999k Gold Retail Price Today S$62 per gram
  • 916k Gold Retail Price Today S$57.50 per gram

We went to Lee Heng Jewellery...neh...the one where recently married Mediacorp actress Yvonne Lim is promoting. No...not because I like Yvonne Lim that we went there, but because Mum knows a friend working there Lar! Mum tried a few bracelets and finally decided that the one shown in picture below is the one she like best. 


It is 916k Gold and weighs 16.85g. Craftsmanship is normally S$100.00 but the shop gave us 15% discount at a price of S$85.00 instead. Calculations of pricing as follows:  

Price = [(Weight X Price/g) + Craftsmanship] X 7% GST
         = [(16.85 x 57.50) + 85] x 7%
         = S$1,127.65

With my wife and mother around, we managed to bargain another S$7 bucks off the Craftsmanship. 

Hence Total Price = S$1,120.00

Gold Price Near to 5-year Low


I was also told by the salesperson auntie that Gold price is very low now and it is a good time to buy gold. Of course more sales pitch follows - a 2k total bill will get a free watch! So I tried on some necklaces myself BUT "No Go"...already too much money spend this month! 

So no gold investment for myself this time! 

Can Money Buy Happiness? 

On top of the gold bracelet, I also gave my mum an Ang Pow of S$800.00 plus a Zi Char meal of S$60. Earlier me and my siblings had also organised a 10 tables Dinner cum KTV Party for mum. After deducted relative and friends' Ang Pows, we have still need to top up S$1,380.00 per pax. 

So total damage >S$3,30.00. 

Worth it or not? Value for Money? I am not sure, but what I am sure is we had all seen a very Happy Mum! 

Apparently my Mother in Law and Daughter's birthday also falls in the month of May. This means more Ang Pows and nice meals, and of course more burns in my pocket. BUT more smiles and appreciations in exchange. 

Hmmm...... So Can Money Buy Happiness? 






7 comments:

  1. Rolf,

    Your mom power!

    Additional $7 off workmanship ;)

    Old ginger spicy. Nice!


    Must equal when it comes to Mother-in-law... Wait wifey complains you treat her mom different... But "too equal" your mom don't feel special... LOL!

    Times like this I just smile :)

    Have fun!

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    Replies
    1. Hi SMOL,

      My mum old liao, she said no strength to negotiate! When she was younger she will negotiate like mad.. for ten or twenty cents! hehe..

      My MIL not yet reach her big Bday. Our Ang pow to her also v sizable! Moreover she stayed with me and I pay her monthly >4 fig in addition to all expenses she incurred. She is a rich lady! haha

      But anyway thanks for the heads up! I think the one that will complain the most is my wife that I never pay her!!! :-)



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    2. So Can Money Buy Happiness?

      Test it out at my big birthday @ 60 next year. You can use Pay Lah, Dash, Paypal, etc to TT ang pow.

      Let u know the answer

      :-)

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    3. Congrats CW! I am sure you will be happy...

      I remember a friend on the wedding day is sad at night after counting his Ang pows...

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    4. The Moral of the Story: Don't anyhow invite people to wedding dinner. LOL!

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  2. I am about to buy gold for the first time in my life for my mum too. haha. A shop (crown jewel or something?) actually selling 999 gold at $58. Gold price is $51 so they still make a profit? Just wondering why they can sell cheaper where most selling at $ 62.

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    Replies
    1. Hi Frugal Daddy,

      Thanks for dropping by. I am not well versed in gold, and quite busy lately so never research too much.

      For me, my mum has been buying from that shop and she feels more comfortable and happy. So for me, I just get it there. Easier and save my headache!

      Maybe it is possible to sell cheap because just like Chinatown there are shops selling cheap toiletries products. And yes, real cheap.

      When you get your cheaper gold, let me know where is it and how is the quality.

      Best of luck!

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