Because digital gold is backed by physical retention, holding digital gold beyond a certain period entails storage charges. Both SafeGold and MMTPC-PAMP charge storage fees for more than five years. Regular monitoring can also be a challenge. The digital gold seller stores it in a vault free of charge as a depositary for five years.
For those looking for the best physical gold IRA, it is important to consider these factors before investing. In addition, the customer will have to pay a storage fee to the custodian if they do not sell or exchange their property. Digital gold is a method by which you can invest in yellow metal in small fractions anytime, anywhere with the convenience of digital access to the raw material. If you're looking to buy and sell gold digitally, these are your options and how to invest in digital gold. Three companies offer digital gold in India: Augmont Gold, MMTC-PAMP and SafeGold, which is the retail brand of Digital Gold India.
Digital gold is a tool for buying and selling pure gold in its digital form at current market prices. The key difference between buying physical gold (coins, bullion) directly and using the digital gold option is that there is no need to worry about the security and storage of the latter. The gold rate shown on the platform where you have digital gold is the rate per gram of pure gold (999.9 or 24k). Organizations that allow digital gold trading, such as Google Pay, PhonePe and Paytm, offer a web platform or a mobile application that allows you to buy and sell digital gold for an investment amount as low as 1 INR.
Investing in physical gold, one of India's favorite traditional forms of investment in gold of all time, is now being considered in order to invest digitally. When gold is purchased digitally, the increase in the value of gold along with interest is transferred to the investor. But is digital gold a financial product? How does it compare to gold exchange-traded funds (ETFs)? Is it safe to invest in it? Mint gives you all the answers.
