Has anyone taken physical delivery of gold through MCX gold/goldmini/goldguinea/goldpetal futures?
I want to know their experience?
What additional charge did you have to pay apart from 3% GST? Was there any additional tax, cess, octroi or surcharge levied on the future contract value?
Generally MMTC PAMP has high making charges around 9% on gold price plus GST. I want to know if it is worth buying through MCX futures, and if money can be saved through MCX.
Also please share your experience visiting the warehouse and getting the physical delivery. Did you get it assayed in front of you or just accepted their certificate?
Thanks a lot.
Edit: also, which broker did you use, because zerodha doesn’t allow physical delivery in commodities.
I have the same questions. I would like to take physical delivery of Gold.
MCX does have a list to approved brokers. But I don’t know if they provide physical delivery of not.
I had seen a video on the Youtube channel of MCX (starts at 12:55), where they mentioned that the making charge is only Rs.100 (per gram) over the trading price if one wants to take delivery. This got me interested
I have active zerodha + another brokeraccount.
no one dealing with online retail is giving delivery option.
I spoke to MCX metal delivery team .They refused to give me list of their dealers who will give/accept delivery against MCX contract.(I was more interested in silver 1 kg bar against SILVERMICRO futures contract.)
I even spoke to few big ahmedabad based bullion wholesalers.(MCX silver delivery is based on Ahmd spot price)
The MCX rep hinted to me to that only physical bullion big dealers “who trade for themselves with MCX with MCX membership” to hedge/arbitrade "are taking or giving /accepting delivery in gold & silver.
They dont have retail customer who trade online like us.
So we serfs want physical have to go the local bullion wholesaler & buy it with full payment at a premium or discount on the market mood supply/demand that day.
I had come across a tweet where it was mentioned that around 30,000 1gm Gold Petal contracts have been delivered till early December 2020. But after reading about your experience, it seems that retail investors might not be the ones who took these Gold Petal contract deliveries.
