Price difference in GoldCase and GoldBees

Zerodha
1

(A little longer question, please bear with me)
I have read all the topics for Goldcase here and understood that ZFH set the creation unit of 6.3 lakhs when gold price was 63000 per 10g.
6.3 lakh units * Rs. 10 => 63 lakhs which is 1KG gold at the time of creation.
Now, Gold quantity per ETF unit comes out to be 1000g gold/6.3 lakh creation units → (1000/630000) → 0.001587g.
So, 1 unit of GoldCase represents ~0.001587g of Actual Gold.

As per Nippon,
1 unit of GoldBees represents ~0.01g of Actual Gold

IF all above calculations are true, as per 4th may 2025:
1g Gold via GoldCase → (14.8664/0.001587) = Rs. 9367
1g Gold via GoldBees → (78.94/0.01) = Rs. 7894
1g Gold 995 IBJA rate = Rs. 9357

Now I want to understand how GoldBees is offering gold at much cheaper rate than Goldcase and even cheaper than IBJA rates!

PS:

  • I checked constituents too, Goldcase has 97.47% of Gold 995 vs Goldbees has 98.51% even then Goldbees is offering it at lesser rate. How!?

  • Some difference is okay because of tracking error, expense ratio but I can’t understand how GoldBees is cheaper by atleast 15%.

  • On 4th may, GoldBees NAV: 78.94 ; GoldCase NAV: 14.8664

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2

I think it’s not cheaper. The thing is goldbees was created very long back and expense has also compounded over years. But goldcase is a very recent product so it has not accumulated that much of expense at this point of time. Someone who held goldbees from inception would have value lost some value as expense.

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