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Is there a way to convert my gold coins and ornaments into gold ETF?

You will need to sell the gold that you have and then deploy the proceeds from such sales into gold ETF

By OLM Desk

It is becoming difficult to safely keep gold coins and ornaments that were bought or gifted to me over the years. Is there a way to convert these into gold ETF?

Surmeet Kaur, Chandigarh

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Your problem is not unique, as these days a lot of people are finding it difficult to safely keep the gold they possess at home or in bank lockers. The idea of keeping your gold assets, especially coins into paper form by way of gold ETFs is a good move. While investments in gold ETFs can be converted into physical gold based on the number of units you hold in it, the reverse is not possible. You cannot directly convert the physical gold that you have as coins into an ETF just like that. You will need to sell the gold that you have and then deploy the proceeds from such sales into gold ETF. The sale price of your gold coins will depend on the prevailing gold rates, which you could check at the time of sale. Once you have sold the coins, transfer the money to your bank account to be able to use the same to invest in gold ETFs.  

 

olmdesk@outlookindia.com

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