Last Updated : 22 January 2013 at 14:30 IST
Commodity Online launches trading in e-Gold, e-Silver
Source :Commodity Online
Commodity Online Group Managing Director and CEO Mr George Iype said that www.commodityonline.com, India’s largest information and investment portal on commodities is happy to associate with NSEL to promote a new investing culture in bullion and metals.
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AHMEDABAD, INDIA (Commodity Online): Commodity Online India Ltd, the leading provider of information, research, trading services in commodities, stocks and currencies, has launched an innovative platform to sell and buy e-Gold and e-Silver promoted by the National Spot Exchange Limited (NSEL)
Commodity Online Group Managing Director and CEO Mr George Iype said that www.commodityonline.com, India’s largest information and investment portal on commodities is happy to associate with NSEL to promote a new investing culture in bullion and metals. “The spot exchange products, which we made available online, now offer flexible and secure investing opportunities. Indian households possess around 15,000 tons of gold alone. We want to ensure that the bullion and metal products like e-gold, e-silver, e-copper, e-zinc and e-lead add value to retail investors in the country,” Mr Iype said.
Unveiling the Commodity Online platform at a press conference in Ahmedabad on Tuesday, National Head - Business Development of the National Spot Exchange Ltd. (NSEL), Mr Amit Mukerjee said, “NSEL’s e-series of bullion and metal products is an unprecedented opportunity for retail investors in India. People can now trade and invest in commodities through e-series products just as they do in equities. At present, NSEL offers seven commodities under e-series namely e-gold, e-silver, e-copper, e-platinum, e-zinc, e-nickel and e-lead”.
Mr Mukerjee further added, “The e-series suite of products by NSEL has carved a unique market segment allowing people to invest in commodities such as gold, silver and copper in demat form and in smaller denominations. As there is no storage or AMC cost attached to e-Series products such as e-Gold, they give better returns compared to Gold ETFs. e-gold and e-silver have yielded a return of 90.4 % and 112% respectively since their launch on NSEL platform.
While praising the initiatives of Commodity Online in promoting new verticals in the commodities market in India, Mr Mukerjee said, “We highly appreciate the efforts of Commodity Online and the innovative online marketing strategies adopted by them to promote spot commodities trading in India, especially in the e-series suite of products”.
Commodity Online Group Director Mr Binu Alex said the e-series investments take away buyers' worries about checking for purity, weight, quality and right pricing.
“The only charge a client needs to pay while buying e-gold or e-silver is a transaction fee, which varies from 50 to 70 paisa per gram. Moreover it is highly liquid and can be bought or sold at the comfort of your home. No need to store it; and no worries on theft. We plan to educate people on these benefits, and have already recruited sales people to manage the vertical,” Alex added.
E-Series products available include E-Gold, E-Silver, E-Copper, E-Lead, E-Zinc, E-Nickel & E-Platinum. All clients need to have is a Trading & Commodity demat account. Clients can accumulate commodities in demat form in smaller denominations periodically and exchange it with physical commodity whenever required.
There are no storage charges for storing commodities in demat form. Only at the time of physical delivery 1% VAT at prevalent price & delivery charges will be applicable.
The online platform is ideal for India’s households and small investors to accumulate gold or silver through a Systematic Investment Plan (SIP). The online trading system frees them from all kinds of worries about storage, theft and threats. They also enjoy transparent and uniform pricing available across India. Delivery, when in need, can be taken in several cities across India either as solid metal or as jewelry.
The rising acceptance of NSEL as the preferred choice for commodity market participants and investors is evident from the 18.19% growth in turnover it recorded in 2012 at Rs 3,17,925.10 crores.
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