how to understand my first deposit transaction

At about 00:15 (PST) on 2016/12/07, I deposited $1000 into my goldmoney account with my Citi mastercard credit-card. Sadly, I don't understand the resulting numbers displayed in "transactions". Maybe someone can help.

When I performed the transaction, the stated price on the top of the webpage was $37.62 per gram.
The quantity of gold purchased is stated as 26.357 grams.
The amount of my transaction was exactly $1000.00 USD.

The following is what I expected:
$1000.00 / $37.62 per gram ===>> 26.5816 grams * 0.995 (0.5% goldmoney fee) = 26.44869 grams

So the difference is 26.44969 grams expected versus 26.35700 grams actually credited to my goldmoney personal account.

That's not a huge difference, but it is a significant difference. As I compute this, the fee was 26.357 / 26.5816 == 0.99155, which seems to be a fee of 0.845% not 0.500%.

What did I do wrong?



  • arontaront Posts: 4 Tin ✭
    edited December 2016
    I have done that calculations my self. Its very important to know the price. The price on the Goldmoneys web page is the average of seller and buyers prise, and Goldmoney charge 0,5% on that. I dont know why they cant display both seller and buyers price, it would certainly be preferable.

    edit: I am not sure there is a 0,5% fee on mastercard. I think maybe all the ekstra in your calculation is the spread. But Im not sure.
  • sophiayangsophiayang Posts: 4 Tin ✭
    Thanks! I suspect that the extra [roughly] 0.30% expense is the difference between "bid" and "ask/offer"... just as you said. I expected less than 0.30% (because that means the full range is 0.60%, which seems a bit high), but what do I know?

    Therefore, it appears there is no "credit card fee". What will be EXTREMELY interesting will be whether the credit card company credits my account 2% of this $1000 transaction like they do for all normal purchases (this card having a 2% discount on all purchases). Somehow, I have to assume no 2% credit will occur in this case... but we shall see.
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