The first $100 monthly cash transfer into my depository account was processed in the middle of last month, and my regular savings plan of a $100 gold purchase each month was processed today, being the first business day of the month.
I checked my account online at 6pm (Sydney time) and it was still only showing the $100 cash balance, but I later received an email (sent at 8:50pm) stating that the order had been 'completed' at 16:00:02, and then a second email that had also been sent at 8:50pm stating that the order had been 'processed and delivered' at 16:43:02. I had to log in to my online account to view and download the order confirmation pdf, which showed that 0.043 toz had been bought for A$2,305.54, costing $99.14 and a $0.50 transaction fee.
It looks like the available cash balance is used to purchase a multiple of 0.001 toz, rather than convert $99.50 into an amount of gold with too many decimal places. I expect the left over 36c will go towards next month's bullion transaction.
Allowing for the time difference between Sydney and Perth, it looks like the transaction was processed promptly at the close of the first business day of the month. I'm not exactly sure where the $2,305.54 price comes from, as the latest spot asking price showing on their website is A$2,304.58 as at 5:00 pm AWST. I presume it was the spot asking price at the exact time the transaction was processed.
The 0.043 toz is slightly less than 1/20th of an ounce. As an example of how much premium you would pay for buying physical gold coins in such small quantities, the 1/20th gold coin is currently priced at $167.08. So a 0.043 toz as a gold coin would have cost around $143.69, rather than $99.64. I have a few 0.5g (0.0161 toz) gold coins that I bought many years ago (on 'sale' so the premium to the spot price was slightly reduced), so I can easily envisage my gold purchase each month being roughly equivalent to buying three of those tiny gold coins.
There is a strange mystique to gold that makes purchasing even a tiny amount 'on paper' somehow seem like more real wealth than buying a similar value of stocks, mutual funds or CFDs. A bit like how I used to enjoy seeing my bank balance updated in a physical passbook when I was a kid. But I'm not about to liquidate my entire NW and purchase 25 50-oz bars of gold!
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