Hi its quite simple - just put $100k with Citibank and you should get Citigold status. You will then be assigned a relationship manager (RM). You then ask him to decrease your Citi Select fee to $350 (mine just renewed at $350) - pretty straightforward and i did mine at Pitt St branch Sydney.
Was previously discussed here post 431 and 432
http://www.australianfrequentflyer....-platinum-card-travel-insurance-37231-44.html
Citigold
PS: i have no use for an RM but became a Citigold client just to get my fee reduced. Parked $100k in the Citi high interest online accnt instead of Bankwest. And like u, i have this card for the Krisflyer conversion rate and charge my international spend to it. I think its a great value card at $350 - and will cut up my Amex charge once it expires!