Site Search:
 
TEFL International Supports Dave's ESL Cafe
TEFL Courses, TESOL Course, English Teaching Jobs - TEFL International
Korean Job Discussion Forums Forum Index Korean Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

Has anyone bought gold here?

 
Post new topic   Reply to topic    Korean Job Discussion Forums Forum Index -> General Discussion Forum
View previous topic :: View next topic  
Author Message
Weigookin74



Joined: 26 Oct 2009

PostPosted: Tue Jan 21, 2014 7:06 am    Post subject: Has anyone bought gold here? Reply with quote

Has anyone bought gold here? Just wondering. If so, where did you go? I'm thinking the price will go up again.
Back to top
View user's profile Send private message
EZE



Joined: 05 May 2012

PostPosted: Tue Jan 21, 2014 7:55 am    Post subject: Reply with quote

Jongro 3-ga exit 1, various jewelry stores. They used to be foreigner friendly, but now it's mixed. In some stores, your money is as good as a Korean's, in other stores they won't sell to a foreigner at any price.

At Jongro 3-ga exit 7 out of the orange line, there's a shop that sells really great silver bars, especially 100g and kilos.

http://intergold.co.kr/main/shop.php?tp=11
http://intergold.co.kr/main/shop.php?tp=12

They have gold items too, but their silver is especially nice. They're really nice folks. Just inspect the items if you like your stuff in perfect condition. They sell some really cool stuff, as you can see on the website, but their quality control is lax on scratches. The centering varies on the handpoured 100g Year of the Horse ingots, but is good on everything else.

It's my favorite store, but the shops at exit 1 occasionally have something unique and cool. It can be heartbreaking to see something really awesome only to be told you can't buy it. It's surreal to be banned from legitimate shops based on race while geriatric prostitutes outside of the shops beg for your business. A pair of ladies in one of the shops said they can make custom gold bars, but I'm not sure how they would look or what they would cost. I personally like the Samsung bars with it stamped in Korean. To me, that's the ultimate gold souvenir of Korea (of anything I can actually afford on a hagwon salary). The silver at Intergold is the best silver, in my opinion...so many interesting designs.

Another thing you can do is go into jewelry stores anywhere and ask about it. For example, a jewelry store in the underground mall at Anyang station had a square Mitsubishi 37.5 g ingot a couple of years ago with some other ingots of the same size and shape underneath in a little flipbook. They would only let me see the one on the top, which had a big scratch. When I asked to see the ones underneath, they said they're all the same. I guess to a lot of these shops, they're focused solely on weight, and the brand or a scratch doesn't matter to them, but it can (and will) affect the resell value and demand when you resell it.

Good luck and have fun.
Back to top
View user's profile Send private message
Stan Rogers



Joined: 20 Aug 2010

PostPosted: Tue Jan 21, 2014 9:24 am    Post subject: Reply with quote

Banks sell it too. Its like cigarettes in Canada. It's out of sight under the counter but they do sell it. You have to ask. They do it by the oz.
Back to top
View user's profile Send private message
Weigookin74



Joined: 26 Oct 2009

PostPosted: Tue Jan 21, 2014 7:54 pm    Post subject: Reply with quote

Really? It seems like the bank would be the easier option to make sure you're being sold real gold. It's over 1200 an ounce US. Can I just sell it back to the bank later when the price goes up? Any bank branch does this?
Back to top
View user's profile Send private message
Weigookin74



Joined: 26 Oct 2009

PostPosted: Tue Jan 21, 2014 7:55 pm    Post subject: Reply with quote

Really? It seems like the bank would be the easier option to make sure you're being sold real gold. It's over 1200 an ounce US. Can I just sell it back to the bank later when the price goes up? Any bank branch does this?
Back to top
View user's profile Send private message
Fox



Joined: 04 Mar 2009

PostPosted: Tue Jan 21, 2014 10:15 pm    Post subject: Reply with quote

Shinhan definitely sells gold. And at my local branch it's not even under the counter, they had display pieces out and were actively pushing it.
Back to top
View user's profile Send private message
crescent



Joined: 15 Jan 2003
Location: yes.

PostPosted: Tue Jan 21, 2014 10:29 pm    Post subject: Reply with quote

We bought some from Shinhan Bank. They include the re-sale service fee in the initial price. We bough in the late summer, and according to research at that time, it was undervalued. Even more so now.
Back to top
View user's profile Send private message
radcon



Joined: 23 May 2011

PostPosted: Wed Jan 22, 2014 2:53 am    Post subject: Reply with quote

crescent wrote:
We bought some from Shinhan Bank. They include the re-sale service fee in the initial price. We bough in the late summer, and according to research at that time, it was undervalued. Even more so now.


What do you mean it was undervalued? They were selling gold lower than spot price?
Back to top
View user's profile Send private message
crescent



Joined: 15 Jan 2003
Location: yes.

PostPosted: Wed Jan 22, 2014 3:15 am    Post subject: Reply with quote

radcon wrote:
crescent wrote:
We bought some from Shinhan Bank. They include the re-sale service fee in the initial price. We bough in the late summer, and according to research at that time, it was undervalued. Even more so now.


What do you mean it was undervalued? They were selling gold lower than spot price?

Sorry, I meant that it was trading below the year's average price.
Back to top
View user's profile Send private message
Weigookin74



Joined: 26 Oct 2009

PostPosted: Wed Jan 22, 2014 9:20 am    Post subject: Reply with quote

crescent wrote:
We bought some from Shinhan Bank. They include the re-sale service fee in the initial price. We bough in the late summer, and according to research at that time, it was undervalued. Even more so now.


How much is this "re-sale fee"?
Back to top
View user's profile Send private message
crescent



Joined: 15 Jan 2003
Location: yes.

PostPosted: Wed Jan 22, 2014 3:15 pm    Post subject: Reply with quote

Total commission starts at 10% for a 10g purchase, and covers you when you decide to sell. With higher purchase amounts, commission % decreases.
Back to top
View user's profile Send private message
jdog2050



Joined: 17 Dec 2006

PostPosted: Wed Jan 22, 2014 9:06 pm    Post subject: Reply with quote

Not only does Shinhan sell physical gold, they also have "gold accounts" that buy stock of gold companies and that's all--no money in the account.

My biggest regret was selling off my gold a few years ago to help my ex-GF pay rent for an apartment. Man that shit would have been worth a ton more just a year later.
Back to top
View user's profile Send private message
Weigookin74



Joined: 26 Oct 2009

PostPosted: Fri Jan 24, 2014 12:34 am    Post subject: Reply with quote

crescent wrote:
Total commission starts at 10% for a 10g purchase, and covers you when you decide to sell. With higher purchase amounts, commission % decreases.


So you pay either a small fee or no fee when re-selling it, if I understand it correctly. If an ounce is $1300 today, pay an extra $130 now. If it goes to $2000, get most of that face value in the future?
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Korean Job Discussion Forums Forum Index -> General Discussion Forum All times are GMT - 8 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


This page is maintained by the one and only Dave Sperling.
Contact Dave's ESL Cafe
Copyright © 2013 Dave Sperling. All Rights Reserved.

Powered by phpBB © 2001, 2002 phpBB Group

TEFL International Supports Dave's ESL Cafe
TEFL Courses, TESOL Course, English Teaching Jobs - TEFL International