Korean Job Discussion Forums

[bassexpander]

How do I buy gold? I've never done it. Is it as easy as walking into a bank and asking for it? Do you pay a chunk of cash and walk out with a gold bar?

What happens, actually?

[Kenny Kimchee]

Here ya go:

http://www.samsunggold.co.kr/eng/login/faq_member.asp

I keep thinking about getting into gold, but the longer I hesitate the more it goes up. I'm a little gun shy - I just got burned by getting into the BRIC action too late - don't want to get burned by a gold bubble...

[bassexpander]

I get you on the gold prices.

I feel the same about buying euros at the moment.

[nicholas_chiasson]

gold is not a buble per se...but its value rises due to inflation and market jitters in addition to the laws of supply and demand. I always think of gold as a worst case investment...if all the other investments go bust...gold will usually be at high prcies. If everything else makes money...your return on gold will be pretty low.
-as for hoarding actual gold...at $900 an ounce...its not going to be easy making change with that...

[mrsquirrel]

Gold is still quite cheap, the price rises are more about the fall of the dollar and a reflection of inflation along with the rise in oil price. Rises in commodities at the moment are a sympton of inflation and the US of A has plenty of that to deal with right now.
Inflation adjusted, gold will have to rise to 2280$ per ounce to equal its 1980's highs.
I reckon theres still milage in Gold and can see it going to 1200 soon after a slight pullback.

Gold mining stocks to consider are Goldcorp GG, Yamana YAM, LIHR and AEM.

[HapKi]

Here are some threads on the topic-

http://forums.eslcafe.com/korea/viewtopic.php?t=109406&highlight=

http://forums.eslcafe.com/korea/viewtopic.php?t=90036&highlight=

I guess it depends on what kind of gold you want to buy. Jewelry, rings, bars, coins, stock. For coins like Krugerrands, Buffalos, American Eagles, Canadian Maple Leafs, and so on, Korea is not the place. It's better to go on-line to sites like http://www.apmex.com/ or reputable e-bay dealers. For jewelry as a gold investment, you're losing too much to the design of the piece. But of course you can wear it.

For me, all the Mom and Pop jewelry stores are the best bet. They usually have a couple trays under the counter with solid gold items like bars, rings, keys, pigs, and turtles. Their prices usually follow the daily gold spot price, plus some 5% margin for them. If you pay by credit card, you'll have to pay a tad more as they are charged on that.

[nicholas_chiasson]

What was the name of the company in the big gold mining scandel a few years ago? the whole company collapsed.

[spliff]

[bassexpander]

I'm just worried about what I have going south.

BTW, it's funny that I've received so many PMs on this subject from various people. I've never received so many PMs just based on a post (other than when I was selling something).

I appreciate it, but I am curious -- are people afraid to post about this?

[mrsquirrel]

Proly cause in typical Dave's fashion if somebody posts some advice or a suggestion it will get shot down by one of the ex-wallstreeters who have decided that working at a PS in Korea is better than making millions a day in NYC.

[bacasper]

[mikekim]

[bassexpander]

[egrog1717]

[bacasper]

Well, I actually just researched this. Kitco seems to be the best deal, and, yes, it's an off-shore site. The only charges (besides the spread) are for shipping. However you can even avoid that by having them store it for you. Then there would only be a charge for sending you a check or wiring you your money when you redeem.

If you got a better suggestion than that in your PMs, please, I'd like to know about it, too.