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Tobias
Joined: 02 Jun 2008
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 Posted: Thu Oct 09, 2008 7:20 am Post subject: Wanna buy gold |
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I've got a pile of cash at home I want to bring here, and I figure I'll buy gold with some of it.
Anyone buy gold here before? Can you fill me on on the 'whos' and 'wheres?
Thanks up front. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Thu Oct 09, 2008 9:00 am Post subject: Re: Wanna buy gold |
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| Tobias wrote: |
I've got a pile of cash at home I want to bring here, and I figure I'll buy gold with some of it.
Anyone buy gold here before? Can you fill me on on the 'whos' and 'wheres?
Thanks up front. |
I was thinking myself. I have no clue. I would assume you should be able to find bars at gold shops. Does anyone know? Of course, you can buy gold stocks. |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Sat Oct 11, 2008 12:05 am Post subject: |
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You can buy gold in the form of "guem don" (gold money). It's based on the old Chinese tael weight which is 3.75 grams. I usually buy it in the 37.5 gram "pat of butter" form. You can find them in many (but not all) jewelery shops. Gold priced in won is pretty pricey these days because of the won/dollar drop. You might be better off hitting your local coin dealer before you get here,or go to somewhere like Apmex.com or Kitco.com if you're an American.
You can buy it from banks and such, but in addition to the high price in won, there is a 10% tax of some kind on it. If you do buy it here, be careful where you buy. You can get burned! Buy only from reputable dealers. Insa Dong is has lots of good jewelers and you can generally buy from them with no problems. I buy from a local mom and pop shop, but I've known them for several years.
I bought a gold coin from a jeweler in Namdaemun Market in Seoul about 3 years ago. Bought a 1/2 oz gold coin, that turned out not to be gold. I didn't know what to look for then, I was in my "it's shiny, so I'll buy it" of metal buying. |
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Teelo
Joined: 09 Oct 2008
Location: Wellington, NZ
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| Posted: Sat Oct 11, 2008 1:06 am Post subject: |
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US servers? EU? KR? China?
What realm?
What faction?
Got enough for epic flying mount training?
How fast can you deliver? |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Sat Oct 11, 2008 9:17 am Post subject: |
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| seosan08 wrote: |
You can buy gold in the form of "guem don" (gold money). It's based on the old Chinese tael weight which is 3.75 grams. I usually buy it in the 37.5 gram "pat of butter" form. You can find them in many (but not all) jewelery shops. Gold priced in won is pretty pricey these days because of the won/dollar drop. You might be better off hitting your local coin dealer before you get here,or go to somewhere like Apmex.com or Kitco.com if you're an American.
You can buy it from banks and such, but in addition to the high price in won, there is a 10% tax of some kind on it. If you do buy it here, be careful where you buy. You can get burned! Buy only from reputable dealers. Insa Dong is has lots of good jewelers and you can generally buy from them with no problems. I buy from a local mom and pop shop, but I've known them for several years.
I bought a gold coin from a jeweler in Namdaemun Market in Seoul about 3 years ago. Bought a 1/2 oz gold coin, that turned out not to be gold. I didn't know what to look for then, I was in my "it's shiny, so I'll buy it" of metal buying. |
You can also buy gold on the internet via e-bay. I want to first build up my cash reserves in regular dollars then I will buy some gold after the whole bail out thing. The price of gold might be lower after a bail out. |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Sat Oct 11, 2008 1:16 pm Post subject: |
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I believe I said that...............
| seosan08 wrote: |
You can buy gold in the form of "guem don" (gold money). It's based on the old Chinese tael weight which is 3.75 grams. I usually buy it in the 37.5 gram "pat of butter" form. You can find them in many (but not all) jewelery shops. Gold priced in won is pretty pricey these days because of the won/dollar drop. You might be better off hitting your local coin dealer before you get here,or go to somewhere like Apmex.com or Kitco.com if you're an American.
You can buy it from banks and such, but in addition to the high price in won, there is a 10% tax of some kind on it. If you do buy it here, be careful where you buy. You can get burned! Buy only from reputable dealers. Insa Dong is has lots of good jewelers and you can generally buy from them with no problems. I buy from a local mom and pop shop, but I've known them for several years.
I bought a gold coin from a jeweler in Namdaemun Market in Seoul about 3 years ago. Bought a 1/2 oz gold coin, that turned out not to be gold. I didn't know what to look for then, I was in my "it's shiny, so I'll buy it" of metal buying. |
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fiveeagles
Joined: 19 May 2005
Location: Vancouver
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| Posted: Sat Oct 11, 2008 9:56 pm Post subject: |
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| What about silver or other precious metals? Silver is only at 10 bucks right now. I bet it will skyrocket here in the next few years. |
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Juregen
Joined: 30 May 2006
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| Posted: Sat Oct 11, 2008 10:20 pm Post subject: |
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Investing in metals is nothing more then betting.
Gold and silver have little "economic value", that is why they were probably used as coinage long time ago .... |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Sat Oct 11, 2008 10:50 pm Post subject: |
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| Juregen wrote: |
Investing in metals is nothing more then betting.
Gold and silver have little "economic value", that is why they were probably used as coinage long time ago .... |
Silver is labeled as poor man's gold. The reason why gold and silver are important is because they are durable, and so they made sense to use as money. Silver does more of an economic value than gold, because it has many industrial purposes. However, you need to buy more silver in terms of weight to make a difference when it comes to investment.
I think real-estate can still be a good investment if you have the money. |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Sun Oct 12, 2008 1:04 am Post subject: |
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| Due to the low prices silver is difficult to find even online. Koreans have very little interest in it, so it is difficult to find anyway unless you're into sterling jewelery that is way overpriced. Property prices are still falling and will continue to fall, buying property now is not a good idea. Wait until the dust settles from the crash. |
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Tobias
Joined: 02 Jun 2008
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| Posted: Sun Oct 12, 2008 3:35 am Post subject: True |
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| Juregen wrote: |
Investing in metals is nothing more then betting.
Gold and silver have little "economic value", that is why they were probably used as coinage long time ago .... |
Very true.
I've been thinking of buying gold, albeit I know if it goes up to 2,000 an ounce it won't stay there long. Why? Gold mining.
When gold increases in value, more of it is dug out of the ground and put on the market as a holder of value. This increases the supply and drives down the price of it. But it doesn't stop there. When an ounce of gold is mined, it is added to the supply and remains there permanently. Gold and other precious hard stuff isn't flushed down the toilet or made to disappear over time. Once it's brought into the economy, it's permanent.
All the gold ever mined would probably fit into a cube 100 meters per side. But it's still here. Gold that was mined in 1808, 1908, or 2008. Sure, the elite powers can hide gold in Fort Knox, but smart people know it's there. No one is going to fool the Warren Buffets of the world.
So...invest in gold. But be responsible and watch for the inevitable crash in gold prices later. When the Cat 797 dumpers get rolling for a year, gold will drop like a rock, just like it always does. |
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Ukon
Joined: 29 Jan 2008
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| Posted: Sun Oct 12, 2008 5:46 am Post subject: |
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I'm curious.....where the hell does one sell gold?
If one wanted to recoup an investment in gold, do you just roll up to a bank and trade it for cash like foreign currency or do you sell it to a dealer or individual. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Sun Oct 12, 2008 7:18 am Post subject: Re: True |
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| Tobias wrote: |
| Juregen wrote: |
Investing in metals is nothing more then betting.
Gold and silver have little "economic value", that is why they were probably used as coinage long time ago .... |
Very true.
I've been thinking of buying gold, albeit I know if it goes up to 2,000 an ounce it won't stay there long. Why? Gold mining.
When gold increases in value, more of it is dug out of the ground and put on the market as a holder of value. This increases the supply and drives down the price of it. But it doesn't stop there. When an ounce of gold is mined, it is added to the supply and remains there permanently. Gold and other precious hard stuff isn't flushed down the toilet or made to disappear over time. Once it's brought into the economy, it's permanent.
All the gold ever mined would probably fit into a cube 100 meters per side. But it's still here. Gold that was mined in 1808, 1908, or 2008. Sure, the elite powers can hide gold in Fort Knox, but smart people know it's there. No one is going to fool the Warren Buffets of the world.
So...invest in gold. But be responsible and watch for the inevitable crash in gold prices later. When the Cat 797 dumpers get rolling for a year, gold will drop like a rock, just like it always does. |
Perhaps, you could dollar cost averaging investing by buying a certain amount of gold each month or spread your purchases out. Gold is obviously at a high price. It may be better to buy it after it dips somewhat. What would be the benefit of buying a lot of gold now? |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Sun Oct 12, 2008 7:59 am Post subject: Re: True |
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Hate to rain on your parade genius, but after years of finding easy mines to get gold, the easy places are becoming increasingly scarce. An ounce of gold represents the energy and effort to get it out of the ground. It's becoming harder to find and it's very energy intensive as well. You make it sound like you can walk out in a field and find it. That's why it's RARE!
| Tobias wrote: |
| Juregen wrote: |
Investing in metals is nothing more then betting.
Gold and silver have little "economic value", that is why they were probably used as coinage long time ago .... |
Very true.
I've been thinking of buying gold, albeit I know if it goes up to 2,000 an ounce it won't stay there long. Why? Gold mining.
When gold increases in value, more of it is dug out of the ground and put on the market as a holder of value. This increases the supply and drives down the price of it. But it doesn't stop there. When an ounce of gold is mined, it is added to the supply and remains there permanently. Gold and other precious hard stuff isn't flushed down the toilet or made to disappear over time. Once it's brought into the economy, it's permanent.
All the gold ever mined would probably fit into a cube 100 meters per side. But it's still here. Gold that was mined in 1808, 1908, or 2008. Sure, the elite powers can hide gold in Fort Knox, but smart people know it's there. No one is going to fool the Warren Buffets of the world.
So...invest in gold. But be responsible and watch for the inevitable crash in gold prices later. When the Cat 797 dumpers get rolling for a year, gold will drop like a rock, just like it always does. |
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Tobias
Joined: 02 Jun 2008
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| Posted: Sun Oct 12, 2008 4:23 pm Post subject: Again, it's perceptions |
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Concerning the 'rareness' of gold, have any of you gone out and scoured the globe to find out just how "rare" it really is? Or do you simply believe what someone else says about its rarity?
Perceptions make the world go 'round. The price of gold is based on perceptions. If everyone thinks it's rare, then dammit, it is. The powers-that-are can spew whatever propaganda they choose to make you believe anything they want you to believe.
Gold is everywhere. For the right price, it can be brought out of its hiding places. But once it's out, it stays out. |
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