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jdog2050
Joined: 17 Dec 2006
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 Posted: Thu Nov 13, 2008 10:36 pm Post subject: Search sucks--advice on buying gold plz |
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Search function sucks so sorry about the nth thread on buying gold.
I'm gonna take the leap this paycheck and buy some. How do I do it, where, what are the denominations, how do I sell it back? |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Thu Nov 13, 2008 11:02 pm Post subject: |
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Gold coins are expensive in Korea. You can buy online if you're from the USA from many online dealers. My favorite is Apmex.com. Big, good prices and very reputable. Just have it go to someone you trust. If you are using a CC, it must go to the address of your CC. I've ordered and bought Traveller's Checks, then sent them EMS before. It generally takes about 4 business days to get to the gold dealer.
Otherwise, you can go to just about any jewlery shop and buy the ingot form that is is measured in multiples of 3.75g (descended from the old Chinese tael weight). Koreans call it "geum don." (gold money)
They generally are square, (sometimes round for smaller multiples like 7 & 11 grams) and resemble a pat of butter (but heavy). I generally buy the 10 don 37.5g (1.2 troy gram) "pat of butter." They are 99.99% (24k) and can be purchased just about anywere in Korea. If you are in the Seoul area, you might want to value shop in Insa-dong.
Just go from shop to shop and see what price they want. Some just charge you a certain price, some will charge the spot price based on the won/dollar exchange. The latter are usually the better deals. It also helps to have a Korean with you and get a certificate of purity. It's kind of gimmicky, but I believe there are laws about that.
. Koreans seem to not trust coins as much as geum don (ingots) and those knick-knack turtles (and such), and that gaudy looking 24k jewelery. The problem with them, is when you want to sell them back home, you may have to have them assayed out of your pocket. |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Thu Nov 13, 2008 11:15 pm Post subject: |
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| seosan08 wrote: |
Gold coins are expensive in Korea. You can buy online if you're from the USA from many online dealers. My favorite is Apmex.com. Big, good prices and very reputable. Just have it go to someone you trust. If you are using a CC, it must go to the address of your CC. I've ordered and bought Traveller's Checks, then sent them EMS before. It generally takes about 4 business days to get to the gold dealer.
Otherwise, you can go to just about any jewlery shop and buy the ingot form that is is measured in multiples of 3.75g (descended from the old Chinese tael weight). Koreans call it "geum don." (gold money)
They generally are square, (sometimes round for smaller multiples like 7 & 11 grams) and resemble a pat of butter (but heavy). I generally buy the 10 don 37.5g (1.2 troy gram) "pat of butter." They are 99.99% (24k) and can be purchased just about anywere in Korea. If you are in the Seoul area, you might want to value shop in Insa-dong.
Just go from shop to shop and see what price they want. Some just charge you a certain price, some will charge the spot price based on the won/dollar exchange. The latter are usually the better deals. It also helps to have a Korean with you and get a certificate of purity. It's kind of gimmicky, but I believe there are laws about that.
. Koreans seem to not trust coins as much as geum don (ingots) and those knick-knack turtles (and such), and that gaudy looking 24k jewelery. The problem with them, is when you want to sell them back home, you may have to have them assayed out of your pocket. |
My bigger question is how to sell them back *in korea*? To the same little shops? |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Thu Nov 13, 2008 11:24 pm Post subject: |
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| Yep! Especially, when the price of gold climbs when the dollar goes over the abyss. I went home last Feb with 10 ounces of geum don and sold 2 ounces. I also traded 8 ounces for 8-1 oz Krugerands as well. This was from a small coins shop near where I'm from. I had no problem doing this at all. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Thu Nov 13, 2008 11:28 pm Post subject: |
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| seosan08 wrote: |
| Yep! Especially, when the price of gold climbs when the dollar goes over the abyss. I went home last Feb with 10 ounces of geum don and sold 2 ounces. I also traded 8 ounces for 8-1 oz Krugerands as well. This was from a small coins shop near where I'm from. I had no problem doing this at all. |
Take a look at Seosan's post record. Over 2/3 of his posts are obsessed ramblings about the doom of the US dollar and Korean won.
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Thu Nov 13, 2008 11:31 pm Post subject: |
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delete
Last edited by seosan08 on Thu Nov 13, 2008 11:40 pm; edited 1 time in total |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Thu Nov 13, 2008 11:34 pm Post subject: |
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| seosan08 wrote: |
| Yep! Especially, when the price of gold climbs when the dollar goes over the abyss. I went home last Feb with 10 ounces of geum don and sold 2 ounces. I also traded 8 ounces for 8-1 oz Krugerands as well. This was from a small coins shop near where I'm from. I had no problem doing this at all. |
My interest in gold is to have plane ticket money in case things go *beep* up.
Just read an article about how mayor Daley in Chicago gave a huge warning about layoffs in Chicago for the next 2 YEARS.
I figure a pat of gold is enough for a ticket home |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Thu Nov 13, 2008 11:40 pm Post subject: |
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| jdog2050 wrote: |
My interest in gold is to have plane ticket money in case things go *beep* up.
Just read an article about how mayor Daley in Chicago gave a huge warning about layoffs in Chicago for the next 2 YEARS. |
I guess the dollar demise will not happen because geniuses like Assexpander say so! Thank God he is here with his wife and his investments to protect us!
Most places you will sell gold to have simple acid/tile tests that tell them what it is. If it is small ingots, coins or things like that they can easily test what it is. Larger hunks could conceivably be gold plated lead or gold sawed out and filled with lead. Geum don and coins should be able to sold on the spot with proper ID. Just be careful where you sell, some places will try to give you penny weight or cheat you on the spot price. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Fri Nov 14, 2008 12:18 am Post subject: |
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| Seriously, is the only purpose of your nickname to troll against the economy? You have contributed nothing else to this site. You have well over 100 posts, and virtually all of them are tearing down the dollar or the won. |
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Dodgy Al
Joined: 15 May 2004
Location: Seoul
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| Posted: Fri Nov 14, 2008 12:27 am Post subject: |
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http://www.bullionvault.com/#redsheep
This is great if you have a bank account at home that you can deposit money from (I'm not sure if they allow Korean bank accounts). They give you a free gram of gold to trade, to get the ball rolling. It's allocated gold, so when you buy gold in one of their vaults, it's yours!
For anyone wishing to buy gold to trade, this site is perfect. |
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