Korean Job Discussion Forums

[kayakorea2]

Anyone here ever invest in gold in Korea? Can you recommend a good way to go about it?

[Michelle]

[Beeyee]

Either that or if you would rather have physical possession of the gold (I would), you can buy it in bullion from any of the small jewelry stores scattered around. I'm a regular customer of one in Daejeon and I get it below spot price.

[aquaponics08]

There are lots of mom & pop shops around. There are many larger shops around Insa-dong. There are even more shops in Jongno 3-ga around the exit 4 area.

[diver]

Please forgive a few gold newbie questions:

(1) How do you know (especially in Korea...sorry apologists) that you are getting what you pay for (especially at "mom and pop" shops) and not a hunk of lead painted gold?

(2) After seeing this thread, I decided to look up gold investment. It seems that (in general) when confidence in paper money erodes, gold value goes up. Does that mean this is a bad time to buy gold? Isn't the price high right now and will drop when the economy starts to recover, or is that so far down the road that it is not an issue right now?

I have also noticed that all of the web sites advising that you buy gold NOW, are sites that sell gold. Many other sites that do not sell gold seem to say that gold is never bad, but they don't all agree that now is the time to buy.

(3) Now for a really stupid one...What denominations (or whatever the correct term is) do you buy the gold in? If I ever DID need to use gold as a currency, it probably wouldn't be good to have one $10,000 piece of gold on hand as I don't think I would be getting change back from that.

(4) Despite fluctuations, would the value gold typically outpace inflation? Banks are offering 3-3, 2% on CDs right now, and that seems to be what the rate of inflation is (as of 2008, 2.5%). I'd hate to lock into CDs only to see inflation outpace the return on my CDs.

Thanks.

[519forlife]

Gold is way too high, it's going to fall, a lot! You are way better off buying stocks in the financials, they are way low. Buy low and low sell high, not buy high and sell low, think about it.

[bassexpander]

Yes, buy now and you're buying at one of its highest points in years. The people claiming gold will go higher are usually:

1. People obsessed with the belief that gold will make them tons of money once it reaches an unrealistically high number.
2. Websites and dealers who sell gold.

Think about it.

And remember, if you buy gold, you're going to lose out on the transaction if you turn around and immediately sell it (a pretty good chunk). It has to go up for you to break even.

[harryh]

Why is gold going to fall a lot?

I thought America was printing money? What will the value of the money be when it's in the system? Will the stimulus package work? There are so many unanswered questions out there. As an example, why did Merill Lynch predict $1500 an ounce this year?

http://www.goldstockbull.com/merrill-lynch-cio-says-gold-to-hit-1500-within-15-months/

Will we see high inflation in 12/18 months from now? Who knows!

From my hours and hours of research, two themes keep coming up! One, is that the rich inparticular, see it as a safe haven. Secondly, there is the worldwide problem of supply of gold. There is a shortage.

In October of last year I bought physical gold, then from early November I started buying gold stocks in Central Rand (CRND), Solomon Gold (SOLG), Oxus Gold (OXS), Goldplat (GDP) Peter Hambro Mining (POG), (all with LSE tickers in brackets).

On Friday, Jubilee Platinum (JLP), I bought some shares in this company. Why platinum? The price is so low for platinum! Well, guess what, they found some gold. I got in at 8.4p, and already showing a profit.


Turbulent times, and imo will remain so for a great number of months.

I'm happy to hold gold for a good while yet.

The world has big problems, and I see gold rising furtherstill this year.

I noticed that the interest rate on my savings account in the UK is lower than the rate of inflation, so I've been moving it out every week.

Mind you, I still like to diversify my portfolio. I've also bought stocks in all miners, diamonds, oil and gas with a long term view. With all of these type of companys having more cash than market capitalisation, and all have revenue streams.

I bought some Barclays Bank shares at 80p, so missed the bottom of 50p, but I see them at 130/140p by the end of the year, if not more.
I still see RBS and LloydsTSB as high risk.

I keep away from property and retail.

Happy buying and trading!

[Beeyee]

[FreedomOffshore]

You can buy gold through the Perth Mint Certificate program
-www.assetstrategies.com- or -www.euraxxess.com-


Your gold is held in Western Australia and is guaranteed by
the government of Western Australia and insured by Lloyds
of London.


I have known the guys who set it up for many years now and
they have the utmost integrity and carefullness in what they do
and recommend to their clients.


If you are from the U.S. and want to buy gold I would buy it
there because I believe that the U.S. government will confiscate
gold to pay for their mistakes just as they did many years ago.


If you are from the U.S. and want to buy gold to hold in your
hand then buy rare non-u.s. gold coins since those will most
likely not be confiscated according to laws on the books and
past precedence.


FREEDOM


p.s. I also sell a foreign company package and included are about
five different precious metals places around the world that your
company can open a precious metals account with. That way you
can hold the gold in the name of your company and not your own.
It is good asset protection since Obama will probably end of forcing
everyone with a personal account offshore to repatriate their money
back to the U.S. For those not from the U.S. I do not know what will
happen in your case. But it is good to have offshore accounts
that are not personal and not in your own name.

[iknownothing]

i wouldn't invest in gold, not right now
like another poster above has said, the price of gold generally goes up when confidence in paper goes down.

the global economy is in volatile recovery stages right now. with the announcement about the bailout plan coming up on monday, price of gold will only likely decrease.

i would advise you to invest in the korean stock market instead. its a very good investment option. it is a bullet-proof market in a super-competitive economy, and prices are relatively low despite having recovered significantly from the huge dip late last year.

only with credible conjectures that another huge deep dip will come would I buy gold. but seeing what has been going on in the news, it doesnt seem that will happen.

[Xuanzang]

I wouldnt call it bulletproof...

[Beeyee]

[harryh]

Beeyee is on the money, or should I say the gold.

I can't see throwing money at a problem is going to work. The root causes need to be dealt with. People spending money they can afford and banks giving money they haven't got has greatly contributed to this mess. I don't think throwing money at the problem is necessarily going to work.

Gordon Brown, in the UK, has given money to the banks, so banks can start lending again! Giving credit again! Everybody seems to be worried about getting credit flowing again.

How about a bit of education? Why not start living within our means?

There will, as beeyee says, be a lot of money in circulation and I see a lot of inflation coming over the next few years should a recovery come.

In the short term, I can see confidence returning until about March or April. At that time people will see that the stimulus package isn't really working.

The stock markets will imo, have their lows tested once again. DOW at 6500? 7000? Who knows?

I keep my gold.

Buy from pessimists and sell to optimists.

[iknownothing]