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GwangjuParents
Joined: 31 Oct 2008
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 Posted: Tue Feb 10, 2009 6:05 am Post subject: |
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Okay, if you buy gold in Korea or elsewhere, is it always denominated in US dollars?
I personally think the US dollar is going to tank really hard soon, so this is a consideration.
Also, let's assume paper becomes worthless and the price of gold sky rockets.
So what does gold get you then? A wheel barrel full of worthless paper? |
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Straphanger
Joined: 09 Oct 2008
Location: Chilgok, Korea
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| Posted: Tue Feb 10, 2009 6:13 am Post subject: |
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| GwangjuParents wrote: |
Okay, if you buy gold in Korea or elsewhere, is it always denominated in US dollars?
I personally think the US dollar is going to tank really hard soon, so this is a consideration.
Also, let's assume paper becomes worthless and the price of gold sky rockets.
So what does gold get you then? A wheel barrel full of worthless paper? |
I can't.. wow... I can't believe that. That just blew my mind. I'm .. wow.
Beeyee, you wanna take this one? Providing the Hepatitis hasn't got you yet? |
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Beeyee
Joined: 29 May 2007
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| Posted: Tue Feb 10, 2009 6:16 am Post subject: |
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| GwangjuParents wrote: |
Okay, if you buy gold in Korea or elsewhere, is it always denominated in US dollars?
I personally think the US dollar is going to tank really hard soon, so this is a consideration.
Also, let's assume paper becomes worthless and the price of gold sky rockets.
So what does gold get you then? A wheel barrel full of worthless paper? |
No it is not sold by the dollar, it is sold in Korean currency by a Korean measurement called a don. See the earlier pages for an explanation of this.
You are right however. The US currency is almost certain to tank this year. Obama's policies are suicidal and will almost certainly result in a huge devaluation of the dollar. In this situation, gold will at least protect you from severe inflation. At worst, it can be used as a barter item. Either way, it is very unlikely that you will lose money by investing it in gold. |
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aquaponics08
Joined: 22 Dec 2008
Location: Korea
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| Posted: Tue Feb 10, 2009 9:57 am Post subject: |
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| I expect gold to temporarily tank as a dollar sell off starts. I'm holding some US$ in anticipation of it. By the time it does, you nwill want to be out of US$. By the way, it is possible to buy silver and platinum in Korea. You just need to know where to look. It's sold in the usual don weights and ingots. |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Tue Feb 10, 2009 10:08 pm Post subject: |
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| Beeyee wrote: |
| GwangjuParents wrote: |
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| Read what top trends forecasters like Gerald Celente are saying. $2000 gold is a pretty common prediction nowadays. |
Experts were also saying Oil would be $200 a barrel right now and that real estate values would go up forever.
I know the second I bought gold it would crash the next day.
Also remember Buffett: When people are greedy, by fearful. When people are fearful, be greedy.
People seem pretty greedy about gold right now. |
Except Gerald Celente is right about almost everything. |
I'm on Beeyee's side here.
I don't advocate gold because it makes money. That's stupid. It's a bulwark against things going completely to hell, which is what every reputable analyst has been saying will happen around September of this year.
I think all of this is being done on purpose, but that's another thread.
Get at least enough gold OR Euros to buy a ticket home folks. IT CANNOT HURT. |
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diver
Joined: 16 Jun 2003
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| Posted: Tue Feb 10, 2009 10:53 pm Post subject: |
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The reason I got into this thread is because my wife and I are new to this, but it's never too late to start planning for the future (which explains me thread about CDs).
Despite the divided opinion over certain things, the experts all seem to agree upon the STEPS my wife and I should take towards securing our future.
1. Pay off debt - Check
2. Take care of health/medical - double (actually triple) check
3. Build up emergency funds - that's where we are now
What we want is to put some cash away that will earn higher (doesn't have to be much) interest than a basic savings account, but that we can get to/liquidate in a reasonable amount of time in case one or both of us gets sick and can't work, or all the schools in Korea go belly-up, whatever.
So far, the CD ladder seems to suit our needs best (though if anyone has a better suggestion, I'd love to hear it).
It seems that in the short term, gold might not be the best bet. If we run into an emergency in the next year or two, it seems possible that we could lose money. However, it seems from what I've studied, that 10 or 20 years from now, it will make money. Does that seems correct, or am I way off? |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Tue Feb 10, 2009 11:47 pm Post subject: |
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| diver wrote: |
The reason I got into this thread is because my wife and I are new to this, but it's never too late to start planning for the future (which explains me thread about CDs).
Despite the divided opinion over certain things, the experts all seem to agree upon the STEPS my wife and I should take towards securing our future.
1. Pay off debt - Check
2. Take care of health/medical - double (actually triple) check
3. Build up emergency funds - that's where we are now
What we want is to put some cash away that will earn higher (doesn't have to be much) interest than a basic savings account, but that we can get to/liquidate in a reasonable amount of time in case one or both of us gets sick and can't work, or all the schools in Korea go belly-up, whatever.
So far, the CD ladder seems to suit our needs best (though if anyone has a better suggestion, I'd love to hear it).
It seems that in the short term, gold might not be the best bet. If we run into an emergency in the next year or two, it seems possible that we could lose money. However, it seems from what I've studied, that 10 or 20 years from now, it will make money. Does that seems correct, or am I way off? |
Gold isn't just long term, it's worst-case-scenario-omg-breadlines.
Don't believe me? This video was on the front page of the guardian today:http://www.guardian.co.uk/world/video/2009/feb/11/zimbabwe-gold-panning-starvation-food
Don't buy gold to make money; if gold gets high enough to make you more than a few bucks of profit, something's already horribly wrong.
That's where we might be at in September.
I just checked up on the Shinhan Gold-uh Rich-ey account...it's true. It's an account where you deposit by the gram. Right now the grams are ~40,000 won a pop. Can...not...hurt folks, especially if you bank with Shinhan. |
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awesome.ahsah!
Joined: 07 Jan 2009
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| Posted: Wed Feb 11, 2009 12:11 am Post subject: Gold |
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| What a sobering discussion! |
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Leslie Cheswyck
Joined: 31 May 2003
Location: University of Western Chile
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GwangjuParents
Joined: 31 Oct 2008
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| Posted: Wed Feb 11, 2009 4:04 am Post subject: |
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The IMF is reported to be gearing up to sell a lot of its gold reserves in the near future for a variety of reasons.
If that happens, expect gold to drop BIG time.
If and when that happens, that's when I'm buying gold. |
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Leslie Cheswyck
Joined: 31 May 2003
Location: University of Western Chile
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| Posted: Wed Feb 11, 2009 6:26 am Post subject: |
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| Are you sure that wasn't last year's news? I checked and all the links I could post here (but I won't because there are too many) are all dated March through May 2008. |
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GwangjuParents
Joined: 31 Oct 2008
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| Posted: Wed Feb 11, 2009 7:13 am Post subject: |
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Jim Rogers was talking about it a bit in a CNBC interview he did a few days ago.
For the record, Jim Rogers was also saying the same thing last November.
Makes sense though in a way that the IMF would sell a lot of their gold. They have a lot of countries to send money to these days... |
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lowpo
Joined: 01 Mar 2007
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| Posted: Wed Feb 11, 2009 7:36 am Post subject: |
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| GwangjuParents wrote: |
Jim Rogers was talking about it a bit in a CNBC interview he did a few days ago.
For the record, Jim Rogers was also saying the same thing last November.
Makes sense though in a way that the IMF would sell a lot of their gold. They have a lot of countries to send money to these days... |
If you don't want to carry gold around to every place to go. You can just buy gold shares in minning companies. Some people are saying that gold to go up between 1,000 to 1,500 dollars an ounce, before it will drop.
http://biz.yahoo.com/indie/090206/1697_id.html?.v=1 |
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harryh
Joined: 16 Jan 2003
Location: south of Seoul
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| Posted: Wed Feb 11, 2009 8:23 am Post subject: |
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Gold shares are the way to go. I'm in with Oxus Gold, Central Rand Gold, Solomon Gold, Goldplat, Peter Hambro Mining, Hambledon Mining and Ojsc Polyus. The rises in the stock prices since early December have been amazing! What a great year it's going to be.
Stocking up with diamond, platinum, ore, ferrochrome, copper and zinc shares this year, from companies with more cash than market cap. Great assets, and continuing revenue streams and long term orders. Do your reseach and find the bargains. Love it! |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Wed Feb 11, 2009 4:57 pm Post subject: |
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| GwangjuParents wrote: |
Jim Rogers was talking about it a bit in a CNBC interview he did a few days ago.
For the record, Jim Rogers was also saying the same thing last November.
Makes sense though in a way that the IMF would sell a lot of their gold. They have a lot of countries to send money to these days... |
Also for the record, Asian gold prices dipped because people were selling their gold for cash.
Shit's gettin' real folks. |
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