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Cici88
Joined: 18 Sep 2010
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 Posted: Mon Sep 27, 2010 8:34 am Post subject: Gold hits an all time hight Part 2 |
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Hi everyone,
I own physical gold which I have taken possession on. I converted Canadian dollars and bought my gold in Korea. The unit of measurement of gold in Korea is in 'don' as opposed to troy ounces. Does anyone know of a website where I can track the price of gold live in Korea Don?
On a long term and intermediate term basis, Gold has risen against all currencies with the won being no exception. However, the Korean won has been going up lately and is expected to go up at least another 5% by March of next year. As a result, the price of gold in Korea measured in 'don' has been muted despite the record highs achieved in US dollar terms (which is kinda ticking me off). If there is a currency war, and Korea joins in by devaluing the Won, I fully expect gold to resume it's upward trend against won. If the world does enter a global depression within a couple of years, the Korean won will get whacked and the price of gold to won should go up significantly.
Has anyone else bought their gold in Korea? What are your thoughts? |
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recessiontime
Joined: 21 Jun 2010
Location: Got avatar privileges nyahahaha
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| Posted: Mon Sep 27, 2010 9:07 am Post subject: |
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| there are several people on this site that have bought gold in Korea, many have also invested in other precious metals. Don't look back, you've done the right thing. |
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Cici88
Joined: 18 Sep 2010
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| Posted: Mon Sep 27, 2010 9:18 am Post subject: |
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| recessiontime wrote: |
| there are several people on this site that have bought gold in Korea, many have also invested in other precious metals. Don't look back, you've done the right thing. |
Thanks for the reassurance recession time. I believe the I've made the right decision as well.
Looking at the 5 year chart the won has fallen 300% against gold
Looking at the 10 year chart the won has fallen 500% against gold
Looking at the 2 year chart the won has fallen 40% against gold
And having said this, I think we're just getting started and we're entering the second phase of the great gold bull market. Because Korea's economy is so export dependent, the next great depression should magnify these gains significantly.
Because I have 70% of my wealth tied up in physical gold, sometimes following the short term price movements can be a little frustrating. I wish the won would fall everyday in relation to gold, but I guess that would be a little unrealistic. Thanks again. |
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recessiontime
Joined: 21 Jun 2010
Location: Got avatar privileges nyahahaha
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| Posted: Mon Sep 27, 2010 9:50 am Post subject: |
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Try not to follow it, it will drive you nuts. You obviously know that the trend is it's going to go up. Nobody can really say how fast and how high but it's obvious that it's undervalued. The Fed will print more money and they will announce this on Nov 3rd, inflating the money supply again. It's a guaranteed upward trajectory.
The only things that can lower gold price down significantly is
1) they find vast amounts of untapped gold somewhere (unlikely)
2) They find a way to create vast amount of energy cheaply to transmutate lead into gold (highly unlikely)
3) they abandon the USD and introduce a new currency (likely but not for a very long time) |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Mon Sep 27, 2010 10:04 am Post subject: |
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| ^ Or raise interest rates. |
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Cici88
Joined: 18 Sep 2010
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| Posted: Mon Sep 27, 2010 3:25 pm Post subject: |
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| mises wrote: |
| ^ Or raise interest rates. |
If the Fed raises interest rates, there's always a chance gold could
decline for days or weeks afterwards. However, i don't
believe the Fed raising interest rates will put a damper on the
long-term secular bull market in gold.
When the Fed starts raising rates, they will likely ease rates
higher very slowly, possibly a quarter basis point at a time.
Interest rates of 1% or 2%, although higher than 0%, are still
very inflationary.
We would need to see artificially high rates of 10% or more
for an extended period of time, to counteract the damage
being done today. Of course, that would mean a tremendous
increase in the interest payments on US national debt, which
the US would have no way of paying without printing money.
Personally, I don't think it is possible to put a stop to
inflation and gold's bull market unless the US government
dramatically reduces its size and cuts spending, which I
very much doubt will happen. |
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El Exigente
Joined: 10 Sep 2010
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| Posted: Mon Sep 27, 2010 4:47 pm Post subject: |
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| Cici88 wrote: |
I own physical gold which I have taken possession on.
...
Because I have 70% of my wealth tied up in physical gold, sometimes following the short term price movements can be a little frustrating. |
Aren't you afraid of getting robbed?
BTW, where do you live?
 |
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Cici88
Joined: 18 Sep 2010
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| Posted: Mon Sep 27, 2010 4:53 pm Post subject: |
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| El Exigente wrote: |
| Cici88 wrote: |
I own physical gold which I have taken possession on.
...
Because I have 70% of my wealth tied up in physical gold, sometimes following the short term price movements can be a little frustrating. |
Aren't you afraid of getting robbed?
BTW, where do you live?
|
Nope, my gold is very safe and secure. Impossible for anyone to steal.
I will be living somewhere in Seoul.....find me if you can!  |
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El Exigente
Joined: 10 Sep 2010
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| Posted: Mon Sep 27, 2010 5:33 pm Post subject: |
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| Cici88 wrote: |
| El Exigente wrote: |
| Cici88 wrote: |
I own physical gold which I have taken possession on.
...
Because I have 70% of my wealth tied up in physical gold, sometimes following the short term price movements can be a little frustrating. |
Aren't you afraid of getting robbed?
BTW, where do you live?
|
Nope, my gold is very safe and secure. Impossible for anyone to steal. |
Famous last words.
I love a challenge! |
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Cici88
Joined: 18 Sep 2010
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| Posted: Mon Sep 27, 2010 7:45 pm Post subject: |
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| El Exigente wrote: |
| Cici88 wrote: |
| El Exigente wrote: |
| Cici88 wrote: |
I own physical gold which I have taken possession on.
...
Because I have 70% of my wealth tied up in physical gold, sometimes following the short term price movements can be a little frustrating. |
Aren't you afraid of getting robbed?
BTW, where do you live?
|
Nope, my gold is very safe and secure. Impossible for anyone to steal. |
Famous last words.
I love a challenge! |
Ha ha. My gold is held in a vault in my boyfriends/fiance's name at a reputable financial institution in Seoul near Apukujong. Get it if you can. Hee hee. |
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recessiontime
Joined: 21 Jun 2010
Location: Got avatar privileges nyahahaha
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| Posted: Mon Sep 27, 2010 10:30 pm Post subject: |
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| Cici88 wrote: |
| El Exigente wrote: |
| Cici88 wrote: |
| El Exigente wrote: |
| Cici88 wrote: |
I own physical gold which I have taken possession on.
...
Because I have 70% of my wealth tied up in physical gold, sometimes following the short term price movements can be a little frustrating. |
Aren't you afraid of getting robbed?
BTW, where do you live?
|
Nope, my gold is very safe and secure. Impossible for anyone to steal. |
Famous last words.
I love a challenge! |
Ha ha. My gold is held in a vault in my boyfriends/fiance's name at a reputable financial institution in Seoul near Apukujong. Get it if you can. Hee hee. |
Actually there is a chance that your bank may have its gold confiscated in the future like what happened in America in the past. There is also a possibility that your bank could be operating a ponzi scheme or that your gold does not exist to begin with. |
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brickabrack
Joined: 17 May 2010
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| Posted: Mon Sep 27, 2010 10:38 pm Post subject: |
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Cici88. Your gold is already stolen. Wise up.
If you don't have your bullion or coins in your hands
or in a safe in your den,,,,,
YOU DON'T HAVE GOLD.
If you have paper certs that say you own 120 shares of 10 oz coins,
yada yada
YOU DON'T HAVE GOLD.
Go to your boyfriend's bank and get your metal now.
It may get you out of the country one day when permitted flights
or boats are limited.
I know, I sound crazy don't I? Tell the Jews and the Viets the same thing. |
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Cici88
Joined: 18 Sep 2010
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| Posted: Mon Sep 27, 2010 11:13 pm Post subject: |
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| recessiontime wrote: |
| Cici88 wrote: |
| El Exigente wrote: |
| Cici88 wrote: |
| El Exigente wrote: |
| Cici88 wrote: |
I own physical gold which I have taken possession on.
...
Because I have 70% of my wealth tied up in physical gold, sometimes following the short term price movements can be a little frustrating. |
Aren't you afraid of getting robbed?
BTW, where do you live?
|
Nope, my gold is very safe and secure. Impossible for anyone to steal. |
Famous last words.
I love a challenge! |
Ha ha. My gold is held in a vault in my boyfriends/fiance's name at a reputable financial institution in Seoul near Apukujong. Get it if you can. Hee hee. |
Actually there is a chance that your bank may have its gold confiscated in the future like what happened in America in the past. There is also a possibility that your bank could be operating a ponzi scheme or that your gold does not exist to begin with. |
Well, we actually bought our gold from a private dealer and have taken physical delivery, so our gold is not in paper, but physical gold bars. I completely agree there's a chance that our gold may be confiscated so the storage of my gold at the bank's safe is a temporary measure. The bank only charges $30 dollars a year and as of now, we can't figure out a safe place to actually store and hide our gold. You have to understand, we own ALOT of gold...in the hundreds of millions of won so we don't feel safe storing our gold at home or any other place for that matter. We're in a dilemma. We're trying to look into finding a reputable private company that provides vault storage services. Any suggestions? |
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Cici88
Joined: 18 Sep 2010
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| Posted: Mon Sep 27, 2010 11:17 pm Post subject: |
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| brickabrack wrote: |
Cici88. Your gold is already stolen. Wise up.
If you don't have your bullion or coins in your hands
or in a safe in your den,,,,,
YOU DON'T HAVE GOLD.
If you have paper certs that say you own 120 shares of 10 oz coins,
yada yada
YOU DON'T HAVE GOLD.
Go to your boyfriend's bank and get your metal now.
It may get you out of the country one day when permitted flights
or boats are limited.
I know, I sound crazy don't I? Tell the Jews and the Viets the same thing. |
Refer to my last post, we didn't buy gold backed by paper. We bought physical gold bars from a private dealer. We bought a shit load and we don't feel secure hiding it at home. Storing it at the bank is only a temporary measure until we can figure out where we can securely hide our gold. We won't have a backyard with grass to hide our gold, and we'll be using wol sae to rent our apartment. So we either use a private company to store our gold which will be expensive, or we'll need to buy a non movable safe and store it in our apartment. We're still deciding.... |
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Cici88
Joined: 18 Sep 2010
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| Posted: Mon Sep 27, 2010 11:25 pm Post subject: |
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| Gold is now at $1283....I know it's a healthy correction, but annoying nevertheless. |
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