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Gold hits an all time hight Part 2
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Cici88



Joined: 18 Sep 2010
PostPosted: Mon Sep 27, 2010 8:34 am    Post subject: Gold hits an all time hight Part 2 Reply with quote
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
PostPosted: Mon Sep 27, 2010 9:07 am    Post subject: Reply with quote
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
PostPosted: Mon Sep 27, 2010 9:18 am    Post subject: Reply with quote
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
PostPosted: Mon Sep 27, 2010 9:50 am    Post subject: Reply with quote
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
PostPosted: Mon Sep 27, 2010 10:04 am    Post subject: Reply with quote
^ Or raise interest rates.
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Cici88



Joined: 18 Sep 2010
PostPosted: Mon Sep 27, 2010 3:25 pm    Post subject: Reply with quote
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
PostPosted: Mon Sep 27, 2010 4:47 pm    Post subject: Reply with quote
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?

Twisted Evil
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Cici88



Joined: 18 Sep 2010
PostPosted: Mon Sep 27, 2010 4:53 pm    Post subject: Reply with quote
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?

Twisted Evil



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! Smile
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El Exigente



Joined: 10 Sep 2010
PostPosted: Mon Sep 27, 2010 5:33 pm    Post subject: Reply with quote
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?

Twisted Evil



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
PostPosted: Mon Sep 27, 2010 7:45 pm    Post subject: Reply with quote
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?

Twisted Evil



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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