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LL Moonmanhead
Joined: 21 Mar 2005
Location: yo momma
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 Posted: Tue Apr 05, 2011 11:32 pm Post subject: |
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| Jane wrote: |
Moonman, where I can pick up some (preferably) 99.9 silver bars (in Seoul)?
I'm looking to pad my treasure chest a bit.
I love being a pirate. |
You can buy off me. Will sell for spot. You won't get a better price anywhere else. |
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chungbukdo
Joined: 22 Aug 2010
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| Posted: Wed Apr 06, 2011 5:21 am Post subject: |
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| Poker wrote: |
| chungbukdo wrote: |
Hey Mike, much thanks on getting back to me.
That's a shame there are no ETF commodity products in Korea. I wanted to do this stuff under my girlfriend's name in Korea rather than Canada where I'd pay capital gains taxes.
When you buy silver bullion in Korea you pay a 10% tax right off the bat. I've only been able to buy in 1kg increments too which is slightly inconvenient.
How do you invest through Kitco while in Korea (if you're here and not in Brazil)? |
I bought 3 1kg silver bars for cash in Jongno-3-ga 2 weeks ago, no 10% tax. Just pay in cash. Spot plus $3.
LL Moonmanhead, what city are you in? |
What store in Jongno? I would like to buy there.
I went to some stand inside a jewelry store called Gold Xchange right outside the subway exit, there was a 10% tax over spot. Paid in cash. |
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chungbukdo
Joined: 22 Aug 2010
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| Posted: Wed Apr 06, 2011 5:24 am Post subject: |
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| austrian123 wrote: |
To the OP..why would you want to buy into an ETF? Physical silver is the way to go.
For the rest of you guys, I do hope that you realize that silver shots are the preferred form of bullion in Korea. Easiest form of bullion to sell. The reason being is that silver shots in Korea are 99.99 pure silver whereas silver bars in korea have a purity of 99.5 and less.
I personally have bought 220 kg of silver shots.... |
I wanted an ETF to buy in smaller than 1kg increments, because I make 1.5 M won per month.
How big are silver shots and where can I purchase them in Korea? The place I found only sold 1kg silver bars.
220kg is a lot. You are rich. |
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austrian123
Joined: 15 Oct 2010
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| Posted: Wed Apr 06, 2011 7:50 am Post subject: |
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| chungbukdo wrote: |
| austrian123 wrote: |
To the OP..why would you want to buy into an ETF? Physical silver is the way to go.
For the rest of you guys, I do hope that you realize that silver shots are the preferred form of bullion in Korea. Easiest form of bullion to sell. The reason being is that silver shots in Korea are 99.99 pure silver whereas silver bars in korea have a purity of 99.5 and less.
I personally have bought 220 kg of silver shots.... |
I wanted an ETF to buy in smaller than 1kg increments, because I make 1.5 M won per month.
How big are silver shots and where can I purchase them in Korea? The place I found only sold 1kg silver bars.
220kg is a lot. You are rich. |
First off, here is what I found out:
To reiterate, silver shots are the preferred form of bullion in Korea. You can buy silver bars in korea with the same purity as shots, but you will definitely have to pay over spot prices whereas with silver shots you can pay at or below spot prices. The reason being is that silver's natural form is in the form of shots and whereas in Korea there is extra work required to mold the silver into bars...hence this is the reason why you have to pay over spot.
How big are silver shots you ask? and where can you purchase them?
Well my friend, I'd be more than happy to oblige this information to you.
You can buy silver shots in small or big quantities, it's up to you and how much you can afford. There is a gold district in Seoul right beside Insadong. The store I deal with is called Hanguk Geum which translated means Korea Gold. Here is the number of the guy I deal with, but he doesn't speak English. 017 424 3010
I'm not rich yet....but I will be once silver hits 120 bucks an ounce, but I'm holding until 400 bucks. Silver looks ready to break 40 soon.
Also, I've copied and pasted the link I use to track silver on a daily basis:
http://www.koreagoldx.co.kr/ |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Wed Apr 06, 2011 8:22 am Post subject: |
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| austrian123 wrote: |
| I personally have bought 220 kg of silver shots.... |
How long did it to take you to buy that much silver? That's worth close to $300k now. |
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chungbukdo
Joined: 22 Aug 2010
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| Posted: Wed Apr 06, 2011 2:49 pm Post subject: |
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Are silver shots another word for silver granules? They tried to sell me some of those when I wanted lower than 1kg increments.
Your SN--I guess "Austrian" refers to the school of economics? By the way, I heard some people saying the price of a family home in the US reaches 2000 oz of silver historically. You might be able to buy a lot of homes whenever the bottom of the housing market and silver peak closely meet.
Thanks for the info and number of your gold guy. |
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austrian123
Joined: 15 Oct 2010
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| Posted: Wed Apr 06, 2011 7:38 pm Post subject: |
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| jvalmer wrote: |
| austrian123 wrote: |
| I personally have bought 220 kg of silver shots.... |
How long did it to take you to buy that much silver? That's worth close to $300k now. |
Yes it's close to 300k, but it will be worth alot more in 5-10 years.
I actually started investing in Precious Metals in 2008 and my precious metals portfolio originally consisted only of gold. I started diversifying into silver last October and I have been buying gradually switching my gold into silver since then. It's been a gradual process, because it's taken a while for me to convince my wife that silver is the way to go. Also, storage space is an issue in Korea.
Last week I sold all of my gold and now I'm 100% into silver. I think Gold is still a great investment and I originally started with gold because it's not as volatile and it's more stable than silver. However, I just could not ignore the fundamentals of silver and the HUGE upside that it offered. According to my calculations, it showed that if I changed over silver that I would end up with at least $1 million more as oppossed to strictly staying invested in gold.
The price of silver on the korean gold exchange is up another 66 won today..... |
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austrian123
Joined: 15 Oct 2010
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| Posted: Wed Apr 06, 2011 7:56 pm Post subject: |
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| chungbukdo wrote: |
Are silver shots another word for silver granules? They tried to sell me some of those when I wanted lower than 1kg increments.
Your SN--I guess "Austrian" refers to the school of economics? By the way, I heard some people saying the price of a family home in the US reaches 2000 oz of silver historically. You might be able to buy a lot of homes whenever the bottom of the housing market and silver peak closely meet.
Thanks for the info and number of your gold guy. |
Yes, silver shots are another word for granules. At first I was hesitant to buy the granules as opposed to the bars, but in Korea it's the way to go. The reason I referred you to my gold guy is that he can be trusted and he provides one of the best prices. All of my purchases have been under the spot price.
Yup, 'austrian' refers to the school of economics. I've always been interested in economics, money, and investing. I majored in IT with a minor in economics and I always read the financial sections of newspapers and watched shows such as CNBC. The funny thing was every economist that I watched on CNBC and whose articles I read in the newspapers, their opinions and forecasts were always WRONG!!!!!!
And these guys were nobel prize winners and some of the world's best economists. Needless to say, I lost money listening to these Keynsian monkeys.
Then one day, I saw a guy named Peter Schiff appear on CNBC. He was calling for a huge economic crash and everyone was laughing at him. Well Peter Schiff was right. So I asked myself, how could everything I was taught in school be SO WRONG and how could EVERY economist be SOOOOO WRONG with their forecasts and why was Peter Schiff correct. Well to make a long story short, it started a journey and an investigation into the history of money and economics in which it resulted in myself converting to the Austrain school of economics.
CNBC is a sham, what we learn in school is sham, Governments are pathological liars and their reporting of economic statisics is a sham, Every world central bank is destructive to their respective countries and
The Federal reserve is controlled by a global banking cartel who does not care one bit about anyone except to line their own pockets.
The US and the world is controlled by an Zionist Anglo American business and banking cartel whose control is based on controlling the issuance of currency and credit and the continuous debasement of currencies. Korea is no exception. Korea has based their system after the US keynsian system and the Bank of Korea continues to inflate the Won like no tomorrow. And as much as i hate to say it, Korea is a semi colony of the US.
Protect yourself...buy silver and gold. |
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brucefox
Joined: 23 Jan 2011
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| Posted: Wed Apr 06, 2011 8:34 pm Post subject: |
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Hey guys. Some of the commemorative silver bars have no serial numbers. Just staes the purity. I know TD CanadaTrust didn't buy them off me, but even some Pamp Suisse bars don't have SN on silver bars. Did you guys have any trouble selling Silver bullions without SNs?
Thing is, it's next to impossible to buy J&M bars with SNs unless you buy them from Canadian or British banks. And I hate the 5% commission fee. |
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austrian123
Joined: 15 Oct 2010
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| Posted: Wed Apr 06, 2011 10:40 pm Post subject: |
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[quote="Poker"]
| austrian123 wrote: |
| austrian123 wrote: |
| Poker wrote: |
| chungbukdo wrote: |
Hey Mike, much thanks on getting back to me.
That's a shame there are no ETF commodity products in Korea. I wanted to do this stuff under my girlfriend's name in Korea rather than Canada where I'd pay capital gains taxes.
When you buy silver bullion in Korea you pay a 10% tax right off the bat. I've only been able to buy in 1kg increments too which is slightly inconvenient.
How do you invest through Kitco while in Korea (if you're here and not in Brazil)? |
I bought 3 1kg silver bars for cash in Jongno-3-ga 2 weeks ago, no 10% tax. Just pay in cash. Spot plus $3.
LL Moonmanhead, what city are you in? |
To the OP..why would you want to buy into an ETF? Physical silver is the way to go.
For the rest of you guys, I do hope that you realize that silver shots are the preferred form of bullion in Korea. Easiest form of bullion to sell. The reason being is that silver shots in Korea are 99.99% pure silver whereas silver bars in korea have a purity of 95% and less. There are varying levels of purity in silver bullion . The spot price of silver is measured by silver being at 99.99% purity. Make sure you know what level of purity you are buying silver bullion at. When purity of the silver bullion goes down, then the price should also be lower than the spot price. |
Not all the bars in Korea are 99.5, my bars are stamped with 999. Also with regards to shots, how hard are they to sell in other countries? The reason why I went with bars was that it can be sold where ever I go in the world. |
I posted a reply to this but it seems it didn't get posted. So here I go again. You're right not all bars in Korea are 99.5. I responded to you after I did a bit of research to confirm this, but again Silver shots/granules are the preferred form of bullion in Korea. Meaning that they are the easiest form to sell.
You're also correct that selling silver shots are more difficult to sell in other countries. Having said this you may have issues trying to transport your silver out of Korea...especially if you paid cash and if you don't have a receipt.
For me personally, I don't plan on leaving Korea anytime soon, so I went with the shots/granules because they're the most liquid. So for me my plan was that I will buy in Korea and I will sell in Korea. Besides, I don't think that the Korean goverment will let me transport 220kilos out of the country without a hassle...so the silver shots made the most sense.
I'm not saying at all that you will have a difficult time selling your bars in Korea, but I do know that they are not the preferred form of bullion that buyers want and you may have trouble taking it out of the country. |
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mike in brasil
Joined: 09 Jun 2003
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Tue Oct 18, 2011 9:23 pm Post subject: |
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Yeah, I've heard complaints about trying to sell silver here.
Anyone have success in selling? |
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HELICIS
Joined: 15 Sep 2011
Location: USA
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| Posted: Wed Oct 19, 2011 12:44 am Post subject: |
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| Captain Corea wrote: |
Yeah, I've heard complaints about trying to sell silver here.
Anyone have success in selling? |
I've been buying PM's since 2005, have a decent stash. I've bought and sold gold, silver, palladium and platinum in Jongno-3 ga. There's a lady who has a shop in Jongo-3 who makes pearl jewelery and is a good go-between. She buys gold (or other metals) at wholesale and sells at retail, (around 5%) a far better deal than APMEX.com or KITCO.com.
She's 50-ish, speaks pretty good English and is very trustworthy. I've dealt with her since 2008, and trust her completely. Her name is Sumaya Oh, her shop is called, "Jewelery Vision '21" and her cell number is 010-7584-0045. But she only takes cell phone calls during business hours.
Her email address is: [email protected]
Last edited by HELICIS on Wed Oct 19, 2011 12:59 am; edited 2 times in total |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Wed Oct 19, 2011 12:53 am Post subject: |
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| Thanks, Helicis. Would she be interested in much larger amounts (such as the ones that have been mentioned earlier in this thread)? |
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HELICIS
Joined: 15 Sep 2011
Location: USA
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| Posted: Wed Oct 19, 2011 12:56 am Post subject: |
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| Captain Corea wrote: |
| Thanks, Helicis. Would she be interested in much larger amounts (such as the ones that have been mentioned earlier in this thread)? |
In March 2009, I bought W12 million won worth of palladium from her. At the time, it was about $200/oz. She can handle large orders, pretty quickly too. She's been around 20 years or more. |
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