Korean Job Discussion Forums

[Weigookin74]

I asked about buying gold coins here before. I was told I can go to the bank. But, can you choose the coins they have or are they just some local Korean type? I'm looking for Canadian Maple Leaf as I am reading they are the best and the easiet to sell if need be. WOuld they have those kind here?

Also, Silver is a good buy, but I know less about it. I also assume Canadian Maple Leaf?

http://cornerstonebullion.com/silver


http://cornerstonebullion.com/mapleleaf/

[Otherside]

I'm almost certain you can't buy gold coins in banks in Korea (and certainly not at the average branch).

One of the few places you can buy gold coins in banks is Hong Kong, at selected BOC and Hang Seng branches. Usually, you can buy whatever stock they have on hand, the variety is often limited and the condition ranges from BU to somewhat less than that (especially with maples).

As for buying gold coins, any of the big 4 (AGEs, Krugs, Phils, Maples) are a good buy, Pandas are good too, but usually you'll be paying an extra premium.

As for silver, maples are among the best. Milk spotting makes them less attractive for some, but as a pure bullion buy, they offer one of the lowest premiums over spot and are the 2nd most popular coin (in terms of mintages).

Back to buying coins in Korea. The short answer is don't.

The long answer, selection is extremely limited, there are only a handful of bullion dealers and they charge pretty high premiums. Additionally, Tax (10%) is charged on all bullion purchases, meaning you'll be paying significantly more.

Silver is even worse, as the premiums are very high. Dealers in Korea charge anywhere between $35-40 dollars for a coin which sells for under $25 elsewhere (with spot at around $21-22).

If you decide to buy bars (gold or silver), you'll do a bit better as the premiums are comparable to other locations, however, you're still stuck with the 10% tax, so you'll pay on average 10% more in Korea than elsewhere.

[Weigookin74]

Guess I should have known better than to expect Korea to make sense. There's logic and then logic's opposite. Welcome to the morning calm. Given global government's appetites for printing money and future inflation spikes, you'd think more Koreans would want to buy gold. Stupid that it would be so discouraged here.

[TheUrbanMyth]

[Weigookin74]

So, arguements aside, where do you buy silver and gold coins here? Banks, gold shops, etc?

Any specific companies?

[EZE]

[NohopeSeriously]

Worst Korea is all about buying stocks. You're not suppose to think otherwise.

[Weigookin74]

I'm reading the best thing is to try to get 1/10 ounce gold coins. Canadian Maples are amongst the purest and to try to get American Eagle silver coins. I'm mostly interested in if currencies collapse and having something to buy food with and make it somewhere. (Not a paranoid end of the world feeling, butwant to be prepared.) The way the US Federal reserve is printing money and the congress is running hige deficits, the paper money is becoming worthless. China and other countries are buying up huge sums of gold.

[EZE]

Are you wanting to hold them in Korea, or are you wanting to hold them in your homeland? Asians tend to prefer pure gold. If you're going to hold them here, Maple Leaves or Australian pieces would be preferable to Eagles or K-rands.

Fractional coins carry a much bigger premium. You'll get more gold for your money buying full ounces, but in a currency collapse, perhaps few people could scrape up enough money to buy a full ounce when you want to sell. I think it's good to have both. There are those Valcambi Combibars that have 50 one gram pieces that can break off from the bar, but the premium on those are too high in my opinion.

[mike in brasil]

In a crisis/panic, cash is king. Most people haven't the foggiest idea how much gold is worth or what it should like anyways....

Buy precious metals for diversification and for the inevitable erosion of all paper currencies.

Palladium has been the strongest since the last correction in the precious metals and also in a supply shortage. Platinum seems to the be the most undervalued.

My advice is to buy them from/in the country where you think you'll end up selling them because dealers/buyers like to buy what they are most familiar with.

I've always used kitco.com and never had a problem.

If you want to buy the 1.2oz butter pats in Seoul, then go to Jogno and in Busan, then go to Beomil-dong.

I think Shinhan banks sell standard bars...... but who knows if it's worth the extra premium and VAT (dunno if they charge VAT)

[HELICIS]

There's a gold district in Seoul, I've bought a lot of silver, gold and palladium there. Jongno-3 Ga.