Korean Job Discussion Forums

mike in brasil · Joined: 09 Jun 2003

Through out this crisis the only asset that is within striking of its highs is gold (in US$ terms). Everything else is closer to its lows. That shows tremendous relative strength.

Gold is on its way to the US$1400 level. In other currencies (won included) its at all time highs.

It seems gold will be in for a pullback, but it's just charging up to retest the US$1000 before it goes to the $1200 level.

If you are new to gold you shouldn't be rushing in and just buying it until you understand what you are getting into. Metals are extremely volatile and will test your resolve.

The mixed sentiment on this board (and the media) is good. It's once everyone is talking about it and euphoric, then it will be time to sell.

Any other TFNN tigers out there? Roooaaarr!!

Leslie Cheswyck · Joined: 31 May 2003 Location: University of Western Chile

Dodgy Al · Joined: 15 May 2004 Location: Seoul

Just yesterday I sold all my gold (189g) at around $930 pTOz.

I hope your sources are right Leslie! Smile

Leslie Cheswyck · Joined: 31 May 2003 Location: University of Western Chile

Here's a look at last year's gold prices.

http://www.kitco.com/scripts/hist_charts/yearly_graphs.plx

And the IMF sale of 403 tons of gold May 7, 2008.
http://www.infowars.com/imf-sells-gold-reserves/?cp=2

There doesn't seem to be any immediate effect on the price. (But it did drop quite a bit two months later.) Crying or Very sad

Though it has come back up. Very Happy

http://www.kitco.com/scripts/hist_charts/yearly_graphs.plx

I'm hanging on a bit longer. Twisted Evil

Beeyee · Joined: 29 May 2007

Just got myself an extra ounce today at 150,000 a don. Good business if you ask me Cool

cobright · Joined: 10 Oct 2008 Location: Rochester Hills, MI

Okay, I've made my case against gold as an investment before. But please consider a little criticism for some common thoughts in this thread.

Gold as a last ditch barter piece should the economy collapse ... Okay you're starving to death and you have a pocket full of gold. Things get that bad people are going to want a lot of things in exchange for that loaf of bread. Work, a goat, some sort of talent... but gold has almost no intrinsic value. No one will starve to death for lack of gold. Some people will trade for it at rates that will make you puke ... an ounce ought to buy you that loaf of bread. If this is your concern then start buying flour, MREs, water purifiers, tinfoil (for the hats)

Don't get your investment advise from the people selling you the investment. Said the cheese-maker "the real future is cheese, you should invest in cow-gold"

harryh · Joined: 16 Jan 2003 Location: south of Seoul

http://www.24hgold.com/english/contributor.aspx?filter=current_article&contributor=Eric+Hommelberg

http://www.investegate.co.uk/Article.aspx?id=200902180700114620N

$983 for gold at the moment. It'll be an interesting year for sure. I'm keeping my gold stocks. Glad I bought in the last quarter of 2008.

Beeyee · Joined: 29 May 2007

Gold has gone through the roof of late. $1000 is just around the corner and the only way is up IMO with the Obama stimulus. I'm happy Cool

harryh · Joined: 16 Jan 2003 Location: south of Seoul

kcs0001 · Joined: 24 Jul 2005

The U.S. is printing greenbacks like crazy, so nothing wrong about owning some hard assets like gold as a hedge against inflation.
I have been hearing some disturbing things lately about the gold ETF
ticker "GLD" so you should do your own research.

Listen to Hard Money Watch on KFNN with this link if you want.

http://www.kfnn.com/podcast.asp

toeknee01 · Joined: 03 Jul 2009

Hey maybe someone on this forum can clear something up for me. I'm really confused. I just went to Shinhan to open a Gold bank account. My understanding is that I would make a deposit, and that the money I deposit would be represented by the price of gold. The lady at the bank was trying to explain to me that there is a difference between making my deposit in dollars versus making the deposit in Won. She went on to explain that if the dollar does in fact suffer, that the won would suffer too and that the value of my "Gold" account could diminish. She said it would be better to exchange my Won for dollars, and open the Gold account with dollars. That way it would be more secure. This was what I understood anyway, however there was a medium sized language barrier going on so maybe I just totally misunderstood. In the end, I told her I wanted to think more about it and did not open up an account. I just could not wrap my brain around what she was saying. Does anyone on this forum have any idea what she might have talking about?

Hope so....thanks in advance.

Otherside · Joined: 06 Sep 2007

Doesnt make sense what she's saying.

The value of the gold whether priced in Won or $ or Roubles will be the same in USD. (obviously there will be minor differences when you withdraw due to exchange costs). If the gold price stays the same and the won strengthens, then you have more won, if the won weakens then you have less won.

If you want to invest in gold (which I don't recommend, but that's another story). Rather go to a brokerage in your home country and buy a Gold ETF. Simpler, Better, Faster.

PS. Notice how all these gold bugs have been pretty quiet since late feb/March, where gold has been flat to down, while equities have made 30+%...

toeknee01 · Joined: 03 Jul 2009

Does anyone know where you can buy gold in units of 100grams. I live in Daegu and I found some places that sell it but they only have 1kilo gold bars which is way too expensive for me. They were willing to cut the kilo bars into smaller pieces. In fact they showed me some smaller pieces that had been cut, but they looked rather ugly. My concern about buying those cut pieces is that it may be difficult to sell later. Shinhan bank sells gold bars in 100 and 500 gram size, however they also charge you 14 percent in taxes. Not worthwhile. The guys I talked to in Daegu were willing to forgo the whole tax thing if I paid in cash. I live in Daegu, but wouldn't mind making a trip up to Seoul or Busan if someone knows of a good place to go.

Ethan Allen Hawley · Joined: 04 Jun 2006

I realise I'm coming late to this game, and that the price of gold is currently at a high. I do also, however, realise that things are pretty bad in the US economy these days, and look to be getting a deal worse within the next short-term.

Does anyone with experience have any practical, useful, how-to advice, step-by-step sort of information that they can offer for anyone foolhardy enough to want to change fiat currency paper-type money for any of that yellow metal stuff?

I was glad to learn here above, for example, that there's a 14% tax rate on sales of gold. I knew there was a tax, but I didn't know how much.

I know there are websites which list the half-day's price like those which people have kindly linked above, but I don't know which one is the 'spot price,' nor even what that really means.

And, do all small stores drop the tax rate if you pay by cash?

And, if I want to sell out of the physical stuff in another 6 months, does the tax go to me, or what should the price be for the store, in relation to the half-day's (spot-?) price?

Anyway, it's nice to know others have been on the same track. I'd sure appreciate any more guidence further on down the path though.

creeper1 · Joined: 30 Jan 2007

I want to bump this thread to take my hat off to all those who correctly predicted that gold would increase two years ago. We still haven't seen any sign it's going down.

We haven't had hyperinflation yet but we will with Bernake printing like a madman.

However the comments about Gerald Celente being right have proven wrong. He was wrong about the emergence of a new third party and a host of other things.