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jdog2050
Joined: 17 Dec 2006
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 Posted: Thu Nov 13, 2008 10:36 pm Post subject: Search sucks--advice on buying gold plz |
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Search function sucks so sorry about the nth thread on buying gold.
I'm gonna take the leap this paycheck and buy some. How do I do it, where, what are the denominations, how do I sell it back? |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Thu Nov 13, 2008 11:02 pm Post subject: |
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Gold coins are expensive in Korea. You can buy online if you're from the USA from many online dealers. My favorite is Apmex.com. Big, good prices and very reputable. Just have it go to someone you trust. If you are using a CC, it must go to the address of your CC. I've ordered and bought Traveller's Checks, then sent them EMS before. It generally takes about 4 business days to get to the gold dealer.
Otherwise, you can go to just about any jewlery shop and buy the ingot form that is is measured in multiples of 3.75g (descended from the old Chinese tael weight). Koreans call it "geum don." (gold money)
They generally are square, (sometimes round for smaller multiples like 7 & 11 grams) and resemble a pat of butter (but heavy). I generally buy the 10 don 37.5g (1.2 troy gram) "pat of butter." They are 99.99% (24k) and can be purchased just about anywere in Korea. If you are in the Seoul area, you might want to value shop in Insa-dong.
Just go from shop to shop and see what price they want. Some just charge you a certain price, some will charge the spot price based on the won/dollar exchange. The latter are usually the better deals. It also helps to have a Korean with you and get a certificate of purity. It's kind of gimmicky, but I believe there are laws about that.
. Koreans seem to not trust coins as much as geum don (ingots) and those knick-knack turtles (and such), and that gaudy looking 24k jewelery. The problem with them, is when you want to sell them back home, you may have to have them assayed out of your pocket. |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Thu Nov 13, 2008 11:15 pm Post subject: |
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| seosan08 wrote: |
Gold coins are expensive in Korea. You can buy online if you're from the USA from many online dealers. My favorite is Apmex.com. Big, good prices and very reputable. Just have it go to someone you trust. If you are using a CC, it must go to the address of your CC. I've ordered and bought Traveller's Checks, then sent them EMS before. It generally takes about 4 business days to get to the gold dealer.
Otherwise, you can go to just about any jewlery shop and buy the ingot form that is is measured in multiples of 3.75g (descended from the old Chinese tael weight). Koreans call it "geum don." (gold money)
They generally are square, (sometimes round for smaller multiples like 7 & 11 grams) and resemble a pat of butter (but heavy). I generally buy the 10 don 37.5g (1.2 troy gram) "pat of butter." They are 99.99% (24k) and can be purchased just about anywere in Korea. If you are in the Seoul area, you might want to value shop in Insa-dong.
Just go from shop to shop and see what price they want. Some just charge you a certain price, some will charge the spot price based on the won/dollar exchange. The latter are usually the better deals. It also helps to have a Korean with you and get a certificate of purity. It's kind of gimmicky, but I believe there are laws about that.
. Koreans seem to not trust coins as much as geum don (ingots) and those knick-knack turtles (and such), and that gaudy looking 24k jewelery. The problem with them, is when you want to sell them back home, you may have to have them assayed out of your pocket. |
My bigger question is how to sell them back *in korea*? To the same little shops? |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Thu Nov 13, 2008 11:24 pm Post subject: |
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| Yep! Especially, when the price of gold climbs when the dollar goes over the abyss. I went home last Feb with 10 ounces of geum don and sold 2 ounces. I also traded 8 ounces for 8-1 oz Krugerands as well. This was from a small coins shop near where I'm from. I had no problem doing this at all. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Thu Nov 13, 2008 11:28 pm Post subject: |
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| seosan08 wrote: |
| Yep! Especially, when the price of gold climbs when the dollar goes over the abyss. I went home last Feb with 10 ounces of geum don and sold 2 ounces. I also traded 8 ounces for 8-1 oz Krugerands as well. This was from a small coins shop near where I'm from. I had no problem doing this at all. |
Take a look at Seosan's post record. Over 2/3 of his posts are obsessed ramblings about the doom of the US dollar and Korean won.
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Thu Nov 13, 2008 11:31 pm Post subject: |
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delete
Last edited by seosan08 on Thu Nov 13, 2008 11:40 pm; edited 1 time in total |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Thu Nov 13, 2008 11:34 pm Post subject: |
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| seosan08 wrote: |
| Yep! Especially, when the price of gold climbs when the dollar goes over the abyss. I went home last Feb with 10 ounces of geum don and sold 2 ounces. I also traded 8 ounces for 8-1 oz Krugerands as well. This was from a small coins shop near where I'm from. I had no problem doing this at all. |
My interest in gold is to have plane ticket money in case things go *beep* up.
Just read an article about how mayor Daley in Chicago gave a huge warning about layoffs in Chicago for the next 2 YEARS.
I figure a pat of gold is enough for a ticket home |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Thu Nov 13, 2008 11:40 pm Post subject: |
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| jdog2050 wrote: |
My interest in gold is to have plane ticket money in case things go *beep* up.
Just read an article about how mayor Daley in Chicago gave a huge warning about layoffs in Chicago for the next 2 YEARS. |
I guess the dollar demise will not happen because geniuses like Assexpander say so! Thank God he is here with his wife and his investments to protect us!
Most places you will sell gold to have simple acid/tile tests that tell them what it is. If it is small ingots, coins or things like that they can easily test what it is. Larger hunks could conceivably be gold plated lead or gold sawed out and filled with lead. Geum don and coins should be able to sold on the spot with proper ID. Just be careful where you sell, some places will try to give you penny weight or cheat you on the spot price. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Fri Nov 14, 2008 12:18 am Post subject: |
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| Seriously, is the only purpose of your nickname to troll against the economy? You have contributed nothing else to this site. You have well over 100 posts, and virtually all of them are tearing down the dollar or the won. |
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Dodgy Al
Joined: 15 May 2004
Location: Seoul
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| Posted: Fri Nov 14, 2008 12:27 am Post subject: |
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http://www.bullionvault.com/#redsheep
This is great if you have a bank account at home that you can deposit money from (I'm not sure if they allow Korean bank accounts). They give you a free gram of gold to trade, to get the ball rolling. It's allocated gold, so when you buy gold in one of their vaults, it's yours!
For anyone wishing to buy gold to trade, this site is perfect. |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Fri Nov 14, 2008 12:34 am Post subject: |
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| bassexpander wrote: |
| Seriously, is the only purpose of your nickname to troll against the economy? You have contributed nothing else to this site. You have well over 100 posts, and virtually all of them are tearing down the dollar or the won. |
No, not even near 100. I'm not tearing down the won, I was here in 1997, and speak from that experience. The dollar will fall and the won will sink as well. But the won will make a comeback long before the dollar does. Gold is one of the few things you can count on in the inflationary period we're facing.
Like I said, an economic genius like you says it won't happen....thank God! We are protected because you say so! I don't generally insult people or post the usual inane crap about Korea many do. The bottom line is, if you don't like my posts, don't read them, shithead! PM me if you have any other comments. |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Fri Nov 14, 2008 12:38 am Post subject: |
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| seosan08 wrote: |
| bassexpander wrote: |
| Seriously, is the only purpose of your nickname to troll against the economy? You have contributed nothing else to this site. You have well over 100 posts, and virtually all of them are tearing down the dollar or the won. |
No, not even near 100. I'm not tearing down the won, I was here in 1997, and speak from that experience. The dollar will fall and the won will sink as well. But the won will make a comeback long before the dollar does. Gold is one of the few things you can count on in the inflationary period we're facing.
Like I said, an economic genius like you says it won't happen....thank God! We are protected because you say so! I don't generally insult people or post the usual inane crap about Korea many do. The bottom line is, if you don't like my posts, don't read them, shithead! PM me if you have any other comments. |
mmmmmmmm....didn't mean to start a flame war, but honestly, if you're in Korea for more than a few years and you don't at least look into buying a little bit of gold, you're nuts.
Bassexpander, I offer the advice that you not be so in denial about the way things are swinging.
Last edited by jdog2050 on Fri Nov 14, 2008 1:22 am; edited 1 time in total |
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demel
Joined: 14 Oct 2008
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| Posted: Fri Nov 14, 2008 1:00 am Post subject: |
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Go and listen to Jim Rogers (co-founder with George Soros of the late great Quantum Fund that defeated the Bank of England some years ago over the British pound) on youtube. Inflation is inevitable given how the US government is printing money.
My question is, how can I buy more standard gold pieces than the Korean tael? How hard would it be to see tael gold abroad? Is it either Korean butter pats or paying a premium for US or SA gold coins? |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Fri Nov 14, 2008 1:24 am Post subject: |
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| Dodgy Al wrote: |
http://www.bullionvault.com/#redsheep
This is great if you have a bank account at home that you can deposit money from (I'm not sure if they allow Korean bank accounts). They give you a free gram of gold to trade, to get the ball rolling. It's allocated gold, so when you buy gold in one of their vaults, it's yours!
For anyone wishing to buy gold to trade, this site is perfect. |
lmao...how am I supposed to trust Dodgy Al?  |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Fri Nov 14, 2008 1:47 am Post subject: |
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| demel wrote: |
Go and listen to Jim Rogers (co-founder with George Soros of the late great Quantum Fund that defeated the Bank of England some years ago over the British pound) on youtube. Inflation is inevitable given how the US government is printing money.
My question is, how can I buy more standard gold pieces than the Korean tael? How hard would it be to see tael gold abroad? Is it either Korean butter pats or paying a premium for US or SA gold coins? |
Like I said earlier, gold coins are EXPENSIVE here. Far more than the ask price of the gold in them. There are a few shops around the Seoul Train Station that sell them, but they aren't cheap. I understand why you want coins, but it isn't worth the price, IMHO. Maybe someone reading this may know of somewhere else you can get coins, but I don't even think banks usually sell gold coins. They use the ingots as well (as far as I know).
In 2006, when gold was still around $500-600/oz, I went around the train station looking for gold coins in shops that sold them. I found a few and the shop owner wanted W1 million for a W600k coin. I'm sure the prices haven't come down any in the last few years.
I took 10 oz of geum don ingots with me when I went home last Feb. I took them to a coin dealer in the small Midwest town I'm from and sold two with no problem. The other 8 ounces, I traded for 8-1 oz Krugerrands. He charged me 2% of face to do so, out of the 2 ounces I sold. I did it on the spot with no problem whatsoever. But he did check my ID.
Silver is easy to counterfeit in the form of coins and bars. Gold is heavy and is much harder to fake. The heft and the simple acid/tile test is usually enough with an experienced coin dealer (to prove what it is). There are cases of larger gold and silver ingots being sawed out, filled with lead and re-plugged. But 1.2 ounce "pats of butter" will be very easy to prove or disprove what it really is. If you took a trip to Hong Kong or Thailand, you might find coins, but not so much in Korea. |
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