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Jane

Joined: 01 Feb 2003
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Posted: Tue Sep 08, 2009 4:53 pm Post subject: Silver and Gold! |
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I feel like the dude singing in Rudolf the Red Nose Reindeer right about now.
Question: How does one go about buying silver and gold bullion in Korea? And I'm not talking about gold stocks; I want metal. |
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blue.sky
Joined: 31 Aug 2009 Location: a box on the 15th floor
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Posted: Tue Sep 08, 2009 6:12 pm Post subject: |
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I bought some from one of the many shops in Jongno-3-ga a few years ago, but they tend to sell gold in the shape of pigs, horses, or spoons rather than bullion/coins. The premium over spot prices is thus much higher. I've also seen some Korean versions of silver Krugerrands there in 1 ounce coins.
You also need to know what you're looking at too as one tried to sell me a thick solid gold bracelet, half of which was gold-plated.
You could also try www.goldmoney.com if you want to buy a reasonable amount and don't mind not taking physical delivery. |
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Jane

Joined: 01 Feb 2003
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Posted: Tue Sep 08, 2009 7:48 pm Post subject: |
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Thanks for the info Blue Sky.
I heard Shinhan bank sells bullion, but that it can only resold back to Shinhan, and when the Won tanks with the US dollar, Won isn't exactly my currency of choice.
Shinhan also has a gold fund, but this includes gold company stocks, which is no replacement to having gold under the mattress.
Any other info on gold buying in Korea would be appreciated. |
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519forlife

Joined: 26 Sep 2006
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Posted: Tue Sep 08, 2009 11:57 pm Post subject: |
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jongro has lots of shops that sell small squares that are about 37 grams, at almost spot, or you can go to shin han bank and open a gold account that lets you take the metal, about 15% over spot. But Gold is not staying above $1000 this time. Silver here is at least 30% over spot price, that I have found anyways. |
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Jane

Joined: 01 Feb 2003
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Posted: Wed Sep 09, 2009 12:01 am Post subject: |
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Thanks for the info.
Not staying over $1,000? It's never been over a 1,000 yet. I am waiting for the breakout. |
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roadwork
Joined: 24 Nov 2008 Location: Goin' up the country
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Posted: Wed Sep 09, 2009 12:52 am Post subject: |
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This was before my time here, but during the IMF crisis, didn't the government ask the citizens to "donate" their gold to stabilize the economy? I think someone here on Dave's also mentioned that they were given a small "reward" for their donation. |
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gakduki
Joined: 16 Jul 2009 Location: Passed out on line 2 going in circles
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Posted: Wed Sep 09, 2009 6:27 am Post subject: |
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Actually its been trading just over $1000.00 a couple times this year. Gold is never a bad investment, but remember its awefully close to a historic high. Maybe things will get worse (the general economy), and it will skyrocket, or things will get better and it will dip back to the 500-700 dollar range until the next rush. |
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Jane

Joined: 01 Feb 2003
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Posted: Wed Sep 09, 2009 4:38 pm Post subject: |
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I'm banking on it skyrocketing. It's at a historical high but we are proabably approaching events that have never been seen before.
Start digging for gold people!! |
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asmith
Joined: 18 Jun 2009
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Posted: Wed Sep 09, 2009 4:54 pm Post subject: |
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Jane wrote: |
I'm banking on it skyrocketing. It's at a historical high but we are proabably approaching events that have never been seen before.
Start digging for gold people!! |
Jane, use that gold to buy a farm and a machine gun.
It's going to get very bad. |
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Deep Thirteen
Joined: 18 Jun 2009 Location: Swamp Land
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Posted: Wed Sep 09, 2009 5:04 pm Post subject: |
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When 2012 comes around, she won't be able to grow crops. Using that gold to invest in a space program to populate the moon would be a better idea. Or she could build a gold and silver idol to create a new religion for the dystopian masses. |
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blue.sky
Joined: 31 Aug 2009 Location: a box on the 15th floor
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Posted: Wed Sep 09, 2009 5:42 pm Post subject: |
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gakduki wrote: |
Actually its been trading just over $1000.00 a couple times this year. Gold is never a bad investment, but remember its awefully close to a historic high. Maybe things will get worse (the general economy), and it will skyrocket, or things will get better and it will dip back to the 500-700 dollar range until the next rush. |
Gold has been an awful investment for decades at a time. Holding gold during the 90s and much of the 80s would have been a pretty bad choice.
Besides, gold isn't really an investment, it's more of a hedge or financial insurance against governments' reckless creation of money. Gold pays no income and so is more for speculation than an investment.
Sure, the $US and many other fiat currencies aren't worth much more than the paper they're printed on, but it's the perception of value and governments insisting (by law) that debts and taxes are settled with this money which gives it value.
That can change quickly (as in Zimbabwe) or the perception can persist for much or all of your lifetime.
All fiat currencies fail eventually.
Warren Buffet wrote: |
[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head. |
I have owned physical gold and gold stocks for a few years, but more for speculation/insurance than investment. |
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gakduki
Joined: 16 Jul 2009 Location: Passed out on line 2 going in circles
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Posted: Wed Sep 09, 2009 8:10 pm Post subject: |
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Your right blue.sky Gold is not a spectacular investment, for it usually only acts as a hedge against the overall market in general.
Although a few years ago it was below 600 and now its at a 1000 that would have been a decent investment. And in the 70's when the Arab embargo was on it sky rocketed into the triple digits.
I tell people all the time it's only one option of many, never pour more than a small percentage of your portfolio into it, but the gold bug sometimes bites people. Diversify.
Right now I would recommend copper, zinc, other metals, as they are at a low and will recover when the markets do. Pharmaceuticals, Bio-companies, nano-companies, environmental companies, basically the industries of the future. The stock market will go up again. And for those pessimists out there, if it crashes, who cares, spend all your money now and enjoy your life, a machine gun and a farm won't help much. And gold is even more useless. |
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Cartman

Joined: 30 Jun 2009
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Posted: Wed Sep 09, 2009 8:16 pm Post subject: |
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A dollar coin with an Obama sticker is selling for $30. That's 3000% inflation.
Invest in stickers  |
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Jane

Joined: 01 Feb 2003
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Posted: Thu Sep 10, 2009 12:46 am Post subject: |
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Could someone be so kind as to give me a general idea of ways to invest in commodities without getting into options or futures. Do banks or brokerage houses offer indexed funds that track commodities?
And FYI, buying gold from a bank in Korea means having to pay 10% VAT. |
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Ethan Allen Hawley

Joined: 04 Jun 2006
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Posted: Tue Sep 29, 2009 8:24 pm Post subject: walking on out |
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Also, can anyone advise as to how to carry gold bullion out of the country?
Do you need any special documentation for it, if stopped at immigration counters? I presume it counts as part of the total of - what is the maximum you're allowed to carry out of the country? - w10 mill.? What would be the complications - apart from the weight restrictions! - if you buy a few bars here and then want to take an airplane home with them? |
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