Korean Job Discussion Forums

Andro · Joined: 22 Dec 2008

I have kind of an odd question. I'm due to head over to Korea in a few weeks. I'm finalizing my 1st month's cash and I have about $330 USD in silver troy ounces that I was going to add to my pre-paycheck fund. I'm kind of curious if I should trade it for USD Stateside or bring it with me and trade it in for Korean won so that I don't lose money converting my currency. I'm going to be in a city of about 500k in Korea. Is selling precious metals common and easy to do? Are there any taxes I should be aware of? Would immigration have a fit if they noticed I was bringing a pound of silver over with me?

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

Jane · Joined: 01 Feb 2003

Unless you're desparate for cash, I recommend keeping your physical silver because you never know when the price will start going through the roof. Now is time to BUY silver, not SELL it.

In any case, if you must sell, you will probably have to find a bigger jewelry store in a bigger city. Hey, maybe I'll buy it from you if you can't find any takers! Cool

Addendum: Precious metals are not considered 'cash or cash equivelents' when it comes to customs, and with such a small amount, you don't even come close the the $10,000USD maximum anyway.

HalfJapanese · Joined: 02 Feb 2010

I agree, from what I've heard the reason the price of metals is going up is b/c the value of the USD is going down. Gold, especially has risen greatly over the last decade or so. Despite what the news is saying about the economy picking up, some predict that hyper inflation of the U.S. currency could occur, causing Gold and other metals like silver to skyrocket in USD value b/c hyper inflation pretty much makes the currency worthless. Also, there is the possibility that there is less gold then what all those gold/metal proof of ownership certificates say, which would increase the value, once this is known to the market.

So having the physical metals in hand (not some certificate) will protect you against inflation (devaluation) of the currency.

Of course, what I'm saying is just based off what I've heard from the news and other sources, so please do you own research one is interesting in investing in gold and other metals.

Also, those greedy jerks that run those commercials about trading in your gold jewelry for cash, are a bunch of cons. The amount of money they will be making off the melted down jewelry will be way over what their victims are getting in cash.