Korean Job Discussion Forums

[Cici88]

Hello

To all you gold investors out there, what have been your experiences in regards to buying gold in Korea?

My bf recently visited Korea and we invested a huge sum of our funds in gold and took physical delivery. Apparently in Korea they measure gold in 'don' as opposed to troy ounces. Our average price is 173 116 don. However, internationally gold is priced in US dollars and reached a record high of 1295 an ounce today. Because I am based in North America, I tend to follow the US price, but I've noticed that there is a disconnect between the US price and the Korean price. Generally speaking, the US price and Korean price in Don have gone up together in tandem from a longer term perspective, but on a daily basis, the two don't necessarily go up or go down on a same percentage basis. So measured in US dollars, we should be up 6-7 percent, but in terms of Korean Don we are only up 3 - 4 percent.

Anyone notice the same thing? Also, for those of you who have bought gold in Korea, have you been required to pay a 10% tax on your gold?
The US economy is going down the pits dragging the global economy down with it. BUY GOLD! I think gold will go to $5000 to $10000 an ounce long term.