Korean Job Discussion Forums

[madhusudan]

I dug up a few old threads from 2008-10 to reread today on investing in gold. Kicked myself for going KOSPI instead of gold, but what can you do. I chuckled as I read the posts on how $900/oz gold was a bubble.

So, what are your thoughts on silver? Also, where is gold going from here? Anyone I talk to about PMs says gold's a bubble, but nobody I know personally is actually invested in it.

Some people on this board have good knowledge and saw the trend back then. I'd appreciate hearing opinions.

[rollo]

So so silver. Look at other commodities, such as coal.

[madhusudan]

[Adventurer]

Silver is a good thing to purchase. It has many uses, and it generally follows gold. In the past, silver hit an astronomical high. I would say it would probably go there again. The question is how to invest it in an economical way. Does anyone know of any mutual funds that specialize in say precious metals?

[Turd Ferguson]

Gold is goin to someplace between $5000 and $10,000 an oz. so If silver trades at it's historic average of 20 oz of silver to 1 oz of gold, then that would imply that silver will go to somewhere between $250 -$500 per ounce. I've been a buyer since 2006 my average silver price is about $13 and gold about $800. I am still a buyer.

[Adventurer]

[Turd Ferguson]

[quote="Adventurer"][quote="Turd Ferguson"]Gold is goin to someplace between $5000 and $10,000 an oz. so If silver trades at it's historic average of 20 oz of silver to 1 oz of gold, then that would imply that silver will go to somewhere between $250 -$500 per ounce. I've been a buyer since 2006 my average silver price is about $13 and gold about $800. I am still a buyer.[/quote]

How do you buy while you're overseas in Korea?[/quote]

There are heaps of gold shops around.

[HELICIS]

[madhusudan]

Here's what I see affecting silver, gleaned or confirmed from various sources:

Silver is in the process of reestablishing itself as money / a safe-haven rather than just an industrial commodity.

Silver, even more than gold, has historically been money. (What does the 'eun' in 'eun-heng' mean?)

The current rise in price is due to an increasing number of investors, not increased industrial demand (obviously).

Silver's price is suppressed.

China is encouraging its citizens to buy physical gold and silver. Silver is much more affordable to the common man. Their middle class is growing, and spending power is rising significantly.

Indians also value gold and silver and have the money to buy it, these days.

This, combined with other investors around the world, will eventually override price controls. Or, maybe, the cartels will be busted by law, but doubtful.

Europeans will buy gold and silver after they lose confidence in the Euro. Or, more likely, they'll buy dollars until...

The dollar is constantly being devalued. Talk about a hidden tax. When is QE3? Yet, a silver dime can still buy a loaf of bread.


That's it for now, from off the top of my head. Exciting times.

[Adventurer]

[Udo]

SLV is an ETF, AGQ is a 2X leveraged ETF. You can set up an account for $500 if I remember correctly w/ Scottrade. $7 trades. I use Scottrade but I think any online company will honor your trading. AGQ has been hugely volatile the last 8 months so be careful.

[Reggie]

Silvertowne.com has enameled Christmas bars and medallions for $39.95 and unenameled versions for $35.95. They dropped their price yesterday and I loaded up on some for gifts and for myself. I had them shipped to a relative.

What types of gold bullion have you seen in Jongno?

The ETFs and futures accounts scare me. I stay away from those.

I was just listening to Gerald Celente about how he and many other investors were wiped out in the bankruptcy of MF Global. MF Global co-mingled the money of its clients, speculated on losing bets, paid themselves huge bonuses, and then declared bankruptcy. Total fraud. But I doubt anyone will get prosecuted and I doubt these customers will get their money back.

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/11/17_Gerald_Celente.html

That's a big problem these days with investing in paper assets. Even if you put your money on a winning bet, you still lose if your counterparty is insolvent or criminal. If I was going to go with an ETF (which I won't), I'd probably go with Sprott since I think he's the most likely to actually have the physical silver on hand.

I read about one guy about a year ago who was having his physical gold held by a firm in Switzerland and when he went to retrieve it, it took several months for him to get his gold. Although he did get the same amount of troy ounces, it wasn't the same bars and rounds.

The way Europe is blowing up and how corrupt American financial institutions have become, I stay the Hell away from these people.

[Reggie]

With 2012 being the Year of the Dragon, this is a good time to load up on Lunar New Year silver rounds. For whatever reason, the Year of the Dragon rounds are always the most popular and appreciate a lot more in value compared to any other year. I usually go with the Perth Mint and Royal Canadian Mint on those.

Britannias appreciate a lot too regardless of the year, even though they're not .999.

[Adventurer]

[Reggie]

I bought it online with a credit card and had it shipped to a relative in the USA. I had to pay $21 in shipping on a $650 purchase, but no tax.

I don't want to buy silver locally in Korea because it's too bulky. Gold or platinum is better because they're less bulky. Although I prefer bars to coins, I'd like to buy coins in Korea so they'll blend in with my loose change when I'm at the airport. Platinum especially blends in well visually since it's a white metal. Bars might draw attention during the x-ray. Even if I carry less than $10,000, I still don't want to have to answer a bunch of questions about it. I'd rather just put it in the bowl with my Korean and American coins with my watch and wallet laying on top, send them through the x-ray scan, shove them back into my pocket at the other end, and rock on.