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oatmeal
Joined: 26 Nov 2013
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 Posted: Sun Jun 07, 2015 9:56 am Post subject: Gold and Silver in Korea |
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For any of you out there who are experienced Gold and Silver stackers, where do you buy your PMs? Any reputable sellers? I'm interested in buying a lot of silver, but I have no idea where to go to get it in Korea. I heard that it's difficult to find it here. I think I read there was a 10% VAT fee on the prices because it's in Korea? So, if I bought some off ebay (for example), would I still have to pay 10% VAT at customs or would it just be delivered to me like it was any other parcel in the mail?
It would be great to be able to talk to some of you about this as well INBOX if you don't want to disclose personal information out in the open.
Thanks |
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oatmeal
Joined: 26 Nov 2013
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| Posted: Tue Jun 09, 2015 9:09 pm Post subject: |
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| lol interesting.... |
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alpope23
Joined: 15 Mar 2006
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| Posted: Fri Jun 12, 2015 5:16 am Post subject: |
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| In America right now there are many commercials about "Buy silver now!" which leads me to believe this is a horrible time to buy silver! |
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mike in brasil
Joined: 09 Jun 2003
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| Posted: Fri Jun 12, 2015 9:48 am Post subject: |
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Gold is easy to buy in Korea. In Seoul go to the Jongro area or in Busan go to Beomil. Expect them to charge at least a few percent over the spot price, and you will need to do some haggling. Never pay 6% over spot. They usually first quote a price 10% over spot, dont fall for it. The 1.2 ounce butter pats are a standard size. I never paid VAT in Korea, fwiw.
Silver is too heavy to buy a lot of. A 100oz brick is worth $1700 more or less now. Only in Beomil did I see a silver dealer that sold bricks, although it must exist in Jongro too somewhere.
I suggest buying from Kitco.com. I've used them many times and they deliver anywhere in the world.
The drawback to buying in Korea is that the butter pats are not considered a world standard, unlike Eagles, Kruggerands, etc. Kitco will buy the pats but they will pay you as if its scrap, which may be 10% less than if it was a standard coin or bar.
I like the sense of security from owning metals. I feel like my own bank!
Silver to $100/oz.! |
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Underwaterbob
Joined: 08 Jan 2005
Location: In Cognito
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| Posted: Sun Jun 14, 2015 4:39 pm Post subject: |
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| Does anyone who isn't already filthy stinking rich make any kind of money off rare metals anymore? |
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chellovek
Joined: 29 Feb 2008
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| Posted: Fri Jun 19, 2015 12:01 am Post subject: |
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| Underwaterbob wrote: |
| Does anyone who isn't already filthy stinking rich make any kind of money off rare metals anymore? |
It's the feds and fiat money dontcha know?
When civilisation goes to hell, we'll be fine because shiny metal, yo |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Sat Jun 20, 2015 11:07 pm Post subject: Re: Gold and Silver in Korea |
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| oatmeal wrote: |
For any of you out there who are experienced Gold and Silver stackers, where do you buy your PMs? Any reputable sellers? I'm interested in buying a lot of silver, but I have no idea where to go to get it in Korea. I heard that it's difficult to find it here. I think I read there was a 10% VAT fee on the prices because it's in Korea? So, if I bought some off ebay (for example), would I still have to pay 10% VAT at customs or would it just be delivered to me like it was any other parcel in the mail?
It would be great to be able to talk to some of you about this as well INBOX if you don't want to disclose personal information out in the open.
Thanks |
I have not bought silver in a long time, but I used to buy from a dealer (bars) in the Jongno Samga area. Are you interested in silver bards? They could mail it to you. They did that once. |
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Underwaterbob
Joined: 08 Jan 2005
Location: In Cognito
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| Posted: Sun Jun 21, 2015 4:42 pm Post subject: |
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| chellovek wrote: |
| Underwaterbob wrote: |
| Does anyone who isn't already filthy stinking rich make any kind of money off rare metals anymore? |
It's the feds and fiat money dontcha know?
When civilisation goes to hell, we'll be fine because shiny metal, yo |
If Mad Max has taught me anything, if civilization goes to hell I'm investing in rusty cars and studded leather. |
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