Korean Job Discussion Forums

[hugo_danner]

I've been buying gold and 90% silver coins for a few months. Instead of sending money home and buying them online, I'd rather find a place I can buy either gold bars or gold coins somewhere in Korea. Since Seoul is the center of Korea, I'm assuming that's the place to go.

Can someone tell me somewhere to go to buy gold (and possibly silver) coins/bars in Seoul? Thanks!

[Ninjorp]

Excellent question, and if you find somebody who is selling, please let me know.

You'll probably want a reputable coin like the Kruugerrand or Canadian Maple Leaf and so far, my searches have yielded no results.

It seems that most Koreans, like other Asians invest in jewellery, and as you�re in Asia you should have little problem converting it back to cash. Koreans measure gold in the Don, 7.5 Don is about an ounce of gold. Koreans seem a bit lax in setting their gold price to the international gold price, and occasionally you�ll have a window where you can get 24k gold here cheaper than the international price of that day. If you�re willing to settle for jewellery, then I�d suggest the Gangnam jewellery arcade which is located just outside of the Express Bus terminal. This place offers a 30% discount on the jewellery charge which is charged on top of the gold price for the crafting of the jewellery itself. Be wary of overcharging as you�re a foreigner, watch when the Koreans take out their calculator and calculate the percentage discount, you�ll usually see them tap in a 20% discount, which isn�t good enough. Take a Korean with you, or move on to the next vendor, there are hundreds of them.

Otherwise you can invest through www.goldmoney.com or order coins through www.kitco.com. Check out gold money, apparently they don�t work on a fractional reserve system (like our wonderful banks) and offer delivery of the gold if you wish to take possession of it.

As for silver, I�m at a loss. I bought a couple sterling chains yesterday, and paid double the value of the silver. It�s my bet that silver will out perform gold in the long run and I�m desperately looking for a coin dealer. I had one fellow in the Gangnam arcade offer to mint me 100% silver coins, but if you�ve been here long enough you should know not to trust Koreans in their business practices quickly. PLEASE let me know if you locate anyone who is selling silver coins.

It�s a pleasure to meet someone in Korea �In the know�, please PM me and we can coordinate our efforts.

[NearlyKorean]

The use to be a place in Itaewon, down past the BK on same side of the street as the BK, and on the same street as the Hamilton Hotel. That was about 6 months ago.

[HapKi]

The U.S. just recently (June 20th) started minting and selling pure gold 1 ounce coins, in the image of buffalo nickels. Don't know how to buy them in Korea, though.

http://www.usatoday.com/money/perfi/general/2006-06-20-gold-buffalo-coin_x.htm?csp=34

[captain kirk]

Namdemun there's a shop. It's on the corner.

Say if you're going down the main drag from Seoul Station to City Hall. Heading towards City Hall. You've just passed Namdemun gate and there's Namdemun market on the right. Well right on the main drag on the right is a shopwindow and there are gold coins in the window.

[hugo_danner]

[HapKi]

Hugo-
Why the interest in buying gold, with the current record highs in price?

[Juregen]

smuggling

[cdninkorea]

Pardon my ignorance, but why would you buy physical gold and silver instead of those certificates?

[hugo_danner]

I wanted to start buying gold more than a year ago (but stupidly waited), it's going to keep rising. I wouldn't be surprised if we see gold at 1k/ounce within 2 years and silver at more than $20/ounce. (A year ago, no one would have believed gold at $700/ounce!)

I wouldn't touch e-money or certificates for 2 reasons:

1. Posession is everything when it comes to money (and valuables).
2. I don't trust someone who says they're holding gold for me--I'd rather hold it for myself, thank you.

[Zark]

I sold my Krugerrands about 1980-81 for roughly US$800 each. Had bought them for about $450.

Buying at the top is my usual hobby - but in that case I got at just at the right time.

Now - if I had held those babies - what 26 years later - I would still be down . . . REALLY down if you consider inflation and devaluation of the buck.

When everybody gets excited and starts buying - is a good time to get out.

[hugo_danner]

[drumpounder]

My friend Cruisemonkey told me to tell you to ask a friend of his who knows a guy who has a close friend who has a second cousin who knows someone who has a connection via a business card to a guy named Ruby Diamond Emerald Goldsilverplatinumstein. PM at your leisure to find riches beyond belief. We are rich...beyond belief. Believe it or not!

PS: don't tell Yu_Bum_suk..he's very poor.

[hugo_danner]

[steroidmaximus]