4/24/2011

Buying Silver and Gold in South Korea

Gold and Silver are exploding and all indications are that it is going to keep going on into the future. So I hear you say "Where can I get some gold or silver in South Korea?"

What a fantastic question!

Here is what I found while searching google for the answer to this question...

ej105 asked:

I really am frustrated when it comes to investing in South Korea. I want to buy some gold coins or gold bullions but here in Korea, there are no gold coin shops. Banks don’t sell gold. The Korean mint does not make gold coins. Of course this is just the top of the iceberg compared to the problems I am having with investing my money while I am working in South Korea. Did you know that Korean brokers do not give you a prospectus on each stock before you buy it? Also, some dealers just give you a handful of stocks and you don’t know the companies. Yeah, that’s South Korea for you.

Anyway, does anyone know how I can buy or invest in gold in South Korea? Or how about Asia, I am willing to travel anywhere in Asia for great deals in gold, Hong Kong, Singapore, India, anywhere in Asia.
(search for pharmacy technician colleges)

Sorry for being long winded but Korea’s investments strategies are a$$-backwards

Well I agree somewhat. It is not an easy thing to do finding where to buy bullion or coins. And if you are not into buying keys, turtles and pigs you will be hard pressed to find gold in coin or bar form. However after a bit of footwork and internet research I may have a few answers for you.

Jongno 3 (sam) ga - station. This is where "everyone" goes for "wholesale" jewellery. Personally I would rather look elsewhere for fine jewellery as I saw nothing of interesting or unique quality but I digress...

I did find 2 places selling 1000g or 1kg silver bars and another store selling 3.75 - 1oz bars of gold.

This is the store selling silver bars - I was given a price of 2,530,000 W as of 24-04-2011. $US1,518.16 is the spot price today which is roughly 1,639,000 won so that price is a little bit more than I expected over the spot price but considering I was not buying I did not attempt any negotiation.

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The gold store gave me a price on 3.75g of gold 245,000 w spot is $US 48.45 = 196,243 w so again more expensive than it should be over spot but I was not intersted in the least.

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Outside Namdaemun market next to Namdamunro (?) underground shopping centre. Now this is where Korea becomes interesting because this store has many gold coins in the window from all over the world and yet when I enquired (the store attendant didn't speak much English but a long story short the store manager (who was not there) is not selling the coins......... ?....... what is the purpose of displaying something you are not selling?

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If you are into collecting or getting some 90% US silver coins (Liberty ect...) or .999 troy oz Korean coins e.g. APEC or G20 then you may... find some deals here:

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By Shinsegae Mall just up from Namdaemun market is this underground shopping centre with perhaps a dozen coin dealers, some with australian gold coins or US coins. My pick is this guy:

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There are also guys that deal in coins like this:

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1 Troy ounce .999 Made in USA stamped on it with the queens head....... hmmmmm that's interesting : /

Here is that store might be worth a laugh or keep well away from?

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There is also the Seoul Flea Market in Sinseol-dong with a couple of coin dealers with an occasional rarity e.g. a mercury dime.

However.... this week I am going to see if I can get some silver ounces from Komsco (the Korean Mint). The Korean mint site however is bordering on impossible to use as a foreigner and if you think clicking on "English" will help, as with many Korean websites you are sorely mistaken as it takes you somewhere that you dont want to be.

So to make things easier for you I have this link which will take you to the Korean Mint coin collection where you can buy silver or gold. You may have to play around a little and it would definitely help to have a Korean buddy help you!

http://www.koreamint.com/index.jsp

I will see how things go this week, see if I can buy and get something delivered and report back on how easy the process was next week so stay tuned.

If you are not into gold and silver, sorry I do apologise for boring you... have a sandrich :)

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I almost forgot this one... taken from www.trademe.co.nz (New Zealand's equivalent of eBay)... for a 1978 "silver dollar:...

Hi, I think these are copper/nickle and do not contain any silver, cheers xxxx 3:43 pm, Sun 24 Apr


I have a $2 reserve/start price on this "Silver Dollar" I have NOT said it is made of silver but I do know that

it is known as a silver dollar and that is the colour of the coin which is what I have said in the auction. If

someone buys it for $2 what does it matter what it is made of? I may sound a bit terse but this is the 5th time

someone has told me that the coin is not silver. Frankly I think after this I will withdraw the auction and throw

the coin away. 5:47 pm, Sun 24 Apr

Got to love that "kiwi" spirit! :D

12 comments:

  1. very informative post - thanks

    ReplyDelete
  2. I sold a bag of kennedy 50 cent american to a shop in the Hoehyeon Underground Shopping Ctr around 2 to 3 months ago. That's over 500 coins and a beautiful 1986 50 dollar gold eagle, also. Some shops do sell gold and silver american coins.
    Paul

    ReplyDelete
  3. KB Gold is now open in S.Korea. KB is a 17 year old financial services company HQ'd in Germany with vaults in Switzerland. They will now ship to S. Korea or store your gold for free in Switzerland. KB sells small denomination kinebars (999.9% 24K gold ingots certified by Swiss Govt.) through referral marketing. KB needs distributors in S. Korea right now. No investment required. If interested email Tim at SwissGoldGroup@gmail.com

    ReplyDelete
  4. I apologize. KB is not yet open in S. Korea but soon will be. You may still register as a distributor (no investment required) and establish yourself for when the S. Korean market does open later this year. Email Tim at SwissGoldGroup@gmail.com

    ReplyDelete
  5. I am an American that collects South Korea coins and currency. I have a very hard time purchasing South Korea Gold and Silver Coins. KOSMO wants to be paid by a Bank Transfer, a very expensive payment method. If you could purchase South Korea Coins or Currency for me, it would be very helpful. Please email me at kaydees@embarqmail.com. I have also been to the Underground coins shop in Seoul and sold to them but never purchased. I found I got a better deal on Ebay.
    Dwight Brown

    ReplyDelete
    Replies

    1. --
      Good day Sir

      i am coordinating to secured and open business relationship with potential
      buyers of our product, Gold dust/bar and uncut Diamonds

      We have 85 kilos of Gold dust/bars and 4678 carat of Diamonds in stock in
      our communal warehouse now,and capacity for additional supplies, and we can
      easily guarantee an increased supply with time. We offer an asking price of
      28,600 USD per Kg for our 22 carat, 94 percent gold.
      Kindly advice and give me counsel on the possible steps to make this a
      reality and success.
      Looking forward to your positive response
      Warm Regards
      Kourouma Augustine
      Email: augustinepeterfirm@gmail.com
      Tell: +220 28584163

      Delete
  6. Any of these businesses accept credit card?

    ReplyDelete
    Replies
    1. The Korean Mint will and I guess these guys will as well:
      http://www.sujipbank.com/shop/main/index.php
      However I dont think the underground markets will do credit card transactions but I cant be sure as I have never tried. I would expect the jewelry stores would accept credit cards too. Sorry I cant be more help :/

      Delete
  7. We are gold mining company based in Ghana, West Africa , we deal on Alluvial Gold Dust and Gold Bars
    we currently have stockpile of gold for supply.

    Commodity........Gold Dore Bars (AURUM UTALIUM)
    Origin.....Ghana
    Form ......Dust and Bars
    Purity.......96%
    Quantity......850kg
    Quality......23 carats
    Price ...... Negotiable


    Interested buyer should contact us on the email below.

    Email: agpius@ymail.com
    Tel: +233271789480

    ReplyDelete
  8. http://www.hkgold.co.kr/

    They only sell silver and gold bars.

    ReplyDelete
  9. Hello
    I am the direct seller and am working with Kourousa Community Development,
    Which is a very large local Mining Company here in Guinea Conakry. We
    mine and sell Gold and we have a very large quantity which will are
    seeking for a partner or Buyer who will go into
    long time business relationship with us.

    We can deliver FOB and CIF to you anywhere you are through our agent,
    the Gold we have is 22.40carat / 94% purity,quantity available is very
    large with good price ,we also have rough Diamonds,

    Confirm this mail and get back to me and let me
    know your interest
    for more details. Best regard and Allah bless you.
    Abdoul Mohamed
    Kourousa Community Development
    BP 20011 C/Riya Siguiri Gold & Diamond Mines
    Republique De Guinee
    Skpye:abdulmohamed88
    investmentpureminerals@gmail.com
    Tel :+224-662487932

    ReplyDelete