Buying Gold and Silver in South Korea *Update* Komsco

(1/2) Ok, so this week I will be posting twice, once specifically for my silver purchase from Komsco and another for my general goings on for the week.

So after some playing around with internet transfers on Monday (It seems that there are several security features or hoops you have to jump through to transfer monies here like a specific file that needs to be downloaded to your PC to verify that you are you and so on...but this is another story perhaps for later) I managed with some help to purchase some silver coins from Komsco (the link I have posted in a previous blog entry http://www.koreamint.com/index.jsp). I was lucky that thay were having an, what I assume to be, end of run sale so I managed to get the coins for less than originally listed. The other thing I noticed that soon after I placed the order these coins were withdrawn from their site and only the full 8 coin display set can still be purchased at 600,000 won (as at 1 May 2011).

Delivery was free as the total purchase was over (if I remember correctly 30,000 won) and I received them 2 days after purchase in a box 2 to a bubble wrap bag.

So to get into specifics:

The coins are stamped Ag999 on the back with the Komsco logo...

They come with a pamphlet describing what the coins means in English and Korean with a certificate of authenticity on the inside cover...

The coins can be removed from the cardboard cover and are set in a fabric and wood display mount from which the coin itself can be removed.

There are 8 coins in the set, each with a different animal or mythological being etched onto it:

Now if you read Korean you may have noticed on the certificate that the material is translated to Sterling Silver. What is the difference you ask... well here is a link but I will also explain it simply:

http://www.ehow.com/facts_4899976_difference-between-silver-sterling-silver.html

Basically pure silver is 99.9%

Sterling Silver is 92.5% pure silver with another metal (e.g. nickel, zinc or copper) added for strength.

So the question is are these coins 1 oz (Troy Ounce) of silver... lets see :)

*updated correction*

Each coin weighs 31.1g so multiplying that by 92.5% gives you 28.76g of pure silver roughly.

1 oz is equal to 28.34g

However 1 Troy ounce is equal to 31.1g

So in effect you are getting what looks like by my calculation 28.76g of 99.9% silver.

Why the coin is stamped Ag999? I will need to confirm this with Komsco.... hmmm. I will keep you informed.

So I hope this helps out some of you interested in getting fine metal from the Korean mint and remember they do sell gold coins, jewellery and bars there too.

I will no doubt be looking at other coin places around Seoul in the near future and will keep you up to date with any unique places and finds!

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...

How do I invest in gold in South Korea?

2 COMMENTS

in KOREA

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.

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.

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?

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:

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:

There are also guys that deal in coins like this:

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?

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 :)

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

Younjungro Cherry blossoms

Yeoinaru Line 5 Exit 1.

Walking up the street for a kilometre or more following and swimming against a sea of humanity you will eventually come to a blocked off street area where you can wander under the street lined cherry blossom trees.

Saturday afternoon was quite busy so I would suggest a very early morning visit and escape. I would estimate that there were not a few thousand people but 10's of thousands perhaps even 100,000 people in that area looking at the blossoms. We had to escape by walking for 10 min and getting a taxi as the subway was backed up to an estimated 2 hour or so wait just to get on a train that would probably be packed anyway!

Good thing that Korean taxi's are cheap and comfortable and a good 15 - 20 min ride will cost about 20,000 w so well worth the comfort and avoidance of stress and saving of time!

So here are some photo's:

Until next week enjoy the blossoms!

Semiwon Garden & The Piano Toilet

This weekend was a surprise trip to Semiwon Garden: Yangsuri - Yangu Station - Jungang line. Entry price 3,000 won - Bonus free ice cream, drink, noodles or something else on exchange of your ticket stub.

Spring has just started with the flowering of the trees. However the full glory of Semiwon is not on display currently and another trip will be taken later in the summer to see all the flowers in full bloom.

However I did manage to go into the glasshouse and snap some flowers in there:

More pictures in the slide show :)

Next was off to see the Piano Toilet:

Not really sure what to make of it though :/

Anyway here is the photo slide show:

http://www.flickr.com/photos/61323032@N02/sets/72157626467717470/show

Have fun until next week! :)

Seoul Motor Show 2011

Seoul Motor Show 2011 at the Kintex Exhibition Centre in Seoul.

This show is on until April 10 2011 so if you want to go in the coming weekend I recommend it!!!

This show is a photographers paradise! It sure gives you some practice shooting digital or traditional film and you can get an idea what it would really be like to shoot models and get a feel for those models who are naturally gifted in their ability to create a good shot and those who are perhaps not so gifted :) As for the cars... well I got some pictures of them too :)

So here is a map... Get on line 3 and head to the end of the line Daehwa Station Exit 2 just keep walking straight 500m and you wont miss it! The cost was 9,000 won per adult.

I have separated my photo slide shows into 2 categories:

1. Cars, Trucks, Motorbikes and Misc.

2. The Models :)

But first here is a little taste of what its like to be there:

So If you want to see more of this:

Click on this link:

http://www.flickr.com/photos/61323032@N02/sets/72157626291673995/show

If you want to see more of this:

Click on this link:

http://www.flickr.com/photos/61339301@N03/sets/72157626416369384/show

Until next time... enjoy the challenge and the beauty :)

Lotte Duty Free Family Concert 2011 26 March!!!

WOW! Lotte Duty Free Family Concert 2011:

2AM

2PM

T-ARA

and...

BIG BANG!

Held at Olympic park on a chilly spring night surrounded by Koreans of all ages we took our seats for a unique spectacle!

The announcement came over the speakers that due to copyright issues cameras were not permitted to be used.

2pm came on stage... and cameras that you would be stopped at the airport for were being pulled out left, right and centre. I mean they were big telescopic lenses and tripod video camera's! Just about everyone was taking pictures or videoing the concert :)

Next time I will take my BIG camera since no one even attempted to enforce the no camera rule!

2pm

2am were on next and Im Seulong walked right off the end of the stage so that was dramatic for a while... the music cut and 2 - 3 minutes later they dragged him back on stage and he waved to the crowed and limped off!

T-ara

I like a few of their songs and their light show was pretty cool but I only took a couple of pictures because I was waiting for the next act on...... :)

And if you made it this far....

BIG BANG!

....and I have the complete set here that I filmed with my little hand held Nokia :)

Hands Up

Somebody to Love --- (one of my favourites :)

Cafe

Lies

Baby Baby

and...

Tonight

Oh BIG BANG arrrrrrhhhhh!!!! :)

Big thanks to my special chingu who surprised me by taking me to this concert and did some of the videoing so I could watch :) *>_<*

St Patrick's Day

So I decided to take a quick look at St Patrick's Day in Insadong this year. the scary part about it was that I have not seen that many foreigners in one place in almost 10 months so (I hate to say it) I was quite happy to get back into the streets with the Koreans!

I took a few pictures and a video which I pan around so you can see what I mean about all the people there. So Enjoy.

On other things I have a fist size bruise on my leg and internal haemorrhaging (bleeding into the skin) of my ham string from a taekwondo injury... It feels like I am walking around with a cinder block strapped to my thigh. Well any advice for this injury would be appreciated :)

Cant escape the radio active Yellow Dust form China... wonderful...

http://english.yonhapnews.co.kr/news/2011/03/20/0200000000AEN20110320000400315.HTML

Want a hamburger the size of a pizza?

http://www.koreaherald.com/national/Detail.jsp?newsMLId=20110320000362

Short and Sweet for this week... I shall wait to see what excitement this next week will bring!