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  • hondaicivic
  • Adventurer

    • 30

    • October 04, 2010, 12:31:39 pm
    • Daegu, South Korea
Bought more gold and silver today....you should too.
« on: October 26, 2011, 06:02:09 am »
Got my pension couple of days ago and exchanged those soon to be worthless toilet paper for real money.... Gold and Silver. I advised everyone that really care about their money and wealth to go buy precious metals. It's still really cheap right now. The "too big to fail" banks can go try printing that. Good luck.


Re: Bought more gold and silver today....you should too.
« Reply #1 on: October 26, 2011, 06:07:51 am »
I don't think that's a good idea.  People are better off paying off debt on a monthly basis first than they are investing in gold and silver.  Majority of NTs in Korea are somewhat out of university.  I know there are exceptions to this; I'm not neglecting them.  Yet, I think it's safe to say 95% of NTs here are in some type of debt, eg, student loans, credit cards, etc.  Even when they build a decent credit history, it' still not a good idea to invest in gold and silver, unless they're raking in a 6 figure salary.  A single gold bar isn't going to make much difference when you're hungry.
« Last Edit: October 26, 2011, 06:10:38 am by WorkingTitle3484 »
You get what you give :)


  • hondaicivic
  • Adventurer

    • 30

    • October 04, 2010, 12:31:39 pm
    • Daegu, South Korea
Re: Bought more gold and silver today....you should too.
« Reply #2 on: October 26, 2011, 06:22:58 am »
I don't think that's a good idea.  People are better off paying off debt on a monthly basis first than they are investing in gold and silver.  Majority of NTs in Korea are somewhat out of university.  I know there are exceptions to this; I'm not neglecting them.  Yet, I think it's safe to say 95% of NTs here are in some type of debt, eg, student loans, credit cards, etc.  Even when they build a decent credit history, it' still not a good idea to invest in gold and silver, unless they're raking in a 6 figure salary.  A single gold bar isn't going to make much difference when you're hungry.


You seriously don't understand the concept of money do you?....Investing in gold/silver has nothing to do with the amount of your salary you're making. It's basically exchanging your worthless fiat currency for real money, which is gold and silver. It's the one thing that the banks will never be able to print and will never lose it value, even going back 5,000 years, you will see gold and silver still retains it values. Getting back to the issue of hunger and gold bar....I never said transfer ALL of your fiat currency into precious metals. You should hold at least %50 of your assets in precious metals. Your toilet paper that you're holding won't make a difference either when you're hungry, especially when it becomes worthless when you try to exchange it for goods.




"Rising prices of precious metals and other commodities are an indication of a very early stage of an endeavor to move away from paper currencies...What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment."

-Alan Greenspan, 9 Sep 2009


  • mareike
  • Explorer

    • 5

    • October 26, 2011, 05:52:43 am
Re: Bought more gold and silver today....you should too.
« Reply #3 on: October 26, 2011, 06:42:28 am »
haha oh boy maybe it is a good idea but i sure wish i had enough spare money to invest in gold, at the moment all i'm investing in is things like bread and rent


Re: Bought more gold and silver today....you should too.
« Reply #4 on: October 26, 2011, 07:21:26 am »
Gold is way too pricey right now. I would wait for it to come back down some. I like the idea of owning gold one day, but for now I want a better return on my money so I'll continue to own stocks. Stocks that pay dividends. Dividends I can use to go buy food. Or toilet paper.


  • fudoose
  • Veteran

    • 149

    • May 17, 2010, 02:50:05 pm
    • korea
Re: Bought more gold and silver today....you should too.
« Reply #5 on: October 26, 2011, 07:35:25 am »

You should hold at least %50 of your assets in precious metals. Your toilet paper that you're holding won't make a difference either when you're hungry, especially when it becomes worthless when you try to exchange it for goods.



So that's sensible, unbiased financial advice then!



Re: Bought more gold and silver today....you should too.
« Reply #6 on: October 26, 2011, 07:50:15 am »
I'll stick to stocks than expensive paper weights. This is a good time to invest in various companies. So far, I have been turning a profit. Metals and stocks are always a gamble, but stocks weigh a lot less and are easier to dump in a fix.


  • Davox
  • Super Waygook

    • 497

    • February 05, 2011, 03:01:13 pm
    • Ilsan
Re: Bought more gold and silver today....you should too.
« Reply #7 on: October 26, 2011, 07:51:22 am »
If fiat currencies (like the US dollar) collapse you're going to have a heck of a time protecting your gold long enough to use it for anything.  On account of the fact that police don't work for free, and the vast majority of people are willing to steal (from you) or kill (you) to protect their family from starvation.  If you actually believe we're getting close to a total financial collapse, you'd be wiser to invest in guns, farmable land and many children to use both.

If you're just investing in gold because you think in the short/medium/long term it's a better investment than fiat currencies, but that fiat currencies won't totally collapse/hyperinflate then I have to say that a) Gold is still a pretty risky investment historically and b) Even if it wasn't, no one here is rich enough for gold to be a significantly better investment than many other more "traditional" investments.


  • Ectofuego
  • Featured Contributor

    • 920

    • November 02, 2010, 09:21:10 am
    • Mars
Re: Bought more gold and silver today....you should too.
« Reply #8 on: October 26, 2011, 07:51:50 am »
"Everything is worth what its purchaser will pay for it."   Syrus, Publilius

If everyone believes gold is worth money than it is, if you believe fiat currency is worth money, than it is.  There is a chance of hyper inflation but for many student loans, they are variable so if hyper inflation occurs, so does hyper interest rates on those loans.  It was smart to buy gold and silver 2 years ago.  Right now....not so sure, less you believe hyper inflation occurs which to be honest, I honestly doubt it will actually happen.  Any Financial Adviser, my self included, would tell you a well diversified portfolio is better than anything else and a 20 percent stake in precious metals is a good position to have.  If you have high debt, it is good to pay it down, but also focus a little on saving as well.
I'm Jason and I approve this message!


  • minamteacher
  • Expert Waygook

    • 728

    • October 05, 2010, 07:55:14 am
    • Incheon
    more
Re: Bought more gold and silver today....you should too.
« Reply #9 on: October 26, 2011, 07:58:30 am »
Got my pension couple of days ago and exchanged those soon to be worthless toilet paper for real money.

You cannot wipe your butt with gold, Fact.


  • auster
  • Veteran

    • 106

    • March 01, 2011, 06:05:42 pm
    • Korea
Re: Bought more gold and silver today....you should too.
« Reply #10 on: October 26, 2011, 08:13:05 am »
Okay, genuinely good for you to think of tying your wealth to precious metals. As mentioned, apart from the indebtedness of many preventing such a purchase, what kind of future do you imply with your terms? One where Weimar republic style hyperinflation has so crippled most economies that we can neither feed ourselves nor provide basic necessities perhaps? If so, what good is it among the few to possess wealth in such circumstances? There are, it has been observed, certain parallels between our current malaise and that of the 1930s, for good and bad. Question is, do you favour a "New Deal" or...well 1939? It's self-evidently a pertinent issue and why many people are Occupying our cities right now.


  • joseph921
  • Super Waygook

    • 433

    • September 15, 2010, 09:00:43 am
Re: Bought more gold and silver today....you should too.
« Reply #11 on: October 26, 2011, 08:31:57 am »
My wife owns all my gold and silver on her left hand *wink wink*


Re: Bought more gold and silver today....you should too.
« Reply #12 on: October 26, 2011, 08:44:30 am »
If you have enough money to invest after paying off any debt you have, I think buying gold and/or silver is a perfectly fine way to diversify your portfolio.

But calling the won (or dollar? all paper currency? I wasn't sure by the original post) soon-to-be useless toilet paper and therefore you must buy gold ASAP is alarmist nonsense. People usually say this along with predictions of global financial meltdowns of some kind and claim gold is a way to protect yourself in a crisis.

There's some problems with this. Remember that precious metals can lose value like anything else. You can argue that it's more stable and a good hedge against inflation and it probably is, but it's impossible to know how it's value will hold up against world events, speculators, etc because at the end of the day, gold has no intrinsic value. If you decided to buy gold in 1980, today you probably still would not have recovered what you originally paid for it.

Secondly, gold is not liquid. You need to go through a trader before it becomes currency and can buy goods. If you predict economic collapse or the death of currencies, then do you envision bartering gold at the local supermarket? How much gold = a loaf of bread? How do you prove the gold is real? Who's to say bottle caps won't be more valuable? (Gotta love Fallout 3)

In other words:
Buying gold with money that you can afford to lose in case prices drop as part of a carefully thought-out plan to invest in your future security = healthy.
Buying gold in the belief that all your money will turn into toilet paper any second now and OH DEAR GOD PANIC= not healthy.





Re: Bought more gold and silver today....you should too.
« Reply #13 on: October 26, 2011, 09:05:54 am »
You seriously don't understand the concept of money do you?....Investing in gold/silver has nothing to do with the amount of your salary you're making.

Hey tough guy, I had a feeling you were a character, but I bit the bullet so it's my fault.  I do understand the concept.  It's sweet that you care.  We trade things to get more things.  Simple.   ::) 

But, I disagree with you that investing in gold/silver has nothing to do with salary.  You need some source of dispensable income in order to invest.  People living on minimum wage/below the poverty level shouldn't invest in gold/silver because they can't dispose of it much in the same way as CEOs can.  The amount of salary is directly related to how much you are able to invest.  So your argument is wrong. 
« Last Edit: October 26, 2011, 09:07:33 am by WorkingTitle3484 »
You get what you give :)


Re: Bought more gold and silver today....you should too.
« Reply #14 on: October 26, 2011, 09:52:32 am »
How does one go about starting to buy and sell / invest in stocks etc?

I have about 7mil saved up, is it even worht it?  How much should you have?


Re: Bought more gold and silver today....you should too.
« Reply #15 on: October 26, 2011, 10:00:34 am »
You seriously don't understand the concept of money do you?....Investing in gold/silver has nothing to do with the amount of your salary you're making.

Hey tough guy, I had a feeling you were a character, but I bit the bullet so it's my fault.  I do understand the concept.  It's sweet that you care.  We trade things to get more things.  Simple.   ::) 

But, I disagree with you that investing in gold/silver has nothing to do with salary.  You need some source of dispensable income in order to invest.  People living on minimum wage/below the poverty level shouldn't invest in gold/silver because they can't dispose of it much in the same way as CEOs can.  The amount of salary is directly related to how much you are able to invest.  So your argument is wrong.


I completely agree with WorkingTitle. Hi five for being a voice of reason.
You shouldn't invest money that you can't afford to lose because there is always a chance markets will turn and you will lose all of it. If you are only making enough money to cover your basic needs, you shouldn't risk that money. Salary is a huge factor.

I'm sure the OP means well, but I really don't want anyone encouraging people to risk money that they need to be spending on paying off debts or saving for various goals, whether it be on a get-rich scheme or a brace-for-the-apocalypse scheme.


Re: Bought more gold and silver today....you should too.
« Reply #16 on: October 26, 2011, 10:18:02 am »
Back to the original post.
I would love to know where you bought your gold/silver in Korea. I have been looking around for ages now, but with no joy.

I share your sentiments about fiat money and believe that eventually we, the world, will have a gold-backed currency again....not gold as currency...but a currency backed by gold, like what the USDollar used to be pre August 1971.

BTW, China is on their way to win that particular race....3 cheers for the Renminbi.

Anyway, please post where you got your metal in Korea.



  • fudoose
  • Veteran

    • 149

    • May 17, 2010, 02:50:05 pm
    • korea
Re: Bought more gold and silver today....you should too.
« Reply #17 on: October 26, 2011, 10:34:35 am »
Just open an account with a stock  broker, there's loads knocking around, (I'm with Mirae Asset) and invest in a gold ETF (exchange traded fund) unless your like my dad and actually want to buy physical gold, (don't trust these fly boys with their fancy computer charts) which is probably more of a pain.


Re: Bought more gold and silver today....you should too.
« Reply #18 on: October 26, 2011, 10:43:42 am »
How does one go about starting to buy and sell / invest in stocks etc?

I have about 7mil saved up, is it even worht it?  How much should you have?

That's more than enough. You could go with a local broker or try etrade.com. I would suggest Apple but it's too damn expensive now. I got in around $140 a share. Check out ticker-symbol VALE. I took a hit on it, it's down about 30% the last 6-months. Great time to buy.


Re: Bought more gold and silver today....you should too.
« Reply #19 on: October 26, 2011, 10:52:19 am »
Just open an account with a stock  broker, there's loads knocking around, (I'm with Mirae Asset) and invest in a gold ETF (exchange traded fund) unless your like my dad and actually want to buy physical gold, (don't trust these fly boys with their fancy computer charts) which is probably more of a pain.

Thanks for the info. Will investigate. Does anyone know how trustworthy Korea Gold Exchange dealers are?