Buying Gold Bars in South Korea Gold from Africa
We are local dealers selling Gold Bars in South Korea from Africa, this is the best place to buy gold and silver online. Buy Gold and Silver safely from LOCAL GOLD MINERS even if you live in South Korea. We’ll answer all your questions about ordering and shipping Precious Metals to South.
We would like to let you know that South Korea has a vibrant gold sector comprising the widespread availability of physical investment gold through gold dealers and banks, as well as spot and futures trading on the country’s primary securities market platform, and in addition a number of internationally known refineries producing refined investment gold.
The gold bars in South Korea from Africa are produced in a number of standard metric weight ranges such as 10g, 50g 100g, 500g and 1kg, but also in some seemingly unusual weights of 3.75 grams, 18.75 grams, 37.5 grams, 112.5 grams, 187.5 grams and 375 grams.
However, these denominations make sense when expressed in the Tael weight system used widely in Asia where 1 Tael equals 37.5 grams. Therefore, 18.75g is 1/2 tael, 3.75g is 1/10 of a tael, 112.5g is 3 taels, 187.5g is equivalent to 5 taels etc.
Gold Prices in South Korea
Gold prices in Korea are usually quoted in Korean Won (KRW) per gram, but often a range of quotes are published covering 24 karat gold, 18 karat gold, 14 karat gold etc.
Buy Gold Bars in South Korea, The Korean Won follows a floating exchange rate against the US Dollar, however, the Bank of Korea is known to intervene to keep the KRW within certain trading bands, for example between 1,100 to 1,200.
If the exchange rate of KRW per USD is trading at 1,200, then one troy ounce of gold trading on the international market at $1,100, will be equivalent to KRW 1,320,000.
Converting this troy ounce quote to grams (divide by 31.1035) yields a KRW per gram price of KRW 42,439 for 24 karat gold. This is why gold price quotes in KRW will invariably be big numbers if one is used to looking at USD gold price quotes.
How much gold is held in South Korea?
In January 1998, authorities in South Korea estimated that the Korean public held approximately 2,000 tonnes of gold.
Buy Gold Bars in South Korea, this estimate was reported by State TV during the 1997/98 Asian financial crisis at the beginning of a rather unusual Government gold collection campaign that aimed to generate foreign exchange reserves by harnessing patriotic nationalism to de-possess the Korean public of their physical gold holdings at less than market prices and even through outright gold donations.
The collected gold was then melted down by Korean refineries and sold on the international market with the proceeds going to the South Korean State.
By March 1998, approximately 226 tonnes of gold had been collected from the public during this gold collection campaign. An AP news Archive video actually shows gold collected from this campaign being brought to the Korea Zinc refining for melting. Subtracting the gold given up in the Government’s gold campaign would leave approximately 1775 tonnes of gold in the hands of the South Korean public in Q2 1998.
Fast forward to 2015, and industry estimated that the South Korean public held 800 tonnes of gold.
Since most South Korean gold trading takes place via informal over the counter transactions in a decentralized marketplace, accurate estimates of the amount of gold held by the South Korean public will invariably difficult to make.
What is certain is that physical gold is very popular as an investment in South Korea across both large and small wealth brackets, and that small denomination bars such as 37.5 gram bars, are also in heavy demand in addition to 1kg Gold Bars in South Korea.
Korea Exchange | Gold Bars in South Korea
Korea Exchange (KRX) was established in January 2005 via the amalgamation of four existing Korean financial markets, namely the Korea Futures Exchange (Kofex), Korea Stock Exchange (KSE), the KOSDAQ market and the KOSDAQ Committee.
Korea Exchange is headquartered in Busan, South Korea’s second largest city and operates under Financial Investment Services and Capital Markets Act (FSCMA) legislation and is supervised by the Korean Financial Services Commission.
Korea Exchange – Historic Gold futures
Buy Gold Bars in South Korea, gold futures were first listed on the Kofex on 23rd April 1999, and were inherited on to the Korea Exchange platform in 2005 when Kofex became part of Korea Exchange.
These futures were on a 1kg Gold Bars in South Korea trading lot of 99.99% fine gold quoted in KRW per gram, and were physically deliverable.
Korea Exchange then listed a cash-settled mini gold futures contract (100 grams) on 13th September 2010. This mini gold futures product was for 100 grams of 99.99% fine gold, quoted in KRW per gram.
Except for a small burst of activity when it was launched in 1999, trading volume in the 1kg gold futures contract remained practically non-existent, and notably between 2010 and 2015, average daily trading volume in the 1kg contract was literally zero. Because of this lack of trading volume, the 1kg gold futures were then delisted on 26th October 2015.
Trading volume in the mini gold futures contract (100 grams) fared slightly better, but since its launch in 2010, Mini-Gold average trading volume had barely registered more than a few hundred contracts per day. These trading volumes were politely referred to by the KRX as ‘lacklustre’.
Relaunch of Mini Gold Futures on Korea Exchange – 2015
It was therefore not surprising that Korea Exchange felt the need to revise the design of its gold futures contracts. On 23rd November 2015, in a move that was intended to boost both the trading volumes of Korean gold futures and simultaneously support the country’s new spot gold market, Korea Exchange relaunched the mini gold futures and explicitly designated the KRX spot gold final closing price as the final settlement price for the mini-futures. The KRX materially amended the contract specifications for the relaunched gold futures contract.
KRX Spot Gold Exchange – Gold Bars in South Korea
South Korea’s first spot gold exchange was established in 2014 at the behest of the Korean Government. The Government’s push for the exchange was out of a desire to target what it perceived as opaque over-the-counter gold transactions in South Korea which, in the Government’s view, were not being monitored and most importantly, not being taxed.
Buy Gold Bars in South Korea, In 2013, the Korean Financial Services Commission estimated that 110 tonnes of gold were traded each year in South Korea, with up to 70 tonnes, or 63% or this figure, traded via what the Commission described as ‘illegal transactions’.
Bringing transactions on to an exchange platform would allow more gold transactions to be taxed, and so undermine the economy’s widespread non-declaration of gold transactions. Naturally, the Government pitched other benefits of the exchange such as supporting Korea’s jewellery sector and aiding gold price discovery.
The Korea Exchange group (KRX) was chosen to actually run the gold exchange, and the KRX launched its gold spot market on 24th March 2014.
The KRX gold spot market uses a trade settlement and custody platform created and managed by Korea Securities Depository (KSD). Buy Gold Bars in South Korea, the KSD, also headquartered in Busan, is a publicly owned organisation that provides settlement, clearing and securities services to the Korean financial markets.
Transactions on the KRX gold exchange are free of capital gains tax and also free of value-added tax (VAT) as long as the gold is not physically withdrawn from the Exchange.
Gold Bars in South Korea, Gold withdrawn from the custody of the KSD is levied with a 10% VAT charge. Until 31 December 2015, designated importers of gold to be traded on the KRX gold exchange were exempt from.
As of 20 March 2015, the KRX gold exchange had 69 member entities comprising 58 companies from the gold sector and 11 Korean securities firms. In its first year of operation, the Exchange had also registered activity from over 2,900 participating accounts.
KRX Gold Exchange – Trading volumes
Trading volumes on the KRX gold market averaged a relatively 5.45 kgs per day between March and December 2014, and increased to 8.47 kgs per day between January – September 2015.
Recent daily high trading volumes were recorded at 28.24 kgs on 16 December 2014, 25.884 kgs on 26 February 2015, and 27.756kgs on 20 July 2015. A new trading volume daily high of 46.448 kgs was recorded on 11 February 2016.
The cumulative amount of Gold Bars in South Korea, gold traded on the KRX spot market during its first year of operation from March 2014 to March 2015 totalled 1,472 kgs, worth KRW 63 billion. As of March 2015, the Exchange held a gold inventory of 1,068kg.
This gold inventory is held in custody by the KSD. As of March 2015, a total of 120 kgs of the deposited gold had been physically withdrawn. According to the KRX, in its first year of operation gold sector companies accounted for 78.5% of selling activity, while individual buyers represented 90.7% of the buying activity.
We also sell gold bars in Seoul, Busan, Daegu, Incheon, Sejong-si, Daejeon, Ulsan, Suwon-si, Gwangju, Seongnam-si, Jeonju-si, Andong-si, Bucheon-si, Goyang-si, Anyang-si, Paju-si, Gyeongju-si, Ansan-si, Chuncheon-si and gold bars in Mokpo-si.
Order gold bars in Jeju-si, Changwon-si, Pohang-si, Yeosu-si, Seogwipo-si, Gongju-si, Suncheon-si, Wonju-si, Gwangyang-si, Jinju-si, Yangsan-si, Anseong-si, Sokcho-si, Icheon-si, Hwaseong-si, Asan-si and gold bars in Nonsan-si.
Buy gold bars in Guri-si, Namyangju-si, Cheonan-si, Chungju-si, Tongyeong-si, Gunpo-si, Gimcheon-si, Seosan-si, Gimje-si, Gunsan-si, Iksan-si, Donghae-si, Taebaek-si and gold bars in Yangju-si.
KRX Gold Exchange – Trading characteristics
Buy Gold Bars in South Korea, Gold bullion eligible for trading on the KRX gold market must be imported by or produced by KRX designated companies and conform to the following criteria.
Fineness: At least 99.99%
Weight: 1kg or more
Dimensions: Rectangular shape or similar
Marks on bar: Assay stamp of refiner, fineness, serial number of bar, weight
KRX also uses Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) to certify quality standards of gold traded on the exchange.
Trading hours on the KRX gold exchange run from 9am to 3pm. A one hour period from 8am to 9am uses a call auction process to solicit orders during which bids and offers are matched to determine an opening price.
Buy Gold Bars in South Korea, A similar 10-minute period from 2:50pm to 3pm is used to solicit orders to determine the exchange’s closing price. Other than that, the market consists of continuous trading between 9am and 2:50pm. The spot gold exchange also employs a trading process whereby physical orders from industrial users at the same price as other orders get priority in execution.
On its website, Korea Exchange quotes a real-time spot gold price in USD per troy ounce, in KRW per gram, and in KRW per 3.75 grams (1/10 Tael).
The US dollar price is the world spot price, and the KRW per gram price quoted on the website is just the US dollar spot price converted to KRW and from troy ounces to grams. This is not a price quotation of trades actually executed on the KRX spot market.
Note that the KRX website was significantly revised in late 2015. The previous version of the website, and specifically the original pages which discussed the KRX gold market, can be viewed in an archive of the previous site.
Selected Gold Dealers in South Korea | Gold Bars in South Korea from Africa
Many of South Korea’s wholesale and retail gold operations are clustered around the Jongno district in the centre of Seoul, South Korea’s capital city.
Various industry bodies such as the Korea Jewellers Association represent the interests of the Korean gold trade. Some of the gold dealers have names which such as ‘exchange’ or ‘trading center’. These should not be confused with the KRX spot gold Exchange.
Local Gold Miners Corporation
Local Gold Miners Corporation is a private precious metals wholesaler and distributor, founded in 2000, and located in Congo serving Jongno-gu in Seoul and other countries.
Local Gold Miners Corporation is one of South Korea’s largest gold merchant and supplies Gold Bars in South Korea to Korean banks such as Hana Bank, Woori Bank and KB Kookmin.
Local Gold Miners Trading – Gold Bars in South Korea
Local Gold Miners Trading Center, established in 2000, is a Seoul based importer and distributor of physical Gold Bars in South Korea, and also operates as a futures commission merchant (FCM) on Korea Exchange brokering derivatives products.
Gold Refineries in South Korea
LS Nikko Copper Inc is currently the only South Korean refinery on the LBMA Good Delivery List for gold. The group’s refinery is located in the Onsan area of the port city of Ulsan on the south-east side of the country. LS Nikko is owned by Korean LS Holdings group and J Nippon Mining and Metals which was formerly called Nikko Metals, hence the name LS Nikko.
The LS Nikko refinery predominantly refines copper but also gold and silver as by-products of its refining processes. The refinery has production capacity for 60 tonnes of gold per year and produces 99.99% fine gold in the form of 12.5kg and 1 kg bars for the wholesale market, and 1kg, 100 gram and 10 gram bars for the retail market.
In 2012, LS Nikko began production of its retail gold bar offering called the ‘LS Gold Bar’. This was the first retail gold bar product set in the company’s history.
Another well-known Korean refinery which produces precious metals, Korea Zinc Co Ltd (also located in Osnan), used to be on the LBMA good delivery list but was transferred to the ‘former list’ in November 2009. Korea Zinc is still on the LBMA’s current Good Delivery List for silver. However, the Korea Zinc refinery still produces gold, so buy Gold Bars in South Korea today.
South Korea’s official gold reserves
Before you start the buying of Gold Bars in South Korea, it’s better to have some information on the Bank of Korea, South Korea’s central bank, holds 104.4 tonnes of gold in its official foreign reserve assets.
This entire stock of gold is held under the custody of the Bank of England in London. In 2011, the Bank of Korea only held 14.4 tonnes of gold but then reported purchases of 90 tonnes over the 2011-2012 period, which brought its holdings up to the current 104.4 tonne reported total by Q1 2013. Since South Korea holds huge foreign exchange reserves, the market value of its gold reserves as a percentage of total foreign reserves is only in the region of 1%.
So buy Gold Bars in South Korea, because the true magnitude of South Korea’s private gold hoards may be subject to debate, it is clear is that the South Korean economy supports a sizeable physical OTC gold market, otherwise the South Korean Government would not have been so eager to launch a formal gold exchange.
The existence of a wide array of private gold distributors such local gold miners and wholesalers also attests to a thriving OTC gold sector.
But like many gold futures contracts launched on Asian exchanges, Korea Exchange’s gold futures have not met with much successful, however, the new spot contract has gained some traction since launch.
But the relatively low daily trading volume on the spot exchange, in the tens of kilos, suggests that the Korean public are continuing to conduct their sizeable gold transactions with discretion and away from the recorded formality of an exchange.
South Korea FAQs | Gold Bars in South Korea
Have questions about buying Gold Bars in South Korea from Africa? Start here!
LOCAL GOLD MINERS currently ships Precious Metals and other products to South Korea. On this page, you will find answers to many of our most common questions regarding shopping with LOCAL GOLD MINERS in South Korea.
For additional information, please contact us. Or, if you require further assistance, please send your inquiry to info@localgoldmining.com then we will get back to you.
What is the minimum order amount?
Orders shipped outside the U.S. have a $250.00 minimum when purchasing by Credit Card, Bitcoin or Bitcoin Cash and a $1,500.00 minimum when purchasing by bank wire.
What currencies are accepted?
We currently accept payments in U.S. dollars, Bitcoin and Bitcoin Cash.
What form of payment does LOCAL GOLD MINERS accept?
$1,500+ USD (bank wire)
$250+ USD (credit card)
$250+ USD (bitcoin/bitcoin cash)
Do you accept credit cards?
Yes, LOCAL GOLD MINERS accepts international payments made via credit card in U.S. dollars (USD). The minimum credit card order amount is $250 and there is currently a per-transaction limit of $25,000 on international credit card orders.
Do you accept Bitcoin or Bitcoin Cash?
Yes, we do accept Bitcoin or Bitcoin Cash for payment. However, Bitcoin or Bitcoin Cash orders exceeding $250,000 (USD) we may have to discuss about that first before you buy Gold Bars in South Korea.
How do I pay with Bitcoin or Bitcoin Cash?
If you wish to pay for your order with Bitcoin or Bitcoin Cash, simply select Bitcoin as your payment method in checkout and submit your order. You will be presented with an embedded BitPay invoice. At this time you will have 15 minutes to submit your payment.
When buying Gold Bars in South Korea, you can scan the QR code on the page to pay via your mobile wallet or submit payment from your desktop wallet with the provided transaction number.
Which wallets work best for my Bitcoin or Bitcoin Cash payment?
The price of Bitcoin and Bitcoin Cash is always changing. To prevent those price changes from hurting our customers, we require transactions to be sent within 15 minutes. Most Bitcoin exchanges cannot send a payment that quickly. As a result, the payment can arrive late and need to be refunded. This will cost you time and money.
Many Bitcoin wallets do not fully support payment protocol. These non-payment protocol wallets make it too easy to send the incorrect amount or send your Bitcoin or Bitcoin Cash to the wrong place.
BitPay recommends using a Bitcoin wallet that you can trust to successfully use for Bitcoin payments. Below is a list of reliable Bitcoin wallets: BitPay Wallet, Mycelium Wallet, Electrum Wallet.
Will I have to pay duties or taxes when I receive my order?
All duties and taxes must be paid by the customer. You may be subject to taxes and/or duties for your order. Please consult your local customs broker for more information on duty and tax rates.
Does LOCAL GOLD MINERS declare the value of the package on Customs Forms?
We always declare the full value of the shipment on any customs form. There are no exceptions to this rule. So it’s time for you to buy Gold Bars in South Korea today.
How to Invest in Gold from South Korea
Learn how to invest in gold in South Korea gotten from African countries such as DRC Congo, Uganda, Africa, you must understand that gold has been seen as a reliable store of value since ancient times. Buy gold from local miners in Africa.
Today, it’s commonly considered to be a stable investment that doesn’t experience the same volatility as stocks and other tradable assets, making it well worth considering if you’re looking for a way to protect your wealth.
But if you want to buy gold bullion, gold bar, gold nuggets or invest in gold through the stock market, how do you go about it? To find out, let’s take a closer look at how and where to buy gold in Seoul, South Korea.
Choosing a type of gold asset to buy
The majority hear the term gold bullion, gold bars, gold nuggets it immediately conjures up images of bank vaults stacked to the ceiling with chunky gold bars. Gold bullion refers to gold that is at least 97.3% pure and has been transformed into bars or ingots or minted into coins.
Bullion is the form in which gold is traded on commodities markets around the world.
If you want to gain exposure to gold, there are a few ways to go about it. You can physically buy and store gold, you can invest in gold prices or companies via the stock market, or trade gold on the financial markets as contracts for difference. Buy the gold nuggets, bars, dust from DRC Congo today so that you can kick start your investments today.
Investing in Gold in South Korea | Asia | Africa | Uganda | DRC Congo
This is very possible to invest in gold bars through the stock market by profiting from gold prices rather than physically owning gold. Stock market investors can buy shares in companies that have gold exposure, such as gold miners in Africa i.e., Uganda, DRC Congo, or they can buy gold nuggets, bars, dust then sell it off and convert it into tangible investments.
With this approach, you don’t buy any gold – rather you’re investing in the performance of the gold industry or the mining company, we at bunia investments we welcome commission agents, investor to facilitate our local miners so that in return we can have equipment’s, build schools, infrastructures and offer you gold at a purity of 97.3% so that you can sell it on our behalf on the international market.
If you want to invest in gold bars, Gold Bars in South Korea, bullion, nuggets, you need a full-service broker or you can do so using an online trading by contacting us so that we can discuss the arrangements and provide you with the kilograms you might be interested in.
This approach allows you to invest in gold without having to go through the hassle of buying, storing, and insuring it.
However, because you don’t own any gold, as bunia gold investments we help you to overcome the possible risks that the stock market carries, such as market volatility, company bankruptcy and the possibility of losing your investment.
Invest in Gold Seoul
Gold is a commodity that is favoured in times of extreme volatility. It is seen as a haven for investors and its price tends to increase when uncertainty is to come.
In general, investors looking to invest in gold directly have three choices: they can purchase the physical asset, they can purchase shares of a mutual understanding from our local miners.
Investing in Physical Gold Africa | Gold Bars in South Korea
Come buy physical gold in Africa from all our local miners, this is the traditional approach and involves buying gold as a physical asset and owning it yourself. It allows you to get your hands on a tangible asset and avoid the counterparty risks associated with exchange-traded funds.
If you decide to buy physical gold, you’ll then need to consider what form you’d like to acquire. You can buy gold nuggets, dust, bullion in bars or in coins. Bars are larger and therefore more expensive, but they are an effective option if you’re looking to make a sizeable investment.
Gold coins are smaller and less valuable, so they can be a more convenient option when you need to liquidate some of your investment.
Buy Gold Bars in Seoul
Gold bars in Africa generally range in size from 1/10oz (ounces) to 1kg, but there are bars of up to 500oz available. However, remember that precious metals use troy ounces, and that one troy ounce equals 31.1 grams.
There are two types of gold bars: cast bars and minted bars. Buy Gold Bars in South Korea, Cast bars are produced by pouring molten gold into an ingot mould, while minted gold bars are manufactured via a minting or stamping process. Cast bars are cheaper to produce, but minted bars look better and are generally easier to sell.
Gold Coins in South Korea
Gold coins South Korea bought from Africa, Congo, Uganda, Mints around the world also produce gold bullion coins.
Typically, smaller than bars and ingots, they’re generally considered to be a more convenient option for many investors. Not only are they cheaper to buy, but they also make it easier to liquidate a small portion of your investment when you need cash. Coins contain between 1/10oz and 1oz of pure gold.
Deciding Where to Buy Gold Bars in South Korea
There are several options to consider when choosing where to buy gold, so make sure to consider the following factors before deciding where to buy:
Location. There are several gold dealers around South Korea, so the location of those dealers will influence your decision if you plan on buying gold in person.
Online options. There are also many online dealers that allow you to conveniently buy gold bullion over the Internet. Buy Gold Bars in South Korea, As well as specialist dealers, you can also buy gold through marketplaces such as eBay and even arrange purchases through precious metal forums.
However, as is always the case when spending money online, you’ll need to make sure you know who you’re dealing with – do some research to find out whether the seller is reputable and trustworthy.
How the gold was produced. You’ll also need to find out where the dealer gets their gold from. Is it refined and produced by an established and recognised manufacturer?
Premiums and commissions. Read the fine print to find out what fees the dealer charges. Expect to pay a commission to the dealer, which is usually folded into the purchase price, as well as an assay fee to check the purity of the gold and to verify its authenticity but shop around for the best value.
Compare price to South Korean gold price. Gold prices are commonly quoted in US dollars, so make sure you compare the price offered by a dealer with the current price of gold in South Korean.
Delivery. Find out how and when the gold will be transported to you or to its place of storage. Is it insured if anything goes wrong during the delivery process?
Storing your gold bars in South Korea
Once you’ve purchased your gold, you’ll also need to find a safe place to store it. There are several options to consider, including the following:
Buy Gold Bars in South Korea from Gold Bullion dealers in Africa. Many gold dealers will also offer a storage service where you can keep your gold bars or coins for a fee, so ask about the storage options available when you make your purchase.
Safety deposit boxes. You can rent a safety deposit box at a bank to securely store your gold bullion.
Secure vault storage. For high-level security, you may want to research vault storage companies near you and the storage options they offer.
At home. You can also choose to store your gold at home. This obviously may not be as secure as some other options, so you may want to get a home safe installed. Buy gold bars in Oman, You’ll also need to update your home and contents insurance to make sure your precious metal is covered by your policy.
Things to consider before buying gold bars in South Korea
If you’re searching for ways to protect your wealth or diversify your investment portfolio, gold may be a practical solution. However, please be aware that just like any other type of investment you would like to make.
Buy Gold Bars in South Korea, do your research to make sure you understand the risks involved in buying gold, including the costs of storage and security as well as the fact that the returns may not match those provided by other investments. This will help you make an informed decision about whether buying gold is the right choice for you.