Buying bullion in Asia

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#1 Wed, Jun 15, 2011 - 12:31am
chinaussiedoll
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Buying bullion in Asia

Hong Kong is unusual in that most of the major banks sell gold coins at a very small mark up - spot plus around 50HKD (divide this by 7.78 for U.S.). They also buy gold coins.

Hang Seng Bank (owned by HSBC) for example sells Krugerands, Eagles, Maples, Kangaroos and Sovereigns.

Bank Of China sells Maples, Eagles and Panda's.

Kitco (Hong Kong) sells a wide variety of gold and silver but their range has become very limited over the last 6 months. They do sell Perth Mint products cheaper than Australians can buy them from the site as they don't have to charge GST (goods and services tax).

As Joeka mentioned, just like Singapore, local residents can also have bank accounts denominated in gold - the units used are Chinese though (taels and maces).

There are also lots and lots of gold shops around - local people buy 999 gold jewellery for many occasions and like Indians use it as a store of wealth against hard times. This is sold by spot price plus a small fee for making up. These shops also buy it back.

Although a number of you have mentioned Fake Coins from China if you buy through the banks I don't think there is any problem.

If anyone is on a trip O.S. to Asia you may want to spend a little time doing some shopping for stuff other than the usual crappy tourist souvenirs.wink

Edited by: chinaussiedoll on Nov 8, 2014 - 5:13am
Wed, Jun 15, 2011 - 12:41am
Strongsidejedi
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Bank of China Hong Kong bullion buy/sell prices

Wed, Jun 15, 2011 - 9:48am (Reply to #2)
Erewhon888
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Global Commodities Group

I received an email a month or so ago from "gcg-commodities".

Global Commodities Group

 (HK) Ltd, (GCG) is a limited liability company registered in HK number 6869517. Our registered office is at Room 601, 6/F., Tai Tung Building, No.8 Fleming Road, Wanchai, HK. The following website www.GCG-Commodities.com is and all rights in, arising from or relating to it are owned, provided to and controlled by GCG. 

Has anyone any experience of them or of taking physical delivery from them while in Hong Kong?

Wed, Jun 15, 2011 - 7:58pm (Reply to #3)
chinaussiedoll
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Never heard of them

Just wonder why a Hong Kong company has a Better Business Rating from a Florida Bureau! Hong Kong has it's own Securities and Exchange Commission and other regulatory bodies. Also there is no mention of what bars and bullion -issued by who? There are plenty of other choices and this company certainly would not be on my list but DYOD as they say.

Thu, Jun 16, 2011 - 8:17pm
Vrusk313
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Crazy premiums for silver in China

This Guy in China has a youtube channel where he goes around buying silver everywhere, in banks, at the mall, he even went to Kitco shanghai. Crazy premiums, even kitco was like $20 premium for silver. But this guy goes for physical and is stacking. Interesting info: https://www.youtube.com/user/chamaflauge

Fri, Jun 17, 2011 - 3:10am
tallydynasty
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Does HK/China carry foreign

Does HK/China carry foreign bullion like they do in Taiwan? (or companies that sell online/ship within mainland?)I'm interested to learn how the Chinese will help drain supplies of silver because with what little I know, they don't have options.

Fri, Jun 17, 2011 - 3:27am (Reply to #6)
chinaussiedoll
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Bullion options

Have a look at the link Strongsidedjedi posted above -this is what you can buy over the counter at the head office of Bank of China in Hong Kong. Kitco - www.Kitco.cn has an English button on the site - there you can see what they sell. There are also many other Chinese dealers as well but you need Chinese or a very good friend to buy there.You can also settle gold for delivery through the Hong Kong Metals Exchange if you are a buyer of size. Don't know how this compares to Taiwan as I have never been there.

Sat, Jun 18, 2011 - 2:35am
donpaulo
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I buy my metals from 3

I buy my metals from 3 sources

the first is from my company spotmex

the second is from the Perth Mint

the third is in person at Ishi-Fuku in Kanda Tokyo

Since the thread title said "buying bullion in Asia" I thought I would add my 2 yen

Sat, Jun 18, 2011 - 3:01am
JoeKa
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Sorry to hv missed this thread

Do u guys buy a lot from Perth Mint? Their coins are exquisite but the premiums are a bit rich for my tastes. Also do u prefer generic vs currency denominated?

Sat, Jun 18, 2011 - 3:06am
JoeKa
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Customs duty

Hey there! Nice info. I wonder if there will be some sorta customs tax when hand carrying bullion at the airport. I've heard of bullion mules before - people carrying bags of gold and silver (gold mostly) through to other destinations. These days they're gonna need armed guard escorts! :P

Sat, Jun 18, 2011 - 6:09am (Reply to #9)
donpaulo
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The premiums are a little

The premiums are a little high but for a long term strategic stacker like me the price of the premium will hopefully be a rounding error. I have purchased from ABC and from a few other established bullion shops in the AUS as well. If I had to choose 1 mint it would be Perth although through spotmex I can buy PM metals by setting my search criteria for them.

I personally prefer currency denominated coins however I don't have a big opinion when it comes to coin types. At first my goal was to collect each major type but now I usually choose ASE or the maples. I really like the maples since the printed value is greater, the purity is finer and as a commodity based currency I hold more hope for the loonie than the dollar.

The perth mint stamp adds a "peace of mind" premium since I have to haul my metals over to Ishifuku and transact in yen, across a language barrier and don't want any excuses when I want fiat cash for certain transactions.

Thu, Aug 18, 2011 - 3:38am (Reply to #11)
ragandbone
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Buying in Bangkok

Go To China Town and specifically to Hua Seng Heng shops... they are considered the most legitimate gold bullion dealers and sell and buy at spot rate ( adjusted to Thai Baht ). You can also purchase 1kg Swiss "manufactured gold" in case you plan on carrying out of the country. I've found them to be very proffesional to deal with...

Just FYI... they have run out this week, so hopefully the next supply from HK will be a bit bigger for the expanding Thai Market...

Cheers

PS.. Disclaimer : I have no affiliations to these shops other than a good experience purchasing from them. !

Thu, Aug 18, 2011 - 3:51am
porkyp
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buying bullion in Asia

Hi Chinaussiedoll

I have bought from Swiss Investors https://swiss-investors.com 1kg bars approx 7-8% over spot. Drop me a line if you want any more info.

Cheers

Thu, Aug 18, 2011 - 12:28pm (Reply to #13)
chinaussiedoll
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Thanks

Prices look far more reasonable than Kitco - and much bigger range of silver.

Thu, Aug 18, 2011 - 8:46pm (Reply to #14)
porkyp
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a friend of mine has used

a friend of mine has used https://www.thssgroup.com/en/index.php for silver coins and reckons they are probably he has found, minimum order of 100 though, double digit markup over spot. Gold coins he's used Bank of China

Fri, Aug 19, 2011 - 9:54am
porkyp
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Bank of China

went into BOC today to buy some silver maples, out of stock, they get new stock everyday but people queue every morning before the branch opens to get them and they sell out every day!

Sun, Aug 21, 2011 - 3:54am (Reply to #16)
chinaussiedoll
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BOC?

Oh, I didn't realize they still sold the Maples, when I went in a few months ago I was told they had running and wouldn't be restocking. I'm assuming that is BOC Headquarters only? I've bought some Pamdas from them there. I usually buy at Hang Seng though because, when they have gold coins, they only charge fifty HKD over spot - great deal there but limited quantities. May have to join the queue next week myself out of curiosity...

Sun, Aug 21, 2011 - 11:25pm (Reply to #17)
porkyp
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BOC

it is the branch at 71 Des Voeux Rd, they do Maples and 10 Tael bars, I queued up this morning at 8.15 about 20th in line, i saw about 100 bars being bought before the sold out, they limited the maples to 10 per customer, they buy them back as well

Mon, Aug 22, 2011 - 12:50am (Reply to #18)
Strongsidejedi
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response to story of lines for Canadian Maple Leaf Silver coins

I visited a local coin dealer last week.

I've never seen so much silver!

The Brinks truck was backed up to the main door and the armed guards were carrying weapons to cover the shipment.

I must have counted something like more than 18 Canadian Maple Leaf monster boxes of silver and about 30 US Mint silver monster boxes. Geesh...

That's so much silver that it made my head spin. When I was talking with a friend about what I saw, we were figuring that it's about 50 monster boxes of silver (there were about a dozen canvas bags with presumably JM bars) and guessing that each has 500 ounces. We're talking about 25000 ounces x $40 = 1 million dollars!

Wow.

Mon, Aug 22, 2011 - 4:01am (Reply to #18)
chinaussiedoll
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Hope you got some before they sold out

Thanks for all the info - will try myself this week and let you know how I go ...

Mon, Aug 22, 2011 - 4:08am (Reply to #20)
porkyp
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re: Hope you got some before they sold out

only 10 maples i'm afraid, will probably go back again this week.....

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