Posted by
Iain1981
16 yrs ago
Hi all
I'm interested in buying physical silver, and wondered if there was anyone who has experience of buying in hk... Other than the question of finding a reputable dealer, the fact that silver is such a bulky metal (in comparison to gold or platinum) means that storage is also an issue. Renting a safe deposit box seems like the best bet, but knowing the price of renting any space in hk, i'm wondering if the costs make it still worthwhile. Should i just stick to gold coins?
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If you are concerned about the collapse of fiat money then REAL Gold and Silver are an option. Silver however is denominated in lower values so easier to Trade for a loaf of bread. Silver may be the only physical you can take delivery of.
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I thought this thread was dead... It took me a lot of phone calls to find, but eventually I got in contact with Lee Cheong Gold Dealers Ltd... they're one of the most well-known dealers in town and mint their own bars, three nines. You can walk in just like a bank. Kitco also have a Hong Kong office, but they charge a lot of extras for handing, shipping etc, as they import from the US, and you need to set up an account, wire money into it... much simpler and cheaper to use the local bullion dealers. Or should i say, dealer, as Lee Cheong was the only one out of the whole list I called who could provide it. Also, as for safe deposit boxes it was pretty straight forward to open one and inexpensive. Lots of banks have them, so if you have a bank account it's likely ur bank has branches with boxes.
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Iain1981 good post, good work. Being Silver, what are the denominations in both size weight and approx price.
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I bought 500g bars, but they sell smaller bars (250g I think), bigger bars (15 kilos) and rounds too. the price is roughly the same as spot but works out to be about 2% over, once all the conversions have been made - international price is oz but in hk they sell by tael, but then the bars are in grams and the price is hk dollars... they also add a HK$180 per kilo labour charge to cover the cost of minting the bars. Despite this, it's a good deal - far better compared to Kitco, the only other option i'm aware of here.
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wpnah
15 yrs ago
Thanks for the info. I had the same problem, and have been buying from Kitco HK and website paying high delivery cost. Great to know a new option.
My only concern about Lee Cheong is that I will have problem selling the silver bars bought there. What's your view on that?
I am planning to increase my position soon so your input would be invaluable.
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Physical silver and gold are if you're afraid of a possible financial collapse.
If you just want it as a hedge against inflation and/or the US dollar declining, then you can have precious metals as 5-15% of you portfolio.
If you just want a one-off purchase you can always buy a silver ETF (Exchange Traded Fund).
But whichever way you buy it, it should be part of a diversified portfolio.
Check out the "Investing in gold" thread at: http://hongkong.asiaxpat.com/forums/doing-business-stock-market/threads/133666/investing-in-gold/ if you haven't already.
No wonder this thread is difficult to find. It's under Living in and moving to Hong Kong!
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wpnah - i don't think selling will be a big problem. I remember kitko has a guarantee that they will buy back whatever they sell, but even then it may not be the best deal, esp considering how much they charge to buy it from them in the first place. Lee Cheong buys and sells, and if silver proves to be more than a hedge against inflation and other fiat currency woes I'm sure we'll see an increase in other dealers wanting in on the action. Actually if this happens it's probably time to sell...
chris_in_hk - yeah, maybe this thread would have seen more action in a different section ur right, though there was a gold thread some time ago that also lived in this area that was pretty popular. I agree, you don't want to be too heavy on precious metals, but i have some as a hedge and also for the potential return. i was buying on dips (last time around CNY when spot silver was down to 14.sth), it's at 18.40 now, we'll see what happens... I'll check that new thread out now, thx for the link:)
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If you look at both silver and gold, you might want to check their relative price ratio to see which is over/underpriced versus the other http://www.goldprice.org/gold-silver-ratio.html
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yeah, it's an interesting relationship... i can't see gold dropping in price with the current demand and silver's still lagging behind... if it can catch up with gold now to resore it's historical ratio of 12:1 then i'll be very happy...
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ive been buying from two dealers in hk. Lee Cheong and Lucius Precious metals. Lee Cheong's bars are horrible but still 999 silver. LPM carries all the major world mints and also generic silver bars/rounds. LPM is cheaper compared to banks for silver but not sure about gold. hope that helps.
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Thx for the info, that's good to know... Lucius Precious metals must be fairly new on the scene, at least they weren't around a couple of years ago when i was buying. Lee Cheong's bullion may not be fancy but I'm not buying it to look at. If there's a significant dip I'll take closer look at the rivals. Right now i'm biding my time...
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ok, you're right, lucius precious metals are much better for silver coins than BOC... I know where i'll be going in the future!
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