Posted by
Anonymous
14 yrs ago
Does anyone know where you can buy this in Hong Kong?
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ltse
14 yrs ago
You can buy overseas from:
www.perthmint.com.au - Australia
www.goldsilver.com - USA
www.swiss-investors.com - HK in Sheung Wan (although I have never bought from them before) worth taking a look.
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lalib
14 yrs ago
Coins. And u can also buy physical Silver bullion/coins in HK - I do it every month.
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ltse
14 yrs ago
where do you get your from lalib? and what % of silver are in the coins?
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lalib
14 yrs ago
Itse,
you gotta buy me lunch or at least a drink! Kidding.
Kitco Hong Kong is in a building in Sheung Wan near Cafe O. Just google it for their website.
Most of it is in coins. They sell the major 4 Govt mints and have their own Bullion aswell. No real formality. U have to open an account which is free and show ID card.
Feel free to PM me for any other info, its nice to meet a silver stacker in HK!
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ltse
14 yrs ago
Hey, thats great, I've been stacking for 2 yrs now, a little shy of 2000 ounce, since when have you been stacking? would be great to shout you a drink, but I am in Sydney right now, so I am buying from local bullion dealers here.
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lalib
14 yrs ago
nice! Thats alotta silver! I love the perth mint products I have been stacking for one year and got half that amount.
I stumbled upon silver after I bought Gold and regretted not buying earlier when Silver was dirt cheap.
I know one place where you buy ingots its Lee Choeng also in Sheung Wan. I only bought there once just for collecting purposes.
Whenever your back in HK I'll would be good to talk silver and share info. There is even a local Facebook club on Silver in HK can be helpful but I don't read cantonese
so not part of the discussions.
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i don't get why you call yourself stackers ? ahah..
anyway u can also get them at BOC the central branch. they used to ratio purchases to 10ounce per day but these days they have much more stocks..
but granted kitco is still the place to go. they ran out for a while but restocked their ASE, philas and maples at slightly higher premium compared to previous. its at the 5L th floor in Mark II center at sheung wan.
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lalib
14 yrs ago
Hi freeier
True. premiums did go up. Its like 15% over spot for Govt minted coins and 7% for Kitco bullion
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BTW, where does one sell silver jewelery? like rings, necklace, bracelets etc seems like a bad buy when only coins and ingots are the 'real' go only. what about selling 18k gold rings? with saphires in them. what about selling a solid silver 60 yr old dunhill lighter? or a damaged silver crown coin? any ideas welcome. just want some money for it all. obviously i will lose from what the purchase value was but...-(
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lalib
14 yrs ago
Have u tried the jewelery stores? If items were bought from the big chains like chow tai fook, TSL chow sang sang then they should buy them back. They def buy back their own Gold coins.
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ltse
14 yrs ago
are you guys stacking at these super low prices of late? its even hard to get physical silver from bullion dealers given the massive sell off, physical market is buying like crazy.
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lalib
14 yrs ago
Yeap I am. Woz at Kitco yesterday surprised there wasn't more people queuing up to buy.
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ltse
14 yrs ago
they're not taking orders for 100 oz bars in the perthmint, and some bullion dealers are simply closed for business, they must have got they inventory at a high price. I still think there may be further downside from here, but definitely worth getting some even at these prices. HK ppl are always slow to act, for some reason they think the paper money in their pocket is somehow going to increase in value, and that property prices is going to fall etc...yeah right, obviously they know nothing of how fraudulent this fractional reserve banking system is.
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Jay2
14 yrs ago
For silver i have been stacking the lee cheong stuff... not sure if i want to pay the premiums for the officially minted "coins". my theory is i want as much bang for my buck as possible.
For gold though i have been stacking the minted coins since the spread is only 50hkd from BOC over the counter.
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ltse
14 yrs ago
Agree, I presume you mean bullion by "lee cheong stuff", you can get more ounces for your $$, but I still buy the Perthmint 1kg coins, mainly because of the brand for reliability, so its easy to sell etc, plus I am a silver bug :).
By the way, do you know if Kitco or Lee Cheong can buy silver off you? most of these dealers appears to only buy back from you if you have originally bought it from them.
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Jay2
14 yrs ago
Lee cheong say ther will always buy back their bullion from you (ie has to have their hallmark)
Gold bullion is generally at or close to spot with normal bid/ask spread
Silver Bullion they say its 15HKD below their offer (per Tael)
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lalib
14 yrs ago
Itse,
Kitco will buy back from you the Govt minted coins/bars that you bought from them. Obviously they will check your buying history on your account before buying back. They intend to buy back their own Kitco brand too by the end of the year, so I was told.
Lee cheong will also buy Govt minted and Kitco bullion - I think just under spot price.
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lalib
14 yrs ago
Itse,
Kitco will buy back from you the Govt minted coins/bars that you bought from them. Obviously they will check your buying history on your account before buying back. They intend to buy back their own Kitco brand too by the end of the year, so I was told.
Lee cheong will also buy Govt minted and Kitco bullion - I think just under spot price.
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Can you guys give an example? If gold price published in papers is US$1,600, how much can you buy it from Kitko and others? Given the same price, how much can you sell it for (if you sell it back to them)?
Very interesting discussion.
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Jay2
14 yrs ago
@punter
you can see from kitcos website
https://online.kitco.com.hk/gold_USD/index.html
obviously this fluctuates with the market
as i type spot XAU (Gold is 1645 USD)
Kitco will buy 1 Oz Canadian maple from you at 1641 or sell it to you 1744 .... USD100 is pretty damn wide
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Jay2
14 yrs ago
Forgot to add. they have their own Kitco branded 1 Oz Gold products which have a spread of USD45 still thats quite rich.... you need gold to move +2.7% before you break even on your purchase.
given the $100 ranges we see these days you might think thats ok...
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Thell
14 yrs ago
For gold coins they have them at Hang Seng Headquarters in basement with a very reasonable spread less than 1% buy/sell. Also at Bank of China.
I haven't found silver coins with such a reasonable spread anywhere
in HK (I don't think that Kitco spread is worth it) so I just buy allocated physical silver at Goldmoney (can buy allocated physical at 4% above spot), allocating the holding to the new precious metals depository at HK airport through that system.
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BOC and HSB's bid-offer spread is nice but they are only on gold coins they have sold (u need them to be sealed and present the original receipt).
without the receipts the bid is much lower..
there are cheaper shops (one at sheung wan).. but its hand poured gold/silver so might not be for everyone.
what good with kitco is they usually have stock even when BOC/HSB ran out. I obviously wldn't be buying maples there but nice stuffs like the philomonics or buffaloes are not as common and usually stocks are available.
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ltse
14 yrs ago
Lalib,
thanks, so in other words, Kitco will only buy back what you bought from them only? what if I purchased from the Perthmint, can I sell these to Kitco? I don't have an a/c with them, but Perthmint is a recognisable brand worldwide.
BTW guys, when you say "Lee Cheong", do you mean this place in Sheung Wan?
www.swiss-investors.com
Sorry to be repetitive, but I have never bought from HK. Also what started you guys in stacking silver? Ted Butler's writings is what got me interested, and I only stack physical, because I don't trust paper gold or silver, although I do trade these only for short term performance gains, but there is counterparty risk, so physical is my main portfolio.
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Jay2
14 yrs ago
Lee Cheong is different place
http://somehelpful.info/Silver/Silver-Dealers.htm
its basically a local precious metals dealer. they pour their own gold and silver bullion.
their gold was good for delivey in Chinese Gold and Silver Exchange but dont think they are good for the new HKMEX contracts.
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lalib
14 yrs ago
Itse,
HK Kitco will not buy your Perth Mint bullion coz it wasn't bought from them.
Swiss investors is a different dealer, never bought but did call them up. minimum 100 oz purchase required. It must be easier to sell in Australia, try spotmex.com
Reasons I got in: hedge against inflation. devaluation of paper money. The growing and varied industrial usages of silver. The low inventory of above-ground silver. Silver manipulation, there were one or two more reasons.
I'm not completely crazy though! once I achieve my target ounces especially at these prices I'm gonna find another investment. And keep my Silver long term.
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ltse
14 yrs ago
Thanks jay2, lalib. Just to let you guys know, if your going to buy alot more, it may be wise to hold back for now, it seems october is going to be a bad month for stocks, and commodities all across the board. It would not surprise me if silver hits the $25 mark or lower.
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Jay2
14 yrs ago
@ltse
agreed that Silver paper price has potential to go lower.
i have given up trying to pick the bottom tick.
Am just accumulating with spare fiat currency that i have. with 30/70 mix of gold vs silver.
took a small punt on silver coins instead of pure bullion will see how that pans out in the long run
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Where do I sell old usa silver dollars?
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Anyone know whereto buysilveror platinum at close to spot?
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Jay2
14 yrs ago
@dgjohn
havent bothered to look at platinum so cant help you
for silver... the only way you are going to get close to spot is to transact on HKMEX 1000 Troyoz Contract.
if you are looking a coins as above you are going to have to go through kitco or swiss investor or for "generic" bullion go to lee cheong. but both options you are looking at premiums (ie the cost of melting and striking and distribution)
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Ive been trying to buy when I can. This has been my experience so far. The banks never seem to have stock. I'm not too keen on Kitco for several reasons, you have to provide ID and proof of address, spreads arent great and they will only buy back certain products.
I'm yet to try lee cheong and lpm.
Do Lee Cheong sell any coins? maples, pandas etc?
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Lee Cheong only sell thier own stuff as far as i'm aware. Boc in des voyeux road sell silver maples and gold pandas, hang seng HQ next door has a varying selection of gold coins but they're known to sell out fairly quickly, you have to beat the que. No silver though I'm afraid.
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Hi! Newbie here. Just about to start buying silver & really appreciate the info here. If you leave HK would you sell your stock or take it with you?
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