Local Gold and Silver Dealers in South Korea,Korea Gold Exchange 3M is a private precious metals wholesaler and distributor, founded in 2005, and located in Jongno-gu in Seoul.
Buying Gold and Silver in South Korea
South Korea, officially referred to as the Republic of Korea, is one of the most urbanized countries in the world, with half of its population living in high-rise buildings. The country was formed in 1948 and is based on a democratic and anti-communist ideology. South Korea is a Unitary Presidential Constitutional Republic and is home to huge brands such as Samsung, LG, and Hyundai. The value of the country’s exports and imports totals about 85% of its GDP, which is the main reason for its high-income country status.
South Korea treats gold and the gold market as contrary to being just a commodity or investment option solely for rich people. It makes efforts to make bullion more accessible to the masses by introducing smaller gold bars weighing between 3.75 grams and 100 grams. The commemorative coins of the Seoul 1988 Olympics minted by KOMSCO are the most popular coins from South Korea. Although it is the 7th largest producer of gold, not much of the gold is sold over the counter in a formal manner.
Commodity & Futures Markets in South Korea:
Korea Exchange (KRX)
Created under the Korea Stock & Futures Exchange Act, KRX was formed by merging three exchanges: Korea Stock Exchange, Korea Futures Exchange, and KOSDAQ Stock Market. With over 2000 listed companies, it has a combined market capitalization of $1.2 trillion. The company was founded on 27 January 2005, and it has gold futures and mini-gold futures as commodity instruments. However, there are eligibility criteria for the trading of gold bullion on the KRX gold market – it must be imported or produced by KRX designated companies and it must have a fineness of at least 99.99%, a weight of at least 1 kg, the dimension should be rectangular or similar, bars must have marks like assay stamp of the refiner, serial number or bar, weight, and fineness engravings.
Tax on Precious Metals in South Korea:
The upper limit of the (VAT) sales tax rate charged to consumers based on the purchase price is 10%.
Since we are not tax experts, Bullion Exchanges strongly advises you to cross-check with a tax professional before making any precious metals investments in South Korea.
How to buy Gold in Africa
With the property and stock market stocks going down, people are now looking for how to buy Gold in Africa. You might ask why Africa?
Africa’s Gold market is highly unregulated and this means you can get it very cheap. The mining done in Africa is mostly artisanal and the individual miners decides on the prices. This sometimes mean they sell well below the gold market price. Buying Gold in Africa with the right connections can make you a lot of money.
There are many people who have created local cooperatives for miners, providing equipment to miners and also healthcare facilities. In-turn these miners sell only to them. Lives in the mines is not easy and with all the gold, the people still live on under $1 per day.
At BONASGOLD we give information on where you can successfully buy gold in Africa without any hassles. There are a lot of scammers online and even in the mines looking to take advantage of unsuspecting individuals. Our job is to make sure investors are able to come into the country, improve the lives of the miners and buy gold without getting scammed.
Why buy Gold in Africa?
As a business man, your first priority is making profit. If you are looking to make huge profits buying and selling Gold, then Africa is your number one destination. Do not be fooled by what you see on social media, it is relatively safe and you can do business without any problems.
The first reason you should buy Gold in Africa is the price. In the world market, a troy ounce of Gold costs $2000 while in Africa it costs $1150 imagine the difference and the profit you can make buying up to a kilogram. However, getting to these miners is not easy. They do not have a website, they do not even have a social Media presence. You have to come to their country and deal with them directly.
Others have taken this advantage to create small cooperative communities for them thereby actively participating in their activities. This means they will sell directly to you and no one else. By investing just $500 on a miner, you can get as much as $120,000 profit in 2 months.
Buying Gold from Africa is also very good because you do not need many documentation. Other countries require a lot just to be able to buy gold but in Africa you do not need all that. The most difficult thing is meeting a local artisanal miner. Once you do that, you can easily buy gold bars and dust without any problems.
Difficulties
The difficulties involved in buying Gold in Africa are not many. The first is finding a good supplier due to the presence of many scammers. We explained this in the post how to buy Gold and avoid scam.
Another problem is reaching the mines. The areas where the mines are situated are very difficult to get to. The roads are terrible with many highway robbers and crook law officials wanting bribes. You need to move with a national who is an expert to be able to succeed.
If you are ever in Africa and looking too buy Gold in the following Countries; Cameroon, Kenya, Tanzania, Ghana, Uganda and Togo, do not hesitate to contact us.
