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Guest Post: Hong Kong - Still The Cheapest Place To Buy Gold Coins

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Tue, 10/04/2011 - 12:51 | 1737645 GeneMarchbanks
GeneMarchbanks's picture

Do you just travel to strange locations to collect gold coins and rare sexually transmitted diseases?

Tue, 10/04/2011 - 13:20 | 1737761 Chaffinch
Chaffinch's picture

Sorry - off-topic. To back up all those stories about physical demand being high, there is a Notice on the Bullionvault website today labelled 'prices and liquidity warning' - it says that they are waiting for a substantial
shipment tomorrow ( presumably bought on the London spot market) and due to unusually high demand margins (from sellers other than Bullionvault themselves) may be higher than normal until that shipment arrives.

Tue, 10/04/2011 - 13:24 | 1737781 malusDiaz
malusDiaz's picture

Tired of no change? Buy your change damit!

100$ per per person... empties all the change in the country!




-100$ brick of nickels.... 97$!~ 

-100$ brick of pennies... 50$!  (thats for the zinc ones, 200$ for copper!)




Want real change? Buy some fucking change then and spread the word. 

Tue, 10/04/2011 - 13:23 | 1737776 au_bayitch
au_bayitch's picture

Gene, you have been to the Dusk til Dawn also.

Tue, 10/04/2011 - 13:43 | 1737854 Popo
Popo's picture

Anyone have any thoughts on the "sealed" vs. "unsealed" thing?   I've never thought about it until seeing that price list.

Is "unsealed" a particularly bad idea?   Seems like "re-sealing" would be a pretty simple affair for anyone actually wanting to rip you off...

Tue, 10/04/2011 - 14:24 | 1738022 AnarchoCapitalist
AnarchoCapitalist's picture

A sovereign round is a sovereign round no matter what you wrap it in. Sovereign coins are bullion and need not be sealed (if they are in good condition) as they are already easily recognizable. No one "collects" bullion in the numismatic community.

As far as being "re-sealed" it is not as easy as you would think because the Royal Canadian Mint puts an imprint on the seams of the plastic (in between each coin). Again, it doesn't matter for bullion and no one would take the time to do this as it SHOULD not command a premium if unsealed.

The only time that a seal matters is if it is a numismatic coin that has been assayed OR if it is a gold bullion bar. Pamp Suisse art bars are my favorite and they are individually sealed, numbered, and assayed. You will pay less when buying "loose" precious metal art bars.


Tue, 10/04/2011 - 14:49 | 1738137 batterycharged
batterycharged's picture

Buying gold coins on the streets in China? Of course it's sealed!

It's actually foil around some chocolate. Enjoy that $1600 milk chocolate delight!

And if you're feeling really saucy, pick up a $100 iPad while you're at it.... =P

Wed, 10/05/2011 - 11:29 | 1741326 herewego...
herewego...'s picture

a bank is a bank. especially in HK.

BOC > BOA :-)

Tue, 10/04/2011 - 13:49 | 1737880 DosZap
DosZap's picture


For a dude that gets around, your a gullible sob.................$65.00 for a regular Mape,over a 0.5 over , on the same coin?

Dude,if it was a Proof Coin I could see it.

Mapes are mapes,it's obvious that coin was not sealed in Canada.

Oh, well...............your loaded guess it makes zero diff.

Around the US, if you can get it inder 4-5% prem, you have a Coup d' etat.

Tue, 10/04/2011 - 14:00 | 1737914 DoChenRollingBearing
DoChenRollingBearing's picture

A week ago, I bought gold (Eagles) for a bit over 5% premium (coin shop).


eBay / 24hgold widget Gold Eagle premium over spot: 26%

APMEX Gold Eagle price: $1721, premium over spot: 6.6%

eBay / 24hgold widget premium Silver Eagle over spot: 81%


No one wants to let their physical go cheap it seems...

Wed, 11/09/2011 - 17:27 | 1738487 barkster
barkster's picture


Tue, 10/04/2011 - 16:10 | 1738624 fiddler_on_the_roof
fiddler_on_the_roof's picture

I can get Gold maples  from my local dealer $42 over spot. ie 2.6%

Tue, 10/04/2011 - 14:57 | 1738186 Gavrikon
Gavrikon's picture

Yes, except for the gold coins.

Tue, 10/04/2011 - 17:59 | 1739219 eurusdog
eurusdog's picture

If it is "out-of-stock" you can't buy it at that price. Basic economics!

Tue, 10/04/2011 - 12:53 | 1737654 kato
kato's picture

yawn. next you gonna tell about your junk shopping at Aberdeen? how you can get a fake adidas t-shirt for less than retail.

Tue, 10/04/2011 - 13:38 | 1737831 jm
jm's picture

His next post will be about the anal cleanse he got in Wan Chai.

Tue, 10/04/2011 - 13:44 | 1737863 Popo
Popo's picture

Simon's a con artist.   He wrote a paper once on "network infiltration" -- or 'how to bullshit your way into any crowd in another country'.   Now would you take financial advice from a guy who wrote that?  

Tue, 10/04/2011 - 13:49 | 1737883 jm
jm's picture

Guess he already wrote that piece about his anal cleanse...

Tue, 10/04/2011 - 14:12 | 1737966 tmosley
tmosley's picture

Care to post the paper?

He has a good message, but that doesn't mean he's not a scam artist, just like those guys that made all those slick videos, but were running pump and dump schemes on the side (using the goodwil they bought with their excellent videos).

Tue, 10/04/2011 - 20:14 | 1739619 Vlad Tepid
Vlad Tepid's picture

It's tucked away on his website.  Can't link it from the ol' work computer but if you're still looking I'll link it in a few hours.  I actually found that piece a little interesting, in an entertaining kind of way.  Every time I read Simon, I can't help thinking that I'm reading about Michael Westin from Burn Notice - campy, over the top, unrealistic, but fun.  This world-wide coin checking-out spree has got me baffled though.  Doesn't he have a "local supplier?"

Wed, 10/05/2011 - 04:15 | 1740387 Vlad Tepid
Tue, 10/04/2011 - 12:54 | 1737662 Libertarians fo...
Libertarians for Prosperity's picture










Tue, 10/04/2011 - 13:02 | 1737697 BadKiTTy
BadKiTTy's picture




Tue, 10/04/2011 - 13:04 | 1737701 Robot Traders Mom
Robot Traders Mom's picture


Tue, 10/04/2011 - 13:11 | 1737734 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Yes, but she was a statuesque 12 footer.

Tue, 10/04/2011 - 13:04 | 1737702 cabtrom
cabtrom's picture

Paper good, paper make good fire. Paper keep porch monkey warm and back side clean from poopie. Paper goooood!

Tue, 10/04/2011 - 13:12 | 1737736 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

People hate gold because they missed the first leg up and have to tell themselves that there will now be a leg down to feel better about missing the first up move.  Feedback can be a bitch.  So is jealousy.  Life is not, life is a beautiful goddess with long strands of golden hair. 

Me love life.  Me hold no judgement.  Me stupid monkie.  Me like being stupid monkie.  Make life simple.

Tue, 10/04/2011 - 16:09 | 1738613 theotheri
theotheri's picture

How wrong you are.  It's the gold monkeys who are misguided lemmings.


Gold is the subprime mortgage of this decade.

Tue, 10/04/2011 - 16:56 | 1738949 fuu
fuu's picture

Cry more.

Tue, 10/04/2011 - 13:27 | 1737766 fuu
fuu's picture

This is a guy who was calling for sub $1000 gold last summer and was warning people against buying a $17 dip.

Tue, 10/04/2011 - 13:07 | 1737708 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

A great experiment to do is to hold a gold coin in front of a baby, and hold up some tungsten or some other look alike.  The baby's eyes will always light up and focus solely on the gold.  Even babies know how rare gold is, which I think we could say would make gold inherently valued.

Tue, 10/04/2011 - 13:09 | 1737726 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

It works for diamonds too but the baby has to be a female!

Tue, 10/04/2011 - 13:37 | 1737780 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I grew up living next to one of the most prominant gold investors in the world.  I was always interested in his rock collection he had in his yard and so I started my own.  I would look for quartz wherever I could find them.  I remember he was over for a dinner party and gave me 'fool's gold' to add to my collection.  I said it looked like gold.  He said it wasn't, it was just tungsten, and this is why it was called fool's gold, because some people have trouble telling the difference.

Tue, 10/04/2011 - 14:06 | 1737940 DoChenRollingBearing
DoChenRollingBearing's picture

Fool's Gold is pyrite, no?  Pyrite is a mineral, not even a metal.

Tungsten is a hard dark grey metal I think, that just happens to almost exactly as dense as gold.

Tue, 10/04/2011 - 14:15 | 1737979 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Correct.  Good catch.

Wed, 10/05/2011 - 01:58 | 1740299 chindit13
chindit13's picture

Noticed that myself, though I'm not one of the most prominent gold investors in the world.  Nobody would ever mistake a piece of pyrite for a piece of bullion (pyrite in natural form is far more interesting looking than gold), but in situ, when the gold is not pure, a mistake could be made, especially if it is just trace amounts.


Tue, 10/04/2011 - 14:06 | 1737942 kito
kito's picture

im actually trying to corner the tungsten market. my first stop is simon blacks casa........

Tue, 10/04/2011 - 13:14 | 1737744 Smiddywesson
Smiddywesson's picture

Ok, I'll try, but if he swallows my gold, well, I gotta do what I gotta do.

Tue, 10/04/2011 - 13:56 | 1737906 FeralSerf
FeralSerf's picture

Go diaper diving?

Tue, 10/04/2011 - 13:11 | 1737730 fuu
fuu's picture

Why hello there liar boy.

Tue, 10/04/2011 - 13:57 | 1737908 tmosley
tmosley's picture

RnR is so mad he broke his caps lock key.

Tue, 10/04/2011 - 12:54 | 1737667 thunderchief
thunderchief's picture

I give your article an A plus as it is on the scene. 

Buyers around the world need real info like this.

Tue, 10/04/2011 - 12:56 | 1737673 LFMayor
LFMayor's picture

So Munchanesen, where you headed next?  I hear talk of a pawn shop in DickSmack, Nebraska that's offering .175 over spot. 

Tue, 10/04/2011 - 13:08 | 1737722 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Yes, but they are out of stock!

Tue, 10/04/2011 - 12:58 | 1737677 reader2010
reader2010's picture

You really wanna trust your serious-looking Chinese dealers getting you the REAL Eagles and Maples?  Good luck, dude. I've heard enough stories already.

Tue, 10/04/2011 - 13:05 | 1737704 thunderchief
thunderchief's picture

The Chinese hawk a lot of fake stuff, but all you have to do is go to where they sell the government sealed real thing.  Gold, silk or anything else.  I would trust it more than in the western world.  And you get to keep it.  That's why so many Chinese are rich.  And westerners are poor today.

Tue, 10/04/2011 - 13:12 | 1737735 reader2010
reader2010's picture

Bullshit. Take a hard look at the stuff you got from the OFFICIAL place instead with some scientific instruments. Some Chinese are richer because they fuck and exploit their fellow citizens like there is no tomorrow. How about getting some Foxconn slaves to make you filthy rich?

Tue, 10/04/2011 - 13:09 | 1737723 Astute Investor
Astute Investor's picture

Understand your reluctance to purchase from an independent dealer in HK, but didn't SB make his purchase directly from the Bank of China?

Tue, 10/04/2011 - 13:15 | 1737749 BobPaulson
BobPaulson's picture

I'm pretty sure the tungsten stories have to be an urban myth.

A quick test you could do would be to have a real gold coin with you and drop each on a hard surface like stone or tile. Tungsten has a much higher stiffness modulus and would make a decidely different sound and would bounce around much more.

Tue, 10/04/2011 - 13:38 | 1737833 zuuuueri
zuuuueri's picture

And you always have to be on the lookout. 

This is fresh on my mind because just last week I made a purchase and among the numerous coins i had a very obviously fake one. The color was off, the feel was off, and it had no ring at all, just a dull thud. Took it back the next business day and the folks were shocked that such a thing could have gotten past them. I got some asscovering talk about how they inspect every coin etc, theyll pass it to their experts to investigate, but,  they also gave me a good one immediately.

From now on i think i'll check them all at the counter as i'm buying, instead of waiting til i get home. 

enjoy the tight spreads in HK, for a retail customer in europe the spreads are awful even if you're dealing in the six digits. In the states at least you have tulving and a zillion small private shops that move bullion in a competetive market. europe is one big cartel.

know the coins you're dealing with, study them well, and check them carefully, even if it's a reputable dealer. 

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