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China and buying PMs there

morgantypemorgantype Posts: 456
in Precious Metals
Hey all,

I will be heading to China soon and was wanted to hear everyones thoughts/experience on purchasing PMs over there.

I would like to pick up a souvenir in gold while I am there.

Has anyone done this? How reputable are sellers?

Thanks!
Many buy and sell transactions. Let's talk!

Comments

  • BigEBigE Posts: 6,949 ✭✭✭
    I would think any tourist would be a target for forgers, the Chinese love their PM's too, so I dont think there is any sort of deal to be had. I would not trust anything with a numismatic value unless you are an expert. If it was me, I would just buy a common gold coin dated the year I visited, from a really good store, and not "off the street". Might have to pay customs, not sure. Last time I visited was 1980 or so, wish I could go again, have a nice tripimage-----BigE
    I'm glad I am a Tree
  • CaptMorganCaptMorgan Posts: 145
    Buy American.
  • StorkStork Posts: 5,205 ✭✭✭✭✭
    Are you flying into Beijing? The airport has a gold store there--coins/bars/pendant charms and some souvenir pieces as I recall--no pictures. Prices set by the government. Supposedly/according to my tour guide. (My grand sum experience with China was a 5 day tour trip mind you...take that into consideration!). I didn't even try to go to any coin places...would never have felt comfortable with a purchase.

  • PerryHallPerryHall Posts: 46,113 ✭✭✭✭✭
    A lot of good advice so far. Buy from a reputable source and use common sense and you should be OK. When you get back, let us know how you did. Sounds like you'll have an interesting time there and we expect a trip report.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • halfhunterhalfhunter Posts: 2,770 ✭✭✭
    Here is an article that may be of interest:

    China Silver Buyers

    HH
    Need the following OBW rolls to complete my 46-64 Roosevelt roll set:
    1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
    Any help locating any of these OBW rolls would be gratefully appreciated!
  • JCMhoustonJCMhouston Posts: 5,306 ✭✭✭
    If you go to any of the markets or street vendors assume everything is fake, then you can only be pleasantly surprised if you buy something that happens to be authentic. As an example on my last trip I decided to pick up some gift items and went to a watch store with my local contact, I was asked if I wanted a expensive Rolex or a cheap Rolex. The expensive Rolex started around 30,000 RMB, the cheap Rolex was around 100-200 RMB. It never even crossed there minds that one was real and one was fake, just expensive and cheap. I've been going several times a year for the past 4 years on business to both Beijing and Shanghai.

    You can buy gold at some of the government tourist places also, check out the Tiannamen square gift shop for example, and I belive these will be authentic.
    JCM-Houston
    World Collection
    British Collection
    German States Collection
  • CaptHenwayCaptHenway Posts: 32,118 ✭✭✭✭✭
    Have you ever heard the advice "If you sit down at a poker table and look around to see who the sucker is and cannot spot him, the sucker is YOU!"
    .
    In China, YOU are automatically the sucker. Remember this.
    .
    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    Be sure to consider customs (more money) requirements.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • jmski52jmski52 Posts: 22,824 ✭✭✭✭✭
    Good article, halfhunter!image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • pakasmompakasmom Posts: 1,920 ✭


    << <i>Good article, halfhunter!image >>



    image Has me re-thinking my plan of selling @ $40
  • THISISMETHISISME Posts: 41
    Don't do it.
    Likely to be fake and then you will get hit with export and other fees.
  • StorkStork Posts: 5,205 ✭✭✭✭✭
    My tour guide explained there are different qualities of fakes--literally graded by how good they were. She gave pointers on where to go to get the higher quality vs. the real low quality. She did mention the best quality fakes were not offered to tourists. I suppose those are reserved for other venues. Heck I was so paranoid I didn't even bring my Coach purse in with me--I didn't want any questions when I came back. It was a military tour group and I did not see much of anything coming back...

  • morgantypemorgantype Posts: 456
    Thanks for all the great advice!

    Nice article, and it definitely highlights the high demand for PMs coming out of China.

    I have also heard about the high end vs low end fakes, I always find that concept very interesting. As you did stork, I will be leaving my usual personal items (watch, jewelery, wallet) behind so I don't stand out too much.

    Henway, I will definitely avoid being the sucker in china. I will probably end up picking up some PMs at one of the state sanctioned shops or local banks, albeit it will probably be a huge premium! image

    I am very excited to see how prevalent this counterfeit thing is in the markets of china. I will definitely share a trip report with you all when I return.
    Many buy and sell transactions. Let's talk!
  • PerryHallPerryHall Posts: 46,113 ✭✭✭✭✭


    << <i>Have you ever heard the advice "If you sit down at a poker table and look around to see who the sucker is and cannot spot him, the sucker is YOU!"
    .
    In China, YOU are automatically the sucker. Remember this.
    .
    TD >>



    Tom---The folks that frequent this forum are a lot smarter than the typical tourist and in most cases smarter than the average street vendor in China.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <i>My tour guide explained there are different qualities of fakes--literally graded by how good they were. She gave pointers on where to go to get the higher quality vs. the real low quality. She did mention the best quality fakes were not offered to tourists. I suppose those are reserved for other venues. Heck I was so paranoid I didn't even bring my Coach purse in with me--I didn't want any questions when I came back. It was a military tour group and I did not see much of anything coming back... >>



    That is correct. There are usually three levels of fakes. On watched in particular a "Rolex" can cost you $20, $80 or $200 depending on band, case and moving parts. I spend around 140 days in China a year. I own a fair amount of gold/silver. I've never purchased gold or silver in China. There are no bargins on the legit stuff. MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • CaptHenwayCaptHenway Posts: 32,118 ✭✭✭✭✭


    << <i>

    << <i>Have you ever heard the advice "If you sit down at a poker table and look around to see who the sucker is and cannot spot him, the sucker is YOU!"
    .
    In China, YOU are automatically the sucker. Remember this.
    .
    TD >>



    Tom---The folks that frequent this forum are a lot smarter than the typical tourist and in most cases smarter than the average street vendor in China. >>




    Gee.....I didn't know that this forum was owned by Holiday Inn Express!!!!!

    image
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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