Hello Tokyo!

Pinkie B
By Pinkie B on Mon, Dec 15, 2014 - 1:29am

Hi Fellow Crash Prosperers!

I am new to this group, but not new to this concept. I am an American expatriot located in western Tokyo. I am interested in buying gold, but I don't know where to start. Since I'm an expat who doesn't read Japanese so well, things are a little hard, but I'm ready to learn!

As we say in Japan, Yoroshiku Onegaishimasu! (Nice to meet you!)

Pink

10 Comments

Michael_Rudmin's picture
Michael_Rudmin
Status: Platinum Member (Offline)
Joined: Jun 25 2014
Posts: 851
aaah, now we know the real market drivers

look, my suggestion is that unless you have the means to Assay, protect, and maintain the markage of your own gold hoard, make use of a gold storage service, like goldmoney.com.

Abenomics's picture
Abenomics
Status: Member (Offline)
Joined: Jun 22 2014
Posts: 8
Kin in Tokyo

Hi Pink, yorushiku

premiums are high for physical, like 2-3 hundred USD over spot per ounce,

for bullion coins try Sumitomo gold or Mitsubishi gold,  another good one is 

Gold Ichiba,  Google them and see if they're reasonable for you.  If not pawn shops selling used jewelry, or we buy gold shops may have a lower premium but usually not coins or bars available.

Shinzo

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5752
Buying gold

I am not sure of how to go about buying gold in Japan because I don't know if there are any import restrictions, VAT taxes, or the like.

If you are starting out, you definitely want the first purchases to be in the form of bullion coins and bars, and you want them in your physical possession.

Assuming you can simply buy and have gold/silver shipped I would use one of the many excellent websites/on-line sellers who are available.

Goldsilver.com is where I made my most recent purchase of silver, and would use them for gold too, but there are a lot of other good places to choose from.

However, my guess is that with the recent jump from 5% to 8% VAT that Japan has locked down the import/shipping market to assure they get their taxes paid...

Then you might just go to a place that sells gold bullion such as Tanaka Kikinzoku in Tokyo or some similar place?

 

sand_puppy's picture
sand_puppy
Status: Diamond Member (Online)
Joined: Apr 13 2011
Posts: 1926
Buying gold, my 2 cents

I have enjoyed buying from Franklin Sanders who runs a home business (the-moneychanger.com) selling gold and silver coins out of his farm in a little itsy-bitsy town in Tennessee.   He is a Presbyterian minister, farmer and is featured on Catherine Austin Fitts website solari.com and webcasts often.

For me, getting a good intuitive sense of "who they are" is important.  He seems to be a good and very honest guy who operates from a place of very high ideals.  That has helped me feel safe sending a check off in the mail.

The process:

1.  You call up and tell them what you would like.  You make a verbal contract.  They email you a copy of the agreement later that day.  Even if the price changes after the contract is agreed to, it still stands.  He abides by that and trusts that you do too.

2.  You mail them a personal check

3.  14 days after your check arrives and is cleared, they ship a brown paper package to your home.

 

phecksel's picture
phecksel
Status: Silver Member (Offline)
Joined: May 24 2010
Posts: 204
How reliable are the big US

How reliable are the big US vault companies and would that work for Pink?

Pinkie B's picture
Pinkie B
Status: Member (Offline)
Joined: Nov 16 2014
Posts: 10
Hi Shinzo-san! Your handle is

Hi Shinzo-san!

Your handle is funny ^^ I wish I knew why Abenomics was supposed to work.

Thank you for the tips. Everything is new to me, but I will ask Sumitomo since I have an account with them. It all sounds very scary, though.

Pinkie B's picture
Pinkie B
Status: Member (Offline)
Joined: Nov 16 2014
Posts: 10
I like the idea of a personal

I like the idea of a personal relationship, but Tennessee is a little far from Tokyo. How would that help?

Pinkie B's picture
Pinkie B
Status: Member (Offline)
Joined: Nov 16 2014
Posts: 10
Tanaka Kikinzoku?

Hi Dr. Martenson!

Thank you so much for your reply! It's funny, I have no problem calculating the best deal with taxes, fees etc, but actually making the connection with a seller and a product and understanding what I'm getting? Not so much!

I've never heard of Tanaka Kikinzoku, but if it's a place I can walk in and talk to people than I'd be pretty pleased, even if the price isn't the cheapest. Until I understand how the gold/silver thing works, and what the difference between all the options is, I think I would be most comfortable with the immediate feedback of actually being there.

I'll check it out and see what I find. Thanks!

Pandabonium's picture
Pandabonium
Status: Bronze Member (Offline)
Joined: Aug 30 2008
Posts: 88
Tanaka

Hi Pinkie B,

I have lived in Japan for ten years and have done business with Tanaka several times through their retail storefront in Ginza called Ginza Tanaka.  It is a jewelry store at street level but the third floor is dedicated to precious metals and there is a section where you can buy and sell bars and coins.  You just walk in, take a number and have a seat.  Enjoy a complimentary beverage while you wait.  Watch TV news.  They will call your number.  I've never had to wait long - barely finish my tea usually.  Very reliable people.  They should be as they've been in business since 1892.

They deal with Gold Maple leafs, Gold Vienna Philharmonic, Platinum Eagles, and Platinum Maple Leafs.

Prices are posted in English here: http://gold.tanaka.co.jp/commodity/souba/english/index.php

For historical reasons in Japan - going back to the mid-19th century - silver coins are not to be found at dealers here.   You can buy bars, however.  Keep in mind that bars here are made in units grams (30 grams, 500 g, 1 kg, etc), not in ounces.

Also, if you are selling to them, they charge a hefty fee if you are selling less than 1 kg.  Note too that the price of coins they pay is higher if you sell stacks of 10 in the original container rather than individual coins which may be scratched up. (That's the meaning of "with premium" and "without premium" on the price quote.  

Be aware that sales from you to them over a certain amount (I forget what it is at the moment - perhaps 2 million yen) must be reported by them to the Japan income tax authority. 

When buy from them, you give them cash, they give you the metal and off you go.  When you sell, you give them the metal, they will offer to either transfer the money to your Japanese bank account or you can come back in a few days and pick up cash. 

Ginza Tanaka English website is here:  http://www.ginzatanaka.co.jp/en/

They have locations in Nagoya and Sendai as well as around the Tokyo area.  I have also done business with a jewelry store closer to my home which is affiliated with Ginza Tanaka and deals using the same rates and terms.

I hope that helps.

 

 

Pinkie B's picture
Pinkie B
Status: Member (Offline)
Joined: Nov 16 2014
Posts: 10
Thanks!

That is incredibly helpful! I think I will go visit them. Ginza is pretty intimidating, but I'm pretty petrified for my savings account, so I guess I'll just have to suck it up. This is all so overwhelming!

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments