Author Topic: Howdy from China  (Read 5158 times)

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Offline ChinaClipper

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Howdy from China
« on: November 17, 2015, 03:26:41 AM »
I'm an American  in China working. I always try to pick up some gold and silver coins from the Bank of China while I'm here.

It's nice to see a site and all the people interested in the Chinese coins.

Offline pandamonium

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Re: Howdy from China
« Reply #1 on: November 17, 2015, 07:53:19 AM »
Welcome aboard ChinaClipper.    Wish i was in China buying MCCM.    What do you see for early year MCC supply there?  (1979 to 2000)    Are prices similar to US market?........

Offline ChinaClipper

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Re: Howdy from China
« Reply #2 on: November 17, 2015, 08:34:12 AM »
Howdy Pandamonium,

I buy all my coins from the bank and I try to get them as soon as they come out. From what I've seen over here in China people buy this stuff and hold it, and sit on it. People over here are savers and the savings rates are 30- 50% of what they make, even though the average person does not make very much. (lower GPD per capita than the US).

The young people are all saving for homes (which are outrageously priced, there is an extreme bubble in the property market here).

You don't save any money buying them here versus the US (for the gold anyway). It's alot cheaper to buy the silver pandas in the US than it is to buy them here.

For example I just paid (today) $29,382.36 RMB for two 5 coin gold panda sets (114 grams in gold). At todays mid market exchange rate (6.37952 RMB per USD) that comes to  $4605.72. And I got about a 600 rmb discount because I ordered 2 sets and 1 other guy ordered 1 (we ordered them together) so we could get a slight volume discount.

From looking at some sites in the US (APMEX, jmbullion, bgasc etc.) I could most likely get the same thing in the US for about $4440-4450 easily (not counting postage). So I didn't save any money and actually spent a little more

But the silver here is high. For example they wanted 195 RMB today for a 1 ounce silver panda  which is $30.56. You can buy them online in the US (singles- 2016 silver Panda) for 21.46. Last year I wasn't thinking and bought ten of 2015 silver Pandas when I got the gold panda set. When I got back to the US, and saw the prices I laughed and said 'Whoa, no more buying silver Pandas in China" , heh. They are more than 40% more expensive. I don't know why that is. You would think they would be cheaper here.

Now the WWII set I bought in the summer was really expensive compared to melt value. I paid over 3000 rmb for it (closer to 4000) for (1/4 ounce of gold and 1 ounce of silver) but they were very hard to get and kinda rare for a newly minted coin. They are going for about 6000 rmb  now and it's only been a few months.

I could check around for you on the values for the other new Chinese coins (1979-2000). They are going to be high. They appreciate pretty quick over here, that's why I get them new when they first come out.






Offline KeepOnTrying!

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Re: Howdy from China
« Reply #3 on: November 17, 2015, 08:54:19 AM »
Howdy ChinaClipper,
Nice to have you onboard. You are going to find tons of goodies here at CCF. Most questions you ask will be answered by the experts to the best of their ability. Interestingly, since you are in China you can also feed us news about numismatic happenings. We tend to hear things here after a lag phase. We never seem to know when to pre-order some of the coins and medals especially the limited release items. Your perspective as already shared with pandamonium is great. So enjoy and keep it coming. Best wishes and +1.
KOT!
KeepOnTrying and Never Give Up!
That lion is also after you!

Offline ChinaClipper

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Re: Howdy from China
« Reply #4 on: November 17, 2015, 09:11:36 AM »
Howdy KeepOnTrying,

The Bank manager knows I like the Chinese gold and silver coins so he always calls me when they are going to be released so I will keep ya'all posted.

He called last month about the lunar year of the Monkey coins but the bank hasn't been able to get any yet. I talked to him again today about those and asked him for 2 sets thinking maybe I will end up with 1 set if I ask for 2. heh.

Next month I have to go to Hong Kong so I will check out the gold and silver coins there and let ya'all know whats up. I didn't even know Hong Kong minted gold and silver coins but the guy I combined Panda orders with at the bank today to get a discount was from Hong Kong and he clued me into that so I'm going to check it out in person next month.

Offline poconopenn

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Re: Howdy from China
« Reply #5 on: November 17, 2015, 01:57:10 PM »
Now the WWII set I bought in the summer was really expensive compared to melt value. I paid over 3000 rmb for it (closer to 4000) for (1/4 ounce of gold and 1 ounce of silver) but they were very hard to get and kinda rare for a newly minted coin. They are going for about 6000 rmb  now and it's only been a few months.


Welcome to the forum.

Apparently, you have established an excellent connection with the bank. The when issue price for this set was RMB 3,860 via direct pre-order from China Gold Coin Inc. There are limited sets available for this distribution channel, even the large coin dealers can not do it. The current price for this set is about RMB 8,500. Congratulation, you just made more than 150% profit in about 3 months. Just be careful, the high quality fake set with almost identical box and COA was also available in the market in about two weeks after this set was issued.

http://www.chngc.net/news/1271/40450.html

Offline pandamonium

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Re: Howdy from China
« Reply #6 on: November 17, 2015, 05:50:03 PM »
That is good information for us to know.   Please keep us updated on prices in China so we can compare to US prices.   I was told 1979 to early 1980's MCCM in China is very hard to find and probably expensive.   Sounds like you are buying the new issue as they are most reasonably priced.    Smart people in China are buying and holding even w/ lower wages.   I would stay out of the home market too until it collapses or drops down in price.   Cannot go wrong w/ gold/silver pandas and other MCC.   The Yuan is being accepted by the IMF so at some point the world sheeple herd will discover MCCM.....

Offline ChinaClipper

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Re: Howdy from China
« Reply #7 on: November 18, 2015, 08:27:55 AM »
Welcome to the forum.

Apparently, you have established an excellent connection with the bank. The when issue price for this set was RMB 3,860 via direct pre-order from China Gold Coin Inc. There are limited sets available for this distribution channel, even the large coin dealers can not do it. The current price for this set is about RMB 8,500. Congratulation, you just made more than 150% profit in about 3 months. Just be careful, the high quality fake set with almost identical box and COA was also available in the market in about two weeks after this set was issued.

http://www.chngc.net/news/1271/40450.html


Thanks for letting me know about the fakes. That's why I always get them through the bank. I feel it has less of a chance of being fake if a government bank vets it.

Thanks for the update on the pricing of the WWII set. Those things sure are jumping up in value quickly. I tried to get more than 1 set, but 1 was all I could get. They limited everyone to one and the story I got was because the government wanted as many people as possible to get 1 of those coins or 1 set.

It was a real big deal over here in China. They had a lot of celebrations and parades. I was telling some of my relatives about it who are WWII vets. I got stopped on the street a lot during that time by people asking if I was American and thanking the US for helping fight the Japanese in WWII.

From what I understand every 10 years they put out a set of coins in China to commemorate the end of WWII.

 

Offline Pandaguy

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Re: Howdy from China
« Reply #8 on: November 18, 2015, 07:54:50 PM »
"It was a real big deal over here in China. They had a lot of celebrations and parades. I was telling some of my relatives about it who are WWII vets. I got stopped on the street a lot during that time by people asking if I was American and thanking the US for helping fight the Japanese in WWII."


For an interesting bit of history of U.S. greatly helping China during the early years of WW II, read up on the great General Claire Chennault and the Flying Tigers. This small, but very effective group of brave Americans really saved China's butt at that time from relentless sorties of Japanese bombers destroying China cities unchecked and at-will . There are several museums dedicated to that cause all throughout China. The very newest and large museum is at the Flying Tiger Heritage Park Museum in Guilin. It's truly a fascinating story!

Offline ChinaClipper

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Re: Howdy from China
« Reply #9 on: November 18, 2015, 09:14:22 PM »
Pandaguy,

Yep the Flying Tigers. I haven't thought about them in years. Thanks for reminding me.   I am very familiar with them and "flying over the hump" i.e. flying supplies into China over the Himalaya Mtns. I even loaded a few Flying Tiger planes (not in WWII but back in the early 80's in the US). I think Fed ex ended up buying them out back in the late  80's didn't they?


Offline Pandaguy

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Re: Howdy from China
« Reply #10 on: November 18, 2015, 09:39:48 PM »
Yes, you are correct. The Flying Tigers Air Cargo line was bought-out in 1988. At the time, they were the largest air cargo company in the world. It was founded in 1945 by ten former AVG pilots.

Offline mowi

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Re: Howdy from China
« Reply #11 on: November 20, 2015, 06:16:08 PM »
Welcome ChinaClipper, thanks for the great stories. You seem to be a natural when you manage to get deals even at BoC!

For the HK and SH markets check out the tips I wrote.
http://china-mint.info/forum/index.php?topic=11909.0