Japan Gold Rush - Customers Lined Up for Three Hours to Buy Gold in Tokyo

My good friend Michio went to buy gold last week right when the prices crashed. He told me that there were over 20 people lined up outside the store to buy gold. 

It seems this story is happening all over Japan and Asia.

Reuters is reporting that customers are waiting for up to three hours to buy gold in Japan... Please refer to: "As global price slumps, "Abenomics" risks drive Japan gold bugs":

A week ago, as the yen-denominated price neared a new peak, jewelry stores and gold merchants across Japan saw long lines of mostly older Japanese looking to cash in on unwanted jewelry and other items that they had held for years. But on Tuesday, buyers outnumbered sellers by a wide margin. At Ginza Tanaka, the headquarters shop of Tanaka Holdings, gold buyers waited for as long as three hours for a chance to complete a transaction.

......

Nearby at Ginza SGC, a gold merchant, buyers had taken about 6 kg (13 lbs) of gold home by early afternoon on Tuesday. In one case, a 60-year-old man, who asked not to be identified, walked out of the store with 500 grams of gold for about 2.2 million yen ($22,500). 

At a special gold exhibit organized earlier this month at the Matsuzakaya department store, staff said that an 18-carat gold Buddhist bell used in a household altar to honor deceased relatives was selling well. It was priced at 4 million yen. (about $40,000 USD) "You could buy it as a family treasure as many of our customers do," one salesman said. "But if your house burned down and you lost everything, gold is fire resistant and you would still have it." ($1 = 97.9600 Japanese yen)

Japan and China Start Direct Trading of Currency in One Week? US Dollar Out?

Things are starting to roll very fast towards the US Dollar losing its place as the world reserve currency. Incredibly, this just in from Zerohedge: China And Japan Dropping Dollar Cross Rate System, Will Transact Directly:

As Yomiuri Shimbun reported last night, China and Japan are set to launch direct currency trading, bypassing the dollar, and the associated benefits and risks, entirely. "But how can that be?" dollar purists will scream. After all, when one bypasses the dollar, one commits blasphemy to a reserve currency. Somehow we think China gets that. From the AP: "Japan and China are expected to start direct trading of their currencies as early as June as part of efforts to boost bilateral trade and investment, according to reports. With the planned step, exchange rates between the yen and the yuan will be determined by their transactions, departing from the current "cross rate" system that involves the dollar in setting yen-yuan rates, Kyodo News said on Saturday."

More specifics on how the world's second and third largest economy will just say no to dollar hegemony here.

If you live in Japan, may I ask again? Got gold? Best Place to Buy Gold and Silver in Japan

Gold Price Soars Today - Best Place to Buy Gold and Silver in Japan

Finally! I think I've found the best place to buy gold and silver in Tokyo. The place is called Ishifuku Metals and it is located in several locations around Japan. In Tokyo, it is just a 20 second walk from Kanda station on the JR line.

I went there the other day and found that Ishifuku's price on a 20 gram gold bar was a full ¥2,000 yen lower than the price on the place I usually go to in Okachimachi (I won't go there anymore!). 


Ishifuku Metals is not a just wholesale metals dealer, they are a metals factory that provides materials for medical uses and dentistry as well as for product manufacturers. Since they are a factory, buying from Ishifuku gives you rock bottom prices since there is no middle man. And, of course, they also sell to the public just like a regular gold or precious metals dealer.

Ishifuku Metals has been in business since 1930 so you know they are a reputable company and the service is excellent..


Address in Tokyo is:


Uchi Kanda 3-20-7, Chiyoda-Ku, Tokyo, 101-8654


Tel: 03-3252-3131

Other locations? Here.