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Investing in gold and silver in PI


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#1 ralph

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Posted 29 June 2010 - 08:44 PM

With things going the way they are in the world and im thinking on going to PI does anyone know if and how you can buy gold and silver in the Philippines
if so please let me know.Also i sale gold and silver and would like to bring some to PI with me.Would this be a problem with
customs thanks

Ralph47

Edited by ralph, 29 June 2010 - 09:32 PM.




#2 Alan S

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Posted 29 June 2010 - 09:41 PM

Try Ongpin Street, Manila. The centre of Chinatown, has, like most Chinese communities, gold and bullion dealers.

As is usual, "buyer beware".

#3 JamesMusslewhite

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Posted 29 June 2010 - 11:27 PM

I am sure you can buy all you want, good chance to be buying lead filled bullion and improperly stamped gold percentages. Now selling it later yourself or trying to ship it out of the country might be a little bit of a hassle.

“My grandfather used to say that once in your life you need a doctor, a lawyer, a policeman and a preacher, but every day, three times a day, you need a farmer.” Brenda Schoepp


#4 The Mason

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Posted 29 June 2010 - 11:37 PM

Selling gold here is a crap shoot. You're not likely to find anyone that will give you anything close to spot price. Most of the dealers buy gold like they were a pawn shop. They'll offer you about 70-75% of spot price at best. I tried to sell some gold buffalo coins here and decided against it because the offers were so low.

You're better off keeping gold coins/bullion in the US. Find an agent that will hold and sell your gold when you need cash and wire the money to your US account.

As for customs, I think you can bring in US $3,000 or its equivalent without declaring it. Anything over that amount you're supposed to declare.

Edited by The Mason, 29 June 2010 - 11:46 PM.


#5 Alan S

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Posted 29 June 2010 - 11:42 PM

I will just add, dont even think about all the tales of gold that can be found in or around the Philippines. Yamashitas (or whoevers) gold, did originally exists and some may well be hidden still. More credibly, some was recovered and of that, a proportion remains in the hands of various people.

However, the chances of you or anyone ever findng or getting hold of any are slightly less than the chance of Big Rob winning Miss World!

But, in the meantime, many people have paid out and spent $ millions seeking their fortune. In fact, the amount spent probably way exceeds the total ever available.

The Philippines is a gold producer, (about 10 tons a year) and there is also a place where tourists can pan for it, and can keep any they find. I gather that many find small grains, which make an interesting topic for conversation at least.

Anything much more than that, and you need Govt permits etc to take it out the country.

#6 ralph

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Posted 30 June 2010 - 12:40 AM

Selling gold here is a crap shoot. You're not likely to find anyone that will give you anything close to spot price. Most of the dealers buy gold like they were a pawn shop. They'll offer you about 70-75% of spot price at best. I tried to sell some gold buffalo coins here and decided against it because the offers were so low.

You're better off keeping gold coins/bullion in the US. Find an agent that will hold and sell your gold when you need cash and wire the money to your US account.

As for customs, I think you can bring in US $3,000 or its equivalent without declaring it. Anything over that amount you're supposed to declare.


Thanks alot for the info, everyone should have some medals incase things really go to hell again thank you everyone.

#7 sperry

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Posted 30 June 2010 - 01:07 AM

not sure exactly why you want the gold, but if its an investment and you want physical, but dont want to stroke it at night, and dont trust ETFs then central fund of canada (cef.a) might be a solution.

caveat emptor

#8 senseless

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Posted 30 June 2010 - 10:30 AM

I don't think its safe to have money or gold in your house. It's just asking for trouble. Then people like that idiot norweigan or whatever nationality he was a few months back had something like P500K in his house. If foreigners start keeping that much in their house, people will just start assuming EVERY foreigner is some moron who leaves 500K in his house. Making everyone a target. When I was in the province, I asked a couple of younger people how much money they thought I made. They were saying "1 million or maybe 2 million", I'm like, "in pesos or dollars?", "in dollars". Most people don't even have the slightlest clue about economics, or how economies work. They already think that every foreigner is carrying around billions and billions of dollars because they're use to dealing with inflated worthless currencies as they were born post 1980.

Selling gold here is a crap shoot. You're not likely to find anyone that will give you anything close to spot price. Most of the dealers buy gold like they were a pawn shop. They'll offer you about 70-75% of spot price at best. I tried to sell some gold buffalo coins here and decided against it because the offers were so low.


The reason you get 70-75% of spot (or less) is because when they buy it, they're buying necklaces, etc. 12 karat is 50% gold, a little less than 50% of spot is what you'll get for it. I talked to a couple of those ladies that go house to house and town to town looking for people selling gold and silver stuff. The prices they're getting in the city aren't THAT bad. (i asked them where they went the only thing I got out of them that was intelligible was "Chinese". They wouldn't tell me exactly where, what store, what street, etc.)

Edited by senseless, 30 June 2010 - 10:37 AM.


#9 The Mason

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Posted 30 June 2010 - 10:57 AM

I don't think its safe to have money or gold in your house. It's just asking for trouble. Then people like that idiot norweigan or whatever nationality he was a few months back had something like P500K in his house. If foreigners start keeping that much in their house, people will just start assuming EVERY foreigner is some moron who leaves 500K in his house. Making everyone a target. When I was in the province, I asked a couple of younger people how much money they thought I made. They were saying "1 million or maybe 2 million", I'm like, "in pesos or dollars?", "in dollars". Most people don't even have the slightlest clue about economics, or how economies work. They already think that every foreigner is carrying around billions and billions of dollars because they're use to dealing with inflated worthless currencies as they were born post 1980.

The reason you get 70-75% of spot (or less) is because when they buy it, they're buying necklaces, etc. 12 karat is 50% gold, a little less than 50% of spot is what you'll get for it. I talked to a couple of those ladies that go house to house and town to town looking for people selling gold and silver stuff. The prices they're getting in the city aren't THAT bad. (i asked them where they went the only thing I got out of them that was intelligible was "Chinese". They wouldn't tell me exactly where, what store, what street, etc.)


I was selling gold bullion coins. They are .999 fine gold. I was not selling jewelry or impure gold. They offered 70-75% because they can get away with it. I didn't need the money that badly, so I didn't sell it. I think most people selling gold here need the cash immediately, so the price drops.

As for the safety of keeping money around the house, if Filipinos think all foreigners are wealthy than it doesn't really matter if you have money around the house or not. The fact that the locals think you do is enough to make you a target. If you keep your money around the house a secret from everyone, including your family, then I don't see how its any more dangerous than keeping it in the bank.

#10 ckfm

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Posted 01 July 2010 - 11:43 AM

I bought some stuff from those guys on ebay who are located in Manila, prices are reasonable and it was exactly as described, auction style though if you like it:


http://shop.ebay.com...14&_sop=1&_sc=1

If the link doesn't work, they ebay ID is ag_coins

next auction to end has # 170506557547




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