Thread: Gold coins in Panama City?

Where can I buy gold coins in Panama City?

A couple of years ago the Banco Nacional used to sell coins at the airport, but that branch has disappeared, and the main branch says that they do not sell gold coins.

Are there any coin dealers?

I am curious about a similar issue -- does anyone know if there are there any restrictions on bringing gold coins or cash into the country? And if there are dealers with whom you can normally buy/sell?

You can buy gold and silver coins at PanaCambios on Via España... it's next to Plaza Concordia, kind of behind the big Adams clothing store.

If you bring more than $10,000 in cash into the country, you are supposed to declare it on the customs form. I'm not sure if that applies to gold as well, but I'll try to find out.

If you wanna find a small amount of gold there's in every coin. Everyone knows the value of the US Dollar is going down - the only thing that keeps its value is metals - In the early 1900's and ounce of Gold bought a real nice suit - Gold then was around $20 an ounce. Today that same Ounce of Gold Will buy a real nice suit but that $20 would maybe get you a nice tie.

To fight off inflation everyone should be purchasing Gold and Silver in some form - Gold Coins - Silver Coins or bullion / bars

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rory

I've seen some "casas de cambio" that have gold and silver coins for sale. I will write down the exact address the next time I happen to see one.

I just heard about the liberty dollar on Monday from somebody I was talking to. I have to agree that Fiat currency has the same value on the Monopoly board as it does in the grocery store. Gold and silver seem to be pretty safe bets, great post.

No one seems to refute these days that the dollar is headed for the trash heap of history.

The US mint already declared it illegal to melt down pennies and nickels, simply because the metal value contained in these coins has increased well above their face value. Travelers are now prohibited from carrying more than $5 in pennies and nickels out of the USA... how ridiculous is that! What a paranoid, desperate joke of a country have we become... I only wonder when the dollar bill follows suit? The paper being worth more than its face value? I guess at that time they will make it illegal to burn our dollars for heat!

It's been said that all fiat currencies eventually collapse because the governments can't stop printing more money. Throw in irresponsible leadership, a multi-billion dollar debt to an increasingly powerful country (China - which will do everything in its power to protect itself from a dollar collapse, much more so than the US it seems), and I'm sitting here shuddering in fear and uncertainty.

Some suddenly find the idea of having gold stacked under their mattress more attractive than US dollars in a bank. Others found Panama as their new home... but Panama uses the dollar, too. How long will it last? Is it time for Panama to switch to gold?

FRISCO

I have read that there has been talk about a standardized Latin Currency. Not sure if it is pure speculation or not? It is easy to tell that the devaluation of the US dollar is having a real negative impact on locals. Prices are pretty steep on many grocery items except for local produce. Did everybody see that Iran has stopped taking US currency for oil? I wonder if that is what made the market drop after the interest rate cut today?

Originally Posted by lee

You can buy gold and silver coins at PanaCambios on Via España... it's next to Plaza Concordia, kind of behind the big Adams clothing store.

If you bring more than $10,000 in cash into the country, you are supposed to declare it on the customs form. I'm not sure if that applies to gold as well, but I'll try to find out.

Yes, it applies to gold coins and any other cashable securities such as bearer bonds etc.

Be careful folks, I've heard many horror stories from people over the years who've tried to hold precious metals themselves or buy them off the street and had a bad experience. Be aware that if you go into a store or pawn shop to buy gold, in addition to paying a very high mark up over the spot price, it's quite common for criminal spotters to watch these stores or have someone on the inside to follow the buyer home. If you're thinking of using a safe deposit box in a bank, they can be frozen or siezed at any moment, and most insurance companies won't insure the contents. Over the past few weeks we've seen major banks in Panama contact their clients and announce closure of their safe deposit boxes, notifying the client to clear out the contents, or in some cases ask them to sign a new and more extensive policy/agreement.

Why are the banks doing this? To me, this looks like possible lawsuit-dodging by them. Or there might be external pressure and/or intrusions going on vis a vis the boxes which the banks are being forced to comply with, which might violate the preexisting agreement the bank had with the client regarding the box. Luckily I've found an other option for my existing clients.

As far as storing gold on your property goes, one story that sticks in my mind was when some people I knew, (who weren't clients), buried a lot of gold on a property they had recently purchased. A few months later during the rainy season, when they were out of town, some uniformed men showed up in a utility company van and told the neighbors they were doing something with buried lines or pipes in the area. I can't quite recall exactly what the excuse was. Anyway, the neighbors fell for it and left them alone. Needless to say, the so called utility company employees used metal detectors to easily find the gold and make off with it. This gang makes a habit of visiting properties all over Latin America that are owned by foreigners and doing the same thing.

I'm not trying to tell people not to store any gold on their own. Self-storage of a reasonable amount is wise to have on hand for emergencies such as catching the last jet out of somewhere in a time of crisis. I give my clients tips on how to do this in the safest way possible.

If you are thinking of using precious metals for barter....bad idea.

You might get lucky once or twice when you do it, but you are definitley painting a target on your forehead for the future. Please use stockpiled food or something like that to trade for things you need, and only trade in small amounts. Also make your trading partner think that you borrowed it from a friend who had a bit and owed you a debt, not that you're sitting on a ton of food. Why is bartering with precious metals a bad idea? Because the person you trade with will eventually tell someone else, either on purpose or while he's drunk, and that person will tell more people until the story eventually reaches the wrong people.

I know of what I speak, because I've survied as a gold and silver dealer for all of Latin America and the Caribbean for many years in the same location here in Panama City, with a perfect track record. We survive because we do not, repeat, do not do any storage of metals here in Panama. What we offer is totally unique and different from anything else in a very good way. Our fees are among the lowest in the world. There is a $10,000 minimum, everything is fully insured, AAA Standard and Poor's rating, monthly audits by a firm everyone knows, and there is free offshore storage, or you can take delivery almost anywhere in the world in a matter of days if you wish.

Again, for security reasons, we DO NOT, I repeat, DO NOT store coins or any metals in Panama. However we can arrange for metals in almost any form that you wish, coins, ingots, etc. to be delivered to you almost anywhere in the world. in a matter of days. All clients need to pass a background check, and naturally, we will be happy to provide you with further proof of our legitimacy. You can email me at sellinggoldandsilver(at symbol)gmail.com. Scammers need not apply, we've seen every angle under the sun and many that crawled out from under a rock.