werther

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?

goldsalamander

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?

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.

woodenrory

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

*****
rory

buddy

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.

panamaoffshorelegal

Especially US citizens... the US dollar is not backed by anything making it literally worthless.

I have seen a movement for an inflation proof currency in the US called the liberty dollar.

http://www.libertydollar.org/

It's backed by gold and silver.

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MRWOOHOO

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.

FRISCO

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

MRWOOHOO

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?

Zack

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