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

*****
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.

Originally Posted by 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

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.

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.

I have written a short article about Where to Buy Gold Bullion Coins in Panama City.

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.

to sellinggoldandsilver: Your service certainly sounds valuable but then again buying gold or silver for delivery outside Panama is not a problem. In many countries you can simply walk into any bank and walk out with gold, and there are dozens of brokers in Panama selling things like Perth Mint certificates.

But the original thread was about how or where to buy gold coins in Panama City, for physical delivery in Panama City. That remains difficult. If you can offer that service, let me know. Maybe it is a security risk, but I'm prepared to take that risk.

Anyway there is a new non-bank storage solution safe deposit facility opening soon in Calle 50. I wrote an article on my blog about it last week:

Best Safety Boxes: New Panama Safe Deposit Facility
Finally, a non bank safety deposit box facility for Panama City!

I found a place here in Panama where you could buy gold and silver at 5% over spot which is an incredible deal...shoot me an email, i would love to talk about it, defrancod@gmail.com

Originally Posted by defrancod

I found a place here in Panama where you could buy gold and silver at 5% over spot which is an incredible deal...shoot me an email, i would love to talk about it, defrancod@gmail.com

i just saw a ad in the paper about 2 months ago that creditcorp bank sells gold and silver coins

yea, but their silver is super high over spot, and their gold is also overpriced.

Originally Posted by defrancod

I found a place here in Panama where you could buy gold and silver at 5% over spot which is an incredible deal...shoot me an email, i would love to talk about it, defrancod@gmail.com

Why shoot you an email? This forum is an excellent place to share the info. I would caution people to buy from reputable dealer, there are allot of counterfeits coming on the market. I use the Fisch coin testing device and have found it to be reliable. There are also reports of fake Morgan silver dollars coming out of china. I am a strong proponent of Precious metals but I won't buy without my testers.

Well I currently am selling around 250 oz. of silver and 30 Oz. of gold... we will even buy your gold or silver back should you wish to sell it...we only work with large, reputable mints such as the Canadian Royal Mint, and Argor Heraeus. We will also prefer a test right in front of you, and you are welcome to do your own test as well (as long as it doesn't affect the silver content in the coin). Large bags of junk silver are also available. Thanks! Any more questions are welcome!

Where are you located? Where and how do you conduct business? What is the face value of the junk bags of silver?

I am located in Panama City, and the cost is 5% above spot for anything you want, gold, silver, etc...larger orders will get discounts...the 5% pays for shipping from Switzerland, customs, security, and handling.

Originally Posted by defrancod

I am located in Panama City, and the cost is 5% above spot for anything you want, gold, silver, etc...larger orders will get discounts...the 5% pays for shipping from Switzerland, customs, security, and handling.

I will be down in mid May. I'm also looking to buy gold in PC because I can't figure out a way to transport into Panama. Where are you located?

We are currently selling 20 x 1 Troy Oz Gold Krugerands and will be in Panama in 2 weeks time... if anyone is interested, please contact... the price is very competitive...

The back side looks like an eagle with an oval under it, surrounded by 2 flags.
Around the back says "REPUBLICA DEL ECUADOR 1981".

http://www.panamaforum.com/business-...nama-city.html (Gold coins in Panama City?)

Hi Darren, if you are still in Panama and still looking to buy gold please let me know, we have up to 20 oz in gold krugerands... regards, Phil

It is a good idea to test the coins for authenticity. I would be leery myself of buying large quantities of gold coins from a stranger in a hotel room. Please be careful folks.

I would like to stress to anyone buying gold coins to have them checked prior to purchase. There are allot of chinese counterfeits showing up in the U.S. These coins have fooled some coin dealers who have been in the business for years. Some are only 60% gold with the rest of the troy oz made up of worthless inert materials. I suggest using the FISCH coin testing system to protect your purchase. I would also recommend that in addition to using the fisch I would ask some trusted friends to join me for the purchase. Showing up to meet a stranger advertising on this site with 30 grand in your pocket is fraught with risk. I will be bring my fisch sets with me in Sept to check some coins for some friends in Panama want to aquire coins but are aware of the counterfeit risks.

My friend has an excellent reputation of selling gold and silver in PC at excellent prices, although he is just starting. His number is 6407-0019. Note, he only deals with physical metals.

You can Buy Physical Gold and Silver from Swiss Metal Assets, S.A. who are based in Paitilla in Panama City. They can be reached on 396 9011, sales@swissmetalassets.com or www.swissmetalassets.com

They also allow you to invest in Rare Earth & Industrial Metals.

Randy

What is the mark up on bullion and coins?

Originally Posted by swissmetalassets

You can Buy Physical Gold and Silver from Swiss Metal Assets, S.A. who are based in Paitilla in Panama City. They can be reached on 396 9011, sales@swissmetalassets.com or www.swissmetalassets.com

They also allow you to invest in Rare Earth & Industrial Metals.

Randy