º£½ÇÂÒÂ×

I would be interested to know the latest on the subject. Im in Panama but thinking aobut moving to Medellin area......thnx,  dumluk

willadvise seems to be trading..I have access togold from elsewhere..to sell. May even look at jewellery trade manufacture,,mike..I look toward cartagena I think (sea)
mike

I was very interested in buying a share in a Gold based ETF but then I read a little more deeply into the prospectus (written to exonerate the ETF if the s hits the f)  and it gave me reason for pause. I didn't really like that the purchase of an ETF doesn't entitle you to hold any physical gold.  The share in an ETF makes you a shareholder of the trust that holds the gold.  I also didn't like that custodians of the physical gold routinely assign their responsibilities to sub-custodians (other companies or organizations who hold your gold)  and the risk that any one of these sub custodians may default or terminate their agreement with no legal remedies available.  Does anybody here know how much insurance these gold custodians insure their gold for ? The answer might surprise you.  it's Zero.  The gold held in an ETF is not insured by the custodians that hold that gold.  There is also no contractual agreement between the custodians or the sub-custodians of your gold.  If anything happens to any of the counterparties, the investor in the ETF has zero recourse. GLD shares represent a paper claim on gold, not gold itself. This negates a major reason for my owning it—protection during crises. If the economy collapsed and brought down a part of the financial system with it, the Trustee will settle your claim in cash, not gold.  And that is only if there is any cash available at the time it comes to pay you out.  Trustees in difficulty are required to pay out secured creditors first.  Your share in the ETF does not make you a secured creditor.
In writing this post, I borrowed heavily from  articles in Investor Business Daily, Forbes, and Business Review Weekly under "Gold".  I'm not citing the articles because the various articles appeared to be a paid announcement from a physical gold storage company.  If you would like me to make any of these articles available to you, please PM me
I would love to hear any opposing view points in relation to the information above.  I by no means intend to dissuade anybody of their held positions but I thought you might find the information helpful. 
Best regards.  Woooooohoooooo.

Definately.....and many thanks for posting it....It just lines up with everything else that I have read (almost) by the people who are supposed to know best.......They ALL say, if you dont have it in your possession, then you dont own it...........its time to go pirate....and bury it in the lower 40........

Hello....I am trying to find out what if any is the export tax or other fees to export gold from Colombia to Peru and India??

Be careful of india..I think the tax is 33% and once in india it can be a hassle..(Could I have it cheaper or who knows what>>
mike

You said you have gold how much is your ounce??

How much???

up to 43000 to rrefined (oz) but less if you want to refine it yourself..Much as you want...

mike

The 4 being the $ sign? I assume.......but then that can get me into trouble.......

i didnt notice but you,re right.
mike

no sorry  read that wrong  $43000  akg+/_I wasnt paying attention

$43000kg...mikelleahy
gee.

gender male..

I bough at $33.00 USD per gram. Yesterday market price was $42.00 usd per gram . Just try to sell back in the states offered only $17.00 USD. I have a contact in China they offered $27.00 USD per gram. It's the first time I bought gold . I see it's not easy to makea profit  on it , short term . Any thoughts ?

Yeah, hold on to it.....You will eventually be glad you have it....And silver........things change.....sometimes very quickly.......like quantum speed....

I deal in larger quantities  sell on bullion markets or investments..When you have small amounts you are up against it. Chinese buy by the ton..I hear even the rothchilds are buying gold (their reserve banks (inc federal reserve) are out of control.
mike

Thanks for the positive thought. I guess it's all I can do

you,re welcome to talk to me when I,m is Cartagena..How to contact you??
mike

I'm in Medellin

Does anyone know of the names or addresses of reputable places to sell 1oz American Gold Eagles?   Thanks

Hi,
I am interested in the topic, can you share your contact with me pertaining to the Gold sellers.

Tony 112311 wrote:

Hi,
I am interested in the topic, can you share your contact with me pertaining to the Gold sellers.

Most people get ripped off royally, commonly buying at too high a price because they have gold fever rather than researching the market properly, then they hunt for suckers to buy their expensive gold at an even higher price - it's a rip off game for most, but very profitable for people who know what they're doing, especially the ones selling gold to suckers.

I'll go further
Sept 2013 saw a spot gold price of USD 44/gram
May 2018 saw a spot gold price of USD 44/gram

The variance in price over that time was $10, Jan 2016 seeing terrible prices.

Now, the easy part - If you bought low, you did well, but those who bought high lost their shirts

Now the hard part - Knowing when the price is going to rise and fall, and that's complex like crazy.

Fly in the ointment, low level private dealers are blown by the wind and always get offered low sell prices (and usually high buy prices) because the big boys don't care about little fish so, if they're going to do a deal that small, they want to make it worth the time = Rubbish price.

The conclusion - Small scale trading is a mug's game.

Fred wrote:

the hard part - Knowing when the price is going to rise and fall, and that's complex like crazy.

Fly in the ointment, low level private dealers are blown by the wind and always get offered low sell prices (and usually high buy prices) because the big boys don't care about little fish so, if they're going to do a deal that small, they want to make it worth the time = Rubbish price.

The conclusion - Small scale trading is a mug's game.

USA stock market investors have historically had a similar problem -- they buy and sell at the wrong times.

They jump on stocks that have already gone way up, only to see stagnation or a dive.

They bail on stocks that have significantly dipped, losing out on profits when the stocks rebound to historical or new and higher levels.

This is the explanation for why most people fail to match or beat the broad-market averages.  Other reasons include churning -- which is buying and selling too often -- and the related mistake of paying too much in broker commissions.

I opened a brokerage account with Interactive Brokers this year, one of the few USA-based brokers that welcome º£½ÇÂÒÂ× accounts in the FATCA Era.  My buy or sell commissions usually average about a dollar a trade, regardless of the number of shares.  Actually, I have rarely been a seller since (a) the market has been on a long bull run and (b) selling stocks owned less than a year triggers excess capital-gains tax owed to the IRS.

For gold, I keep a small part of my portfolio in an exchange-traded fund that covers a range of precious-metals companies.

----

Most unsophisticated investors sit in too much cash on the sidelines for too long, waiting for a bottoming-out .. and thereby missing out on the biggest up-days in the market.

----

Good job, Fred in warning people off gold speculation and "the mug's game."

cccmedia

Hi Joe,
I am sure I can be of help to you, please email me all your details and hopefully we can work together.

Kind Regards
Frank

Joe a.k.a. the account of Joe Sam Bill has not posted on expat.com for the past 2-1/2 years.

It's possible that Joe, Sam and Bill have figured out that logistically and for security reasons .. it's not desirable to start exporting gold to India or other far-flung places .. whereas acquiring shares in gold ETF's is more sensible for most º£½ÇÂÒÂ× investors.

cccmedia

So,

I find myself in the mugs game by inheritance. My mother has purchased a fair amount of gold which I have now inherited. So, my question is how to sell it off at the maximum return. The gold and myself are currently in USA. I am very hesitant to try and transport and sell in Colombia. We are talking about 30 oz of investment grade coins and maybe $50,000 in nunimatic grade encapsulated PCGA coins. Any thoughts?

lpd

LP, you are correct -- don't transport this amount of gold coins to Colombia.

Think safety and security, even if that doesn't mean squeezing every last penny out of your inheritance.

Check with the current holder of these coins for a recommendation of how to safely transport the coins to a reputable buyer .. and research the matter starting on the Internet while awaiting further guidance from expat.com members.

Try to avoid having the coins delivered to you for temporary safekeeping.  If you already have the coins, make a plan to get them to a secure location or the buyer ASAP.

----

Stay upbeat.  Calling it a mug's game means you think you're more likely to lose than win.

cccmedia

Don't see what the problem is here.

LPdiver: In the United States, where you live, there are many opportunities to buy and sell Gold and other PM at almost the lowest possible spreads on Earth.

If you mention your city and state, I will send you a link to at least one site that would be convenient for you. You will be able to sell your gold online and FEDEX or otherwise have your items sent to the company you do business with. I trust that by investment coins you mean bullion coins like American Gold Eagles, Maple Leafs, Krugerrands, Pandas and the like. Every gold wholesaler makes a market in these particular coins. Most also make a market in more-or-less numismatic Gold but if they are really rare you are better off dealing with a major auction company like Heritage or Stacks, Bowers & Merena.

Again consult Dr Google for latest prices and places to do business. I think eBay for bullion sales is generally not worth it due to commissions.

As to Colombia, Airway12: The market is fragmented. No really large dealers therefore larger spreads. Security risk and potential tax implications. Large cities like Bogota, Medellin and Cali have thriving numismatic and PM trading networks but are difficult to follow online. I presume that you are capable of conducting business in Spanish though most business people speak passable English.

As I am based in Indonesia and I would regard the gold business here as a crapshoot. Like an iceberg, most of what is going on is beneath the surface. Has to be.

Regards

CCC,

I already have the coins in the USA in a safety deposit box in a credit union. They are part of my mother's estate and I am considering liquidating them. At least the pure investment grade and not the nunismatic coins. I don't really have to as my mother doesn't have a need for the cash and neither do I.

I highly doubt it is really worth the risk taking them to Colombia; but, was curious as they what approach to take it I did. For one thing I would only bring one to three coins per trip and would expect to get about two thousand dollars apiece for them.

When I married in Medellin 17 years ago I wanted a Gold Colombia coin to wear on a neck chain. My wife was not able to make a connection. We did find some nunismatic listings in the phone book/web but no one would meet. We did make a connection in a jewelry store in El Centro in Medellin and I purchased a 10 peso gold coin and a nice gold chain and medallion style holder to hold the coin. It was all cloak and dagger drama and the jeweler left to pick up the coin and when he returned he recommended that we don't take the coin and leave as he felt that he was followed.

So we returned the next day and picked up the coin and chain and left very carefully taking great care to listen to the route that he told us to take out of the El Centro and then we went a very different route.

So all that said; how do you think authorities would react if the found I was entering with a gold coin. In the above case the face value of the coin is 10 Colombian pesos; but, would they value it at a different level say two grand due to the value of the gold?

I have a coin purse that I bought at a sovenier shop that I alway collect change and smaller bills in for my return trips to Colombia so that I have some local currency when arriving. I would just place the coins in there with the others. I have brought emeralds several times in this manner.

Even once I got there I am thinking that the hassle of selling would outweigh the possible extra gains. But would be open to trying a trial transaction. I am not looking to sell the collectibles at this time.

lpd

Lpdiver wrote:

I highly doubt it is really worth the risk taking them to Colombia.... We did make a connection in a jewelry store in El Centro in Medellin and I purchased a 10 peso gold coin and a nice gold chain and medallion style holder to hold the coin. It was all cloak and dagger drama....

So we returned the next day and picked up the coin and chain and left very carefully taking great care to listen to the route that he told us to take out of the El Centro and then we went a very different route....I am thinking that the hassle of selling would outweigh the possible extra gains.

The next question you need to decide, LP, is this... Do I want to do cloak and dagger with its associated risks .. or do I want to safely dispose of my inheritance and collect the proceeds in a secure manner?

The answer will direct your next steps.

cccmedia

Lpdiver wrote:

So all that said; how do you think authorities would react if the found I was entering with a gold coin. In the above case the face value of the coin is 10 Colombian pesos; but, would they value it at a different level say two grand due to the value of the gold?

Nobody can predict what someone in authority in Colombia will do under circumstances as described.

Assume the worst-case scenario... they'll decide to confiscate as much as they think they can get away with, on some unpredictable pretext .. and you'll never see any confiscated coins again.

cccmedia

CCC,

It is highly unlikely that I would ever transport gold to sell in Colombia; but, I wouldn't rule it out either. It is more of an effort to help out a buyer buy selling with out a premium and in return I can sell without paying as much of a commission. My basic issue is this. Let's say I go in and sell one single coin for two thousand dollars and I get charged a ten percent fee of two hundred dollars. Fair enough. But if I sell thirty coins the fee is three thousand dollars for the same amount of effort. Not trying to get something for nothing, just minimise costs.

LPD

My wife has eleven brothers and sisters. I am highly confident that they will protect and guard me at almost any cost. My wife also has more nieces and nephews that she is aware of certainly over fifty at any rate. Those nieces and nephews have girlfriends and boyfriends. I am sure one of my nieces or nephews or their lovers would sell me to the highest bidder in a heartbeat let alone steal my goods.

I have had few bad encounters with Colombian govt. officials. Airlines, motels, and rent a car agencies is another story. I am just curious what the "official" policy is, though I would probably never go through official routes.

lpd

Lpdiver wrote:

I am sure one of my nieces or nephews or their lovers would sell me to the highest bidder in a heartbeat....

Is this a typo or a trust issue?

@cccmedia  It is not a typo; but rather, an accurate assessment in my opinion. My wife has had a ring stolen twice. Once in Medellin and once in Tampa. In one case it had to be a family member and in the other a relative of a close friend. In both of these cases it was a matter of somebody having to have taken a great deal of time to dig around and locate the items and then leave the scene of the crime looking undisturbed.

I have no idea why my wife would take a very expensive ring to Medellin on a vacation, maybe she wanted to show it off a bit (although that is not her normal style)?

The moral of the story in my mind is that maybe it is not the greatest idea to have nice things in Colombia.

As to a niece of nephew selling me off that is a bit cynical perhaps; but, poor poor people take extreme measures sometimes. We help where we can in cases of education or true health emergencies; but, the cola is long. We seldom go out to eat with less than 10-15 people with us. It is hard to say no to someone for whom a simple mall restaurant meal is a rare treat.

Yeah, I know I am replying to a two year comment, lol. But, they situation is still true.

lpd

@goldkartel where can I buy pure silver, coins in particular?

Alternative to buying and storing

gold coins and bars in Colombia.

No matter how many nephews, nieces and in-laws

I had in some Colombian city, I would never buy and

store gold coins at my place.

Sure, buying physical-gold ETF's might theoretically

cut into one's potential profit.

But with ETF's you never have to worry about

three big guys with 'armas' knocking on your door

at 3 a.m. hunting for your precious metals.

cccmedia