Buying Gold/Silver Coins

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Curtez
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Buying Gold/Silver Coins

Post by Curtez » Fri Jun 07, 2019 8:09 am

Hey yall and happy Friday!
I was informed that there is a solid market to buy/sell gold/silver here in Santiago.
However, I am unable to locate anything that isn't some junky silver bracelet stand.
Is there a store/method to purchasing Gold/Silver Eagle coins, or something of the like?
Thanks!

curtez

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Re: Buying Gold/Silver Coins

Post by admin » Fri Jun 07, 2019 10:32 am

I don't know where people get that idea that somehow chile is some sort of meca for gold, or at least it can be easily exchanged here. probably too many bullshit american expat blogs.

It is probably one of the least liquid markets for gold in the world. in fact, chile has an ongoing problem being used to smuggle illegally mined gold from peru and bolivia, out to Miami. If it was easy to sell in chile, they would not bother with the airline ticket.

dowtown santiago where all the jewlery stores are they might. however, the market for gold coins and such is almost none-existent in chile. in fact, a few gold bugs i know go over to Argentina to sell gold coins because in chile they wont give you anywhere near the market price for Gold.
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mem
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Re: Buying Gold/Silver Coins

Post by mem » Fri Jun 07, 2019 11:54 am

There are two ways.

1) Around that main street in Santiago there are casa de cambio's that also buy and sell gold and silver coins. I don't remember the name of this street but its the main place for changing money with the best exchange rates. You would need to spend some time looking for the ones that have coins.

2) There is a very reputable dealer based in Providencia. They don't have a store you can go to for security reasons, however they have a website. The Chilean gold coins are the most liquid and have the lowest premium. They usually stock a large amount of Chilean, Australian, Canadian, American, sometimes Austrian and Chinese and South African gold coins. Mostly uncirculated mint/new condition. They also buy coins and will resell circulated coins. The Chilean 100 pesos are by far the most liquid followed by the Chilean 50 peso. They have a numismatic Chilean anniversary coin currently that has a higher premium because it is from the 80's. The newer the coin, the lower the premium. Even between a 2019 and a 2018 coin there is a consistent difference in premium that gets higher as you get to older coins. Keep in mind that this dealer is importing the coins from other countries and so you need to factor in the IVA import tax that plagues anyone importing anything which is again why the Chilean coins have the lowest premium. They also speak english pretty well

https://www.aureus.cl

paladin
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Re: Buying Gold/Silver Coins

Post by paladin » Fri Jun 07, 2019 11:12 pm

Amongst all the shops in the metro station Escuela Militar, there is a shop that offers to buy/sell gold . It’s a nice looking place, but why anyone would want to invest in metals is beyond me.

bert.douglas
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Re: Buying Gold/Silver Coins

Post by bert.douglas » Sat Jun 08, 2019 9:01 am

Metals are a hedge against inflation, bank failure, negative interest rates, etc. Prices of precious metals are long term stable, making them an excellent store of value.

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tiagoabner
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Re: Buying Gold/Silver Coins

Post by tiagoabner » Sat Jun 08, 2019 9:44 am


mem
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Re: Buying Gold/Silver Coins

Post by mem » Sat Jun 08, 2019 11:01 am

tiagoabner wrote:
Sat Jun 08, 2019 9:44 am
Metals are by no means stable.

10 year data: https://goldprice.org/gold-price-history.html

30 year data: https://goldprice.org/gold-price-history.html

S&P500's data, as a reference: https://www.macrotrends.net/2324/sp-500 ... chart-data
What those charts really show is the instability and/or the increasing inflation of the US dollar over the last few decades

The actual goods that x amount of gold can buy has stayed relativity constant for centuries

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tiagoabner
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Re: Buying Gold/Silver Coins

Post by tiagoabner » Sat Jun 08, 2019 12:38 pm

mem wrote:
Sat Jun 08, 2019 11:01 am
tiagoabner wrote:
Sat Jun 08, 2019 9:44 am
Metals are by no means stable.

10 year data: https://goldprice.org/gold-price-history.html

30 year data: https://goldprice.org/gold-price-history.html

S&P500's data, as a reference: https://www.macrotrends.net/2324/sp-500 ... chart-data
What those charts really show is the instability and/or the increasing inflation of the US dollar over the last few decades

The actual goods that x amount of gold can buy has stayed relativity constant for centuries
That's slightly more accurate, but it's also by no means always correct. Data: https://goldprice.org/inflation-adjuste ... price.html

Gold today is worth roughly 1/9th of what it was worth in 1980, 1/4th of what it was worth in 1990, and half of what it was worth in 2000, adjusted for inflation. You can certainly have gold as a small part of your portfolio. But anything over a small percentage goes into wild bet territory.

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Re: Buying Gold/Silver Coins

Post by bert.douglas » Sat Jun 08, 2019 1:32 pm

The CPI is fundamentally flawed.

https://mises.org/library/many-failures-cpi

mem
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Re: Buying Gold/Silver Coins

Post by mem » Sat Jun 08, 2019 1:34 pm

tiagoabner wrote:
Sat Jun 08, 2019 12:38 pm
mem wrote:
Sat Jun 08, 2019 11:01 am
tiagoabner wrote:
Sat Jun 08, 2019 9:44 am
Metals are by no means stable.

10 year data: https://goldprice.org/gold-price-history.html

30 year data: https://goldprice.org/gold-price-history.html

S&P500's data, as a reference: https://www.macrotrends.net/2324/sp-500 ... chart-data
What those charts really show is the instability and/or the increasing inflation of the US dollar over the last few decades

The actual goods that x amount of gold can buy has stayed relativity constant for centuries
That's slightly more accurate, but it's also by no means always correct. Data: https://goldprice.org/inflation-adjuste ... price.html

Gold today is worth roughly 1/9th of what it was worth in 1980, 1/4th of what it was worth in 1990, and half of what it was worth in 2000, adjusted for inflation. You can certainly have gold as a small part of your portfolio. But anything over a small percentage goes into wild bet territory.
The problem is those statements and the data backing it are inaccurate in terms of actual simple goods.

Loaves of bread are a good metric to pivot against gold because governments cant futz with the bread calculus they way they can with currency markets and "surveys and reports".
Bread is just bread. Almost everyone eats it and buys it and always have.
No bureaucracy has to be trusted to act in good faith. No cartel is centrally controlling the price. The actual cost to produce bread is about as stable making it one of the best to truly measure gold as a store of value...and this by definition a hedge against paper shenanigans

Gold is not an investment an obviously not for speculation. It is good for passing wealth down generationally, your kids, kids kids, etc.

The rest of ones portfolio is for speculation or investment and the accompanying risk

https://www.etf.com/sections/features-a ... nopaging=1

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Re: Buying Gold/Silver Coins

Post by nwdiver » Sat Jun 08, 2019 3:01 pm

mem wrote:
Sat Jun 08, 2019 11:01 am
tiagoabner wrote:
Sat Jun 08, 2019 9:44 am
Metals are by no means stable.

10 year data: https://goldprice.org/gold-price-history.html

30 year data: https://goldprice.org/gold-price-history.html

S&P500's data, as a reference: https://www.macrotrends.net/2324/sp-500 ... chart-data
What those charts really show is the instability and/or the increasing inflation of the US dollar over the last few decades

The actual goods that x amount of gold can buy has stayed relativity constant for centuries

So you think $36 oz gold in 1970 and $1300 oz gold today has the same buying power.........not
It's all about the wine.

mem
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Re: Buying Gold/Silver Coins

Post by mem » Sat Jun 08, 2019 3:37 pm

nwdiver wrote:
Sat Jun 08, 2019 3:01 pm
mem wrote:
Sat Jun 08, 2019 11:01 am
tiagoabner wrote:
Sat Jun 08, 2019 9:44 am
Metals are by no means stable.

10 year data: https://goldprice.org/gold-price-history.html

30 year data: https://goldprice.org/gold-price-history.html

S&P500's data, as a reference: https://www.macrotrends.net/2324/sp-500 ... chart-data
What those charts really show is the instability and/or the increasing inflation of the US dollar over the last few decades

The actual goods that x amount of gold can buy has stayed relativity constant for centuries

So you think $36 oz gold in 1970 and $1300 oz gold today has the same buying power.........not
Yes Gold actually has more buying power with regards to simple staple goods. Let's take 1960.
Loaf of bread average=22 cents
Gold price $36.5/oz
Total loaves per oz is almost 166
Today
Loaf of bread average=$2.50
Gold price $1300/oz
Total loaves per oz is almost 520

That's a lot more loaves of bread. My only point is the store of value is the same or better on average over centuries

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