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How to buy and store Gold with a philippine bank ?

Technobilder.de · 7 · 10050

Technobilder.de

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Hello all,

I like to invest in gold but I wonder how I can buy and store safely.

I think about getting a safe deposit box first at a bank in Cebu-City.
1) So can anyone tell me which bank in Cebu offers safe deposit boxes and maybe at which rate.
2) Where can I find a reliable gold dealer - or is it possible to buy gold coins/bars with a bank directly in Cebu ?
3) If 2 isn't possible - how safe is it to buy overseas, how about the customs/delivery service here in the phils when the gold arrives ?



richpulubi

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Why would you want to buy gold? Why not currencies or real estate?


TulogSaPancitan

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i understand that gold is cheap recently. you can buy and keep it with you. unless you have significant amount of gold, it is cheap to keep it with you. customs will only charge you if you declare such. i know some ofws who are bringing gold (coins) in ph and pay not a thing. but of course if you buy overseas and have it delivered, customs will charge you.

but consider also the risk of buying actual gold. it can be stolen easily.


kobabear

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Major banks will offer you safes for a fee.

You can ask your relatives from GCC countries to buy gold for you.


richpulubi

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From what I gather, gold's bottom is about $600. 

Investing in gold in the philippines is not easy or cheap.  It's cheaper to buy in hong kong, where taxes are i think zero, while here, it's 7%. Also, there is no ready market to sell gold to here, unless you're intending to sell to the BSP, and so, you cannot escape paying taxes.

I buy gold abroad and keep my gold abroad in an safe deposit box.


ferrariEverest

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From what I gather, gold's bottom is about $600. 
Malayo pa ang $600, kailangan muna bumagsak ang price below $1000.

Gold bottom? it could be $600 or lower. It's impossible to say now. Lahat ng maririnig nyo
ngayon ay prediction lang. Masasabi lang na bottom yun depende sa galaw ng presyo once nasa $600 na ang gold.


IGX

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Iniisip ko to meron ba may experience sa pag bili at pag tago ng gold?  Medyo unstable ang US given the recent issues and I want to move my USD SGD HKD to gold as all currencies are currently backed by USD.  What if the US fails?


 


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