Gold and Silver questions

Answers to your qestions about moving to, and living in, Peru,
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LauraMH
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Gold and Silver questions

Postby LauraMH » Sat Dec 03, 2011 7:04 pm

I know there are some of you who are up on this topic. I just can't remember who you are.

I have a few random questions.

1. Do banks in Peru have safety deposit boxes? If so how do they function?
2. Has anyone ever had lets say silver dollars sent to themselves? They are legal tender but will they pass through customs as such?
3. If one wanted to sell gold/silver at the current rate where/how would one do so.

Any other info you have relating to this topic would be great.


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falconagain
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Re: Gold and Silver questions

Postby falconagain » Sun Dec 04, 2011 10:45 am

So far I have never seen a safe way in Peru of buying and selling gold and silver
based on the international market prices.

It must be because the government has played the inflation game several times
with our currency (at least 8 in the last 30 years), so they would not allow people
to be able to insure themselves against inflation because they are the direct
beneficiaries.
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Omikron
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Re: Gold and Silver questions

Postby Omikron » Sun Dec 11, 2011 12:29 pm

I know safe places that deal with gold and silver using LBM prices (London Bullion Market. the official rate) at a 80-90%, but it needs to be metallic and in big quantities (several ingots) not a couple of coins. It's all about having contacts and finding the right person. You could ask in a Jewelry Shop or look for places with the "COMPRO ORO" ("We Buy Gold") signs.
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mtwilson
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Re: Gold and Silver questions

Postby mtwilson » Sun Mar 04, 2012 4:45 pm

LauraMH,

I know that some banks in Peru have safety deposit boxes, a friend of mine had one in San Isidro. Not sure if they work any differently than the States or Canada, but I expect not. Try ScotiaBank or HSBC, they are international players and are likely to provide them.

If you are thinking of placing a relatively large amount of precious metals in a safety deposit box, you may want to reconsider. They are generally not insured and there is always a chance if the economy fails or there is an emergency that the banks may close. Generally folks look to outfits that specialize in precious metal storage for that. They are insured and can send you your metal or buy you out and send you cash in a variety of currencies. I know that this does not help with the "bank closed" concern, but for that most folks suggest that you keep some of your gold or silver with you (in a safe or at least in a really good hiding spot) in case of emergencies.

As far as buying and selling gold and silver here in Peru, there are a few things to consider. The ease with which you can buy from reputable dealers on-line these days makes it hard to justify working with someone locally whom you don't know.

If you are looking to purchase bars or coins for investment and want to have it with you in Peru, I would still stick with a good international dealer, at least until I got to know a good trustworthy local source. They can send you your purchase fully insured and yes, it will make it through customs, but, the question I have is, what are the fees, taxes, etc. charged in Peru for receipt of precious metal shipments? I am looking into this now and if I find an answer, I'll let you know.

Hope that helps.
Mike
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craig
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Re: Gold and Silver questions

Postby craig » Mon Mar 05, 2012 7:48 pm

Laura,

LauraMH wrote:1. Do banks in Peru have safety deposit boxes? If so how do they function?
2. Has anyone ever had lets say silver dollars sent to themselves? They are legal tender but will they pass through customs as such?
3. If one wanted to sell gold/silver at the current rate where/how would one do so.

1) Some banks rent safe deposit boxes. But almost none seem available anymore. I don't think I would trust them for anything of value anyway.

I have been unable to find any non-bank safe storage in Peru. Peruvians I have asked think it would be silly to trust anyone else with anything of value so there may be no market for that service. Peruvians seem to use personal safes hidden in their houses.

2) I have brought in Eagles (undeclared) in my baggage. I am not sure whether or not I was supposed to declare them.

I have never had coins shipped to me so I don't know how that would actually work. However, my understanding is that there is an excise tax of 9% that would apply. This is all that would be due on pure gold (bars, etc.) or legal tender gold coins. However, IVA applies to silver and alloyed or non-legal tender gold coin: IVA + excise = 26% (was 27%) tax on importing! This alone would make importing precious metal rather impractical.

3) I have sold silver coin at the main cambios down on Oconia. However, the bargaining is horrible. The best price I was able to get was about 8% below spot. It was exhausting to get that much.

Some of those cambios have contacts with people who deal. For example, one made a call and a guy showed up in about ten minutes with a garbage bag full of crude silver ingots.

You can buy gold and silver in Peru in modest quantities from reliable sources. Silver is about spot + IVA. Gold is less than 1% over spot. But they will not sell larger quantities since nearly all their production is exported.

Best,

Craig
Last edited by craig on Mon Mar 05, 2012 8:28 pm, edited 1 time in total.
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chi chi
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Re: Gold and Silver questions

Postby chi chi » Mon Mar 05, 2012 7:53 pm

craig wrote:I have been unable to find any non-bank safe storage in Peru. Peruvians I have asked think would be silly to trust anyone else with anything of value so there may be no market for that service. Peruvians seem to use personal safes hidden in their houses.


Under the mattress is very popular too. Or in the cereal box in the repostera.

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