It appears from this article in La Presna that Panamanians are beginning to see the value of buying gold rather than investing in the markets or hording cash. Gold passed $1340 yesterday and is continuing its climb to what many believe could be $5000 in the near future. It was not so long ago that you could buy gold for around $275 an ounce. Here is the article from La Prensa that shows how much gold they have sold to Canada with a one liner on how much gold one of the banks has sold locally. If you want to buy, trade or hold gold I know of no better way than Bullion Vault.
Gold glitter is reflected in the country
According to the Comptroller General, in the first half shipments of gold to Canada totaled $ 33 million.
ALEX E. HERNANDEZ[email protected]
The price of gold seems to know no boundaries, and yesterday reached a new record $ 1340 per ounce, $ 24 more compared to the price achieved on Monday.
To some experts, the bright metal could reach before the end of the year the barrier of 5000 dollars an ounce, boosted by the weakness of the dollar against other currencies like the euro, which has led traders to seek other options to improve the performance of their investments.
According to Joey Levy, a specialist in financial planning, gold has preserved its purchasing power because it can not be created "from scratch" and can not be devalued as the "money" in paper form.
In Panama, the increase in price was the top export to Canada, mainly by shipments of the metal by the Petaquilla Gold, which has a mining concession in the province of Colon. According to the Comptroller General, in the first half shipments of gold to Canada totaled $ 33 million. The contract stated that total sales of Petaquilla the State would receive 4%.
Elena Chong, manager of treasury Credicorp Bank, an institution which this year began selling pieces of gold, said to have placed 5 000 ounces of the metal, adding that those who invest in gold do so to preserve their purchasing power.
He added that those interested in buying gold must meet the requirements of know your customer policy for financial institutions in Panama apply under the rules and regulations of the Superintendency of Banks.
For employers engaged in wholesale jewelry, the increase does not translate into profits, because the more expensive to buy the metal, have to sell the parts at higher prices. Some customers are discouraged from making the purchase. Others seize the moment and invest in something that is worth more today than yesterday.
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