Gold Bullion Coins

Caribee · #1 03-24-2003, 11:06 PM

I read that DR is one of the top ten gold producing countries in the world. Are gold bullion coins freely bought and sold by any businesses in DR?

Drake · #2 03-25-2003, 07:34 AM

The Dominican Republic was one of the top gold producing countries in the World because of it's rich gold mine (La Rosario). At least up to 1998 when it was forced to close. The gold produced there came in the form of Gold Bullion bars and was sold at the then International price.

There are many collectable coins from the DR produced over it's long post colonial history. There has been many shipwrecks and Dominican coins are World renouned. In recent history I saw the other day a 1955 gold 30 pesos coin, from the Trujillo era. Good luck there are plenty out there.

Tony C · #3 03-25-2003, 09:20 AM

If you just wan't to pick up a gold coin or two as a souvenir go for it but I do not recomend the purchase of gold as an investment in the DR. The price of Gold there is usually 10% to 20% over spot. So It is not a good place for gold speculation.

Caribee · #4 03-25-2003, 10:00 PM

Thanks guys for the information.......MUCH APPRECIATED !!

Sounds like DR may be a good place to sell gold......
now that the mine is closed........and such uncertain times are obviously ahead of us.

Tony C · #5 03-28-2003, 09:41 AM

1st rule of business: Buy Low! Sell High!

They are quite adept at that in the DR. Do not expect to get anywhere near the Spot Gold prize for Coins of Bulllion in the DR. You will probobly get $25 to $40US a ounce less than the NY Spot Gold price if you try to sell Gold.
Gold is not really traded in the DR except in the Jewelry trade. The Gold that was mined was controlled by the Goverment and was for export to bring in money.
There are a few places around that will sell you Gold coins but like I said before, buy strictly as a souveneir.

Caribee · #6 03-28-2003, 05:20 PM

Points well taken .......Tony......Thanks again for the response.
Obviously, from your posts.....there are not presently any market
makers in the bullion trade operating in DR at this time......

Given that your "Buy Low.....Sell High" rule is basic to business success.......I would also observe that the bullion metals are historically, the ONLY REAL MONEY.....and proven to be so every time traditional governments weaken or crumble. Personally, I try to NEVER forget the "golden rule".......
"He who holds the gold....Rules !"