Any Reputable Coin or Jewelry Dealers on the North Coast?

[Dark_Scorpion]

I have found myself in a situation where I have more precious metals than cash, especially silver. Does anyone know of a reputable coin dealer
on the North Coast where I can trade bullion silver coins for dollars or pesos? I have some one ounce American Silver Eagles that I got directly from
the US Mint while in the U.S they go for about 30 dollars each a current spot prices. I am very disappointed to part with them for the measly Dominican peso but need
cash to pay for daily living expenses. I really prefer trading them for USD if possible.

https://www.apmex.com/category/22100/silver-american-eagle-coins-all

In the US there are coin shops in just about every city where you go in, sit down with the guy, show him the coins, then he examines them to confirm authenticity
and lets you know what he is willing to offer, which is usually a little bit below spot. Is it the same here? Jewelry dealers are the next best thing as they need metals
like silver to make jewelry.

 

[Gadfly]

In the cities look for a joyería (spelling?). There are jewelers big and small. Probably just pay in pesos. Be discreet keep low profile.

 

[fuchs4d]

I asked the same question several years ago without getting an answer about who exactly is specialiced in trading bullion coins on the island.

In asian countries everyone welcomes gold and silver coins and dealerships are all over the place.
For example China, Thailand, Vietnam, Dubai, Turkey, India, Israel.

In the D.R. people like golden jewelery to express social status only, but do not see precisious metals as real money.

During the hyper inflation (when USD an Euros are of no worth) will it be possible to buy real estate or food in exchange for gold or silver coins as it was possible in Germany after the war?
I do not know.
I learn by this post that even finding someone willing to change 30 USD (that loses purchasing value daily) into an 1 oz silver coin is a problem in the D.R.

If you find a serious place to trade bullion coins please post here.


Alexander

 

[Dark_Scorpion]

In the cities look for a joyería (spelling?). There are jewelers big and small. Probably just pay in pesos. Be discreet keep low profile.

I appreciate the update, will talk to the apartment maintenance guy this evening when he gets in from work, he is trustworthy. He may know a joyeria in the area I can visit.

 

[Dark_Scorpion]

I asked the same question several years ago without getting an answer about who exactly is specialiced in trading bullion coins on the island.

In asian countries everyone welcomes gold and silver coins and dealerships are all over the place.
For example China, Thailand, Vietnam, Dubai, Turkey, India, Israel.

In the D.R. people like golden jewelery to express social status only, but do not see precisious metals as real money.

During the hyper inflation (when USD an Euros are of no worth) will it be possible to buy real estate or food in exchange for gold or silver coins as it was possible in Germany after the war?
I do not know.
I learn by this post that even finding someone willing to change 30 USD (that loses purchasing value daily) into an 1 oz silver coin is a problem in the D.R.

If you find a serious place to trade bullion coins please post here.


Alexander

Alexander, I believe it will absolutely be possible to purchase property here with silver/gold during hyperinflation. I am surprised Dominicans do not see gold and silver as money, given that according to the Dominican history book I have here at home written by Frank Moya Pons, the nation almost experienced hyperinflation in the early 1990s thanks to policies enacted by then president Joaquin Balaguer. Things got so bad that many people were leaving the island, I mean that period was rough. It was not hyperinflation but close. And in Venezuela I believe people were and are accepting gold/silver thanks to the collapse of their Bolivarian peso. All paper currencies eventually go to their true value, which is zero.

Anyway, I will do everything possible to NOT sell my silver, as selling those beautiful silver eagles for Dominican pesos is heartbreaking, to say the least. I have about ten months worth of cash left and I am working around the clock to get out of the financial rut I am in, which is the result of circumstances beyond my control. All I can say is that people I trusted, who I worked with for years, back stabbed me, leaving me in this situation. One lives on this island but another is in a different country, and neither of them are Dominicans.

Even when you have done business with people for years, the hard lesson I have learned is that you can never fully trust anyone. Past trustworthiness does not guarantee good future results.

 

[slowmo]

A silversmith in Sosua says that he is willing to buy at the spot price of silver. Looks to be around $24

 

[Dark_Scorpion]

A silversmith in Sosua says that he is willing to buy at the spot price of silver. Looks to be around $24

Yep, I found him, went by his shop today and sold one of my Silver Eagles. His name is Patrick Graham and he has a Silversmithy on Pedro Clisante going towards Playero supermarket, he is about a block or two over from Playero. He is open from Monday to Monday, has been in business for 50 years and is open from 7 am to 5 pm. He is willing to give pesos or dollars for silver. I did not ask if he buys gold, anyone that needs to sell their gold might want to check. HIs phone number is 809-330-5648.

One more thing, he says he buys silver coins but will not sell silver. So anyone looking to buy silver in the DR may have to order it online.

 

[webmacon]

Got some silver coins, unique on this island.

 

[fuchs4d]

Got some silver coins, unique on this island.

Nice, beautiful series.
https://xpotours.com/ has them for usd 79.-.

Good as souvenir.
However: today the surcharge in comparison to bullion coins (American Eagle, Mapple Leaf etc.) is more than 100 percent.
If forced to sell them short term you only get the value of the silver.

Problem I see ith those is that there is so few background information on the web like who did produce them that buyers might decline if they would have to decide fast.


Alexander

 

[webmacon]

Nice, beautiful series.
https://xpotours.com/ has them for usd 79.-.

Good as souvenir.
However: today the surcharge in comparison to bullion coins (American Eagle, Mapple Leaf etc.) is more than 100 percent.
If forced to sell them short term you only get the value of the silver.

Problem I see ith those is that there is so few background information on the web like who did produce them that buyers might decline if they would have to decide fast.


Alexander

Got the Punta Cana ones for half price, a bad reminder of the Corona year.

 

[Big]

I understand silver. The gold price has gone crazy. 2270.00 today., which is great news for the D.R

 

[playacaribe2]

Nice, beautiful series.
https://xpotours.com/ has them for usd 79.-.

Good as souvenir.
However: today the surcharge in comparison to bullion coins (American Eagle, Mapple Leaf etc.) is more than 100 percent.
If forced to sell them short term you only get the value of the silver.

Problem I see ith those is that there is so few background information on the web like who did produce them that buyers might decline if they would have to decide fast.


Alexander

To your point, without a well established collector base willing to pay a premium, their real value is as bullion plus a small fabrication fee.........

Respectfully,
Playacaribe2

 

[Big]

the tax man cometh!

 

[fuchs4d]

The gold price has gone crazy. 2270.00 today.

I prefer to see it from the other side:
The value of the USD declined, gold did not change its value compared to other things.
The value of gold stay the same over time.
The USD has gone crazy low compared to gold and all other things.
1 oz of gold buy the same amount of Big Macs or Presidente beers compared over the years.
However the USD (and DOP and all others) buys less and less consumer products.


Alexander

 

[playacaribe2]

I prefer to see it from the other side:
The value of the USD declined, gold did not change its value compared to other things.
The value of gold stay the same over time.
The USD has gone crazy low compared to gold and all other things.
1 oz of gold buy the same amount of Big Macs or Presidente beers compared over the years.
However the USD (and DOP and all others) buys less and less consumer products.


Alexander

 

[playacaribe2]

I prefer to see it from the other side:
The value of the USD declined, gold did not change its value compared to other things.
The value of gold stay the same over time.

Gold is influenced by many factors, including the movement of the dollar.

Yet, the dollar has been strengthening lately vis a vis other currencies..and gold also continues to climb. The causes are many, one of which includes geopolitical tensions.

The USD has gone crazy low compared to gold and all other things.
1 oz of gold buy the same amount of Big Macs or Presidente beers compared over the years.
However the USD (and DOP and all others) buys less and less consumer products.

See my comment above. And yes, gold over time.....lots of time......has held its purchasing power, but one only needs to look back to the 1980's and 90's to see that gold actually lost purchasing power during those time periods.

And finally to keep this DR related, the dollar has certainly not gone "crazy low compared to gold and all other things." One of those other things being the DOP.

Alexander

Respectfully,
Playacaribe2

 

[Big]

Barrick Gold ticker symbol GOLD is trading at 16.90 a share, a good buy consideration.

 

[playacaribe2]

Barrick Gold ticker symbol GOLD is trading at 16.90 a share, a good buy consideration.

Not sure how much gas (short term) is left in the tank for Barrick. It has run up over 10% in the last month.

But for the moment, that is good news for the DR.


Respectfully,
Playacaribe2

 

[Big]

Not sure how much gas (short term) is left in the tank for Barrick. It has run up over 10% in the last month.

But for the moment, that is good news for the DR.


Respectfully,
Playacaribe2

the mine has about 25 to 30 years left in the tank. Granted there are variables. The have contained some. The cost of power is one of their main expenditures and they have got a handle on that. It is a good gold play. No one really wants to own physical gold.

 

[playacaribe2]

the mine has about 25 to 30 years left in the tank. Granted there are variables. The have contained some. The cost of power is one of their main expenditures and they have got a handle on that. It is a good gold play. No one really wants to own physical gold.

Agreed it is one of the better gold plays. They have a very smart CEO who knows the business and how to navigate the politics in the regions they operate....including the DR at Pueblo Viejo.

As to physical gold, I personally believe in a mix of both shares and the physical.


Respectfully,
Playacaribe2