Some readers have asked about how to buy, sell and trade gold in the Philippines from the post about ultimate guide in investing in the stock market and making millions. As promised, I’ve made a separate post here to discuss about one of the most precious and expensive commodities of all time, GOLD.
Brief info about Gold:
Gold – having the chemical symbol AU from the Periodic Table of Elements is the most malleable (soft, bendy) and ductile (elastic) metal and said to be the King of Metals. It marks wealth and elite status even from the earlier times. There was no official person who has discovered gold but it was used even before there was no money to buy and sell stuff.
Gold bullions and gold coins are commonly traded from any market and online. There are also many other gold investment options being offered to commodity markets like futures and derivatives.
Why invest in gold?
Simply because gold is rare and valuable. It’s one of the most expensive and precious metals and commodities in the world. Gold has a long term value appreciation like crude oil. Some investors invest and keep gold to battle economic instability and crisis. If there are stock markets, there are also gold markets and commodities exchange nowadays. Some of these commodity markets offer futures and derivatives contracts.
How to buy, sell and trade gold in the Philippines?
Many readers have asked if we can trade gold in the stock market in the Philippines. Some commodities can be traded in COMEX (Commodity Exchange) or commodity markets but in the Philippines, right now, 2013, there is no official market for gold trading and other precious commodities yet. I’m pretty sure few years from now, that would be possible. Few years ago, there were discussions about commodity trading apart from stock exchange in the Philippines and the plan was said to be ironed out but apparently, it didn’t push through.
Right now, the BSP (Bangko Sentral ng Pilipinas) also known as Central Bank of the Philippines is the only agency that caters gold buying in the country. That is the most legalized way of purchasing big money gold if you asked me.
Some may buy and sell gold and silver and other precious metals via alternative ways like pawnshops or those street vendors you may find near markets but they are freelancers and usually have no official permits so there are no taxes, security, documents and insurance attached when trading gold and other metals with them. Of course security and legality is important so I most recommend you to do it at the BSP.
You can also find online ways to buy and sell gold and other precious metals like silver. Make sure though they are one hundred percent secure and that you’ll get insurance in your transactions.
Gold Future in the Philippines
I just hope there would be a Philippine Commodities Exchange here so trading of gold and other commodities would be more official, well managed and easily accessible. I wonder which companies or who’s the Filipino who has the most gold possession in the Philippines? Hmmm definitely not my grandma. (smiling here)
Thinking about having an official Philippine Commodities Exchange (Commodities Market) here, what do you think will happen? How would this COMEX affect our economy and the people especially the ones saving their gold? Is having gold a privilege or an obligation? I know I have so many questions. I just wanna hear your thoughts on this. COMMENT NOW!