Good places to sell (and buy) gold in the Philippines

[silenceissilver]

@Roy

I think it was you who said he lives in the Philippines? Any recommendations? Asking on behalf of someone who is not on the forum

[DBCooper]

 

I take it this person who is not on the forum is planning on going as a tourist not living there? if they live in PH they can probably work out where to sell or buy gold themselves so ill assume we are talking about a visitor?

 Although I am currently back in the UK for Business . I have lived in the Philippines for the last 15 years both in Manila and in Laguna province in the south of Luzon and I am also married to a Filipina. As I have said before on this forum I buy and sell fair amounts of Gold in Asia, Australia and West Africa so feel I can offer some advice.

Firstly I wouldn't generally recommend anyone who doesn't live and or work in PH  trying to sell or buy large amounts of Gold in the Philippines. Other than purchasing Jewellery from a big international Mall in Manila. PH is a country were most people can lay their hands on a firearm very quickly and little respect for the law is shown generally. Street crime is rife and people get shot over a bog standard mugging. let alone a gold deal gone bad!. another piece of advice don't walk around showing off expensive gold chains or even a decent watch on the streets it just marks you out as suitable to mug!

so what type of Gold does this person want to sell / buy?

Coins.

Modern bullion, is almost unavailable legitimately in PH and to my knowledge? there are no main stream bullion dealers even in the Central business district of Makati in Manila. Most people in PH wanting to buy bullion will fly across to Singapore or Hong Kong or buy gold vaulted outside the country.

You do see the odd seller of older silver and possibly Gold? collectable coins and notes issued in PH knocking around on street corners etc occasionally but most of the stuff they are selling will be tat and or fake .

Bars.

The simple advice if somebody offers to sell you a Gold bar in PH it is fake end of. 

There are a lot of fake bars knocking around usually advertised on social media like FB marketplace etc .or maybe offered up to an outsider sitting in a bar etc by a helpful local. I have heard of instances where even local law enforcement officers have been trying to sell off fake bars. Also plenty of the fake gold bars are offered up as lost Japanese loot from WWII which somebody has just found out in the forest, which of course they are not.

Jewellery

Obviously the bigger shopping malls like the Mall of Asia and SM north Edsa in Manila will carry all the big international brands, just as in any other country but the gold is no cheaper than anywhere else and in some cases much more expensive than for instance Thailand. 

Duty Free at Manila Airport. there are a few big brands selling Jewellery at the airport duty free for good prices and you can also access the Duty free shop coming Inbound through Manila airport after passing through immigration, as well as outbound.

There are a few slightly more dodgy small scale jewellery sellers operating from stalls in parts of manila that sell gold at a good price but they tend to be in areas rougher than a badgers ar**  that your average tourist wouldn't usually be in, although somebody living in manila and able to speak Tagalog might be prepared to risk selling to or buying from such sellers?. These sellers flog off second-hand jewellery purchased by overseas Filipino workers brought back home and then sold for cash in PH. Returning locals get heavily taxed on any cash brought back to PH earnt working abroad, hence they will buy and wear lots of gold when coming back home then sell it on to the local dealers. But be aware that these type of sellers will more than likely also be handling locally stolen jewellery.

One decent seller that springs to mind that I have purchased some nice chains from before at good prices is a small stall alongside the post office counter on the second floor of Victory Mall just off of Monumento in Caloocan city Manila.

If selling gold in PH one of these small scale dealers would probably be the best avenue for selling for cash.

On a side note in most malls here there are Silver Jewellers selling superbly made silver Jewellery at very very cheap prices obviously aimed at the local market and this silver is usually very good Quality & value.

Raw Gold.

The Philippines is awash with raw gold mined illegally by all and sundry. it is available In the form of Gold dust, Gold Flakes, Nuggets and amalgamate anywhere there are illegal miners operating in the country, which in short is most provinces.

The average person should not get involved with trying to buy any raw goId in the Philippines. It is mined illegally and it is illegal to export out of the country, The penalties for smuggling it out of the country are very high. The illegal mining in Ph is controlled by organised armed criminal gangs and unless you want to be staring down the wrong end of a loaded gun with no money and no gold don't try and buy any of this stuff as a visitor to PH

regards 

DB

 

Edited July 11, 2021 by DBCooper

[silenceissilver]

Thanks a lot for your detailed answer. No, it's not a tourist but someone who moved there, just about when the fakedemic started. I have actually not asked what kind of gold it is but it seems to me it's mostly jewellery and possibly a bit of bullion. As for buying gold (another person, also someone who moved there), bullion would be preferred (jewellery only if available at spot price). They don't speak the national languages there, just English (as it is an official language there as well). 

The guy who wants to sell tried and contacted a bank but they didn't reply. He also wanted to give Lazada oder shoppee a shot (some Ebay like platforms, it seems) but apparently they don't allow gold to be sold there. The only possibility for selling seems to be Ebay).

It's unbelievable, Manila doesn't have a proper bullion store or at least some reputable jewellers who also trade some bullion at reasonable prices.

[Roy]

5 hours ago, silenceissilver said:

No, it's not a tourist but someone who moved there, just about when the fakedemic started. I have actually not asked what kind of gold it is but it seems to me it's mostly jewellery and possibly a bit of bullion. As for buying gold (another person, also someone who moved there), bullion would be preferred (jewellery only if available at spot price). They don't speak the national languages there, just English (as it is an official language there as well). 

Why don't you put them in touch? Problem solved. 👍

As for your question, I concur wholeheartedly with @DBCooper. Don't bother, get another hobby 

If you want jewellery, buy it in Thailand and wear it. Bullion, buy it in Singapore and leave it there. I won't be bringing or taking gold through Ph. customs unless it's around my neck.

The Philippines is culturally similar to Thailand (and India) in respect to gold, everyone family will hold some, usually jewellery, but it is for safety. To protect them in hard times.

That's why there is a huge pawn industry here, pawn it on a Monday, buy it back on a Friday. Your pals could try there, but it will need to be quality (18k plus).

If you are buying jewellery here locally, it could well be from Dubai or Saudi, brought in by OFWs. I like Saudi gold btw, lovely colour.

 

Finally, tell your pals to steer clear of any mined gold. It's illegal yet still goes on, local governments seem to turn a blind eye. It's not just a matter of being robbed or shot, or both, but it's the environmental and physical damage that occurs through the profligate use of mercury. Added to the fact that most mining activities rely on child labour.

For your perusal:

 

philippines0915_brochure_web.pdf

Edited July 12, 2021 by Roy

[DBCooper]

I made a few phone calls today and it seems that there is a NEW bullion dealer just opened in Quezon city Manila just across from SM North Edsa on west avenue very recently and they are supposedly the First bullion seller in PH ?

I carnt vouch for them at all as I have never used them and they must be very new as I am often on West avenue and I have never seen them there before (although I suspect they are not operating from a traditional shop front)

Apparently they are only selling bullion right now and my source said they don't buy over the counter ? which does make sense in a city where even MacDonald's has armed security on the front door. 

seems like they operate by pre booked appointment only 

Details below 

One ounce trading

6F west Insula

135 west avenue Quezon city 1105

Metro manila

Landline 8932-2497: Smart(0947)203-6582

By appointment only 

for appointments contact (0995) 262-3209

trading hrs 10am -6pm: lunchbreak 12pm-1pm

Saturdays and Sundays by schedule

admin@oneouncetrading.com 

I haven't had time to check out their website so have no idea about what type of stock they carry or prices but they might be worth a call for your mate that needs to sell to see if they buy bullion as well as sell ?

Regards 

DB

 

 

 

Edited July 12, 2021 by DBCooper

[silenceissilver]

Thank you @DBCooper and @Roy !

[Roy]

https://oneouncetrading.com/