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Saturday, September 26, 2015

Gold and Silver Bullion over-the-counter market in Ecuador. September 2015.

Gold/Silver Bullion over-the-counter market in Ecuador doesn't exist for the average consumer. There are no coin shops and bullion dealers where you can buy and sell gold/silver coins and bullions for the spot price.  
Reports from readers we have received to date are not encouraging. One subscriber shared:  I live near Quito and last year was trying to sell a gold eagle. I could not for the life of me find anyone willing to pay anywhere close to spot value. I don’t know of anyone who is in the business of dealing in minted coins/bullion in Ecuador. If you know of any I would very much like to be informed.
Those small dealers who advertise on the street that they buy gold usually treat any gold they buy as junk gold of questionable purity,and my experience is that minted bullion is treated the same. Some places will offer loans with the bullion as collateral, but I’ve found the service charge and interest rates to be obscenely high considering it’s backed by collateral they hold.
... be sure to hold that gold outside Ecuador because it is taxable coming in and cumbersome to sell while here...
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