The sirens are once again blaring, accompanied by a repeated prompt for civilians to evacuate the area. The darkness that encompassed the sky was disturbed by flashes of distant explosions. The air is filled with cries of agony and confusion. This scenario for cities in the Philippines is not that farfetched considering the current geopolitical turmoils we are experiencing.
In such an event, basic utility infrastructures would be the primary targets of the enemy forces. Water supply, electricity, and internet connections would likely be severed. And when people are fleeing for their lives, you can only carry so much during your plight. This is why I believe having physical gold at your disposal is still a good idea despite the modern convenience of digital currencies.
Gold has steadily increased its value for the past few decades. It is a go-to asset for when there are uncertainties in the economy. It is even more evident in countries that have experienced hyperinflation. Meanwhile, a lot of Asian countries like China and India have traditionally relied on gold as a storage of wealth. And it has also become more popular nowadays with Filipinos as well.
But where is a good place to buy gold in the Philippines? First off, there are places that you need to avoid if you're just after gold as an investment and not for its aesthetics.
Jewelry stores in the malls charge a hefty premium for their products. If you're doing it for investment, you've already lost money because of its price. But if you want to have high-quality or unique jewelry for your wedding or other occasions, then the mall is one way to go as they sometimes employ or commission renowned craftsmen.
source: Facebook.com
Ongpin in Manila is a well-known place for buying cheap gold jewelry. Their designs might not be as intricate as other products, but they compensate for it by offering low-profit margins. A few other places in Manila like Recto and Arranque also have competitive rates.
source: Mlhuillier.com
Finally, there are pawnshops who frequently hold auction sales. Pawnshops mostly prefer that clients redeem their pawned items instead of letting them go unclaimed. Although the potential profit is higher, they need to pay overhead and other operational expenses. They regularly do auction sales to help liquidate acquired assets faster. But buyers should also be aware that items that have very low prices might come with scratches or other signs of wear and tear.
There you have, some of the examples of where you can buy gold in the Philippines. You can also acquire gold bullion but I might discuss it in another post sometime later. Thank you for reading.
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