Buying gold in foreign countries?
sirenbliss39 asked:
Hi,
I have a question; I have learned that the U. S. Dollar-though shrinking in value still has some decent momentum for its value in China. Therefore– what about the price of gold in China? Can a person buy gold in China and get more for it because the US dollar still holds value there, or are there limitations to importing gold from China to the US? What about other countries as well … any ideas on how to procure scrap gold and come out with a big profit? Thanks,.
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Hi,
I have a question; I have learned that the U. S. Dollar-though shrinking in value still has some decent momentum for its value in China. Therefore– what about the price of gold in China? Can a person buy gold in China and get more for it because the US dollar still holds value there, or are there limitations to importing gold from China to the US? What about other countries as well … any ideas on how to procure scrap gold and come out with a big profit? Thanks,.
February 10th, 2009 at 4:34 am
Actually, the exchange rate between the US Dollar and the Chinese Renminbi is fixed by the Chinese government. That creates the perception that the US Dollar is maintaining its value there. As you may be aware, the US has been putting pressure on China to sever that link, which would cause the Chinese Renminbi to appreciate rapidly against the dollar (which would also make Chinese goods more expensive in the US and make US goods cheaper in China.
In the mean time, buying gold there may not be a bad idea. I don’t know of any restrictions on exporting gold from China. You may have to pay customs in the US, though.