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Travel Advice


SilverMine

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i've given gold coins to my mother and she puts them in her handbag. No questions are ever asked. 

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6 minutes ago, SilverMine said:

Looking to travel to the UAE later this year, any tips for picking up Gold or Silver? 

Also any advice for traveling across boarders with PM's?

Thanks,

SM

The gold souk in old Dubai ( Deira ) is the place for all things gold. The gold industry in Dubai was historically focused towards what we in the west would deem as exotic ( read Indian) jewellery. Commissions were taken on the basis of an agreed spot plus a margin for the workmanship. Even today you will be able to see craftsman at work producing some really exceptional pieces, and if this type of thing floats your boat you will do no better than spending a few hours in around the market place.

Regrettably however I have always found that for bullion grade ( in particular Krugers and various Oz coins are prevalent ) the margin to spot is no better, even worse,  than what you will be able to buy via Ebay or HGM etc. Towards the creek end of the souk is the old gold exchange building and you may be able to hunt a bargain down in there 

You will see umpteen 'sovereigns' in shop windows, but be aware that these are 'costume sovs' and from my experience vary from 18 to 21 Carat and weigh less that a stand sov. In fairness to the majority of dealers these are not sold to deceive but are part of the dowry tradition that underpins the indian jewellery market and are sold on AGW. 

If you are a collector of coins, you can at times find one or other unusual coin that would be a bargain. With the UAE being a federal state you do find that one or other of the emirates do now and then produce specials and I have picked up a couple of nice coins that were produced by/for the emirate of Ajman. Also as a stopover for pilgrims doing the Harji you can always find one of other commemorative from Mecca 

I would recommend to stay clear of the gold shops at the airport with the one exception that they do on occasions do specials on  UAE specific bullion from the likes of gold.ae and which can add a novality factor to your stack while not breaking the bank to badly

Safe travels! 

 

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Excellent advice. This is the voice of experience! ^^^^

The exchange rate is not your friend, I'm afraid.

A few years ago, I bought a 1g bar from a machine that resembled a crisps machine in a school/swimming pool etc.

It was a gimmick but a fair price, like ArthGoch says, a talking point or novelty.

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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26 minutes ago, ArthGoch said:

The gold souk in old Dubai ( Deira ) is the place for all things gold. The gold industry in Dubai was historically focused towards what we in the west would deem as exotic ( read Indian) jewellery. Commissions were taken on the basis of an agreed spot plus a margin for the workmanship. Even today you will be able to see craftsman at work producing some really exceptional pieces, and if this type of thing floats your boat you will do no better than spending a few hours in around the market place.

Regrettably however I have always found that for bullion grade ( in particular Krugers and various Oz coins are prevalent ) the margin to spot is no better, even worse,  than what you will be able to buy via Ebay or HGM etc. Towards the creek end of the souk is the old gold exchange building and you may be able to hunt a bargain down in there 

You will see umpteen 'sovereigns' in shop windows, but be aware that these are 'costume sovs' and from my experience vary from 18 to 21 Carat and weigh less that a stand sov. In fairness to the majority of dealers these are not sold to deceive but are part of the dowry tradition that underpins the indian jewellery market and are sold on AGW. 

If you are a collector of coins, you can at times find one or other unusual coin that would be a bargain. With the UAE being a federal state you do find that one or other of the emirates do now and then produce specials and I have picked up a couple of nice coins that were produced by/for the emirate of Ajman. Also as a stopover for pilgrims doing the Harji you can always find one of other commemorative from Mecca 

I would recommend to stay clear of the gold shops at the airport with the one exception that they do on occasions do specials on  UAE specific bullion from the likes of gold.ae and which can add a novality factor to your stack while not breaking the bank to badly

Safe travels! 

 

Thanks @ArthGoch for the in-depth reply! To date I don't have any gold bullion or coins - but feel that I should have a diverse portfolio. Sounds like the UAE might not be the best place to pick up a margin though... I guess the only benefit is that you hold the gold from point of sale and don't need to pay any sort of postage?

Are there any other precious metals or items you suggest picking up whilst in the UAE?

44 minutes ago, sixgun said:

i've given gold coins to my mother and she puts them in her handbag. No questions are ever asked. 

Thanks @sixgun - Sounds like theres not much to be concerned about - I am in no way wanting or trying to defraud any government or customs force, I just wanted to check that there wouldn't be a 'can you come with us to this room please' situation. 

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2 hours ago, Roy said:

Excellent advice. This is the voice of experience! ^^^^

The exchange rate is not your friend, I'm afraid.

A few years ago, I bought a 1g bar from a machine that resembled a crisps machine in a school/swimming pool etc.

It was a gimmick but a fair price, like ArthGoch says, a talking point or novelty.

It it worth using a vending machine for a first time gold purchase? 

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Not really.

The sensible thing would be to buy from this forum.

Mr. Heisenberg has some very reasonably priced sovs for sale.

But if you are in Dubai, have an itch to scratch and some dirhams burning a hole in your pocket. then go for it :)

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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  • 4 months later...

@SilverMine  If you didn't go to the Emirates yet you might wish to look at this website below.  It gives an excellent run down on all of the shops and locations in the different Emirates and what sort of products they sell as well.  It will really help you if you are looking for something in particular.  The souk in Dubai is expensive because it's touristy and it's more for large jewellery pieces.  Same as the souks in Saudi Arabia but no where near as good as the one in Jeddah.(if you like that sort of thing).  I would recommend Sharjah (next door to Dubai).  Less flashy but more in the way of coins.  Check out the page linked below.

As an aside, gold.ae are in some sort of administration due to grand fraud in their storage and vaulting department.  They no longer have a website.  I assume the vending machines are no longer operational either.  There was an article on zerohedge I think that went into some detail about them.  What was supposed to be in the vault turned out to have been stolen or never even existed...  Ouch.

I never found anyone in the Emirates other than gold.ae that offered UK coins.  They all sell the locally made version of the sov which is obviously not a real sov.  Lots of Perth mint stuff and pandas as well as cast and minted bars in the different pm's.

http://www.sunnahmoney.com/buyers-guide/united-arab-emirates/

New profile pic to support the current thing, because it's current year.

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