Special Features

Panama – a hot spot to buy gold

By: Staff at Panama Offshore Legal Services / E-Mail: info@pos-inc.com || Phone (507) 227–6645

Why Buy Gold? It has been historically valuable, while the U.S. dollar, the Euro and other currencies have huge debts of the countries printing them. Owning gold is a hedge against inflation, deflation and currency devaluation.

Gold is also better than currencies, having risen 29.8% against the U.S. dollar in 2010. This was the 10th year in a row that gold climbed higher against the U.S. Dollar. Last year gold increased higher against eight other major currencies, as well.

According to the Wall Street Journal on April 6, 2011 gold rose in value over the past 10 years by nearly 470%.

There are many ways to own gold. Some Companies sell gold certificates on the internet claiming the gold is stored in vaults, but such certificates are subject to fraud, forgeries and carry costs such as high commissions and expensive storage fees.

Physical ownership is the far-safer than certificates. They are nothing more than paper promising to pay. If a financial system crashed all of the certificate holders would rush to unload their paper for less than what they are worth. Actual physical ownership is… worth its weight in gold.

Owing coins or bars are the two standard ways to physically own gold. Bars are the most traditional way, using bullion gold bars, which are normally sold in 26.4 or 2.2 pound bars. Purchasing and storing gold bars requires a large investment as most bars are sold in large quantities and not by individual bars.

Buying gold coins is the most popular method of physically owning gold. That’s because they can be purchased in small quantities and stored in small deposit boxes. Selling gold coins is also easier than selling gold bars or gold certificates.

Bullion coins are priced according to their fine weight, plus a small premium based on supply and demand. The most popular gold coin is the South African Krugerrand. Other popular gold coins include the Australian Kangaroo, the Canadian Maple Leaf, and the American Buffalo and Gold Eagle.

The purity of the gold makes a difference in value. Not all gold coins contain the same purity. If a gold coin has less than 24 karats (.999% pure) it will be mixed with some other metal. The South African Krugerrand and the American Eagle are .917% pure while the Canadian Maple Leaf is .999% pure.

The higher the purity, the shinier the coin, but gold coins with mixed alloys will last longer because pure gold is extremely soft.

Where to buy in Panama

There are a few Panama banks which will sell gold coins to the public and store them in their vaults.

U.S. taxpayers do not have to report gold stored overseas to the U.S. government, offering a means for storing wealth privately.

Where to store gold overseas

Bank safe deposit boxes are the cheapest and safest way to store gold. Storing gold or other valuables in at a bank in one’s home country leaves those assets subject to government seizure or by courts enforcing civil judgments. If things go bad in one’s country requiring a quick exit, trying to move gold will take up too much time. And it is easier to sell the gold overseas than it is in one’s country subjecting the profits to capital gains taxes and other fees and restrictions.

One should always be prepared for further economic meltdown and by becoming international one can reduce the risks of having all assets in the same country.

Panama has one of the best bank secrecy laws in the world. Panama banks are solvent, strong, and invest conservatively which is why the global economic crisis affecting U.S. and EU banks has not affected Panama’s banks. Buying gold coins from Panama banks and storing them in their safe deposit boxes makes sense.

New church

Laughter used as marital medicine workshop by new Baptist fellowship

A new English language church will be launched in Panama in 2012 by Pastor Glenn Herschberger and his wife Susan. They relocated to Panama in May and are currently developing a team to begin the LifeBridge International Church.

Already there is an event: a marriage workshop on Friday, November 18 from 7:30 p.m. to 9:45 p.m. and on Saturday, November 19 from 9:00 a.m. to noon. The workshop is called Laugh Your way to a Better Marriage and is a humorous DVD presentation. Refreshments and door prizes will be provided. Cost is $35 if registered before November 11. Cost at the door is $50.00.

Pastor Glenn started his career in law enforcement and began in the ministry in 1997. Together with his wife, they began a church outside Madison, Wisconsin in 1999. The Hershbergers left the pastoral role at Real Hope Community Church in July 2010. Glenn and Susan have been appointed and commissioned by Converge Worldwide and the International Baptist Convention to plant English Speaking International churches in Panama City. Currently, the Herschbergers hold a Sunday night Bible study in their El Cangrejo apartment. For more information contact: www.Lifebridgeic.com, pastor@lifebridgeic.com or 6789-1846.

Independence celebrations

Miss Panama gets kiss from president

Miss Panama gets kiss from president
Also on the balcony with President Ricardo Martinelli, First Lady Marta Linares de Martinelli and Miss Panama Sheldry Saez are Minister of Government Roxana Méndez and Minister of Social Development Guillermo Ferrufino, among other figures.

November is Panama’s month to celebrate its independence. Last week several parades took place and there are still more to come (see The Visitor Vol. 17#43 online for a full schedule).

During a parade that passed in front of the Presidential Palace in Casco Viejo, Miss Panama Sheldry Saez made an appearance on the balcony with President Ricardo Martinelli, the first lady Marta Linares de Martinelli and other political figures.

It was to the delight of the crowd below when the president bestowed a little kiss on the cheek of this Panamanian beauty.