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stu3796
11-10-2011, 11:11 AM
Just found out that I'll likely be making a trip to Dubai within the next couple of months. I'm sure silver can be bought there, but will I likely find any good deals or would I be better off spending my money in the US?

Also, are there any Dubai-minted silver coins/commemoratives to watch for? I don't mind spending more than spot for something like that.

Thanks!

zerozero
11-10-2011, 07:26 PM
Just found out that I'll likely be making a trip to Dubai within the next couple of months. I'm sure silver can be bought there, but will I likely find any good deals or would I be better off spending my money in the US?

Also, are there any Dubai-minted silver coins/commemoratives to watch for? I don't mind spending more than spot for something like that.

Thanks!

If you visit the Dubai Gold Souk you'll find silver merchants who sell mostly sterling silver jewelery. Buying gold and silver jewelery in Dubai can be economical because they simply weigh the piece on a scale and charge you based on the daily price of the metal plus a small premium.

To be honest however, I think the premiums are lower in Bahrain. At least they were 5 to 6 years ago.

I have no idea if Dubai mints commemorative coins, but you can certainly find gold coins for sale in some of the shops in the souk.

Good luck.

http://en.wikipedia.org/wiki/Dubai_Gold_Souk

Also search these forums for other threads on buying gold in Dubai.

07Silverado
11-10-2011, 07:33 PM
Brother John commented on this interesting article (http://www.youtube.com/redirect?q=http%3A%2F%2Fwww.arabianmoney.net%2Fgol d-silver%2F2011%2F10%2F06%2Fphysical-silver-running-out-because-its-spot-price-does-not-reflect-true-investment-demand%2F&session_token=P3Si8ua-c-_tTSsX45J0RzpRlmZ8MTMyMTA1NzcyMkAxMzIwOTcxMzIy) on his video yesterday (http://www.youtube.com/watch?v=MdxdYguoSX8&feature=uploademail). It was written in October but the topic is a physical silver shortage in the U.A.E..

AgAuCaliente
11-10-2011, 08:11 PM
The silver-gold souk across the river is interesting. They call bars ¨biscuits,¨and most of the sellers are Indians, so English is no problem. I was there in April, and was looking to buy a few kgs, but they were absolutely ridiculous compared with online prices (USA). We´re talking about $2 USD per gram (how it´s priced there), which makes it about double spot. Also, they generally didn´t have it on hand, as they want you to buy the jewelry with its markup...might take a day or two for them to get it. They also seemed to be surprised that I was knowledgeable and wasn´t there to be a sucker. Just know the price you´re willing to pay and stick to it. Then you can report on here how it sets off all the XRays =) I saw a few 500 gram Bell bars that were about the only hallmarked silver on offer. No cool government rounds or 90% or coins of any sort other than some highly overpriced äntique local coins that are good for souvenirs but not for stacking. Bahrain was similar (end of 2010) with little stock, large markups. There was a place just across the border in Dammam, KSA if you have a KSA visa.

Most of the countries had 1 riyal silver coins in the early 1900s, but you should go armed with a list of Arabic numerals, do the ping test, and KNOW THE VALUE.

My experience with buying-searching for silver in quite a few countries is that they are all too ready to rip people off. For example, Peru 1933 1 Pesos had no silver, but had a guy in Valparaiso try to tell me first they were pure silver, then that they were 90%, then 50%. Or the guy in the jewelry shop in Ecuador who wanted to sell me a common date libertad for 150 bucks claiming the taxes made it that high.. Better bet is to go to antique dealers, and search through any coins they have for pre1965 U.S. silver, then ask them what they want for it. I have found some for quite cheap that way abroad, but not in large quantities (1.50 FV or less=()


IMO, If you can avoid getting it in the Middle East, I suggest you do because it will save you a lot of money. But go to the souks just the same, as they are really neat. Hope this helps..

stu3796
11-11-2011, 12:36 PM
Thanks for all the info... I definitely appreciate it!

Golder Arches
11-11-2011, 01:28 PM
Haggling on the price is part of the experience.