Gold Price Colombia
Colombia is officially known as the Republic of Colombia. This South American nation is a sovereign state located in the northwest of the continent with territories in Central America. The Government of Colombia is a unitary, constitutional republic with 32 departments.
The Colombian Peso is the official currency of Colombia. The peso can be subdivided into 100 smaller units of currency known as centavos. The currency is issued and controlled by the Banco de la República. There are numerous peso banknotes available in various denominations including 1000, 2000, 5000, 10000, 20000, 50000 and 100000. Coin denominations include 50, 100, 200, 500 and 1000 pesos.
The peso has been Colombia’s currency since 1810 at which time it replaced the real. In 1871, Colombia went on the gold standard, pegging the peso to the French Franc.
Colombia is rich in natural resources. The country has the largest coal reserves in Latin America, and it is also rich in nickel and gold deposits. Other key metals include platinum, silver, copper and bauxite. The nation also produces a number of non-metallic minerals including salt, limestone, gypsum, barite, clay and more. Colombia has been a net exporter of oil since 1986.
The Colombian Mint is a world class precious metals refinery located in Medellin, Colombia. In addition to its refining capabilities, the mint also is an assayer with more than 100 years in the industry. The mint produces both bullion bars and coins and features a 1 kilo gold bullion bar made from 995.0 percent fine gold.
If you are looking to acquire as many total ounces of gold as possible, then the 1 kilo bar may potentially offer a per-ounce cost savings compared to smaller bars. Of course, given the large amount of gold bullion in the 1 kilo bar, bars of this weight may not be financially feasible for investors on a budget.
There are numerous Colombian gold coins that can be purchased from dealers. The 1919-1930 Colombia Gold 5 Pesos coin in almost uncirculated condition is a great example of a Colombian collectible gold coin. This particular coin contains .2355 ounces actual gold weight and was struck at various Colombian mints. The coin’s obverse varies by date, while the reverse features the Colombian national arms as well as inscriptions of the coin’s fineness and value.
Although collectible coins like this can make an great addition to any portfolio or collection, they may carry significantly higher per-ounce premiums when compared to traditional, large mintage bullion coins. Value and premium can fluctuate based on overall condition and relative scarcity.
If you are looking to buy gold in Colombia, you may see prices quoted in the peso as well as some other key currencies such as U.S. Dollars, euros or Great British Pounds. The price of gold is most typically quoted by the ounce, gram or kilo.
Gold can be purchased in Colombia from local coin and bullion shops. There may also be some online dealers that do business in the region.