Philippine Gold

[JJReyes]

Does anyone know if the Philippines sells gold coins to the public as legal tender through the banking system? The Bangko Sentral has a gold refinery in Quezon City across the street from the Heart Center. This is also where they print currency.

It is interesting to note that the Philippines is one of Asia's top gold producers. The Banko Sentral has approximately 196.4 tons stored in their vaults compared to Thailand, also a gold producer, with 152.4 tons. Although not a producer, Singapore has substantial reserves at 127.4 tons and this country likewise stores the precious metal for others. The most gold bullion at 8,133.5 tons is in the United States held in depositories like the famous Fort Knox.  By comparison, the United Kingdom has 310.3 tons of gold in the heavily fortified Bank of England vault in London.

[Balisidar]

A quick Google search came up with this JJ.

https://www.carousell.ph/q/gold-coins/?

And this is from the Bangko Sentral

http://www.bsp.gov.ph/publications/media.asp?id=5264

[Shady]

On 8/16/2020 at 10:26 AM, JJReyes said:

The Banko Sentral has approximately 196.4 tons stored in their vaults

The details of their security would be interesting.

[Mike J]

33 minutes ago, Shady said:

The details of their security would be interesting.

I can see it now.  The auditors show up and the guard's reply "Sorry sir, out of stock". 

[JJReyes]

22 hours ago, Balisidar said:

A quick Google search came up with this JJ.

https://www.carousell.ph/q/gold-coins/?

And this is from the Bangko Sentral

http://www.bsp.gov.ph/publications/media.asp?id=5264

Thanks for the information.  I am thinking of purchasing a gold piece for our granddaughter during our next Philippine visit.  If there is time, perhaps add a necklace so she could wear it as jewelry.

[JJReyes]

18 hours ago, Shady said:

The details of their security would be interesting.

The security at the refinery is very interesting. There is a law requiring all gold mined in the Philippines to be sold to the Banko Sentrale.  However, some of the independent small miners sell theirs to traders who smuggle it out of the country.  

The threat is not external because most refineries have excellent security.  For example, the depository at Fort Knox is next to a fort housing and training tank and armored brigades. The worry is personnel.  Workers are required to change to coveralls and safety shoes provided.  At the end of a shift, showers are mandatory. The water drains into a filtering system that retrieves gold particles.  Particular attention is given to fingernails because you can smuggle out gold dust this way.  The workers could also be subjected to magnetic scanning and possibly cavity searches.  The coveralls and shoes are burned in a special incinerator to recover any traces of gold.

The gold ingots in the storage vaults are on special metal pallets.  Each pile has a placard with the name of the owner (yours and other central banks).  If your vault has a "Bank of England" card, it means an equivalent quantity in London had been exchanged with your name or possibly then sold to the commercial market.  Physical transfers are seldom because transporting gold is very expensive.

 

[Dave Hounddriver]

4 hours ago, JJReyes said:

The workers could also be subjected to magnetic scanning

Strange as gold cannot be detected by magnets

[JJReyes]

1 hour ago, Dave Hounddriver said:

Strange as gold cannot be detected by magnets

Sorry.  I meant metal detectors.

[scott h]

18 hours ago, JJReyes said:

For example, the depository at Fort Knox is next to a fort housing and training tank and armored brigades.

,Maybe back in the day.  Now the troops are quartered 1/2 mile from the tanks. The ammunition is locked in bunkers about 5 miles away and when i was stationed there in 2001 it was an open base. 

In fact one of the on base banks near the PX was robbed and the bad guys got off base and onto the main highway and were finally caught by the state police.

[graham59]

19 hours ago, JJReyes said:

The worry is personnel.

Gold and diamond mine workers in South Africa are treated similarly when coming off shift, etc. 

Oh, and most of the Brit's gold went to the United States...to pay for arms ,  ships, etc, during and shortly after WW2   (off the top of my head).