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Gold Prices in Chilean Pesos
Even though gold is often transacted in dollars, the yellow metal can be bought or sold in any currency. If you live in Chile or certain areas of South America, for example, you may buy or sell gold using the Chilean Peso. If you are looking to buy or sell gold jewelry in Chile, you would likely see the price of gold quoted in pesos per ounce, gram or kilo.
The current Chilean Peso has been in circulation since 1975. The peso can be divided into 100 centavos, or cents, although there are no centavo-denominated coins. When the peso was introduced, it replaced the escudo at a rate of one peso per 1000 escudos.
The peso has seen some changes over the years, at times floating against a crawling band and at times being pegged to the dollar. In 1999, the currency was allowed to float freely against the dollar, although the Chilean Central Bank has intervened a couple times since then to battle significant depreciation.
Gold Pricing in Chilean Pesos
If you are in Chile or the region, you may see the price of gold quoted and traded in pesos. Regardless of what currency gold is transacted in, the gold market can see price fluctuations based on numerous factors. Some of the potential issues that can influence the price of gold include:
- Interest rates
- Central bank activity
- Geopolitics
- Investment demand
- Supplies
- Currency markets
- Inflation
The gold market’s primary sources of demand are investment demand and jewelry demand. Due to its potential sensitivity to numerous economic and geopolitical factors, gold can see periods of rapid price fluctuations and market volatility as well as periods of relative quiet.
Chilean Mints and Products
The Casa de Moneda de Chile is a mint and securities printing house. The mint produces coins, banknotes and other securities.
The Chilean Mint has been minting coins since 1749. The mint began producing coinage for the country when it was still a Spanish colony, and the mint now also produces coinage for other countries as well.
The mint uses an “S” mintmark on coins and medals that it produces, and the symbol is the oldest mintmark used by the nation. The “S” symbolizes the Apostle Santiago who is the patron saint of the capital. The Chilean Mint has built a solid reputation of quality and the “S” mintmark is recognized for that quality both locally and internationally.
If you are looking for a South American gold coin, or more specifically a gold coin from Chile, the 1926-1980 Chile Gold 100 Peso coin may be worth consideration. This coin was minted in Santiago, and contains .5886 ounces of gold weight. The coin’s obverse features a figure of Liberty above the coin’s date, and the reverse features the Chilean national arms and legend and coin value.
Another choice for a Chilean gold coin might be the Chile Gold 20 Pesos coin, which has an average gold weight of .1177 ounces.
If you are looking for something that is older, the 1851-1892 Chile Gold 10 Pesos (VF) Coin may also be a great choice. This gold coin contains nearly half an ounce of gold, or .4413 actual gold weight. This gold coin has a different design, featuring Standing Liberty with cap on the obverse and The Chilean national arms with date and coin value on the reverse.
The 1851-1892 Chile Gold Coin features a wonderful display of artistic design, and may be sought after by gold investors and coin collectors.
Chilean gold coins or other products can make an excellent addition to any gold portfolio. If you are in the market for some foreign gold, these gold coins may be a good choice. Emerging markets like Chile may potentially see more investment demand for gold in the future, and alternative asset classes like physical gold and other metals may possibly become a more integral part of investment portfolios in the region.
If the Chilean economy continues to grow, the value of its currency could potentially increase. Chile has an abundant supply of copper (it’s one of the world’s largest producers), nitrate and timber. It is considered one of South America’s most stable economies, and is a leader in income per capita, globalization and economic freedom. Chile’s “red gold” and relatively high interest rates could potentially make the region more attractive for foreign investment, and more capital flowing into the country could potentially fuel upside in the peso.
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