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Gold Prices in Mexican Pesos
Although gold is typically denominated in U.S. Dollars, the yellow metal can be quoted and transacted in any currency. The price of gold is usually quoted by the ounce, gram or kilogram. One ounce gold coins and bars are very popular with individual investors as are gold bars in various gram weights. If you are looking to buy or sell gold in Mexico, you would likely see gold quoted in Mexican Pesos and perhaps U.S. Dollars as well.
The Mexican Peso is the official currency of Mexico. The peso gets its roots from the Spanish Dollar and is one of the most heavily traded currencies in the world.
The nuevo peso was introduced in 1993 as a result of hyperinflation in the country’s currency. The new peso was introduced at a rate of 1:1000 for the old peso. The transition to the new currency took three years, and eventually the word “nuevo” was removed from new currency being produced and any currency bearing this term was removed from circulation.
The Mexican Peso is issued by the bank of Mexico.
Gold Pricing in Mexican Pesos
The price of gold in Mexico is typically quoted in the local currency per ounce, gram or kilo. The price of gold in Mexico is constantly on the move. Gold is a global commodity, some would argue that it is in effect a global currency, and it is widely transacted all over the world. The gold market can potentially be influenced by numerous factors. Some of the major influences on the price of gold include:
- Central bank activity
- Interest rates
- Currency markets
- Investor sentiment
In addition to investment purposes, gold is also highly sought after for jewelry making.
The Mexican Mint
La Casa de Moneda de Mexico is the official mint of Mexico. The mint was established in 1535 and is the oldest mint in the Americas. The Mexican Mint was established by the Spanish Crown, and it some its coinage became the basis of modern day currencies such as the U.S. Dollar and Japanese Yen.
The mint’s primary client is the Bank of Mexico.
The Mexican Gold Libertad
The Mexican Gold Libertad Coin is a very popular gold bullion coin produced by the Mexican Mint. The Libertad coin is available in the standard one ounce size, and also comes in fractional sizes including 1/20, 1/10, and 1/2 ounce weights. The coin is also available in a proof finish.
The Mexican Gold Libertad features the iconic winged victory design on its obverse, with the Mexican coat of arms on the reverse. The one ounce coin contains one troy ounce of .999 percent fine gold.
Mexican Libertad Gold coins are the official bullion coin of Mexico, comparable to the American Gold Eagle coin or the Canadian Gold Maple Leaf coin.
Mexican Libertad Coins are also minted in silver. Annual production of gold Libertad coins is fairly limited, rarely exceeding 10,000 coins annually.
These gold coins can also be purchased after being certified by a coin grading company such as PCGS or NGC.
The Mexican Economy
The Mexican economy is one of the largest in the world. Mexico does, however, have a high level of income inequality and suboptimal tax revenues.
The Mexican economy features rapidly developing modern industry and service sectors. The Mexican economy is largely dependent on exports, and the country has a significant amount of free trade agreements facilitating trade with other countries. NAFTA, or the North American Free Trade Agreement, went into effect in 1994 and is responsible for the majority of Mexican exports.
The Bank of Mexico holds part of its reserves in gold, as do many central banks. These mega financial institutions may potentially use gold to add further diversification to their holdings, and to give credibility to their currency.
As the Mexican economy expands, more individual investors may look to gold to potentially provide additional portfolio diversification and to potentially provide a hedge against inflation or a weaker currency.