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Old 10-25-2013, 04:16 PM   #1
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Gold and Peru

...

We have been down here for a few days, me mostly for work, my wife mostly for visiting family and friends.

It turns out that few Peruvians buy investment gold. A LCS (!) guy in Lima told me that the the very few who buy Peruvian gold coins are collectors, and they pay far more than the gold value (some $310 in gold value for $490 price for a Peruvian 1 Libra coin).

A day or two later in Chiclayo (N Peru) I talked with a jeweler who buys PALLADIUM from the USA so he can make 18 kt White Gold. At 18 kt, I guess silver and nickel are not white enough. He buys via the Internet and either he goes to get it in the US or his sister brings it down. He told me that virtually NOBODY buys investment gold, nor is there any possibility of a "physical arbitrage" (buy cheaper in the USA, sell it for more in Peru).

Newmont and Peruvian partner Buenaventura apparently have at least suspended their huge "Conga" gold mine project, it would apparently be world-scale in size. There is a lot of local resistance as well as a fairly low price of gold to justify it.

*** The locals there near Conga may have screwed themselves out of jobs and other benefits though (other land, a free Toyota Hi-Lux pickup per family, etc.). I did read that a lot of the local "Sendero Luminoso" (bad-ass Shining Path Maoists) just disappeared back into the population and stir-up trouble in other ways... Well, the locals living up there (POOR and at 14,000 feet, cold!) may wind up permanently poor, but it´s their decision in the end... ***

We are in Chachapoyas now, and it turns out that there are many marvels to see, virtually unknown, even in Peru (I will see if wiki or Google has much or even anything on "Sonche Canyon")! We went to a gigantic canyon (Sonche) today that NO ONE in my Peruvian family had ever heard of. Tomorrow we will see (unless rain...) the world´s third highest waterfall (Gocta).

Pictures eventually...!

***

One lesson I have learned is that Peru is nowhere nearly properly explored. LOTS of tourist sites of grest interest that no one knows about. The geology is poorly understood and even poorly known. So many extinct languages and interesting history. Put Peru on your list of places to see before you get too old (most travel is rigorous here).

Saludos, amigos!

Last edited by DoChenRollingBearing; 10-25-2013 at 04:25 PM. Reason: garbled English!
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Old 10-26-2013, 02:14 AM   #2
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Originally Posted by DoChenRollingBearing View Post:
*** The locals there near Conga may have screwed themselves out of jobs and other benefits though (other land, a free Toyota Hi-Lux pickup per family, etc.). I did read that a lot of the local "Sendero Luminoso" (bad-ass Shining Path Maoists) just disappeared back into the population and stir-up trouble in other ways... Well, the locals living up there (POOR and at 14,000 feet, cold!) may wind up permanently poor, but it´s their decision in the end... ***
At least you are in the right business. Attach bearings to your feet and coast back down to sea level.
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