Is buying Gold OR Silver cheaper in Dubai?

[Robert]

I've heard it is, but is it that much cheaper? i.e. how much would it cost for 1oz Gold/Silver bar?

Should we all be flying to Dubai and buy Gold or Silver?

thanks

[mightymanx]

I have been there several times and when people say "gold is cheap there" they are full of it.

You pay spot plus a small premium same as anywhere else. What is cheap is that any craftsmanship that is done (rings necklaces etc) is basicly done for free. this allows a much more frendly customs experience.

Bottom line gold/silver is not cheap there in a bullion sense Jewelry is cheap there but you either need to know how to have someone make a "western style" piece for you or you had better like middleastern style jewlery.

If you are looking to make a buck when you are there silk Iranian prayer rugs have about a 2000% margin when bringing them into the USA if you can get them here. THey have had an import ban since the 80's but they are the most sought after prayer rugs on the planet.

[Neuro]

Probably the best place in the world buying low spread gold bullion in the world is Istanbul. 2% is a lot.

[Robert]

Probably the best place in the world buying low spread gold bullion in the world is Istanbul. 2% is a lot.


So is the spot price different depending on where you go in the world?

[tekhen]

Several years ago it was... today, NO! At the gold market, the airport, et al.. It's cheaper to get in the US.
The far east seems to be the best.