Storing Gold

[jpatter666]

Re: Storing Gold

goldmoney.com ;-)

Or bullionvault.

[Digidiver]

Re: Storing Gold

I thought about using them but hesitate since I can't actually see it when I want... you know, to make sure it's actually "there". Maybe I'm just paranoid. At least in a deposit box I can go in every few months and do an inventory.

[swgprop]

Re: Storing Gold

I say American Eagles would be the easiest thing to carry without questions being asked. You could easily carry 10 of them ($11k worth) in your purse or carry-on bag instead of a 10 oz. bar. If any questions were asked, the face value is stamped right on the back: US$50 each. You could honestly declare it as $500 in US currency, which it is.

Jimmy

As I mentioned in the post above, I posed the following question to the US Customs web site:

The rules around gold coins and bullion are not clear. You state that "Negotiable monetary instruments that must be reported by travelers (include) Coin or currency from the U.S. and/or other countries, including gold coins; You also state that "Gold Bullion is not a monetary instrument for purposes of this requirement. You can obtain the currency reporting form FinCEN 105 for more information."

There is no information on the FinCEN form regarding bullion. So here is my question.

I am traveling out of the country and I want to carry 10 one ounce American Gold Eagle coins with me. They have a face value of $50 each, however they have a current bullion value in excess of $10,000. Would I need to declare them, and if so, can you direct me to the appropriate statute, law, etc.?

And the response that I received is this:

As indicated in your inquiry, you are carrying gold coins which is considered negotiable monetary instrument. If value is $10,000 or more, the Report of International Transportation of Currency & Monetary Instrument, form FinCen105 must be filled out and presented to CBP.

Exactly the uninsightful, drone-workerbee response I expected.

[jimmygu3]

Re: Storing Gold

As I mentioned in the post above, I posed the following question to the US Customs web site:
And the response that I received is this:
Quote:

As indicated in your inquiry, you are carrying gold coins which is considered negotiable monetary instrument. If value is $10,000 or more, the Report of International Transportation of Currency & Monetary Instrument, form FinCen105 must be filled out and presented to CBP.

Exactly the uninsightful, drone-workerbee response I expected.

So if the person in charge of answering questions about US Customs doesn't know what they're talking about, there's no way the airport agents do. Everybody has coins at border crossings. They're not an item that raises eyebrows. If for some reason they do, simply show the agent that they are $50 coins.

Isn't it really the destination country's customs we should be talking about? Do you have to pass US Customs to leave the country?

Jimmy

[swgprop]

Re: Storing Gold

If for some reason they do, simply show the agent that they are $50 coins.

Isn't it really the destination country's customs we should be talking about? Do you have to pass US Customs to leave the country?

Jimmy

Leaving the country with undeclared currency > 10K is breaking the law.

Perhaps the Mexican border is their focus.

Nogales, Ariz. – Customs and Border Protection officers working the Mariposa port of entry discover a total of $610,771 in undeclared currency in two separate seizures.
The first seizure occurred on Sunday, September 27, CBP officers were conducting routine inspections of travelers and vehicles leaving the United States when they selected a 2008 Chevy Captiva for inspection. The vehicle was occupied by two individuals.....

[jimmygu3]

Re: Storing Gold

Leaving the country with undeclared currency > 10K is breaking the law.

Perhaps the Mexican border is their focus.

My point was that a brand new Gold Eagle from the US Mint is $50 in US currency. It says so right on the coin! For a test, you could try bringing 5 Eagles and declare them as $250. Then if the border agents say they are worth more than face value, $1100 each, then you amend your declaration to reflect the $5500 value. You'd still be well under the $10k limit.

Jimmy

[rabot10]

Re: Storing Gold

Or bullionvault.

What I like better about goldmoney compared to bullionvault is that goldmoney will send you back your cash to any place you have a bank account in the name that is the same as the bank account the money was sent from.

My discussions with Bullionvalt were that they would only send it back to the same bank account.

[jpatter666]

Re: Storing Gold

What I like better about goldmoney compared to bullionvault is that goldmoney will send you back your cash to any place you have a bank account in the name that is the same as the bank account the money was sent from.

My discussions with Bullionvalt were that they would only send it back to the same bank account.

This is true -- I'd hadn't known that difference.

[strittmatter]

Re: Storing Gold

I just recieved my latest order of "buckshot" from the UPS man. Safety deposit box is full and I'm starting to think that it may be a good idea to not have all my eggs in one basket anyway.

Has anyone here ever seriously buried (as in shovel) the stuff?


Not trying to sound like a doomer, just asking.

[jimmygu3]

Re: Storing Gold

I just recieved my latest order of "buckshot" from the UPS man. Safety deposit box is full and I'm starting to think that it may be a good idea to not have all my eggs in one basket anyway.

Has anyone here ever seriously buried (as in shovel) the stuff?


Not trying to sound like a doomer, just asking.

Yes, a lot of people here have said they bury their gold. Dig deep, remember where you put it, and keep your mouth shut!

Jimmy

[ThePythonicCow]

Re: Storing Gold

My discussions with Bullionvalt were that they would only send it back to the same bank account.

Bullionvault tells me that one can switch to another bank account. The method they suggested first involves a few steps, including having the new bank vouch that you appear to be the same person holding both bank accounts, based on presenting a copy of your old bank's statement to your new bank.

I trust that if one were unable to contact the old bank, perhaps by reason of being out of country or the old bank being closed, BullionVault would work with you to get your gold back, though it might be a tedious process.

[strittmatter]

Re: Storing Gold

Yes, a lot of people here have said they bury their gold. Dig deep, remember where you put it, and keep your mouth shut!

Jimmy

Oh. Well can I at least mail you the GPS coordinates in case of my untimely demise.

[cjppjc]

Re: Storing Gold

The level of confidence shown here in these gold storage places is surprising to me.

[rabot10]

Re: Storing Gold

Bullionvault tells me that one can switch to another bank account. The method they suggested first involves a few steps, including having the new bank vouch that you appear to be the same person holding both bank accounts, based on presenting a copy of your old bank's statement to your new bank.

I trust that if one were unable to contact the old bank, perhaps by reason of being out of country or the old bank being closed, BullionVault would work with you to get your gold back, though it might be a tedious process.

Cow I'm sure they would work with U at BV but why have the run around?
Money laundering? I don't have time for that BS. The PM could be good also. jmho

PS Hey did I say eat more chicken

[ThePythonicCow]

Re: Storing Gold

Cow I'm sure they would work with U at BV but why have the run around?

The government tends to shut down gold money sites (e.g. egold) that threaten their currency. I prefer to work with a gold storage vendor who goes out of their way to avoid antagonizing the government in this regard.