Loading ...Traveling With Precious Metals
Here is a possible entrepenurial idea for one of you younger Tenters. To avoid confiscation of bullion coins and or bars when traveling, here is a suggestion for someone so inclined.
If one takes more than a few silver coins(at least right now while silver is still cheap) you are likely to have any amount of gold or large amount of silver, confiscated by TSA and or customs, if going internationally.
This is also a possibility, if for any reason you are pulled over by law enforcement in a car. Civil asset seizure has become big business for local LEO’s to steal cash (bullion) from law abiding citizens who get pulled over for either legitimate and or trumped up reasons.
To greatly minimize the chances of this, if one has small jewelry chains of either gold or silver worn on their person, they are less likely to be seized. The key is to have small size chains with small removeable links, that one can use as currency to barter etc.
An entrenurial minded person could have a nice business making and selling small jewelry chains with easy to remove links of gold and or silver.(suggest say, 31 one gram links, giving you approx. 1 oz of bullion.) I can see a growing need and desire for just such a product in the years to come.
“…you are likely to have any amount of gold or large amount of silver, confiscated by TSA and or customs, if going internationally”
During the past 15+ years, I have often traveled internationally with gold coins and have never had a problem. This includes going across US borders in both directions and as recently as 10 days ago. The largest number of ounces has been 10. Only once during that time have I been asked what the black blob is that shows up on the security scanner screen.
The most bizarre thing that happened while carrying gold eagles was last year, when I was carrying way over the $10,000 threshold on a trip out of the US, to Russia. Because I had no idea how long I would be gone or how much I would spend, I wanted the amount I was exiting the US with to be recorded. So, before going through security at the first airport, I asked for a TSA supervisor and explained the situation. He had no idea why I wanted the record, let alone any idea of how to handle my request. He called people up the food chain, yet no one knew what to do and no one seemed aware of why I wanted this record, even though I explained very clearly that it was because I was concerned that I might re-enter the US with more than $10,000 total value on my person, that I wanted to ensure there would be no possibility of confiscation of my property. In the end, the TSA officer said they simply were not set up to do what I wanted and said no one was concerned about the value of the gold! Of course, I have no idea if that is true, or if it was just that one incident.
To add to the bizarre nature of the story, upon entry into Russia, at customs I informed them of what I was carrying in total value and requested the same thing, documentation of the value in both cash dollars and gold eagles. They were stupefied and pretty much echoed what the TSA had said, so I didn’t have a record in either place. As it turned out, by the time I left Russia, the combined value of total cash and gold eagles was way under $10,000 and I no one on either end questioned what I was carrying, even though the two remaining eagles showed up on scanners at each security check.
The bottom line seems to be that gold, and maybe silver, is still under the radar at border crossings. There’s no way of knowing how and when that will change, but I’ll let you know if I experience any ‘issues’.
Thanks GB for that great info and detailed explanation. I believe when things get hairy in the future regarding currencies etc. things will change. I look forward to reports on your future travels and any changes regarding such issues.
The Most Interesting Man on the Planet
I don’t always “spend” Gold Coins but when I do I spend Dos Eagles
PS….Those 2 remaining Eagles were worth more after the trip than before
🙂
Yeah, but I’m running out of gold eagles. Fortunately, I have a bunch of fun tickets in the form of silver rounds, but don’t yet know how easily convertible they are internationally. Will let you know if/when I try exchanging some.
(FGC- did you see my response to your comment about Arminda’s teeth? It’s only one of the amazing things about her.)
That IS amazing