Moving with bullion

[SilverSceptic]

Does anyone have suggestions for information on moving overseas with bullion? I'm wondering if it's even worth the effort as shipping/insurance costs would probably exceed the value of the coins.

[Prophecy]

1 hour ago, SilverSceptic said:

Does anyone have suggestions for information on moving overseas with bullion? I'm wondering if it's even worth the effort as shipping/insurance costs would probably exceed the value of the coins.

This is a good site for the ins and outs of this and other PM legalities. https://preciousmetaltax.com/transporting-metals-internationally/

What are you thinking of moving?

[ChrisSilver]

If moving it to a different country maybe take it on as hand luggage (providing it is of a size that can be easily transported) and then make any necessary declarations at the customs channel on that side. If silver bear in mind that a lot of countries charge 20% import VAT on silver, though Gold usually is VAT free. (you would need to check what the rate is and if applicable for the country where you are moving to / importing into) and also bear in mind that if you return you may decide to also bring it back.

Moving Gold across borders is relatively easy, still may need to make some declaration under money laundering laws even if no import VAT, so good idea to get copies of receipts etc. Moving silver would be more difficult especially if it is a sizeable amount. 

Alternative may be to keep it in a secure facility / safety deposit box  in the USA?

[SilverSceptic]

I'm not too worried about the gold. I can probably hand carry that and just declare it. The silver is another story. Two sealed monster boxes, two open monster boxes and somewhere around $2k face value junk. Long term, it's a hedge against fiat currencies and ideally, I will be passing it on to my young nieces that live in Europe. Call my cynical but I think governments (all of them) see money as owned by them and only on loan to everyone else.

[dicker]

Sometimes it is better to do a back to back trade...ie sell in country a and immediately buy in country B.  
 

I guess tax may be a problem

Best

Dicker

[Robb]

On 25/07/2020 at 23:18, SilverSceptic said:

The silver is another story. Two sealed monster boxes, two open monster boxes and somewhere around $2k face value junk. Long term, it's a hedge against fiat currencies and ideally, I will be passing it on to my young nieces

Might be better off just selling the silver and taking the proceeds and buying your young nieces some Alphabet or Amazon stock.  Either will outperform  bullion long term.   Ten years ago spot was about $18/oz.  Today it is $24/oz.    $18,000 USD invested a decade ago is now worth $24,000, which barely beat inflation by a few dollars.

$18,000 USD invested in Amazon in 2010 would be worth $261,000 USD.  Depending on their age, selling the silver for stocks can make them millions by the time they cash out.   Bullion is for old people trying to protect wealth.  Young nieces can ride out the market and a good stock will crush any returns bullion is capable of.  

[Prophecy]

I was reading in another gold forum something that some might find an interesting strategy for moving gold. Because of gold's small store of great value getting better and better each day... you could just transport it in one's 'orifice'. Apparently, the average person can safely, and some might say comfortably, transport £200k worth of gold that way right now. For god's sake, wear strong pants though.

[Robda1986]

You'd probably get a better return on the junk silver in the states not too common over here and as for the monster boxes depending on what's in them you'll get hammered in tax 

[OriginalS]

I'd consider selling the silver or trading it up for gold, from what I've read silver is in high demand in the states right now, you could probably make a nice profit and invest it all in physical gold or even into an ETF

[Melon]

This is the kind of thing you need to think about when buying really. I'd sell the silver rather than transport it personally, the taxes aren't worth it. 

18 hours ago, Robb said:

Might be better off just selling the silver and taking the proceeds and buying your young nieces some Alphabet or Amazon stock.  Either will outperform  bullion long term.   Ten years ago spot was about $18/oz.  Today it is $24/oz.    $18,000 USD invested a decade ago is now worth $24,000, which barely beat inflation by a few dollars.

$18,000 USD invested in Amazon in 2010 would be worth $261,000 USD.  Depending on their age, selling the silver for stocks can make them millions by the time they cash out.   Bullion is for old people trying to protect wealth.  Young nieces can ride out the market and a good stock will crush any returns bullion is capable of.  

To be fair, it's easy in hindsight to pick the winners out and point at big numbers. 

Although if you were going to cash out for stocks, with metals at a high and shares at a low, it could be a good time to do it. 

[SilverSceptic]

I am looking into selling out the silver and buying gold now. Spending the next day or so researching and forming a plan, then I'll pull the trigger and get it done. I want to end up with Buffalo's, bullion over graded.