While the rest of the world panics about paper going to Zero I had a little surprise from Fedex today that I totally forgot about. Nothing like getting two fresh tubes of Phils to add to the PHYZZ pile.
The US has a law that states no person can leave the country, or enter it, with more than $10,000 USD. The loophole to this is Gold and Silver Eagles. Gold Eagles are denominated as $50.00 USD, and the Silver Eagles are denominated as $1.00 USD. So, by law, you could leave the US with 200 Gold Eagles, or 10,000 Silver Eagles, or a combination of both adding up to $10,000 USD.
If you tried to leave or enter the US with "other" bullion, they would recognize it as just gold or silver, and base the value on current market price. If you live in the US, and are planning to leave with your stash to get away from shit flying into your face when its thrown into the fan, the Gold and Silver Eagles are the quintessential commodity to own.
I found the absolute best way to carry silver (though heavy) out of the country. The US Mint has been releasing the America The Beautiful 5oz .999 Silver quarter sets for the past year or so, and they do carry a "legal tender" value of...yup... $0.25 USD. Now THAT is a loophole. You could carry 4X as many of these out of the country than Silver Eagles with (I'm going out on a limb here) no questions asked.
umm I've heard stories that the face value doesn't count. It's hard for you to argue with border officials. You might have someone who knows the deal and others who are oblivious.
If it worked for you then good, but just look at what happened to mubarek and egypt's old president. All it takes is a phone call, and if you don't have your own private jet well good luck.
my friend entered Canada from Vegas a few years back and he bought a fake rolex. The boarder guard said its real. He said no fucking way, fine take it then I dont want it...they said they need to test it at the lab, he said fuck it throw it in the garbage then. 2 months later he got a bill in the mail for $2300 from Canada customs saying the appraisers value was $23,000. He asked for the watch back. They mailed it to him. Took it to an appraiser here. Its worth was less than the cost of the appraisal coming in at $50.
He never paid the bill.
Moral of the story is do not travel with gold coins unless they are hidden in your rectum.
How do you forget something like that? Up late drinking, cruising the internet PM sites? I bet it was a good surprising feeling to have on a day paper is crashing and burning. I would like to think I would remember ordering 40 oz of silver. I can't hardly wait to get my hands on it when I know it's coming my way.
Highrise, As far as taking silver or or gold out of the country, I just retuned from Tunisia and read the Passport control document. It was worded so that I doubt you could get away with your augment. I said something like money or "instruments" of money. They're not stupid. I was also pulled from line and my checked bag was searched. I ask why I was singled out. The Custom man said Tunisia is of interest to the US and we don't see too many people from the US traveling there. I said " I not free to travel there?" He said you are a US citizen, you can travel wherever you like. I said. "yes, under suspicion and scrutiny." I wanted to ask what he expected to find on me but knew it was pointless.
In early 2009 I flew from Newark New Jersey airport to Toronto Pearson airport with about 100 ounces of "junk" silver in my carry-on bag. I passed through the metal detectors several times during my trip and only once did they say anything. One TSA guy said: "What's that? Coins?". I said "yep". Perhaps they didn't care too much because those coins "look" like real American coins that are circulated today (the quarters are exactly the same look).
Ooh, shiney.
ReplyDeleteLook, silvers up, golds up, dollars up. Everyone's happy. See how easy that was??
The Wiener Philharmoniker Austrian Silver 1/oz. coin! And the best thing is, that it isn't US legal tender.
ReplyDeleteIt's always a Great day when new Phyzzz shows up ! Even nicer when you've forgotten all about it !
ReplyDeleteRon Paul Stock Portfolio,,, no surprises here..lol
http://www.businessinsider.com/what-ron-paul-invests-in-2011-6?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29
Are those coins rimmed by the way? I heard one knock on the PHILs is that they are not.
ReplyDeleteWho do you buy from online?
ReplyDeleteThe US has a law that states no person can leave the country, or enter it, with more than $10,000 USD. The loophole to this is Gold and Silver Eagles. Gold Eagles are denominated as $50.00 USD, and the Silver Eagles are denominated as $1.00 USD. So, by law, you could leave the US with 200 Gold Eagles, or 10,000 Silver Eagles, or a combination of both adding up to $10,000 USD.
ReplyDeleteIf you tried to leave or enter the US with "other" bullion, they would recognize it as just gold or silver, and base the value on current market price. If you live in the US, and are planning to leave with your stash to get away from shit flying into your face when its thrown into the fan, the Gold and Silver Eagles are the quintessential commodity to own.
I found the absolute best way to carry silver (though heavy) out of the country. The US Mint has been releasing the America The Beautiful 5oz .999 Silver quarter sets for the past year or so, and they do carry a "legal tender" value of...yup... $0.25 USD. Now THAT is a loophole. You could carry 4X as many of these out of the country than Silver Eagles with (I'm going out on a limb here) no questions asked.
Your thoughts?.........
umm I've heard stories that the face value doesn't count. It's hard for you to argue with border officials. You might have someone who knows the deal and others who are oblivious.
ReplyDeleteIf it worked for you then good, but just look at what happened to mubarek and egypt's old president. All it takes is a phone call, and if you don't have your own private jet well good luck.
my friend entered Canada from Vegas a few years back and he bought a fake rolex. The boarder guard said its real. He said no fucking way, fine take it then I dont want it...they said they need to test it at the lab, he said fuck it throw it in the garbage then. 2 months later he got a bill in the mail for $2300 from Canada customs saying the appraisers value was $23,000. He asked for the watch back. They mailed it to him. Took it to an appraiser here. Its worth was less than the cost of the appraisal coming in at $50.
ReplyDeleteHe never paid the bill.
Moral of the story is do not travel with gold coins unless they are hidden in your rectum.
great story sgs. grats
ReplyDeleteHow do you forget something like that? Up late drinking, cruising the internet PM sites? I bet it was a good surprising feeling to have on a day paper is crashing and burning. I would like to think I would remember ordering 40 oz of silver. I can't hardly wait to get my hands on it when I know it's coming my way.
ReplyDeleteHighrise, As far as taking silver or or gold out of the country, I just retuned from Tunisia and read the Passport control document. It was worded so that I doubt you could get away with your augment. I said something like money or "instruments" of money. They're not stupid. I was also pulled from line and my checked bag was searched. I ask why I was singled out. The Custom man said Tunisia is of interest to the US and we don't see too many people from the US traveling there. I said " I not free to travel there?" He said you are a US citizen, you can travel wherever you like. I said. "yes, under suspicion and scrutiny." I wanted to ask what he expected to find on me but knew it was pointless.
ReplyDeleteIn early 2009 I flew from Newark New Jersey airport to Toronto Pearson airport with about 100 ounces of "junk" silver in my carry-on bag. I passed through the metal detectors several times during my trip and only once did they say anything. One TSA guy said: "What's that? Coins?". I said "yep". Perhaps they didn't care too much because those coins "look" like real American coins that are circulated today (the quarters are exactly the same look).
ReplyDeleteHi SGS, what websites do you trust to buy online from? You should add a page to your site.
ReplyDelete