Posted on 09/13/2015 8:46:23 AM PDT by Rockitz
It’s well-known that you have to make a declaration if you physically transport $10,000 or more in cash or monetary instruments in or out of the US, or almost any other country; governments collude on these things, often informally.
Gold has always been in something of a twilight zone in that regard. It’s no longer officially considered money. So it’s usually regarded as just a commodity, like copper, lead, or zinc, for these purposes. The one-ounce Canadian Maple Leaf and US Eagle both say they’re worth $50 of currency.
But I’ve recently had some disturbing experiences crossing borders with coins. Of course, crossing any national border is potentially disturbing at any time. You might find yourself interrogated, strip searched, or detained for any reason or no reason. But I suspect what happened to me in three of the last four borders I crossed could be a straw in the wind.
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I haven’t seen any official statements about the movement of gold coins, but it seems probable that governments are spreading word to their minions. After all, $10,000 in $100 bills is a stack about an inch high; it’s hard to hide, and clearly a lot of money. But even at currently depressed prices, $10,000 is only nine Maple Leafs, a much smaller volume. Additionally, the coins are immune to currency-sniffing dogs, are much less likely to be counterfeit, and don’t have serial numbers. And if they’re set aside for a few years, they won’t be damaged by water, fire, insects, currency inflation, or the complete replacement of a currency. Gold coins are in many ways an excellent way to subvert capital controls. And I think they’ll become much more popular in that role.
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(Excerpt) Read more at internationalman.com ...
Any FReepers experiencing this?
"I see you have a lot of money. Based on that, I suspect that you are a drug dealer. Since you are a drug dealer, I am going to confiscate your money. And there is no recourse for you to get it back. Have a nice trip."
Gold and silver are worth current market.
If you cross the border with ten ounces of gold — you have crossed it with more than $10,000.
Remember, if you give someone a $50 denominated gold coin for doing work for you, the IRS values that as a transaction at the current market value of the gold in the coin.
(At least I think I heard that somewhere)
Suspicious by nature, my first question is “Does Doug sell gold or silver, or does the article in whatever venue this article is hosted offer their consultative services in matters relating to this?”
They will have difficulty getting away with that if you have two things: first, a receipt from the place where you bought those coins, and second, a bank withdrawal slip or check, showing that you purchased this from funds that you had in the bank. That might not stop the original confiscation, however it will make it much more likely that you will be able to get them back.
Of course, I think that it would also be very wise to have the particular regulations, whether they be from the Treasury Department or some other department or agency, which specifically speak to how gold coins are valued. They really will have a difficult time flouting their own employer’s regulations.
Doug has a book to sell called “Going Global”. He also operates a financial advisory service called Casey Research.
You are 100% correct.
And yet it is sad that America has become a place where you need to prepare in 6 different ways before stepping outside your house in order to avoid being stomped on by the full power of the government.
Land of the free? No. Decidedly not.
Douglas R. Casey, the original ‘International Man,’ has visited more than 145 countries, lived in 10, and calls 4 home. He’s participated in several televised debates with Presidential candidates and served as an economic advisor to the leaders of six countries. He’s been a regular guest on national television when people want to know what’s going on in the global financial markets—including spots on CNN, Merv Griffin, Charlie Rose, Regis Philbin, and NBC News. Phil Donahue even devoted an entire show to his work.
He’s written numerous books (two were NY Times bestsellers, one of which was #1 on the NY Times bestseller list for 29 weeks). He’s even written the #1 best-selling book in the history of Rhodesia. He’s been the subject of articles in Time, Forbes, People, The Washington Post, and The New York Times Sunday Magazine, just to name a few.
I have invested all of my money in china, crystal, and silver. I’m rich, according to replacements.com.
The IRS is its own animal. How the receipt of gold or silver is counted for tax purposes is different from the legal value of the coins for other purposes. Frankly, the way the IRS values of gold and silver actually umakes sense. We all know that an ounce of gold is not worth $50. However, the regulations related to transporting value out of the country may be different. Before coming to any conclusions, I would think that it would be wise for all of us to actually see what the facts are in this situation.
Also keep in mind that it is not illegal to take more than $10,000 of your own money outside of the country. It is merely illegal to not tell the government about it. So, if you tell them that you’re taking 20 ounces of gold out of the country, then they have no legal basis to confiscate it. Another thing to consider is that the value of bullion is easily determined. The numismatic value of a coin is not so easy for the average person, and perhaps specifically the average TSA or customs agent, to determine. You could, for instance, take a single gold piece out of the country that is worth $50,000 without raising any eyebrows. It would be a simple coin inside of a 2”x2”plastic holder. It wouldn’t even need to be a gold or silver coin, as many pennies, nickels and clad coins have substantial value.
I could not agree more with you. This is not any longer the land of the free. I want my country back!
Because everyone travels across international borders on a weekly basis with a briefcase full of silver. Nothing suspicious about that.
I think there’s a business opportunity for someone able you make 2oz, 24K gold belt buckles painted to resemble stainless steel.
asset seizure has been going on for some time. surprised you have not heard of it.
Sorry, you may be just talking about gold. Not sure about that.
The IRS went after some business paying employees in gold coin, reporting face value.
How about brass?
We need a ruling from humblegunner, me thinks.
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