Most of us remember cowboy movies in which lonely despair acquires the bag of gold coins that everyone else wants. It’s a thankless task that doesn’t usually end well.
I vividly remember the final scene from Sergio Leone’s film Good, bad and uglyin which a long shot from Blandy’s rifle (Clint Eastwood) dissected the noose of the cat holding Tuko (Eli Wallach), and sent him face down into a pile of gold coins. It is still remembered even after I learned that it was filmed in the Spanish plateau of Burgos and not in the southwestern United States.
Also, reminding us that gold has always been a highly sought after commodity, Good, bad and ugly The multinational production process illustrates another key principle of the modern economy: people move a lot, making money.
And it creates a great opportunity for governments to take their greedy hands on your gold.
Journey with gold
Let’s start with a review of US regulations regarding the import and export of gold bars in the form of bars or coins:
Duties and gold coins, medals and ingots are not subject to duty, but these items must be declared by customs and border guards. Please note that at the time of receipt for monetary instruments over $ 10,000 you need to fill out a form FinCEN 105. This includes currency, ie gold coins, worth more than $ 10,000. FinCEN Currency Definition: Coins and paper money of the United States or any other country that (1) is designated as legal tender and (2) is circulating and (3) is generally accepted as a medium of exchange in the issuing country.
Note the specific definition of “currency” here. These rules only apply to gold coins that can be used as currency. Taking collectible (numismatic) coins outside the U.S., electronic export information (EEI) is required to be submitted to the Census Bureau, ostensibly to assist in the compilation of U.S. export and trade statistics. This form is actually required for any exported commodity, including gold, the value of which exceeds $ 2,500. There are similar rules for jewelry.
World acceleration of gold?
Most foreign countries have similar rules for the import and export of gold bars and collectible coins. These rules tend to keep a close eye on American rules, and as long as people follow them, there’s usually not much friction about international travel with precious metals.
Recently, however, I have heard reports that some foreign countries are starting to ask more questions and require additional searches when someone claims to be transporting gold or other precious metal coins. For example, some Latin American countries, including Argentina with a financial basket, are very interested in any unusual coins you carry, even if they are under restrictions and therefore not subject to declaration. Seeing them on an x-ray of your bag may be enough to trigger a search and interrogation.
Then there are more and more reports that many banks around the world are starting to make changes to their contracts to prevent customers from storing currency and precious metals in safes, or stating that they will not be held responsible for them when they are there. For example, Chase Bank recently launched a pilot program in Cleveland before deploying it nationally.
What’s going on? I believe that the U.S. government and other governments are beginning to introduce elements of a capital control system. We already know that the Foreign Account Tax Act (FATCA) creates the infrastructure to control capital in the banking sector. It remains cash and precious metals as the other two ways of physically transporting value. The transportation of large amounts of money is already strictly regulated, there is one more thing left – gold and other precious metals. It is by no means paranoid to think that the U.S. government is quietly working with other customs authorities to raise “awareness” about the gold mining problem.
The only problem is the government
Of course, traveling with gold is a “problem” that governments do. If they behaved responsibly, allowed economic processes to go their own way, rather than backing up big banks, and treated their citizens with respect, there would be no problems at all.
If you plan to export any gold or silver currency or collectible coins from the United States, why return them? – My advice is to contact the nearest US Customs and Border Protection office and explain what you plan to do. Ask them to explain in writing how you can comply with the law. You can provide a written response when questioned by CBP agents who may not know the rules. Also keep on hand any customs documents from other countries as well as proof of purchase or banknote.
Remember, traveling with gold is not illegal. No reason to end up like Tuco, who just wanted to get away with his gold.