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Flying with Gold
cbxjeff
Member Posts: 17,624 ✭✭✭✭
I'm thinking of flying to FL and buying some gold coins. Am I asking for trouble by having these in my carry-on? Has anyone done this or similar valuables?
Thanks guys,
Thanks guys,
It's too late for me, save yourself.
Comments
i would allow for plenty of time to get through security, as i would say you have a higher than likely chance of being inspected.
i would pack the coins in such a way that, if asked you can show them to the agent but not the whole airport. perhaps a coin book, day planner case etc. something that obscures the contents. also trry not to broadcast what you're carrying. its the natural stress response to talk louder, so i'f you get a little nervous while being interogated at the gate, you'll be upping the volume without realizing it. try not to shout across the gate "its ten thousand dollars worth of gold coins, sir!"
its legal to buy, sell, trade, and posses gold coinage, so there should be no problem.
And what he^ said. Why do you need to travel to Florida to buy gold?
If flying, depending on how much you're buying I would keep it in a pouch in my pocket and toss the pouch inside a shoe with my keys, watch, cell phone, other coins, etc and just put the pouch back in my pocket at the other end of the scanner.
i'm a little confused. why wouldn't you just buy gold where you live. if you do fly down and buy, i wouldn't have it in your carry on. keep it on your person.
perhaps he has an opportunity to buy it at substantial saving, mitigating the travel costs.
im sure he has factored in those costs and what they will do to the overall purchase price.
problem with "on your person" is that you have to empty your pockets of metal before going through the detectors. it would be much safer in a bag that you place on the belt and are on the other side to pick up. after that, i would certainly keep it within arms reach at all times, but gold is heavy to be filling your pockets with.
he didnt state how much gold he's buying. a few gold eagles, no sweat. swapping his half million dollar 401k for gold buullion, a different story.
BTW - I personally don't recommend gold in a 401k. You don't maintain physical possession. There have been some operations where there are "flash bars" that are shown to visitors with a whole lot of empty in the vaults. Also, I believe, you are limited in the types of gold you can place in a 401k, making the acceptable pieces more expensive. You pay a maintenance fee.
Plus, I'm sorry to say, right now gold as an investment sucks. It hit $1900 in August/September 2011 and is now hovering around $1600. I've read 30% of economists think gold will slide to below $1000 before it's over.
YMMV.
BTW - Reputable dealers will ship with receipt of good funds.
I don't know how much you ate buying but there is a plastic snap case that holds 10 1 oz coins very tight and secure. It kinda square with rounded corners. You can palm it quit nicely. As mentioned before drop it in a shoe as it goes in the X-ray.
I don't know what amount would raise eyebrows, but have heard stories of someone being pulled over and if they have alot of cash, the police seize it. It is probably just stories.
Just mail and insure it and relax while flying.
a friend of mine regularly buys gold and silver...shipped to him thru regular mail in a cardboard box...never a problem...insured this way too..why risk a trip and robbery
Pretty stupid on his part as the USPS regulation state tickets, bearer bonds precious gems metals coins and money are not insurable.
Oakley had so many problems with glasses going missing they actually changed the name and address of their return center and then posted a notice not to use USPS. Any and all orders ship USPS that went missing they were not permitted to discuss the loss.
I think all professional coin grading services only accept ups or FedEx packages. No more USPS for coins.
I don't know what amount would raise eyebrows, but have heard stories of someone being pulled over and if they have alot of cash, the police seize it. It is probably just stories.
No, it's not just stories. It's known as asset forfeiture.
http://www.isil.org/resources/lit/looting-of-america.html
Sales tax in Florida may or may not be an issue with the overall purchase. Certains states (i.e. Texas) don't charge sales tax on coins over a certain amount.
If you purchase $10,000 or more and pay in cash, there will be IRS forms to fill out. If you intend to do multiple cash transactions with a total of more than $10,000 (this is called structuring), there will be IRS forms to fill out. This is not optional. This is a requirement laid on the employees. As an employee, I will err on the side of paranoia because I, not my employer, am held personally liable if anyone decides to persue something.
As far as your choices, I have the following thoughts:
I'm not a huge fan of the Credit Suisse ingots. If the world goes south, one of the main reasons to own gold, not that many people have experience with ingots. I believe they will trade at a huge discount because of this. I like numismatic coins better. There are books on fake gold coins with diagnostics. I've never seen a book with diagnostics for ingots.
The premium on 1/10th ounce coins will typically be higher than one ounce coins of the same type. APMEX, for example, is charge $185 for a coin with a melt value of $160. The 1/10th ounce coins are IMHO better for an EOTWAWKI situation because they're small. (Actually, APMEX seems to be a pretty good deal right now if they have the coins in stock like they say they do.)
I would also consider Canadian Maple Leaves and what is called numismatic bullion like British gold Sovereigns (0.2354 oz) French/Swiss/Belgian 20 Francs (0.1867 oz).
I would also consider Mexican gold coins. There are 2 Peso (0.0482 0z), 2 1/2 Peso (0.0603 oz), 5 Peso (0.1206 oz), 10 Peso (0.2411 oz), 20 Peso (0.4822 oz) and for the heavy hitter 50 Peso (1.2056 oz) denominations. All were heavily restruck in the 1970s meaning dates were frozen and coins were made basically as bullion.
There are plenty more coins that don't sell much over melt, so you need to do some research if you are really interested.
Now as a caveat, I wouldn't recommend you go into debt buying gold. If you have some extra cash and you like collectible coins, that's fine.
I would further suggest that, like anything else, you need know your dealer. There are some very questionable people out there, just like in every other endeavor.
If you do your research and establish a good rapport with your dealer, you will do fine. Please just remember, there is no Santa Claus in numismatics.
Good luck,
YMMV.
If it's a small enough quantity, just put it in your pocket. It won't set off the metal detectors.
And what he^ said. Why do you need to travel to Florida to buy gold?
Yes it will.
Just ship it with the USPS. They won't know where it went & they need the money.
I agree with shipping if it's a bunch. TSA is not to be trusted. Send it registered mail, an added expense, but it's accounted for every step of the way.
quote:Originally posted by CDMead
If it's a small enough quantity, just put it in your pocket. It won't set off the metal detectors.
And what he^ said. Why do you need to travel to Florida to buy gold?
Yes it will.
I haven't flown in a long time, so I will take your word for it.
Good luck getting it past the baggage handlers.
He is carrying it on the A/C