I have 3 questions:
1.- In case of protecting our assets, with gold, where to keep the physical gold.
2.- What are the limitations of traveling internationally with physical gold in your luggage? Is it necessary to have any supporting documentation or meet some legal requirements?
3.- Is it easy to convert physical gold to legal tender? That is, is it easy to sell gold to convert it into legal tender?
Hi Jose! My experience with gold is limited, but I’ll answer best I can. Years ago, I inherited a coin collection from my grandmother. Several coins, which were all government-issued collectible coins, contained gold. This was all during a recession, so the prices of gold were skyrocketing.
As for your first question, since it was only a handful of coins, I simply kept them at home in a safe place. I can’t answer your second question because the gold coins never left my house until I sold them. That leads to your third question: I did sell all the gold for cash on eBay. This was simple to do because the amount of gold was easily certifiable in the official U.S. coin format.
So, if you’re buying gold, invest in government-issued coins?
My experience with gold is limited but I did have some that my dad bought for me when I was younger.
I personally ended up selling it as I never felt comfortable keeping it at my house and ended up keeping it at a safety deposit box at the bank. The problem with this was that the price of gold wasn’t going up enough to even cover the cost of the safety deposit box (for the amount I had). Besides that, most people trying to protect their assets with gold probably wouldn’t take it to the bank for fear they might not actually have access to it when they need it most.
As for converting your gold to legal tender, it is not the easiest if you want to get the actual value of the gold. You could always take it to your local pawn shop or jeweler but you probably won’t get a good rate. In my case, I ended up selling mine to a friend but my dad has sent in his silver to a mint which gives you the going rate of the coin.
I would put the gold in a safe in my house, and you can probably sell it at a local coin shop, though you won’t get true value of the gold. A side note: My husband and I just met with our insurance agent and were told if we owned precious metals, and they were stolen, they wouldn’t be covered by insurance because there is no way to track it. Worth noting - just keep it in a very safe place.
Go to this website, APMEX.com they should be able to help you for selling your gold to them.
As for travelling with it in your luggage, never do it, as it will get stolen.
Carry onto a plane, customs forms must be filled out correctly, using/telling what the value is of everything, along with cash and gold/silver and the like, you are carrying/transporting you’ll wind up paying tax or have it confiscated.
For shipping it, use UPS or Fedex or DHL. But the companies want to know what’s in the box.
In my town we have a jeweler that deals with gold and coins he is very honest I have sent so many people there.and here’s what they said we thought it was worth less money,but he offered us more then we expected.so sometimes it’s worth checking prices
I understand your concerns regarding gold. I would not travel anywhere with gold. You couldn’t even hide it in your suitcases (or even your shoe!) because of TSA. We purchased $30,000.00 worth of gold in 2010, and lost a third of that by 2020 (That’s 10K!). We sold and never bought precious metals again. Too much hassle to buy coins and keep them in a safety deposit box, and if you buy any type of bullion, you have to pay storage for them in a specialized location. Good riddance!