It’s Time to Get Your Gold Out of the U.S.
By Ted Bauman
GoldSeek.com
Tuesday, 29 September 2015
Most of us remember cowboy movies in which a lonesome desperado acquires a sack of gold coins that everyone else wants. It’s a thankless task that typically doesn’t end well.
I vividly recall the final scene from Sergio Leone’s The Good, the Bad and the Ugly, in which a long rifle shot from Blondie (Clint Eastwood) severs the hangman’s noose holding Tuco (Eli Wallach), sending him face-first into a pile of gold coins. It’s still memorable even after I learned it was filmed in the Spanish plateau region of Burgos, not the U.S. Southwest.
Besides reminding us that gold has always been a much sought-after commodity, The Good, the Bad and the Ugly’s multinational production process illustrates another key principle of the modern economy: People move around a lot when they’re making money.
And that creates the perfect opportunity for governments to get their greedy hands on your gold.
Traveling With Gold
Let’s start with a review of U.S. rules regarding the importation and exportation of gold bullion, whether in bar or coin form:
There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer. Please note a FinCEN 105 form must be completed at the time of entry for monetary instruments over $10,000. This includes currency, i.e. gold coins, valued over $10,000. The FinCEN definition of currency: The coin and paper money of the United States or any other country that is (1) designated as legal tender and that (2) circulates and (3) is customarily accepted as a medium of exchange in the country of issuance.
Note the specific definition of “currency” here. These rules only apply to gold coins that can be used as currency. Taking collectible (numismatic) coins out of the U.S. requires that you submit Electronic Export Information (EEI) to the Census Bureau, ostensibly to help compile U.S. export and trade statistics. This form is actually required for any exported commodity, including gold, with a value exceeding $2,500. There are similar rules regarding jewelry.
Global Gold Crackdown?
The Rest…HERE
