Silver + Gold stacking while cruising?

[surf_km55]

Originally Posted by rotgut

Of course if we do a quick comparison of "stored value" assuming you constructed your 8 oz silver decoration just 12 months ago: the silver is now worth the same $192 (plus or minus a few dollars) you spent a year ago. The $192 you could of spent on Bitcoin a year ago is now worth roughly $768 dollars - and you didn't have to pay for resin! :-)

Your comment is precisely why one should never assume. I've collected silver & gold since 1972. No, not going to entertain further with some arithmetic to prove a point. And the resin? Been fixing dinged surfboards since 1974...I've got plenty. Dude, let it go.

[Dockhead]

Originally Posted by rotgut

Of course if we do a quick comparison of "stored value" assuming you constructed your 8 oz silver decoration just 12 months ago: the silver is now worth the same $192 (plus or minus a few dollars) you spent a year ago. The $192 you could of spent on Bitcoin a year ago is now worth roughly $768 dollars - and you didn't have to pay for resin! :-)

Sure, but if you paid $192 for Bitcoin in April 2021, by July it was worth less than $100. And then back up to over $200 in October. A few months from now what will it be worth? Double? Or half? Or one tenth? Do you feel lucky? That's what we call "volatility", and that's what makes Bitcoin an exceedingly poor store of value. As speculation, which is totally different from storing value (and don't confuse them), you might be very happy with Bitcoin PROVIDED you bought it at some point in that volatile curve, which is lower than it is now, and you don't mind that all the gains could be wiped out tomorrow. But you do NOT want to put money into Bitcoin, which you cannot afford to lose. For God's sake, don't "store value" in it.

Gold is much less volatile. Long term, gold is ALSO a poor repository of value, as the charts posted upthread prove, but gold can be an excellent hedge against the beginning of inflationary periods -- so perhaps right now.

[s/v Jedi]

Here’s some good ideas on how to store coins. Also, besides 1 oz coins, there’s smallers ones with good storage options as well:

Single 1 oz sealed:
https://www.apmex.com/product/240762...gs-firststrike

A stack of 20x 1 oz:
https://www.apmex.com/product/240764...r-pcgs-fs-tube

A stack of 50x 1/10 oz:
https://www.apmex.com/product/240784...p-pcgs-fs-tube

[joelhemington]

Originally Posted by Ivory

Apparently over 10k in money you have to declare in many countries. But what about hidden gold or silver you are saving on your boat? Or jewels and jewelry making supplies (so gold wire and things like that).

Of course I don't plan on having hundreds of thousands on the boat, but 20-40k in gold and silver seems reasonable for emergency economic situations to me and material to work with.

Especially given the current global economic situation (which doesn't seem great to me)

Anyhow, any thoughts? Hiding it doesn't seem like it would be much of a problem with a few nice hidden compartment objects or tables / boxes.

There's an interesting "work around" with gold coins - many places recognize them at their face value while a $50 gold piece could be worth a couple of grand in a pinch.

[valhalla360]

Originally Posted by joelhemington

There's an interesting "work around" with gold coins - many places recognize them at their face value while a $50 gold piece could be worth a couple of grand in a pinch.

So what happens if they take your gold coin while they check out the rules and then hand you back a $50 bill once they are done "checking"...what's your response going to be if you were the one claiming the face value.

You would have to admit you were purposely gaming the system and now you are in violation of the reporting rules.

Don't expect the guys at the border to be stupid.

PS: They also have it figured out if you bring in $9,000, stash it, go back across and bring another $9,000.

[lewisa]

In the 1960's in Viet Nam, it was not uncommon for Navy pilots to buy Rolex watches which were available with gold links in the straps. The assumption was that, if shot down, they could trade individual links for "favors". I never heard of anyone actually utilizing it, but the idea was not uncommon.

[SY-Breakpoint]

Originally Posted by StuM

What sort of "emergency economic situation" ?


You can get money a lot easier and in many more places with Mastercard/Visa than you can trying to deal in gold/silver.

I deem the question a very legit one.
Totally agree with the economic down turn, soring inflation, devaluation of major currencies etc.
As of plastic money. Try to buy groceries with plastic while most banks at the verge of failing.


My opinion


Never had any problems keeping funds in gold aboard. Small denominations, put them in the grab bag during longer passages 😉

[Mediaguy]

Not one sailor would set out to cross an ocean without preparing for the unexpected...Covid proves that catestrophtic events DO happen. Being prepared is wisdom even if nothing unexpected happens. So....

The 10,000 dollar rule refers to currency. Silver and gold are not currency. They are not regulated by this requirement. You are Not restricted from carrying any amount of money when you travel but you must declare it and you will have to prove the origin of the funds to be non criminal.

I do however agree with some comments that though silver and gold may be a hedge against a devaluing US dollar but they aren't very liquid in a time of economic chaos.

When Haiti earthquaked the most valuable commodity at ground zero was food and water. The level of the chaos dictates how basic the "currency of survival" become. In this case a watermaker and a waterfilter and a few bags of rice and dried beans would be better than money in a dead ATM. When preparing take care of your basics needs first....then add tools and other essential commodities like fuel and motor oil as the next line of defense which you can trade for what you need. How you prepare and what you store depends on the severity of the disruptive event.

Personally, I think there is a currency disruptive maybe even a catestrophic event on the horizon that people should prepare for, even if it never happens - they should prepare because it could happen.

[SY-Breakpoint]

Originally Posted by Mediaguy

Not one sailor would set out to cross an ocean without preparing for the unexpected...Covid proves that catestrophtic events DO happen. Being prepared is wisdom even if nothing unexpected happens. So....

The 10,000 dollar rule refers to currency. Silver and gold are not currency. They are not regulated by this requirement. You are Not restricted from carrying any amount of money when you travel but you must declare it and you will have to prove the origin of the funds to be non criminal.

I do however agree with some comments that though silver and gold may be a hedge against a devaluing US dollar but they aren't very liquid in a time of economic chaos.

When Haiti earthquaked the most valuable commodity at ground zero was food and water. The level of the chaos dictates how basic the "currency of survival" become. In this case a watermaker and a waterfilter and a few bags of rice and dried beans would be better than money in a dead ATM. When preparing take care of your basics needs first....then add tools and other essential commodities like fuel and motor oil as the next line of defense which you can trade for what you need. How you prepare and what you store depends on the severity of the disruptive event.

Personally, I think there is a currency disruptive maybe even a catestrophic event on the horizon that people should prepare for, even if it never happens - they should prepare because it could happen.

Amen to that.������

[Cynara]

I didn't read all the posts

Carry in your ditch bag incase you sink

[Icarus]

Originally Posted by Ivory

Apparently over 10k in money you have to declare in many countries. But what about hidden gold or silver you are saving on your boat? Or jewels and jewelry making supplies (so gold wire and things like that).



Of course I don't plan on having hundreds of thousands on the boat, but 20-40k in gold and silver seems reasonable for emergency economic situations to me and material to work with.



Especially given the current global economic situation (which doesn't seem great to me)



Anyhow, any thoughts? Hiding it doesn't seem like it would be much of a problem with a few nice hidden compartment objects or tables / boxes.

40G of gold seems reasonable?

[ArmyDaveNY]

Originally Posted by Icarus

40G of gold seems reasonable?

It does. If we assume $1,800 per ounce (sometimes more, sometimes less) that is just 22 ounces. In essence, we're looking at less than 2 pounds or less than 1 kg in total weight. Also, takes up very little space so it is easy to put in a ditch bag or store.

Seems reasonable to me.

[Dockhead]

Originally Posted by Mediaguy

. . . The 10,000 dollar rule refers to currency. Silver and gold are not currency. They are not regulated by this requirement. . . .

Not correct. I suggest you read the rules again.

This is what the EU says:




I'm not aware of a single country -- and I travel a lot -- which does not require silver and gold to be declared.

[Dockhead]

Originally Posted by ArmyDaveNY

It does. If we assume $1,800 per ounce (sometimes more, sometimes less) that is just 22 ounces. In essence, we're looking at less than 2 pounds or less than 1 kg in total weight. Also, takes up very little space so it is easy to put in a ditch bag or store.

Seems reasonable to me.

Sure, but you'll have to declare it. Either that, or smuggle it. Either way, you're scrod.

[mvweebles]

Originally Posted by Dockhead

Not correct. I suggest you read the rules again.

This is what the EU says:

Attachment 247807


I'm not aware of a single country -- and I travel a lot -- which does not require silver and gold to be declared.

While gold bullion must be declared in US, it is treated differently and is not subject to duty.

[I]Gold Bullion is not a monetary instrument for purposes of this requirement, but still must be declared upon entry.[i/]

I did not find an official source, but some travel sites advise Mexico does not impose a duty on currency, gold, etc, but they do require you to declare above $10k in value.

Peter