Can I buy and sell gold and silver worldwide?

The US government regulates the precious metal market closely due to the private and physical nature of such investments. Failing to abide by IRS standards could result in fines, jail time or even property garnishment. The two departments of our government that oversee the international transportation of monetary instruments such as gold and silver are the Department of the Treasury and the Financial Crimes Enforcement Network, or FinCEN. Law enforcement for precious metals fraud is prosecuted by the U.S. Customs Service.

It is fairly easy to buy gold and silver worldwide because most countries carry precious metals both as investment and retail products. Just as an individual in the United States can walk into a pawn shop and purchase metals for cash the same process can be completed around the world. However, it pays to keep a few pointers in mind when buying and selling gold and silver worldwide.

  • It is vital to understand a nation’s currency in relation to the USD, because what might sound like a good price for an ounce of gold may be a rip off.
  • Many bar and coin manufacturers release shoddy products that are not exact in terms of weight, size and purity.
  • Purchasing counterfeit gold and silver worldwide is a concern that should be at the top of every investor’s list. Deal ONLY with companies that have verifiably remarkable reputations.

Once the gold and silver is in your possession you must think about storage. Here are some of the most popular options:

STORE THE METALS IN THE NATION OF PURCHASE

This option eliminates the threat of confiscation at the border but will the metals be at your immediate disposal at all times?

MAIL YOUR METALS STATE-SIDE OR ELSEWHERE

Each country has differing laws regarding the insured transport of precious metals from one country to another. Check with authorities at both the sending and receiving locations for further guidance.

TRANSPORT YOUR GOLD AND SILVER VIA LAND, SEA OR AIR TO THE DESTINATION OF YOUR CHOICE

Each country has different requirement as far as how much gold and silver can be moved in and out of its borders. Find out what these limits are and complete the air/cruise carrier-provided “US Customs and Border Protection Declaration Form 6059B”. Individuals who travel with more than $10,000 in precious metals will also need to complete the “US Customs FinCEN Form 105”.

IMPORTANT THINGS TO KEEP IN MIND

  • Taxes and duties must be paid on gold and silver imports if the value of the metals exceeds $10,000.
  • US Customs brokers have proven to be quite helpful in facilitating travelers’ fees and paperwork
  • Importation insurance is available via the “US Customs Form 4457” which is also known as the “Certificate of Registration for Personal Effects Taken Abroad”.
  • Heavy fines and imprisonment are common for individuals who deliberately disobey international protocol regarding buying and selling gold and silver worldwide. Your gold and silver could even be confiscated.

The plethora of regulations surrounding the international precious metal trade has helped large-volume organizations such as Gold Silver thrive for the last decade. We ship gold and silver bars and coins from our three US depositories directly and discreetly to your door. To learn more about the gold and silver market call our Tax-Free Trading Desk at 1-800-394-3337 today.

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