This is the second week of the month. That means I am headed over to Westpoint, Tennessee on Thursday, June 11th, to join Franklin Sanders for dinner. Susan Sanders is taking a local emergency preparedness course this week, so Franklin and I are on our own. I will be bringing a fine bottle of Silver Oak cabernet sauvignon to console us.
A lively dinner discussion will be followed by our monthly precious metals update by bridge call for this week’s Solari Report.
I will start by covering recent news in Money & Markets and your latest questions in Ask Catherine. Then Franklin and I will address developments in the precious metals market, including:
- the wide diversity of opinion about where we are headed this year (the price of gold is going to $1200 says some experts, no it is going to $450 per oz. says others);
- the large and growing commercial short positions;
- the indictments at the Liberty Dollar; and
- traveling with gold coins (see FAQs below).
At a subscriber’s request, we will also separate fact from fiction in the official descriptions of the Federal Reserve System, by responding to the points in “Debunking the Federal Reserve Conspiracy Theories.”
In our Let’s Go To the Movies we will be talking about that wonderful comedy Other People’s Money with Danny DeVito playing the Wall Street character “Larry the Liquidator” and what is says for opportunities to understand and address local economic challenges.
If you are a subscriber to The Solari Report, you can post your questions at your private panel or feel free to also post them at this blog post. If you would like to learn more about The Solari Report and subscribe, click here.
View this week’s Money & Markets Charts.
FAQs – Traveling with Gold Coins
With summer upon us, we are getting more questions about traveling with gold coins. Here are some of the questions and answers from the U.S. Customs & Border Protection website FAQs.
May I bring Gold coins, medals, and bullion into the United States?
Gold coins, medals, and bullion may be brought into the U.S. However, under regulations administered by the Office of Foreign Assets Control, such items originating in or brought from, Cuba, Iran, and Sudan* are prohibited entry.
Copies of gold coins are prohibited if not properly marked by the country of issuance. The importation of counterfeit coins is prohibited.
There is no duty on gold coins, medals or bullion, however, if the value of the gold coins is over $10,000, it must be declared to a CBP officer and must be reported on the FinCen 105 form
What constitutes “Negotiable Monetary Instruments” for currency reporting requirements?
Negotiable monetary instruments that must be reported by travelers or persons sending or receiving them (other then by electronic means by a banking concern) are:
Coin or currency from the U.S. and/or other countries, including gold coins; Travelers Checks; Checks, promissory notes or money orders that can be cashed by the bearer. This includes checks or money orders made out to someone other than the bearer that are endorsed without restriction (i.e. for deposit only.), and incomplete checks, money orders, promissory notes that are signed but on which the name of the payee has been omitted (the “To” line is left blank); Securities or stocks in bearer form. Monetary instruments that are made payable to a named person but are not endorsed or which bear restrictive endorsements are not subject to reporting requirements, nor are credit cards with credit lines of over $10,000.
Gold Bullion is not a monetary instrument for purposes of this requirement. You can obtain the currency reporting form FinCen 105 form or more information.
Traveling with monetary instruments,currency, checks, etc. , do I have to pay duty?
Customs and Border Protection (CBP) does not collect duty on currency. However, travelers leaving or entering the U.S. are required to report negotiable monetary instruments (i.e. currency or endorsed checks) valued at $10,000 or more on a “Report of International Transportation of Currency or Monetary Instruments” form FinCen 105 form
You can obtain the form in advance and download it from here FinCen 105 form, or a CBP officer can give it to you upon your departure or return to the U.S.
Failure to declare currency in amounts of over $10,000 can result in its seizure.
Information on the FinCen 105 form is provided to the IRS, and they determine whether or not the importation of monies constitutes income subject to taxation.
The requirement to import currency on a FinCen 105 form does not apply to imports of gold bullion.