Traveling with gold/silver customs

[Panicbuying]

Every time I go through customs at an airport I always notice the sign saying that you should declare anything over EUR/USD 10.000 in cash or equivalent. I have never understood why (apart from Zerohedge conspiracies) or what happens if you do. 

 

I have asked a couple of border control officers at different airports (UK and Europe) what would happen if they found over 10 Oz of gold in my luggage or what if I would declare it. Nobody I've asked so far seems to know, apart from that they have to complete a form. 

 

Does anybody have any experience with traveling with gold/silver and customs?

 

Thanks

[Scuzzle]

Thats why government minted coins with a face value come in handy, a 1 oz gold Britannia might have an intrinsic value of over £1000 but because it has a face value of £100 you can legally claim this to be it's worth when transporting it to customs if required.  10x 1 oz gold Britannias or equivelent gold coins would put you over the limit if you declared the intrinsic value but if you are stopped and checked and point out the government face value which you are legally entitled to do this puts you well under the amount you have to declare.

[HelpingHands]

10k needs to be recorded so it can be reviewed for potential money laundering patterns.

2k euros is the trigger for transactions etc and 10k for combined transactions.

[KevinG]

You better declare it, otherwise it could get confiscated. And you will have to pay a fine to get it back.

[Pete]

If you carry the equivalent of £10k on your person and don't declare it you will have it taken from you until you can prove it legitimately belongs to you and how you obtained it.
This is fundamentally anti-money-laundering practice.

If you cannot prove its yours and satisfy the authorities that it has not been obtained by dodgy means you will loose it and could also face a fine or prison.

If you plan to carry this level through customs you need to declare it AND prove how you obtained it ( bank withdrawal slip ) or could have obtained it legally.
They will ask about your employment status ( are you likely to afford this level of cash ? ) and check you have paid your HMRC income taxes etc.
These checks might result in you missing your flight as they will be thorough and take time.

Why would anyone be carrying this level of cash or equivalent in gold in any event ?
Guilty of criminal activity unless proven otherwise is the starting point of HMRC these days.
 

[TheWhiteStuff]

I think its partly to do with immigration as well as money laundering.

Anyone taking that level of money abroad is probably looking to overstay there visa and live in the country they are visiting.

Anyone taking that kind of money out of a country has probably been working illegally and been getting paid cash in hand.

 

It depends where you travel to and the country as to the rules. 

I don't think the UK has import charges on investment gold. There are a few rules on what counts as investment gold though.

Gold smuggling to India is a big thing and you could potentially make some money from it but a lot of people are getting busted at the moment.

Have you ever tried to put a gold bar up your ass? Personally i would stick to drugs smuggling. 

[Cornishfarmer]

On a side point,.   Kim k has roumoured to have millions of £ of jewellery stollen, if she took into France from the states did she declare or just walk through with it?

[Panicbuying]

Thanks guys. It's just a case of me returning home after having worked abroad for a couple of years. Not as exotic as going to India so I think I'll stick to putting it in my hand luggage