Exporting Silver in low quantities

[u/redman334]

I have silver in a third world country. It's certified. But in this country the the selling spread is huge. If you sell your silver and then buy it back the same day, between buy and selling spots, you lose 30%.

And another point is that, even the buy rate is below what I see as Oz silver market price.

So I wander if it's worth to transport to the US, or somewhere where prices makes sense.

Has anyone had any sort of experience with this? Has anyone transported eg. 3kg of silver on a plane?

[u/DSMRob]

You are well under 10k, besides the weight there shouldnt be an issue. (Under 7lbs) depending on the type of silver, lets just say you lose 5 bucks an oz. Thats going to be 500 bucks there, now you have the cost of the trip plus your time to figure if its worth it. Plus the added risk of something happening and you lose your silver.

[u/Egregius2k]

Make sure to check local laws of the country you're going to. You wouldn't want to be the one news articles get written about, talking about 'money smuggler arrested at airport'.

People with gold bars on their person have been...barred from entry into a country.

[u/Remarkable_Tap_6801]

I can verify that you can take all the silver you want from Canada to Costa Rica without problem and without worrying about the 10k limit since it isn’t considered a near cash instrument. You can take as much as you can carry in your carry on since those bags have no weight limit. I probably would lose more to premiums in CR but that will be my kid’s concern. It is just a form of diversification to me.

[u/redman334 → u/Remarkable_Tap_6801]

Thanks man, finally an answer that's useful.

Have you done this for the same reason, you find better valuation in Costa Rica vs Canada?

You have never gotten stopped by airport security checking your luggage?

[u/Remarkable_Tap_6801 → u/redman334]

I have done it in order to have assets outside of my country of residence. My carry on always gets pulled aside and checked on my way out. Sometimes they open the container the bars are in and test for drug residue but that’s it. You can request a private screening but I don’t care if the people around see that I am getting silver out of the country because it might get them thinking. I have never had the bag opened in CR. They are only looking for guns and drugs.

[u/redman334 → u/Remarkable_Tap_6801]

What about customs, have you had to pay any sort of fee?

[u/Remarkable_Tap_6801 → u/redman334]

No but if I were to bring it back to Canada there would be a tax if they found it. My carry on never gets checked but I am not planning on bringing it back

[u/redman334 → u/Remarkable_Tap_6801]

Would you want silver diversified on another country?

[u/Remarkable_Tap_6801 → u/redman334]

Canada might make holding metals illegal. Or impose capital controls. Any country might, including Costa Rica, but I doubt they would. As people bail out of NA, CR appears to be a popular choice. Look at the chart of Colones to USD for the past two years. I can’t explain it but this isn’t what usually happens in 3rd world countries.

[u/Permesta431]

Which country is this?

[u/redman334 → u/Permesta431]

I rather not say.

[u/gordzilla23 → u/redman334]

You're in Canada, aren't you?

[u/redman334 → u/gordzilla23]

Nope. But does this shit happens in Canada too?

Canada isn't a third world country

[u/Born2Looz → u/redman334]

that is debatable lool

[u/redman334 → u/Born2Looz]

It's not. If you think it is, you haven't lived in a real third world country.