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Daan Wesdorp26 June 2024
Gold article
What should I pay attention to when transporting gold?
Autor: Daan Wesdorp
Date: 23 August 2022
Update: 23 August 2022 Reading time: 4 min
You may already know how to store gold, but transporting it is a different matter. There are various reasons you might need to transport your gold, whether it’s due to a move, for general transportation, or after purchasing gold. Below, we have outlined the most important points to consider when transporting gold.
Preparing to transport gold
Firstly, it is essential to carefully wipe your gold bars and coins with a soft cloth beforehand. Removing dirt can prevent damage during transportation.Additionally, it is important to decide how you will store the coins and bars during transport. For coins, this might involve using pouches, tubes, or the original monster box. Your bars should be wrapped in a clean cloth or protective plastic. Bars require more attention than coins when storing, as they are relatively soft and thus more prone to wear and damage. Therefore, when stacking your bars, they should be separated using bubble wrap or soft cloths to protect them from damage.
Gold coins purchased from The Silver Mountain are often packaged in a capsule, coin sleeve, tube, or in larger quantities, a monster box.
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Transporting gold by car
Using a car to transport your gold is generally problem-free. However, transporting gold across national borders can be challenging in some cases. Therefore, we recommend researching this in advance.If you are transporting your gold due to a move, inform your insurance company. This way, you will know what coverage you may have during the transport of precious metals. A car insurance policy is not sufficient as it does not cover belongings inside the car.
Transporting gold by bus or train
When transporting your gold by bus or train, you should carefully package it. In this case, it is especially important to keep your gold within sight and not leave it unattended. It is wise to familiarize yourself with the transport company's regulations regarding gold transportation. Additionally, we recommend contacting your insurance company about your coverage and whether transporting gold by bus or train is included.
Transporting gold by plane
When transporting your gold by plane, it is crucial to keep it in your carry-on luggage. If your gold is placed in the hold, it may get damaged or stolen. You can carry up to €10,000 worth of possessions in your hand luggage. If you exceed this amount, you must declare it to customs. Failure to do so may result in a fine.When going through security or customs, you must declare that you are carrying gold. Have your paperwork (such as sales receipts or certificates of authenticity) ready. Also, be prepared to show your gold coins and bars to officers in a private screening room.
You will likely need to fill out declaration forms when bringing your gold to another country, and you may also be required to pay taxes on it.
Transporting gold with a moving company or courier service
When moving your gold with a moving company or courier service, we advise against including it with your other household belongings. It is best to keep your gold with you, as it can be very troublesome if your gold is stolen and you need to trace it or file an insurance claim.There are reliable courier services that can transport your gold for you. However, this comes with a price tag, and you need to weigh whether it is worth it. If you choose this option, we recommend requesting multiple quotes so you can compare different parties and make the best choice.
Shipping gold by mail
When shipping your gold by mail, it is crucial to send it via registered mail. This way, your package is insured, and you have more security. Additionally, it cannot end up with your neighbors. However, a downside to sending by mail is that you have no control over your gold until it reaches its destination. We recommend using a specialized courier service to ship your precious metals.At The Silver Mountain, you have the option to choose our in-house courier. Our in-house couriers are extensively trained, work carefully and discreetly, and the delivery is tailored to the special product we sell. Additionally, you must always present your ID upon receipt. View all shipping methods from The Silver Mountain here.
Conclusion
Several methods for transporting your gold have been mentioned. It is important to carefully consider which method is best for your situation so that you can make an informed decision about how to transport your gold. If you are transporting gold abroad, it is crucial to research the regulations of the destination country in advance to avoid any surprises. It is also important to note that gold is a relatively soft metal and thus very vulnerable. Any scratches on a coin or bar do not affect the buyback guarantee from The Silver Mountain. Additionally, the gold you purchase from The Silver Mountain is packaged in a way that minimizes the risk of damage during transport.
Disclaimer: The Silver Mountain does not provide investment advice, and this article should not be considered as such. Past performance is no guarantee of future results.
Over Daan Wesdorp
Manager Inkoop Edelmetaal | Stocks, cryptocurrencies and precious metals
Nederlands