Good questions. I don't know the answer and I don't know if they could ever verify that the gold/silver you melted down is the jewelry you're currently wearing, unless you left a paper trail of receipts or invoices or shipping statements. The gov't can confiscate without hesitation if you have the jewelry in a safety deposit box, bank box.

Many years ago, I bought silver dollars and melted them down to make jewelry for an art project in college. Made a thick silver ring and pendant. They were later stolen.

 

This isn't 1930's the feds don't have any "class". If confiscation of gold started again i wouldn't expect jewelry to be exempt. I would guess they would alway a smaller amount to be kept. They wouldn't start taking wedding rings and grandpa's watch. But don't plan on them allowing you to keep a large amount.

The only way i could see you keeping a larger amount than allowed by the "anti hoarding law" would be to use it in your "business". Maybe your business could be making jewelry

As for travel outside of the country, depending on the country you might have to declare what gold you have on your body or luggage on the declaration forms.

india,vietnam,saudi arabia,russia are just some of the countries that turn up on a quick search.

 

The government didn't so much confiscate gold in '33 as said "Turn in your gold coins for payment of equal value, or else"; and then when everyone who was going to take them up on the offer had done so, outlawed the private sale and possession of gold. Jewelry and collectiable coins were exempt. If the government, today, decided they wanted to corner the gold market I imagine they'd do the same. Actual confiscation would be prohibitively expense and difficult. And would get a lot of Treasury field agents and LEOs shot...

One thing to consider is that, if thieves realize you're wearing gold, they'll probably do a grab and run if it's something like a chain, or beat you to a bloody pulp and rip or cut the gold from your body if it's more difficult to remove. It would be better to buy gold without leaving a paper trail and hide it well.

 

I wondered about the legal aspect of coins into jewelry also. My dad has a LeJour watch made from a silver dollar, well done I might add. Would this have been done if not legal? (I am going to look for it right now.)

 

My question is if someone were to buy 16 1oz bars of 24k gold and they made this into some crasy necklace, belt, belt buckle etc could this be confiscated? What would be the drawbacks of this? I know it wouldn't spend as easily as a 1oz bar as there is no proof that it is 24k gold any more. The gold would have to be assayed to verify its purity.

I by far am not a professional here, but, as someone trying to survive if things have gotten rough, I would rather have them broken down in original form, like bars or coins, because the whole idea is to be able to spend it for something that I need, either at that moment or in the days or weeks to come. If I have pure gold in jewelry form, then it will limit who would be willing to buy, thereby its worth, and limit the value of it as the buyer would have to figure out a method for converting it into a spendable item, like bars or coins. A gold mogul in the next neighborhood, or town mught be interested in my horde, but I have to get to and from him safely. If I have a gold coin, ma kettle down the road will trade me enough seed, meat, food and water to satisfy my family for a week or two.
So we have to ask ourself, are we doing it for an investment, or a hedge? If a hedge, then hide or bury the coins to protect them.
IMHO

 

You could cast your bullion into jewelry, but why would you? 24ct is too soft to be worn without the worry of it ripping apart and falling off.

My wife and I, (Calamity Jane), through our connections in Italy (the gold capital of the world) and due to the lucky fact that I had made so many contacts while living in Vicenza, (the gold capital of Italy), we got into the specialty jewelry market where we contracted to have X number of custom fraternal rings cast each Quarter ... it was fun and profitable until 9/11 happened and all the bases were shut down. It would also not be doable now because of the state of the economy and the price of gold ... but it sure was neat while it lasted. And we ended up with some casting grain leftover that we store in a safety deposit box at the bank.

We've traveled a lot so here is what I think I know about your questions.

Already covered the bit about casting 24ct gold into jewelry. About the lowest grade you want to cast into any kind of jewelry is 18ct.

About traveling through various customs with jewelry. There is a rule ... declare it or risk losing it somewhere along the way, especially upon your return home. And it'll be non-negotiable if it happens. What you get away with here you may not get away with at any of your stops along the way, and visa versa. And you do not want them wanding you and the buzzer going off around your wrists and neck and all of the sudden you're pulling off enough gold to weigh down the valuables pan ... because they will start looking on what you declared as yours before you departed (see Form 4457) and if it is not on that computerized list then either pay taxes on it or lose it.

Now, what I am basically concentrating on here is when you return to the U.S. so here is how it is best explained when it comes to your Form 6059B declaring what you bought while overseas ... and covering how to cover yourself before you leave with regard to your valuable items.

When you enter the US, you fill out a customs declaration.. Known as a Form 6059B (for the English version). When you sign it, your are making a legal declaration with penalties for failure to disclose things and the overall accuracy. Be careful that you declare EVERYTHING as Customs *does* have the right to assess penalties for a false and/or incomplete declaration.

Before you leave the US, if you KNOW you are going to travel overseas with items of a high value or items that can be reasonably have been purchased new while you were overseas, GET THEM REGISTERED with the CBP. You can register items for FREE, there is no charge to do it.. If you live close to a CBP office, take them to the CBP office in person and fill out a Form 4457, called "Certificate Of Registration For Personal Effects Taken Abroad"..

The CBP officer will verify the item and the description you listed. He/she will then stamp the form 4457 and return it to you to keep.. This stamped form acts as "proof" to the CBP that you had these items before you went overseas and as such, they are NOT subject to taxes when you come back to the US.

If you do not live close to a CBP office, you can also have this done at any staffed US Post Office. They will have the 4457 form and can do the certification on behalf of the CBP in those cases when a person does not live close to a region CBP office.

Alternatively, you can bring original receipts showing that you bought these items earlier and not on this current trip.

Remember that in the end, YOU have to prove your items origins. Customs (CBP) does NOT have to prove that you bought them overseas, YOU have to prove that you didn't.

I hope this helps answer your questions.

 

Quick question I'm thinking of buying 100g gold bar and getting a jeweler to make me a 18 or 20k necklace Is this cost effective as to buying already made jewelry And how much extra weight in impurities will I get to make it 18k. Thanks u

 

another old by newb.

 

google link

https://www.quora.com/Is-it-legal-t...down-precious-metal-coins-such-as-Krugerrands-or-Canadian-Maple-Leaf-gold-coins

"Is it legal to melt bullion coins? Yes.

The bigger question may be, why would you want to? "

but that's just one guys opinion.

can't imagine anyone prosecuting you unless you do it by the truckload.

 

24 karat is pure gold, 18 karat is 75% gold. Depends what your alloy is. White gold with silver or platinum will cost more than red gold with copper.

It will likely be way more cost effective to just buy a factory made 18k gold chain than have a jeweler hand make one.

Your 100 grams of gold is about 3.215 troy ounces at today price is a tad over $4,000.

I suspect your Mr. T necklace is going to run well past $4,500.

Personally I wear a heavy link silver necklace - I can make colloidal silver with it which will be worth way more than gold. I would love to have one in platinum too. Its a catalyst.

 

Want it for trading?
You can buy scrap gold jewelry for, ahem, scrap gold price.

Bit easier, it's already made and stamped 18k, etc...

 

It seems to depend on the coin. Here are two sites that have relevant information.

http://www.usmint.gov/pressroom/?action=press_release&ID=724
http://www.coinflation.com/is_it_illegal_to_melt_coins.html

The U.S Mint site says it is illegal to melt 1 cent and 5 cent U.S. coins ($10,000 fine) but doesn't say anything about other U.S. coins. The coinflation site says that it is legal to melt silver coins.

 

Only six years old, like my MREs. :

 

Why would you ever want to melt it? No matter what form you own gold it isn't registered. No one knows you have it unless you tell them.

 

^^ this.

And if I purchased it, it's mine to do whatever I choose with it.

 

18k gold jewelry is almost too soft to wear as jewelry and as stated above, could not be used successfully as a belt buckle. You have to be very careful not to damage 18k and I've always gotten much more use and pleasure out of my 14k jewelry with much less concern about damaging it. I also like the color of 14k better.

If I were thinking about crossing a border with my "fortune" disguised--which I am not--I would buy some valuable stamps that could easily be converted to cash at my destination. Little pieces of paper are not very noticeable in a wallet with lots of other papers and it's a rare person who would have any idea of their worth even if they were noticed.

 

This all comes back to my main problem with stocking PMs for the possibility of trade after an event.

No matter what form they come in you have to prove their worth. Even if you prove to someone it is 18K gold, and even if you prove it is such and such a weight, and that gold was going for $X.00 per ounce before the event....big deal.

If I have food you want to buy and I tell you your gold is worth $10.00 to me, you either accept my price or you move on. It does not matter if that gold is worth $1000.00 before the event.


In my mind, the only purpose of PMs is for events that either will end or events that are local in nature. You can only assign value to PMs while there is a stable market to trade in them.

Once a true SHTF, let alone TEOTWAWKI event occurs, PMs have whatever value the seller says they do.

 

PM's will have the value the buyer is willing to pay/trade not the seller. You can want $5,000,000 for a silver dime getting it is a different story.

 

I do a little occasional placer gold mining.

Usually trade Dore bars for Maple Leaf, Krug's or American Eagle rounds.
Sometimes trade for silver rounds.

Just a "hedge" bet in case fiat paper goes to hell.

 

In a real shtf scenario, the pm market would indeed be unstable. That being said, those who want to survive long term would be wise to have access to some type of currency that has intrinsic value. Gold and silver have been a trade/currency medium for thousands of years. If economies collapse, they will be the first to achieve value again. Look at history. When a truckload of currency cannot buy a loaf of bread, but a few grams of silver can, it could mean the difference between surviving and not.