This One Is Interesting – What do you think?
Courtesy of Money Morning:
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For those who travel a lot, you’ve probably seen notices in airports indicating you have to declare if you have more than $10,000 in money/instruments when crossing a US border.
Or 10,000 euros crossing a european border or 10,000 crossing UK border.
I am informed by Knowledgeable people that rules have changed for exporting gold or silver out of the US.
Legally one is now required to file SED form 7525-V when moving $2,500 of gold or silver out of the U.S.
If caught at border with more than $2,500 in gold or silver, the instructions from on high are now confiscate.
Isn’t liberty great?
What you don’t know, can hurt.
CFS,
Is that only for gold bullion and coins ?
Surely jewellery would be exempt from this declaration?
Don’t be so sure, Skeeta. If you are not wearing it then it comes to their attention as suspicious. I had just such a problem a couple years back. In London of all places where the customs agents held me up because of a small satchel of gold and silver jewelry intended for my wife. Since I was heading for Africa they demanded to know its purpose. Jesus, I said….it is for the wedding (mine). I really felt they were planning to confiscate it but on what grounds who really knows. Lets just say I won’t make that mistake again unless I also take full documentation of origin, purchase and purpose etcetera.
Bird, I was thinking more about jewellery your actually wearing,
Being proficient at the Lost Wax casting technique (and possessing all the necessary equipment) I was thinking along the lines of if it was every necessary then I could melt down ounces and recast as wearable jewellery…cufflinks, religious pendants (large Cross etc) as well as belt buckle, rings, bangles etc.
Then hopefully they’d just think I like my Bling ! ;)….errr…..unless they mistook me for a pimp !
According to a blogger from another site: http://www.nestmann.com/understand-the-rules-before-you-transport-precious-metals-overseas-part-ii#.VA5HZ_ldWSo
Land of the Free.
It USED to be.
Long gone.
If it moves license it, if it stays put tax it.
Yep!
Sounds about right Al. That was helpful and it is worth knowing. In fact my own problem arose in a transit country and not in the departure or arrival nation. It was England where I experienced the hassles and got all the strange questions. It was not expected so I was a little put off and surprised. I imagine they deal with some pretty bad guys day in and day out though so it probably just goes with the territory.
I believe jewellery is exempt, but am not absolutely positive.
I know unmounted precious stones are not taxable on entry in the US, but jewelry not bought in the US over your import limit is now taxable. (I’m guessing the annual limit on all goods is an exemption of $1,000.)
However, I’ve been moving stuff out, not in; before I become legally non-resident in the US.
I’m down from 5 houses to 3 in the U.S. and by the end of this month it will be just two. It has taken almost two years, so far to un-americanize!
The dollar has just closed above the 600 week ema for the first time in almost 12 years.
http://stockcharts.com/h-sc/ui?s=$USD&p=W&yr=3&mn=3&dy=0&id=p14271820360
It looks like it needs a rest:
http://stockcharts.com/h-sc/ui?s=$USD&p=D&yr=3&mn=8&dy=0&id=p27884990434&a=361864899&listNum=1
Even I am amazed it hit 84.50 so fast and I was predicting it.
So much for all the people who kept saying the long side of the dollar was too crowded and the short side of the Euro was not a good place to be. They are all wrong. You must use your own judgement at all times and never be persuaded by the doubters when you know you have a solid case.
V.good point BM. I find that in many other spheres of life too.
Always someone trying to throw you off your game. Often enough they have no skin in it either. They just think they know better. This is one of the reasons I hate listening to anyone blither on about the imbalances in trading positions or commitment of Traders Reports because most of them make a hash of it and just put doubt in your mind.
Who is depressed! I was ecstatic (because I was bang on the money baby!).
Swimming in a sea of propaganda….your views BM ref CFS’ post?
Just seen your posts below…James’ JR is a fraud and book promoter, Bird’s pumper buffoons. Come in CFS!!?
Jim Rickards is brilliant. It just bugs me he went in with that particular gloom group selling subscriptions. It is like endorsing flying saucers and space aliens. Anything to make a buck on the gullible.
Don’t do this again Bird. At least for a while I thought you were ouf your mind. It is damaging to your credibility. Sorry to say that. At least I take you seriously.
Don’t do what?
No idea. I don’t open links as a rule. Nobodies links. So I only responded to his words.
JR is a fake and a fraud. He is nothing but a book peddler.
This is quite serious accusation. He is well recognized both in main stream and alternative investment communities. He also has a credential which is quite impressive. You’d better have some real proofs. With Al here, you cannot say something like this irresponsibly. You are either right or wrong. I am not his follower but I have respect to his opinion.
I kind of feel the same, James. He has joined the ranks of Jim Sinclair with this outlandish tale of intrigue and gone from being interesting and some what respected on money matter to becoming one of the pumper-buffoons.
Anyway, why are we reading advertising clips? Has it really gotten that dull in the gold world, Cory?
I too hope Cory or Al let us know whether Rickards is real or not
Oh he is real. A smart guy too. I just hate that he has sold out and gone down the road of fear mongering and hype where gold is concerned. Such a mistake to get into the hack advertising angle because it ruins his credibility.
OK, this is what you mean. If he is sold out, he should sell himself to the powers or the money such as FED, Wall Street or US government. There no one the other side to sell to? Maybe conscience I guess. With his wealth, I don’t think the money of the book makes any difference. I feel he is sincerely worried about the future of America. The first time I listened to him was on CNBC prior to financial crisis. He had same message with what he is saying now except I can feel more urgency with gold going much higher than ~$900 at the time. I remember I was surprised that main stream financial media has someone with clear thinking. Compared to Ron Paul, PC Roberts, David Stockman, he is quite mild. I guess he does not want to break ties with the elites yet.
Looking from the outside of US, I feel US is on its way to the fate of any great empire. Human can slow it down but cannot cure it. Since I don’t have patriotism to US, I can see more clearly. A lot of problems are unprecedented in human history.
GH ditto
If you mean Greg Hunter James then I’m in part agreement.
Still smarting eh!
Nah BM I don’t bear grudges as you well know!!
Oh I know it’s KW Nuts James…..
Quote for the day (for the dollar doubters).
“The US dollar will remain the world’s dominant reserve currency for a very long time, mainly because it is the only currency that exhibits anywhere near the needed level of credibility, mobility, and low transactional costs and, what is more, for all the huffing and puffing about “exorbitant privilege” no other country is willing to pay the considerable cost of allowing its currency to be accumulated by foreign central banks whenever these countries experience weak domestic demand”.
Michael Pettis
Professor of Finance – Beijing University
September 2014
The price of meat has really shot up the past year over here where I live. European, Chinese and Middle Eastern buyers have come shopping to East Africa and the meats in demand which were bargain priced until not so long ago have rapidly escalated in price as supply is pulled off the market and sellers give a preference for the foreign held abattoirs who have deeper pockets.
That is to say, until recently, meat was priced well below global costs as most is range fed by herders and nomads and very little was exported so costs were tailored more to local income levels. Virtually all of it would qualify as organic too as Western practices of medicating animals, using hormones and industrial chemicals or grazing on feed lots is not widespread here. In most rural areas it is still unheard of to treat plants, land and animals.
The land itself is for the most part pristine compared to countries where industrial chemical agricultural methods are heavily used. Fertilizers, pesticides and herbicides are still a relatively new innovation here and few family farmers on modest plots can afford them even if they wanted the materials.
So anyway…demand for meat has rocketed ahead. It has become quite a good trade in a short period of time as high quality meats are bought for a fraction of developed country costs. They are then inspected, butchered, cut, packed and frozen and shipped out. Skins are a byproduct but can also yield high returns as the textile and leather industry here has rapidly been expanding.
The combination of ultra low cost labour for meat processing, low cost of live animals and absence of hormones and chemicals in the meat itself have been drivers for a rapid expansion in the business. But the downside is meat has now been priced above typical incomes that simply cannot compete with the buying power of both West and East.
In short, due to meat shortages in the developed nations and growing demands in China for protein, the price of beef, sheep and goat has been rising to meet global pricing. And that has come as a big shock to people who live on dollar a day incomes and can no longer afford traditional seasonal foods.
In less than twelve months alone the price of good quality beef cuts has risen from around 3.00 per pound to a new level of 4.00 which is a tremendous jump if one is on a small income.
I know that will still sound pretty cheap to most readers but what I am referring to here is actually a trend in progress where African countries export their protein to earn much sought after dollars and in the process the base commodity rises to Western price levels bit by bit.
We will see how it plays out over time. For now the price trend is sharply up as protein moves in growing volumes from Africa to the wealthier nations. I would not call this a food fight though. If you asked the man on the street here about why food is sharply up they really have no idea whatsoever.
OK Matthew…this one is for you. Gold, silver and crude all look like a buy in my books beginning today. Since you mentioned I only call the down days…. Maybe I will break the mold here or something for a change.
The inverse is equity markets look to be a sell…but is it the start of a correction?
I’ve had a sell on SPY for days on the 60 min chart and a sell on the daily chart is imminent. Is THIS the start of a noteworthy correction? I don’t know, but I do think a protracted one will start soon from a big picture perspective.
http://stockcharts.com/h-sc/ui?s=SPY&p=60&yr=0&mn=5&dy=0&id=p27929737582&a=364830696
It does look tempting. I won’t call it though. I have had no luck in that department except for the recent brief correction. But it was nowhere near as deep as I felt it might go. Thanks for the chart. It was helpful.
JNK is on a daily and weekly chart sell and I am short. This one is due for a meaningful decline.
http://stockcharts.com/h-sc/ui?s=JNK&p=D&yr=1&mn=1&dy=0&id=p60510348143
Good call.
Fwiw, Bird, I think the new Sprott/Zack’s ETF SGDM is going to be a real winner. If high risk, low liquidity juniors just don’t cut it for you, but you still want a shot at substantially more upside than gold will deliver, it’s worthy of consideration in my honest opinion. Even though I am very partial to the juniors, i have been buying some myself, including today.
http://www.sprottetfs.com/holdings.php
Oh, that really is brand spanking new. OK thanks, had not seen it before. I will put it on my list. The lineup is a lot of the popular names so not sure how it will perform plus or minus but worth watching no doubt and a good addition to the index choices.
Who knows Matthew…maybe gold will yet surprise me and take off with the mining sector. I still harbour some deep reservations but am keeping an open mind.
I just bought more a minute ago at $22.04 and it’s already .04 cheaper, but that’s ok, it is a bargain. It’s trading at a discount to net asset value (NAV) and is quite oversold.
I like its composition and position weighting.
I may just pay closer attention and defer to what you are doing on the plus side since you are stronger there than I am and better tuned in to what is happening. As I said yesterday, short gold has been good to me and long has been good to you. We both do well no doubt. It is everyone in between that is getting the snot kicked out of them.
GSV is on a fresh daily chart buy. Relative to its peers, I believe GSV is low risk. It has high institutional and insider ownership and great projects in mining-friendly Nevada.
I own it.
http://stockcharts.com/h-sc/ui?s=GSV&p=D&yr=1&mn=1&dy=0&id=p98704813870
Sensationalist, conspiracist and been hearing this for years. Ain’t gonna happen. Did you ever read the story about Chicken Little? The Boy Who Cried Wolf? If even a hint of this were true and China we even hinting internally that this was even a possibility, gold would be multiples higher than it is today.