Happier Abroad Forum Community

I'll be heading full force into Peru in just a couple weeks. I've tallied my small inventory of assets I need to deal with before leaving and noticed I still have 12oz of silver bars laying around from a purchase a couple years ago (since then, the price of the silver has depreciated by over $10/oz).

So, I'm thinking of just sticking the silver in my money/passport pouch, and then cashing it in sometime down the road in the local currency. Has anyone travelled with silver before? Am I going to run into problems with airport security and customs? Is this something I need to declare prior to arrival? Where is the best place to cash in the silver?

Why cash it in? Is it your only asset, and you plan on living down there? If you plan on coming back to the US, then I would take advantage of loose regulation on storage of silver abroad and maybe place it in a safe. Otherwise, there are no regulations on silver or gold under at least 10k.

PLEASE don't cash in your silver.....HUGE MISTAKE!

Silver is severly undervalued and once the hyperinflation hits, silver and gold are going through the roof.

Buy low and sell high.

Just look at how far the price of silver has come since 2008.

Keep it.

There lots of reasons to keep your Silver, I would there is going to be another crash the question always is WHEN, nobody knows for sure.

The Fed has announced it would start to roll back its purchase of securities; they floated that idea about a month ago and Wall St panicked a bit, so they shelved that idea.

But its back on the table and the scramble back into assets will start.

You must know that JBM controls the Silver Exchange and if the Banks are guilty of rigging Libor rates (and they are), don't you think it would be in their interest to keep Silver prices down?

YES!

Keep it!

Exactly, I'm planning on living in South America for a long time, which is why I don't want to leave the silver in the USA. Hah, tough to ask questions about silver without the responses turning into a debate about where silver prices are headed. No one addressed the questions that I really cared for, which had to do with the actual physical act of transporting silver on your person to third world countries.

zacb wrote:Why cash it in?

Because I don't foresee using the bars as a barter item...ever! (this question has been covered many times on this forum), and the silver is just dead weight when travelling. Quite a liability actually when you're travelling in the land of thieves.

I don't see silver prices lurching more than $10/oz in the next month, so I'd like to hold on to them and cash them in (hopefully in a few months) when silver prices rise again. I'll probably be abroad when (if) this happens.

You should declare it & mention it's extra cash in hand if need be. If they ask. Still do some research & call the emabassy because if you do get into trouble Peru has no bail system it's straight to jail until furthur notice.

Peru is a great country though & one of the easiest to migrate to. You can apply for citizenship after 2 years of being a resident but they test spanish speaking & language skills as a qualification. It's a place I would like to visit one day.

rudder wrote:

zacb wrote:Why cash it in?

Because I don't foresee using the bars as a barter item...ever! (this question has been covered many times on this forum), and the silver is just dead weight when travelling. Quite a liability actually when you're travelling in the land of thieves.

I don't see silver prices lurching more than $10/oz in the next month, so I'd like to hold on to them and cash them in (hopefully in a few months) when silver prices rise again. I'll probably be abroad when (if) this happens.

Silver is a long term investment.

Once hyperinflation kicks in due to the Federal Reserve printing our dollars into oblivion, that's when silver, gold, oil and gas will shoot up.

Prices have been going up ever since I was born and they will continue to do so.

Silver and gold are not instant money, it's more of a hedge against inflation.

Silver and gold has always been used for money when the fiat currency fails.

ALL fiat currency, which the whole world runs on will fail, as it has 100% of time throughout history.

Once the dollar goes to zero, you will need gold and silver to use as money.

rudder wrote:I'll be heading full force into Peru in just a couple weeks.

Great! Have you decided where in Peru you will be staying?

I would be curious for an answer to his question. I wouldn't be cashing my 10-15 ounces in. Instead, I would probably want just get it out of the country and hold it somewhere.

I don't know what the laws are in Peru.

However, in the Philippines you give up to $10,000 worth of gold or silver coins into the country, you just need to declare it when you enter the country. The value of the coins is the COMEX market value which fluctuates each day.

Taco wrote:I don't know what the laws are in Peru.

However, in the Philippines you give up to $10,000 worth of gold or silver coins into the country, you just need to declare it when you enter the country. The value of the coins is the COMEX market value which fluctuates each day.

I have a question relating to the value you declare. Why do you declare the market value of the metal and not the face value if the coin is considered legal tender of any given country?

Go for the third world!!! Write about your experiences Silver!!

Tsar wrote:

Taco wrote:I don't know what the laws are in Peru.

However, in the Philippines you give up to $10,000 worth of gold or silver coins into the country, you just need to declare it when you enter the country. The value of the coins is the COMEX market value which fluctuates each day.

I have a question relating to the value you declare. Why do you declare the market value of the metal and not the face value if the coin is considered legal tender of any given country?

Because the value of the metal is worth considerably more than the face value of the coin if you were to exchange it for currency.