Gold as Currency Exchange

Discussion in 'Gold' started by chuckey, Jun 16, 2014.

  1. chuckey

    chuckey New Member

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    Does anyone have experience using gold bullion or coins as a method of currency exchange while travelling?

    I am heading to the US soon and want to save on exorbitant bank fees..
     
    chuckey, Jun 16, 2014
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  2. Miloman

    Miloman Active Member Silver Stacker

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    Yeah I've done it traveling. It's so worth it. I bought and sold at spot and actually made money during my travels. Better yet if you buy something that is in demand in the country you are traveling to and trade it for cash. You'll make money! But need to set up sales before you go I'd suggest.

    Gold truly is universal money, accepted in more place than the Swazi lilangeni, US Dollar, Indian Rupee etc.
     
    Miloman, Jun 16, 2014
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  3. chuckey

    chuckey New Member

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    Thanks Miloman, I thought it may be a worthwhile option. How did you manage to sell spot and what products did you use?

    My thoughts were to get in touch prior with a coin dealer near where I am travelling and asking what items they would be interested in eg gold eagles or bullion. So I could buy prior. However I have always bought and sold PM privately, and a coin dealer is probably going to skim commission, no?

    I guess there's always private sales via Craigslist etc but hard to manage when on the road.

    Cheers,
    Chuckster
     
    chuckey, Jun 16, 2014
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  4. screaming eagle

    screaming eagle Active Member Silver Stacker

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    I recently did this in Europe. Emailed a dealer to see if they were after some items, agreed on a price and completed a F2F transaction. Beats getting slammed on FX fees.
     
    screaming eagle, Jun 16, 2014
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  5. Miloman

    Miloman Active Member Silver Stacker

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    Screaming Eagle did a very smart move. SE found out what the overseas buyer wanted first and brought it along to trade.

    Straight bullion and bullion coins will get you bullion prices. But if you manage to get a desirable product, something they don't have there and find buyers then you can end up with more $$$ than you would have in the first place. I'd suggest checking on craigslist and chatting to some Americans on forums like GIM2 and getting advice there on what to bring and who will be the likely buyer, just take care.

    Me I took some straight Aussie bullion and did end up a little better.
     
    Miloman, Jun 16, 2014
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  6. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    If I was going to Germany, Switzerland or the United States, I would be bringing one of my spare 1 oz Gold Engelhard bars to sell.
    Buy one locally and flog it over there for an additional $100 - $200 profit.
     
    Aurora et luna, Jun 16, 2014
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  7. alor

    alor Well-Known Member Silver Stacker

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    wow, cut the banks and papers out completely.

    just don't over spend on the good items too. :)
     
    alor, Jun 16, 2014
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