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Whether you collect it or use it to diversify your investment portfolio, gold is a versatile and highly valuable commodity. As such, you might want to send it as a gift to a loved one or ship it to a secure storage facility for safekeeping. Either way, you should know how shipping gold works and the steps you should take to ensure a safe, efficient, and smooth shipping process.
How To Safely Ship Gold
You may want to ship gold for several reasons, from moving to a new home to storing your gold in a new location. Regardless of the reason, you must follow certain steps to ensure a safe delivery and transportation process. This guide covers everything you need to know about shipping gold in and out of the U.S.
Knowing How Much Your Shipment Weighs
Before shipping anything, you must determine how much it weighs. The courier needs to know the weight of your gold for two primary reasons:
- Shipping expenses
How much it costs to ship your gold often depends on how much you’re shipping. Additionally, couriers will typically require you to purchase insurance for your gold. The weight of your gold also determines the shipping container it requires.
Choosing a Courier Based on Gold Weight
Not all couriers charge the same rates for shipping gold and other precious items. By knowing the weight of your gold, you can better understand what different couriers will charge you to ship it, allowing you to budget and plan accordingly.
How To Prepare Your Gold for Shipment
Regardless of distance, it is essential that you properly prepare your gold for shipment. Some couriers also have specific packing requirements. Double-check what your courier requires, then schedule your gold for shipment by following these steps.
1. Clean Your Gold
Before packing your gold, grab a cloth and wipe off any dirt, dust, or debris. Leaving contaminants on your gold during shipment could damage it. However, you may not need to clean it if it is in a protective and sealed case.
2. Prepare Your Coins and Bars
Keep your gold coins together in coin tubes or plastic bags. You can also use their original packaging if you still have it.
Since gold bars are larger, you’ll want an additional layer of protection. If you are only shipping a few bars, wrap each one in a protective casing or cloth. For larger quantities that can stack, put some bubble wrap or cloth between layers.
3. Get or Make a Double Box
Most couriers require you to ship your gold in a double box to keep it safe and secure. You can do this by putting one box in another, but ensure the outer box isn’t too much bigger than the smaller one to prevent your items from moving too much during shipment.
Pick a Trusted Precious Metal Courier
While you want to keep track of any item you ship, tracking your gold shipments is especially crucial. You can choose from multiple couriers when shipping gold, but you should pick one you trust to handle your valuable package.
Here are some of the most popular couriers that people use when shipping their gold items:
- Via Mat
When deciding on a courier, you must determine whether you’re shipping internationally or domestically and how much you are shipping. Most of the couriers on this list provide international and domestic shipping; however, Loomis and Brink’s have armored car services, which makes them better for shipping larger quantities.
If you’re shipping smaller amounts of gold, you can opt for couriers like FedEx or UPS. These couriers also offer international shipping and can even get your package to its destination within 48 hours.
If you prefer, you can require a signature with delivery to ensure your gold goes to the intended recipient.
What Is Registered Mail?
If you have used the U.S. Postal Service before, you know you can ship items with or without insurance. Since shipping precious metals and other high-value items comes with a higher price tag, some people think they can ship their gold using USPS-insured shipping options. However, this service does not cover precious metals.
Instead, USPS offers a registered mail option for high-value shipping items.
What To Expect of USPS Registered Mail
When you use registered mail, USPS manually processes your package under the supervision of post office employees. Your package then goes through various custody processes and security measures to ensure it gets where it needs to go without unwanted tampering.
With USPS registered mail, you can purchase up to $50,000 of insurance coverage.
Purchase Insurance on Gold Shipments
Although you can get significant insurance coverage through USPS registered mail, most couriers cap coverage at $1,000. Depending on how much gold you are shipping, you may want to purchase a third-party insurance plan. Many insurance companies offer policies specifically for precious metals, like Cabrella.
Ensure You Have a Way To Track Your Gold Package
Being able to track your gold during shipment is crucial. Most couriers will give you a tracking number, which works the same as tracking numbers for other shipments.
When using registered mail through USPS, your package goes through the hands of multiple agents. Several people keep tabs on your package along the way to its destination, making it easy to tell where your gold is and how far it is from the final destination.
Shipping Gold Internationally
Shipping your gold across borders often requires you to get a third-party insurance policy to cover the full value of your package. It also costs more and requires additional steps like completing customs forms. If your shipment is worth $2,500 or more, you will also have to complete an Electronic Export Information form.
VATs, Tariffs, and Duties
Some countries impose tariffs, duties, and value-added taxes on items shipping into their territory. Since each country has regulations regarding these additional costs, you should research the country you plan on shipping to so you can get an idea of the taxes you’ll be responsible for paying.
Do Any Governments Set Rules on These Shipping Guidelines?
In addition to tariffs and taxes, some countries have specific regulations you must follow when shipping gold. Here are a few examples:
- Canada: You can only ship uninsured gold coins to Canada if you send them to a dealer or collector.
- China: You must have an Import and Export License for gold and gold products to ship any gold to China.
- Australia: For gold worth less than $1,000 (Australian dollars), you must have a Self-Assessed Clearance Declaration. You need an Import Declaration when shipping gold worth more than $1,000.
Contact Oxford Gold Group If You’re Ready To Start Investing in Gold
People use gold in many ways, including preparing for retirement. Gold is a safe haven investment, which makes it an attractive option for those looking to diversify their portfolios. Do your research to determine whether it’s right for you.
Oxford Gold Group can help you learn more about investing in precious metals and opening a gold IRA. Contact us online or call (833) 600-GOLD today to learn more about turning gold into an investment in your future.