Handling gold in a physical manner is often a logistical nightmare for consumers. Moving gold coins and bars around is a tedious job. One Chinese woman moving from Canada to the US attempted it, and promptly got arrested.
Traveling With Gold is Ill-advised
It is a well-known fact that Chinese people favor precious metals, such as gold and silver. In fact, households often have a small stockpile of these metals, allowing them to keep an apple for a rainy day. When trying to move these physical metals abroad, however, things are never easy.
US Customs and Border Patrol arrested a Chinese woman entering the country from Canada. In her possession were 14.25 ounces of gold bars, with an estimated value of $28,500. Furthermore, the woman also had over $10,000 in cash on her. Transporting such vast amounts of value raises a lot of questions.
As it turns out, the woman is an illegal Chinese immigrant. While she was legally allowed into Canada as a student, she illegally crossed the border to the US. Apparently, her plan was to visit a friend in San Francisco, yet that doesn’t explain the gold and cash hoarding.
Following her arrest, the woman was sent back to Canada, where she can stay legally. There is no mention of what happened to the gold or the cash supply. It is plausible to assume they were simply returned to her, as – other than crossing the border – there was nothing illegal going on.
Using Digital Bullion or Bitcoin
For people looking to transfer gold or wealth across borders, more modern solutions exist. The use of digital gold – backed by physical bullion in a vault – is a far more convenient option. Users looking to obtain digital gold can check out the trading options here on Vaultoro.
Another option worth exploring is Bitcoin. The borderless cryptocurrency can easily be moved across borders, as it doesn’t exist in physical form. Moreover, it makes it easy to send money to anyone else, instead of meeting up physically.
A modern age requires modern solutions. Border officials and governments will continue to scrutinize anyone carrying vast amounts of physical wealth. In some cases, it may even lead to a [temporary] confiscation.
Avoiding that scenario at all costs is the best option to explore. Digital gold and Bitcoin are the right options to explore, both now and in the future.