Storing Gold Overseas
The USG is set on a path on which it will inevitably have to destroy the currency. The only question is, How quickly? I believe it will happen faster than most expect. And I expect capital controls to be enacted soon.
With the goal of preserving wealth, I want to store some gold overseas. The intrepid Arthur B. has given me some advice, but I thought it wise to open up the question to this blog's wise readers.
My target country is Singapore because its government is one of the few in the world that is not destroying its own currency, has relatively smart economic policies, and respects business. But I'm open to other suggestions. I've read elsewhere that it's not that difficult to open a bank account in Singapore as a US citizen and rent a safe deposit box.
Apparently, it's legal to transport gold out of the US. So one strategy might be to buy gold here in the US and take it to Singapore. I've heard that there might be a limit--$10,000--but am not totally sure. The problem with this approach is that some TSA idiot will surely freak out, start asking questions, and possibly put me on a terrorist watch list. I don't want to raise a single eyebrow.
I've also been told that the properties of gold allow you to walk through the metal detector gate carrying it. That would allow gold coins in your pocket to sneak through undetected. But that limits the practical amount of gold sneaked through to about $10,000, I think.
Another option is to buy gold in Singapore and then deposit it there. How can I do this? Can I withdraw, say, $50,000 from an ATM and buy gold and put it in safe deposit boxes (over several days with multiple trips)? Will a flag be sent to the USG because I'll be using a US bank account? Will anyone take a credit card (my credit limit is not as high as the amount of gold I want to buy unfortunately)?
Can I wire the funds to a Singapore bank, and will that raise any flags with the USG?
Apparently, US citizens with a passport do not need to obtain a visa to visit Singapore.