Gold has been used as currency and a store of wealth for thousands of years. Some choose to invest in gold coins and bars while others have begun storing wealth in 24k gold jewelry.
The old saying “If you don’t hold you, you don’t own it” certainly applies to precious metals and wealth. Accumulating precious metals is an excellent store of wealth that can assure financial stability.
However, gold coins and bars can be subject to certain restrictions as a monetary instrument while traveling or moving internationally. Customs and border agents receiving training in identifying gold coins and bars as a way of concealing wealth. Typically, gold jewelry can be worn or packed in a carry-on bag and goes largely unnoticed.
Common gold jewelry is often an alloy of gold and other metals with a high retail markup that makes it ineffective as a store of wealth. However, there is a growing trend with 24k gold jewelry that you can buy with a relatively low premium. Because it’s pure gold, 24 karat gold jewelry holds its value relative to gold spot price.
Difference Between 24K (Pure Gold) and 18/14K Gold
Karat gold is measured in karats. Pure gold consists of 24 karat. This means that all 24 out of 24 parts of the metal are pure gold (99.9% pure gold). There is no higher form of gold than 24 K that can be called pure gold. Without traces of any other metals, pure gold will not tarnish or decay, keeping its luster forever. Therefore, 24K gold can be called “Eternal Gold”.
18 K gold is 75 percent gold mixed or alloyed with other metals such as silver or copper. 14K gold contains 58% gold alloyed with 42% silver or copper. 10K gold is 42% gold mixed with 58% of other metals.
24k Gold Jewelry is Wearable Wealth
Using 24k gold jewelry as a store of wealth has benefits over traditional precious metals investments such as coins and bars.
During in the Great Depression, on April 5, 1933, then President Franklin Roosevelt signed Executive Order 6102 which made it illegal for citizens of the United States to hoard gold coins, gold bullion and gold certificates.
The rationale behind the Executive Order was that by hoarding precious metals people were stalling economic growth and making the depression worse. Ownership of gold coins and bars continued until the order was repealed in 1974.
While it’s unlikely to occur again, the thought of possible gold confiscation by the Federal government has historical basis and could happen again during trying economic times.
Some items, such as numismatic coins and jewelry, were exempted from the ban on gold ownership.
Traveling with 24k Gold Jewelry
To travel with more than $10,000 in cash you must legally declare it ahead of time. If properly declared, it is not illegal to carry large amounts of cash when traveling. However, carrying large amounts of cash does open you up to unnecessary scrutiny by customs and TSA officials who may become suspicious which could lead to seizure.
Wearable wealth in the form of 24k gold jewelry is relatively easy to conceal while traveling. Numerous options exist, such as fashionable bracelets that contain 1 troy ounce of pure gold. These 24 karat gold bracelets can be bought for a small premium over the gold spot price. The premium is similar to those on government issued bullion coins like the American Gold Eagle or Canadian Gold Maple Leaf which makes them an excellent investment alternative to traditional coins.
Besides gold bracelets, many online bullion dealers have begun to carry 24k gold necklaces, rings and other items that can go unnoticed while traveling. Some online bullion dealers also carry accessory items, such as buttons that can easily be sewn onto shirts or scarf rings that are simple to wear.
Storing wealth in 24k gold jewelry will make traveling and transporting some of your assets simpler and easier, and it can always be accessed in times of need.
And since it’s gold, it can also be an insurance policy while you’re traveling in the event you need money. It can be sold much more easily and at a better price than costume jewelry.
