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Even worse than that. You are not allowed to re-melt your piece of gold if that item has a serial number on it. Basically most smiths run an official registry.
by joering2 10y ago
Even worse than that. You are not allowed to re-melt your piece of gold if that item has a serial number on it.
Basically most smiths run an official registry. Even though a gold bullion is yours, most countries will forbid you from melting it into something else and destroying serial number in process, just like even if you own your house you cannot set it on fire. There are penalties including jail time. Its irrelevant if you put same serial number back on remelted PM.
- saganus 10y agoReally? Wow. Do you have some links for this? I did not know that and I'm not sure why would you get jail time for that. I mean, what is the rationale? Is it about somehow preventing transfer from a legal market to an unregulated one? I get that you can't mint your own gold coins or bars, but why not melt them? I'm very intrigued by this.
- nradov 10y agoBullshit
- petre 10y agoYou would probably lose value by melting minted gold bullion anyway. It would effectively convert a standardised unit of value into black market gold.
- joering2 10y agoNo you won't lose value. You make up by selling more of a smaller portion as smaller gold is rarely sold on exact ticker value. It is much easier and faster to sell 10 x 100g tabs than 1 x 1kg.
- conanbatt 10y agoBut theres a cost in re-minting the gold into a bullion, which if its the way of consumption that takes more demand it would end up costing more. Its obvious whatever that such rules can hardly be enforced. Sidestory: Argentina had an issue with inflation making coins worth less than their metal, and the bus lines (which were coin operated) turned out to be hoarding coins for reselling.