Gold Worth $7.5M Seized from Small Car at Border Crossing

[n8rwJeTt8TrrLKPa55eU]

Couple of interesting videos on Bloomberg during the last couple of days:

On the Italy/Switzerland border:
http://www.bloomberg.com/video/on-the-scene-one-ton-of-gold-seized-in-small-car-GcljxRqRSHOURYhlYMcHOw.html

And as a bonus, for USA peeps:
http://www.bloomberg.com/video/the-day-the-government-took-our-gold-d_oPD_2KTayTnSpqco6kDw.html

Memo to Pento, Casey, Schiff, et al: tangibility can be a cruel mistress.  Transportability and resistance to confiscation have to be on the scorecard when comparing moneyness.  As an addendum to the truism "if you don't hold it, you don't own it", I'd add "if you can't take it with you, or plausibly deny having it, you don't own it either".

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[stumpper98]

Thanks for the links   

[myrkul]

Shoulda put it in a brainwallet.

[Spaceman_Spiff]

Yes, funny thing in a zero hedge article:the author was bragging about the fact that it was gold that was confiscated, and not fiat or bitcoins, as if being confiscated makes it more valuable.

Of course we know that bitcoins would never be confiscated at a border because you would have to be a total idiot to fuck up an international value transfer with bitcoin...

[Matthew N. Wright]

Title says "$7.5m", video says "almost $6m". Does anyone in news actually bother anymore?

Also, as an American living abroad, the more news I watch, the less I bother with the notion of returning "home".

[Charm Quark]

They took their gold!
http://suptg.thisisnotatrueending.com/archive/16074132/images/1314399398402.jpg
Dah tuk 'er derh!!!

[davidgdg]

Title says "$7.5m", video says "almost $6m". Does anyone in news actually bother anymore?

Also, as an American living abroad, the more news I watch, the less I bother with the notion of returning "home".

1 tonne of gold has a current market value of about US$ 50 million. Bloomberg are clueless.

[n8rwJeTt8TrrLKPa55eU]

Note how on the USA/Canada border, you are guilty until proven innocent:

http://news.nationalpost.com/2013/04/02/man-has-undeclared-10000-seized-at-border-after-exchange-rate-pushes-him-over-limit-to-take-from-country/

[bomboclat77]

Title says "$7.5m", video says "almost $6m". Does anyone in news actually bother anymore?

Also, as an American living abroad, the more news I watch, the less I bother with the notion of returning "home".

1 tonne of gold has a current market value of about US$ 50 million. Bloomberg are clueless.

Sure, 1 ton of .999 gold.

you cant be sure what this was.

[w00t]

I was wondering - was the car travelling to Switzerland (that would be worrying)

or

from Switzerland (that would be even more worrying)

which way it is?

[myrkul]

What if there was a gold coin.

If you want to ship your gold, you sell it to a local dealer,then you buy "it" back in another nation like Switzerland to have it stored there.

Yes, the Templars did this, back in the crusades.

[Spaceman_Spiff]

What if there was a gold coin.

If you want to ship your gold, you sell it to a local dealer,then you buy "it" back in another nation like Switzerland to have it stored there.

How many local dealers take a ton of gold?
Plus, you would still need to transport the euro notes (which admittedly should be easier than the gold).

[myrkul]

What if there was a gold coin.

If you want to ship your gold, you sell it to a local dealer,then you buy "it" back in another nation like Switzerland to have it stored there.

How many local dealers take a ton of gold?
Plus, you would still need to transport the euro notes (which admittedly should be easier than the gold).

If only there were a way a person could transport money with no physical proof... perhaps some sort of digital currency....

[Ekaros]

Must do wonders to fuel economy. Though with all that gold I don't suppouse it matters

[Logik]

If it's not in a private key, you don't own it.

Gold = ponzi.

[Ekaros]

If it's not in a private key, you don't own it.

Gold = ponzi.

Hmm, can you own a private key. Though it's certainly much harder to find out...

[myrkul]

If it's not in a private key, you don't own it.

Gold = ponzi.

Hmm, can you own a private key. Though it's certainly much harder to find out...

If you want to get technical about it, no. Private keys are data, so you can't own them. Best you can do is be in possession of the sole copy.

Now, if that copy is stored on some piece of hardware, in order to gain that key, the attacker would have to commit an act of Trespass. Brainwallets can only be accessed by another party if you a) give them the private key (bad idea) or b) they come up with it on their own (in which case, you probably picked a bad passphrase). Either way, no crime was committed when they used that knowledge rightfully gained to snag all your coins. It would be like accusing a man who picked up a suitcase that was left on the street of theft.

[Zaih]

Bloody oath. That's a fair bit of $$$ LOL

[theta]

Title says "$7.5m", video says "almost $6m". Does anyone in news actually bother anymore?

$7.5 = almost 6m euros.