Topic: USPS DOES NOT INSURE BULLION! - page 2. (Read 10781 times)
"Sending gold bullion from one person to another requires a certain process. Since FedEx and UPS do not offer insurance or allow gold or jewelry, it is best to ship gold bullion via the US Postal Service. Keeping this in mind, sending and insuring a package of gold bullion through the mail is hardly any different than sending any other priority mail package. If the value of the gold is over $25,000, it will need to be send via Registered Mail."
Big players like APMEX buy their own insurance from insurance companies. Yeah sure they have a guy that takes stuff down to their local post office... 
Besides your $20k is peanuts to APMEX. They let the janitor sweep that much off the shipping floor at closing time and put it in his pockets. lol
I would find the USPS web page where they say they don't insure bullion, but I've already done it plenty of times on other forums. It's buried on an obscure page somewhere and it's not easy to find. I should bookmark it, but I don't feel the need to prove the point another time. Like I said, go ahead and insure bullion with USPS. It's no skin off my nose!
Your link does make it seem like they insure bullion. However, it doesn't say "bullion". It says "gems, jewelry, and precious metals". Is it possible that they make a distinction between bullion and precious metal? I think what they mean here is jewelry. To determine the value of a piece of jewelry you would have to add the value of the gems to the value of the "precious metal" in the piece. This doesn't say bullion which is what I'm talking about.
Besides your $20k is peanuts to APMEX. They let the janitor sweep that much off the shipping floor at closing time and put it in his pockets. lol I would find the USPS web page where they say they don't insure bullion, but I've already done it plenty of times on other forums. It's buried on an obscure page somewhere and it's not easy to find. I should bookmark it, but I don't feel the need to prove the point another time. Like I said, go ahead and insure bullion with USPS. It's no skin off my nose!
Your link does make it seem like they insure bullion. However, it doesn't say "bullion". It says "gems, jewelry, and precious metals". Is it possible that they make a distinction between bullion and precious metal? I think what they mean here is jewelry. To determine the value of a piece of jewelry you would have to add the value of the gems to the value of the "precious metal" in the piece. This doesn't say bullion which is what I'm talking about.
Go ahead and insure bullion with the USPS. No skin off my nose! 
Well APMEX shipped me $20,000 in silver by ..... insured Registered mail.
If shipping by anything other than Registered Mail you would be correct. That is why registered mail exists.
Go ahead and insure bullion with the USPS. No skin off my nose!
http://pe.usps.com/text/dmm300/609.htm
Section 4.1 o
Gotta read the fine print, and I agree with D&T sorry your wrong.
Section 4.1 o
Gotta read the fine print, and I agree with D&T sorry your wrong.
You got to read the RIGHT print. That is for express mail. USPS doesn't insure gold, jewelry, cash, or other negotiable assets (even giftcards) unless shipped by REGISTERED MAIL.
Quoting the regs for Express mail to "debunk" a statement about Registered mail is well silly.
Per the same link:
Quote
Insurance for loss or damage to insured, registered, or COD mail within the amount covered by the fee paid or within the indemnity limits for Express Mail as explained in 4.2 is payable for the following:
a. Actual value of lost articles at the time and place of mailing (see 4.1n. for bulk insured articles).
...
g. Fair market value of stamps and coins of philatelic or numismatic value, as determined by a recognized stamp or coin dealer or current coin and stamp collectors newsletters and trade papers.
...
o. Except for Registered Mail, the maximum indemnity for negotiable items (defined as instruments that can be converted to cash without resort to forgery), currency, or bullion, is $15.00.
a. Actual value of lost articles at the time and place of mailing (see 4.1n. for bulk insured articles).
...
g. Fair market value of stamps and coins of philatelic or numismatic value, as determined by a recognized stamp or coin dealer or current coin and stamp collectors newsletters and trade papers.
...
o. Except for Registered Mail, the maximum indemnity for negotiable items (defined as instruments that can be converted to cash without resort to forgery), currency, or bullion, is $15.00.
I repeat, USPS DOES NOT INSURE BULLION. Period.
AHEM.
http://faq.usps.com/eCustomer/iq/usps/request.do?create=kb:USPSFAQ&view()=c%5Bc_usps04233%5D&varset(source)=sourceType:embedded#Can
Quote
You must declare the full value of the mailpiece when presenting it for mailing. Registered Mail may be sent without postal insurance only if the item has no value. Postal insurance is available in values of $0.01 to $25,000.00. The declared value of an item can be determined using the table below:
Jewelry, Gems, Precious Metals - Market value
Jewelry, Gems, Precious Metals - Market value
You can repeat false statements as much as you want but it doesn't magically make it true.
I repeat, USPS DOES NOT INSURE BULLION. Period.
http://pe.usps.com/text/dmm300/609.htm
Section 4.1 o
Gotta read the fine print, and I agree with D&T sorry your wrong.[/s]
Quoted Express Mail...whoops...Close but no Cigar for me...
I repeat, USPS DOES NOT INSURE BULLION. Period.
They don't make a big deal about not insuring bullion. If you try to insure bullion, they will take your money. However if your bullion is lost, you are in for an unpleasant surprise.
I am not even going to try to find where on their website they say this, but it is there. You really have to dig but it's there. Your average Post Office employee doesn't know this. However in the event your bullion is lost and you are assigned an investigator, the investigator will know!
They don't make a big deal about not insuring bullion. If you try to insure bullion, they will take your money. However if your bullion is lost, you are in for an unpleasant surprise.
I am not even going to try to find where on their website they say this, but it is there. You really have to dig but it's there. Your average Post Office employee doesn't know this. However in the event your bullion is lost and you are assigned an investigator, the investigator will know!
USPS will insure bullion, $100,000 bearer bonds, even bags of cash (yes literally USPS will insure a bag of cash being shipped) but ..... IT MUST BE SHIPPED REGISTERED MAIL. This requires taking the item to the post office with package unsealed, and declaring contents, and USPS worker will seal it in your sight. There will exist an unbroken chain of custody from every employee who has transfers ownership of the package (i.e. USPS knows exactly who to arrest when the item goes missing).
Insurance for loss or damage to insured, registered, or COD mail within the amount covered by the fee paid or within the indemnity limits for Express Mail as explained in 4.2 is payable for the following:
g. Fair market value of stamps and coins of philatelic or numismatic value, as determined by a recognized stamp or coin dealer or current coin and stamp collectors newsletters and trade papers.
o. Except for Registered Mail, the maximum indemnity for negotiable items (defined as instruments that can be converted to cash without resort to forgery), currency, or bullion, is $15.00.
g. Fair market value of stamps and coins of philatelic or numismatic value, as determined by a recognized stamp or coin dealer or current coin and stamp collectors newsletters and trade papers.
o. Except for Registered Mail, the maximum indemnity for negotiable items (defined as instruments that can be converted to cash without resort to forgery), currency, or bullion, is $15.00.
If you are paying extra for insurance on bullion shipped via USPS, you are wasting your money. That's because the USPS DOES NOT INSURE BULLION. I have seen people advertise bullion on here and say that you can insure it, when it looks like they're shipping USPS. Experienced bullion traders know this. It's on the USPS website somewhere in the fine print.
To me, saying that you can "pay extra" for insurance on bullion shipped via USPS borders on scam. I am assuming that people advertising this simply aren't aware that the USPS doesn't insure bullion. If they are aware of that, it's simply a scam that lets them off the hook if the shipment is lost. They could say "You shoulda bought insurance!" Also traditionally if a shipment is lost in transit it is the seller's duty to make it right.
That's why I ship FedEx. Yes FedEx is more expensive but INSURANCE IS INCLUDED in the shipping price.
http://www.bonanza.com/booths/SolidSilver
We take bitcoin! 
To me, saying that you can "pay extra" for insurance on bullion shipped via USPS borders on scam. I am assuming that people advertising this simply aren't aware that the USPS doesn't insure bullion. If they are aware of that, it's simply a scam that lets them off the hook if the shipment is lost. They could say "You shoulda bought insurance!" Also traditionally if a shipment is lost in transit it is the seller's duty to make it right.
That's why I ship FedEx. Yes FedEx is more expensive but INSURANCE IS INCLUDED in the shipping price.
http://www.bonanza.com/booths/SolidSilver
We take bitcoin!
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