Perhaps there is a "physical arbitrage" you could take advantage of? By that I mean if you ever are in Los Angeles or other big US city, you could "back up the truck" buying gold and taking it back with you in person.
That assumes you have someone there in NZ to sell to.
If you take in/out of the USA over $10,000 in liquid assets (incs. gold coins), you must fill out the stupid US Customs form. You are free to bring in or out $1,000,000 or 500 oz of gold, but fill out the form. And whatever you have to in NZ as well.
Hey DCRB. I just noticed your comment. Believe me, I've thought about this a lot. In fact, the coins I bought from Gainesville were for resale here in NZ. Unfortunately, there were a couple of problems.
1). Spot price went down between when I bought them and when I got them.
2). I had to move money from NZD to USD and, of course, I lost a little there and then in the few days it took my trade to settle, the USD/NZD went down a bit more. So the delay can hurt you (obviously it can help too).
3). The best place to sell them here is an online site like ebay called trademe. Here's there success fees:
Up to $200 7.5% of sale price (50c minimum)
$200 - $1500 $15.00 + 4.5% of sale price over $200
Over $1500 $73.50 + 1.9% of sale price over $1500 (max fee = $149)
So even though there is about a 20% premium over spot and I get get it from Gainesville for about 10% over spot, the other parts of the deal have to go your way as well.
Anyway, I bought a monster box of ASEs that I'm just holding on to right now. I paid $23,900 for them and I see that I can get them for $21,900 at this site: http://www.bulliondeals.co.nz/store.html#ecwid:category=986260&mode=product&product=4096063
I just did some quicks sums and Gainesville will sell a monster box for $17,095. I think I paid $150 for shipping so that makes $17,245 the USD/NZD is 1.21435 however, I can only get about 1.22 for that amount of money from my currency exchange which comes out to $21,308.90. The guy above is selling them for $21,900 which is the best price as I've looked around a lot in NZ and some of these guys charge incredible premiums. Most are probably $1000 more at any given moment.
A quick check on trademe and I see that most ASEs are selling between $45 and $53. I paid $47.80 for each coin, so with the trademe success fee I'd lose money (At $53, it would cost me $4, plus any extras like photos, etc). I guess I'll just hold on to them for a bit.
There is another auction site that's free called sella.co.nz, but they haven't caught on yet. I look forward to that site gaining clientele.
I have a story to add about customs that I'll add to the thread that PMBug mentioned sometime soon.