Moving a six-figure Audemars Piguet or Patek Philippe watch through an airport would be much easier than the equivalent in gold or cash, even at 50% value. A watch roll with four watches in it could be the same value as 4-5 lbs of gold. If you needed something that you could cash in anywhere on the planet fairly quickly, gold would be the best option. But if you wanted max value, minimal scrutiny and had time at the other end to set up legit buyer, extremely high-end watches would be a pretty optimal option.