50 shares of 100oz. Buy 1 or 10 or Spilt 1 with 10mates. 5% admin fee, time is money. +1 for CK bars!
Splitting it is easy..... I'm expecting the results of splitting 2 1000oz bars tomorrow or Monday. They are heavy MoFos!
I suggested this recently say about 2 months ago and some of us went down the path trying to find out more In the end, it's in the too hard basket trying to organise everyone together :/ Althought it being a great idea. To many people with to many varied ideas regarding how it would/should be conducted but the major issue is trust If you have ever gone into business with a good friend or business partner and you haven't properly documented a terms and conditions agreement you'll run into major headaches later. I know with two failed business ventures in this fashion. It all starts out with great intentions but eventually you'll have the bum head who will up set the apple card and your hard earn money will be lost - sorry for being a downer on the topic
wow millededge! Great Interest You raise a great note - entry point into the market...I would hope some of 'Tech's' instead of fundermental analysis guys here could help out with 'predictions'? i.e call $31 or $29 or whatever resistance level?
a problem might be how to divvy up the spoils..likely in 1000 oz bars.. alternatively, we end up settling in paper and rock beats paper
@hihosilver - not at all...pro's and cons comments are welcome... if this is all smoke then so be it...but were there lessons learnt from the previous attempt which could be corrected? I know this isn't something hatched together in a night...but if some basis was started ready for the future,everyone would then know T & C, contractual obligations, finances,etc
Following on from grinners ... People put in for multiples of 1kg bars. The physical gets delivered to Chateau de CK, he turns it into kilo bars for the participants. Cost per bar includes a premium for shipment to Chateau de CK, fabrication costs, and CK's time.
OK maybe if the 'delivery' (remember is POSSIBLY NEVER GOING TO BE RECEIVED instead compensation) is in 1000oz bars then the 'shares' are pretty easy to calculate...
I've looked into obtaining silver from the Tokyo Commodity Exchange before, looks like a pretty simple process.. Quotes: http://www.tocom.or.jp/souba/silver/index.html Delieverable Goods: http://www.tocom.or.jp/guide/brand/index.html Silver Futures: http://www.tocom.or.jp/guide/youkou/silver/index.html Membership is the only thing, probably need to trade via a broker: http://www.tocom.or.jp/marketaccess/membership.html Brokers: http://www.tocom.or.jp/marketaccess/brokerm.html
I tried to find the thread before I posted that last paragraph but I couldn't find it and gave up maybe look back when you have the time. I did speak to a very close friend of mine who worked in the futures and it was his advice plus my past experiences with businesss partners gone wrong that eventually brought me to the conclusion that is wasn't going to happen I always say " never give up " but with this knowledge at hand now I've learned from past lessons that it's best to run your own ship and if there are any problems at least you have no one else to blame.
Nice work Dan...I do know a broker who might help...he's not a Ag bull but is someone who's pissed at markets which run by there own rules...might be enough to bring him on board... If you do have some spare time, I think we would all be interested in understanding the process...or bullet pointing some 'key factors'?
One way to avoid the hassles of splitting the 5K would be to enter at a higher price than current, eg 5% over, and use that margin as refining to smaller bars. Treasurer would need to be a highly respected trader on the site. They have a reputation to uphold and would be more likely to already have some semblance of a method to keep sufficient records. I like the idea, but I think my finances are too much of a mess to commit anything more than about 20oz.
Thanks hihosilver I'll see if I can find the tread myself... I have been tempered to shuffle some coin around to pull this off in the past...still might...maybe that is the way forward and I'll run a blow by blow blog for the forums entertainment
Loxmyf thanks for the suggestion - seems we have four possible candidates who might fit the role you describe...IF THIS WAS EVER TO HAPPEN...big IF...would certianly like to see each share reasonably low (20-50 oz) so everyone who wanted to take part on the punt in calling delivery on a false contract
COMEX contract is delivered as 1000oz LBMA bars. Hmm, Perth Mint has 1000oz coming out of our ying yangs so why not just buy from us directly at $200 a bar?!? Am I missing something? Will you be able to get a 1000oz bar for $200 into Australia ex-COMEX after converting AUD to USD, sending to broker in US, paying brokerage fees, taking delivery then shipping back to Aust? Perth Mint Shop and Online don't sell 1000oz bar because of size and variable weights per bar, but I could arrange for them to be sold direct from our Treasury if you're that desperate!
