Will sell a 100oz and 2 1Kg bars to join the club, just need to investigate what happens if they deliver, do we have to have it shipped here at cost to us?
Hey greyman68 - why not investigate what happens yourself? why not find out what costs are involved to ship it here at cost? Hey boston - why not find out what will be the precise delivery/insurance cost? I always say " the answers are only coming to you as quickly as you are going to them "
I'm going to try and find out more myself in the next few days/weeks. I don't expect this all to come together in one night
i might weigh on with some coin if it comes together have to wait & see the whole deal on paper with the ins & outs
renovator - I think your missing the point, I think most of us can chip in the $$ however, we need to find a small pieces of the puzzle regarding what's involved which such a purchase. We are all amateurs here ( i think anyway?) and I don't think we'll have any problem comming up with the $$ it's having all the parts fit in the end and I'm sure you too can contribute in some way. Did you ever here if the 6 degrees of separation? I'm sure you know somebody who knows somebody will give you some piece of the puzzle which will help the group.
MB Trading do a Comex miNY silver/gold/copper (your choice) futures contract with a min $2.000 margin acc entry that works the same as the full contracts the big boys play. As allready stated though, as quick as you make it you can lose it if your not on the ball! Elephants/Ants etc.. etc.
Be careful fellow stackers, Be very very careful. Remember a half a loaf of bread is better than none. Regards Errol43
It is important to recognize and research the differences between comex contracts and stacking physical silver, whilst silver is in a bull market, it only takes a short sharp reversal, and it would concern me members could need to consider the possibility of a $150,000 loss not a gain of fiat or silver, whilst it may not go that way, it is silver and temporarily anything is possible, do due diligence and only ever gamble with what you can afford to lose, that way it can all stay fun. A much better gamble than a lottery ticket i'd say.
There is a CIGA on jsmineset.com J B Slear(sp?) who supposedly will help people take delivery. He can probably answer the question of importing the gold to AU.
dccpa - who and what is this CIGA on jsmineset? can you be more precise please? pete - I see those guys (mbtrading.com) are based in California where as I'm based in Sydney. I don't know about you but I would much prefer to deal with people that I can actually get my hands on if something goes goes wobbly. More details will be required. My gut is telling me to watch out with this business because he has a "google search bar" on his page. I know I could be wrong here but that's a red flag for me...any reputable financial business would not be relying on google adsense to generate income (the mind wonders?) I could be wrong too I'm catching up with a old friend of mine who once worked as a futures trader now working in another financial role to ask him what he thinks. He will shoot from the hip and I'm actually looking forward to the catch up.
Agreed hihosilver, i am based in Adelaide and would prefer an Aust representation as well, just threw previous threads out there to add to the information machine.
Guys if you intend to purchase and take deliver, margin is not an issue. I.E. if you have 150k together to pay out the contract. It's only an issue if you are buying on margin. All it could mean is that a bit more of the cost is paid earlier. Buying a futures contract is just that - paying to secure the right to purchase silver at a given price down the track. The risk is of course that it costs less to buy silver then than you contract for. You still get your silver, you just pay more for it than you would if you had simply waited.
hi Forge, Yes, I think everyone who is considering this topic should read this a few times http://buying-gold.goldprice.org/2008/10/how-to-buy-gold-and-silver-on-comex.html It does sum it up really well for the time being.
I know I said earlier "I don't expect this all to come together in one night" but alas I think it has :/ I have had a good chat with a close friend who explained clearly why would I need to buy a contract to take delivery? when by buying via a reliable bullion dealer would be the easiest way to obtaining physical. He really just pointed out the bloody obvious and sometimes you simply don't see the woods through the trees Why would you have 30 individuals all contribute a sum of money into one bank account to basically buy $180K of contract silver in Chicago expecting that in the end you would all ultimately receive the physical, when you can simply purchase it from your bullion or maybe even direct from the silver mine itself. Taking into consideration a brokerage fee, shipping fee, AUS$ movements, Importing fees, misc fees, high lighting the fact that you as an individual took possession of such amount of physical to a chain of faceless people along the route of receiving the goods. All of which could leak out to unscrupulous people that you indeed have that much silver at hand. So, my conclusion is that I personally think this topic is not worth the time/effort. On the other hand, if any of you want to take the chance of margining that contract at $11,745 and perhaps selling or trading it before it expires to make profit then feel free to do so but this chap will pass on it Maybe finding a silver mine based in Australia and purchasing physical silver directly is the best way to cut out the middle men margin. Any input on that topic may be the way forward on this thread?
Yes, the risk is nice but I rather better odds for this to work. When you take into consideration all the variables involved, my experience in business says this won't work out well. Even if we take the physical in the end the variables are many and not worth the effort. I think if personally had the $$$ to back up the margin I would take the risk myself but trying to organise 30 different opinions the challenge is not worth the reward.
