I have to forward this message from Jim Turk describing how to buy a bar to bail into the GoldMoney system. I didn't realize it was so easy, and could be purchased at the SPOT price. SnowDog > Buying an LBMA bar (each weighs approximately 400 ounces) can be easy. And few people realize that you can buy them at cost (or near cost). > > The easiest way to buy a bar is if you have a bank account with one of the LBMA banks, such as HSBC. See the list of LBMA member banks at http://www.lbma.org.uk/members_list.html. Go into your branch where you have your checking/savings account and tell them that you want to purchase an LBMA bar on the London am or pm fix, and that you will pay for this purchase by having them debit the money from your account with them. After they give you a blank stare, give them the telephone number of their bullion office in London (these are listed at the LBMA site for the different LBMA member banks), and ask them to call their bullion trading desk. Their bullion trading desk in London will tell your branch what they have to do to complete the transaction for you. And obviously, you will need the money in your account before they will take your order. > > Here's the important point. Be sure to tell them that you want to buy the bar on the London fix. You will need to tell them whether you want the am or pm fix. Either one will do, and you will get whatever the price is at the fix you choose. And you will get the bar at that price without any commission. For example, let's say you buy the bar at the pm fix, and the fix that day is US$268.30 per ounce. And the bar they sell you is 402.311 ounces. Therefore, they will debit $107,940.04 from your bank account with them. That's the purchase price; there is no commission. However, I have seen some branches charge a $25 or so fee for their paperwork and their telephone call to London. > > There may be one other fee. Tell them that you would like to purchase an LBMA bar already in the VIA MAT vault in London. However, they may or may not be able to oblige this request. If they don't happen to have a bar available in the VIA MAT vault to sell to you, they will take a bar out of one of the other LBMA vaults in London, which means that VIA MAT will have to send an armored car to pick up the bar for you and take it to their vault. The fee for this service is around $75-to- $100 per bar, and it drops considerably on a per bar basis if several bars are being picked up and transported at the same time. > > Once the bar owned by you is in the VIA MAT vault, then VIA MAT and Euro-Dutch Trust Company will add the appropriate number of GoldGrams to your Holding. Using the bar above as an example, and the conversion rate of 31.1034grams/ounce, EDT will add 12,513.239gg to your Holding. As soon as the gg's are added to your Holding, these gg's are available for spending in GoldMoney. > > As you can see, it's a simple process, and low cost. In contrast to buying small bars or coins which have a premium over the gold price to pay for fabricating and other costs, there is no premium. The process I described above is the best way to get the most gold for your money. > > Now, if you don't have a bank account with one of the LBMA banks, the process is still simple, but it might cost you 0.5%-to-1% or so. This fee goes to the middleman. For example, if you buy coins from one of the big coin firms, they can sell you an LBMA bar in London in an LBMA vault, but they will charge you a fee for this service, which is not usually more than 1%. > > Hope the above is helpful. And remember, before adding a bar to GoldMoney, you have to let us know about it. You do this by completing the simple Store/Deliver request notice that you access from your Holding. > > Finally, do not contact VIA MAT or Euro-Dutch Trust Company directly over the telephone. They won't be able to help you because there is no way to prove to them over the telephone who you say you are. Your identity is established only by your and their access through GoldMoney. > > James --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
