>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.
>
That's absolutely remarkable - I might go buy one.
I always thought it was a huge hassle buying LGB bars, and was just
having a converstion to that effect -- I guess I was wrong.
This is critical information!
the BIG question -- will e-gold accept these bars being bailed into
the e-gold system?
e-gold?
>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
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