Pooling for silver pricing...

[Fluff and Stuff]

What's your Charisma, TN-FSP?

Arrrr, I'm a pirate looking for bounty, I don't understand big words 

[Eli]

Pan Am is up to 600 Ounces. Price is currently up to 10.32 an ounce.  The sooner we get this together the better our price, at least in the near term.

[BaRbArIaN]

I'd be in for at least 10 oz., maybe 20.  Of course we'd have to figure out a place to meet or where to send the money, arrange pickup/delivery etc.

[Eli]

Here's the plan as I see it.  Send checks to me (once we get 1000oz). We will base amount of check on the price for pan am rounds for 1000 0z on the day we reach 1000 oz.   I will cash the checks once all checks are received.  whe the checks clear I will an place the order for 1000 oz.  The day I place the order is the day we will get our price, ounces will be calculated based on funds sent (ie FRNs/price=oz).    I will make up any oz missing so that we get the 1000oz price.  Delivery will be made in Concord.  I have an agent there who can revceive and distribute bullion. Remaining (fractional/balance) FRNs will be returned with bullion to owners.  If you are far away from concord (like me) shipping will be extra, PM me and we can discuss details.

That is the draft idea.  Anyone see serious flaws?

[WES]

Eli

Very nice of you to coordinate all this. Thank you.

I do have a potential personal flaw with it. I get most of my gold / silver off of ebay...just bid on things until I get the item at the price I am willing to spend. Because of this, I may or may not have the funds to send you when the time comes to do this Silver Pool. It depends on what and how many good deals I have made on ebay. I am usually in the $$ in the beginning of the month,  sources dwindle by the middle of the month, and I am poor that last 10 days. (I  get paid once a month)

What I am saying is that I need to participate at the first of the month or I will be broke when the time comes. If I don't buy metals in the first of the month, I tend to piss away my $$ on pain, whiskey, and beauty.

[Fluff and Stuff]

Here's the plan as I see it.  Send checks to me (once we get 1000oz). We will base amount of check on the price for pan am rounds for 1000 0z on the day we reach 1000 oz.   I will cash the checks once all checks are received.  whe the checks clear I will an place the order for 1000 oz.  The day I place the order is the day we will get our price, ounces will be calculated based on funds sent (ie FRNs/price=oz).    I will make up any oz missing so that we get the 1000oz price.  Delivery will be made in Concord.  I have an agent there who can revceive and distribute bullion. Remaining (fractional/balance) FRNs will be returned with bullion to owners.  If you are far away from concord (like me) shipping will be extra, PM me and we can discuss details.

That is the draft idea.  Anyone see serious flaws?

When you say check, what do you mean?  Money order?  Cashier's check?  I plan to send a cashier's check as that will greatly speed things up.  Unless, you have a B of A account?

Also, how long may the money be stored in Concord?  Until Porcfest, maybe?

[Eli]

Well, from what DadaOrwell has said of NWT's 'timely' shipment of goods I would say the coin will definately still be there for Porcfest.  If not, I will make sure it is there for porcfest.  Cashiers check would be best for purposes of speedy purchase, out of state personal checks are held awhile.  But personal checks keep the money in your account and are less trouble if the purchase can't happen because someone fails to send their funding.

[Dreepa]

I live 8 miles outside of Concord.
I can hold it here if people want.

[Fluff and Stuff]

I live 8 miles outside of Concord.
I can hold it here if people want.

You people are great.

[Dave Ridley]

Well one thing I will admit is holding me back is that I've never met Eli, or have I?   I don't know anything about you other than you post here and live in state! 

[Fluff and Stuff]

Well one thing I will admit is holding me back is that I've never met Eli, or have I?   I don't know anything about you other than you post here and live in state! 

I thought he was a law dog from MD.  By the size of his karma, someone around here should know him.

[cpmarch]

I'm just getting started with bullion coins (and I'm nowhere near NH for probably 2-3 yrs), so this kind of pool isn't really for me.

However, I did find this over at the goldismoney forum:

5 (max) 2006 silver american eagles for $8.95 each, shipping free in US, courtesy of littletoncoin.com.  From http://www.littletoncoin.com hit the "Shop" link, then "Respond to an ad".  Use code "KL4100" (no quotes).  Supposedly the offer expires Jan 31, but they processed my order Feb 3rd, so they may still be accepting these.

Easy way to pick up 5 oz below spot, and without having to pay a premium or shipping.

Apparently they're based in... Littleton... anyone up there heard of them?

[Eli]

Dada, no, you don't know me.  Which is the question I've been hoping someone would bring up.  I've never met, in person (as far as I know) anyone on this site.  My name is Eli Senter.  I live in Baltimore.  And no one here has any good reason to trust me, except my words on these forums.  As far as I know, I'm not even a Tuath member yet,  I sent my contract to Alan last week but I don't think it has arrived.  I'd be glad to answer any questions that might assuage any doubt, but I know that if our seats were reversed, I would be at least as hesitant.  That's why I have been trying to keep everyone open to options.  I would be glad to administer the pool and have someone else act as trustee for the checks and silver, if that would make folks more comfortable.  I want this to work to everyone's mutual benefit.  It can't if everyone is not comfortable with me, as trustee.  So far no one who has expressed interest in pooling has noted a discomfort with me but I would understand any that did.

PS I am no legal beagle; my area of BA is in Political Science, and International Relations.  The Masters degree I am currently pouring money into is in Negotiation and Conflict Management(read mediation).  So I have had some interaction with the law, and may have to get a JD to ensure employment in my vocation, but I take a little umbrage at the title 'law dawg' ;-)

Feel free to google me, you?ll mostly find me.  PM me with questions or ask me here.  I'm very open.  If anyone wants another trustee just make a suggestion and we'll discuss it here.

[Eli]

PS 625 oz

[Fluff and Stuff]

APMEX is cheaper than PA. 
In fact, the 500 round rate for APMEX is lower than the 1000 round rate for PA.

http://www.nwtmintbullion.com/silver_panam.php
Pan American prices
Our Sell Price Per Ounce
50 to 99 $10.47
100 to 499 $10.42
500 to 999 $10.32
1000 to 4999 $10.27
5000 or more $10.22
Minimum order is 50 ounces
which equals
500 oz $5,160
1000 oz $10,270

http://www.apmex.com/itemswesell3.asp?orderid=0#silverbullion
APMEX prices
Price Breaks 1 - 99 = $10.33 ea. 
100 - 499 = $10.23 ea 
500 or more = $10.13 ea 
Plus $20 for S&H&I
which equals
500 oz $5,089.95
1000 oz $10,149.95

Here is a conversation I had with Rancemuhamitz of the FTL Forum about this. Rancemuhamitz is a Gold FTL AMPer.

Me

I am Keith from TN, a fellow FTL AMPer.  I am interested in investing a
small amount of money in metals such as silver as a hedge against the
dollar and the stock market.  You wrote the following post.  I am
interested in any info on this company that you are willing to share.  For
example, are you happy with your order, how long did shipping take, and
do you know anyone else that has used the comany?

Rancemuhamitz's previous quote.

I've purchased silver bars from http://apmex.com before.  They
seem like a good company to deal with, and the best/cheapest online
metals store I've found.  But you definitely need a secure place to keep
the metal.

Rancemuhamitz's reply to my questions.

I'm very happy what I've order, and plan on purchasing from them
again.  I don't know anyone else who has used them.  Their prices are based
on the current market prices, which have been sky-rocketing lately.  As
far as shipping, I think they are fairly quick.  I paid via ACH
transfer (directly from my checking account), which they offer you a slight
discount over credit cards, but paying with this method requires a 10 day
delay before your item is shipped.  I placed my first order in July,
and have already seen a 20% jump in silver prices.

My reply to Rancemuhamitz's reply.

Thank you.  A group of people from New Hampshire Underground are
thinking of pooling to get a good deal on silver.  See this thread,
http://forum.soulawakenings.com/index.php?topic=2626.0  May I post my
questions to you and your reply to that thread?

Rancemuhamitz's final reply.

Sure, feel free to post anything.  I don't make it to that forum very
often, but I'm registered under the same username there.