We are looking to acquire 50 to 100 oz of silver to offer is as a payout option for our FastCash4Bitcoins service.
The best prices can be obtained by buying a sealed mint transport box (500 oz of silver). Due to their universal appeal and low premium we most likely will go 1oz Canadian Maple Leaf's. 200 oz is roughly $17,000. We would prefer not to lock up that much capital so we are considering a group buy so that we can secure the lowest possible price while reducing our capital outlays.
The coins
1 oz 2012 Canadian Maple Leaf
Diameter: 38 mm
Thickness: 3.29 mm
We will be looking to buy a sealed "monster box".
The box comes with 20 mint tubes containing 25 coins (25 oz) each.
Customers purcashing 25 coins (or multiples of 25 coins) will receive a complete unopened mint tube.
Estimated cost
Prices are in USD but all payments will be by BTC.
Single Coin:
Spot price at time of bulk purchase + $7 per coin
Silver spot price is currently ~$31 to this would be ~$38 per coin
25 coin tube:
Spot price at time of bulk purchase + $5 per coin
Silver spot price is currently ~$31 to this would be ~$36 per coin or ~$900 per tube.
4 or more coins tubes (25 coins ea):
Spot price at time of bulk purchase + $4 per coin
Silver spot price is currently ~$31 to this would be ~$35 per coin or ~$875 per tube.
Shipping - US Only
For 1-18 coins:
Coins will be secured in a flat cardboard coin mailer and then put inside a padded envelope.
First class mail (no tracking): $1.00 (max of 8 coins).
Priority mail (with tracking): $6.00
Express mail (with tracking): $20.00
For 25 coin tubes:
Priority Mail (estimate): ~$10.00 for first tube plus $1.00 for each additional tube
Express Mail (estimate): ~$30.00 for first tube plus $5.00 for each additional tube
The Plan
Step 1 <- You are here
Gauge interest. Gather ~400 to 450 oz of reservations. At this point reservations are non-binding. We just need to know that you are interested and how many coins. You can reply in thread or send us a PM.
Step 2
Once we have interest for at least 400 oz we will create a deposit site. We will collect a $25 deposit per coin (current MtGox prices at the time of deposit) and a $400 deposit per tube. Once you place a deposit it is binding. However you can transfer your deposit to another users.
Step 3
Once we have deposits for 400 oz we will purchase the 500 oz of bullion. This process may take up to two weeks (although it hopefully will be much faster). Remember we need to receive the deposits, liquidate the bitcoins, place the order for the silver, wait for it to be shipped, and receive the silver coins. Once we place the order it will lock the spot price and we can provide final prices to buyers.
Step 4
Buyers can then login to the deposit site, pay the balance of their order and have their coins shipped.
Interested? Questions? Comments?