Topic: Gold And Silver Maple Leaf Coins To Sell For Bitcoins [CLOSED] - page 2. (Read 8370 times)

I've been a small dealer in gold and silver Maple Leaf coins for 3 years.  I normally exchange face to face to reduce risk, but my local client pool is small.  Ebay is no good because of potential chargebacks.  The payment must be non-repudiable.  Other methods of electronic payments have fees that are too high for the low margins of bullion coins.  I carefully examined the underlying math of Bitcoins and have found it vastly superior to paper fiat currency.  I'm willing to make a market exchanging Bitcoins for gold and silver subject to the following conditions that are necessary to reduce my risk:

• Bitcoins must be received in my wallet before I ship out the coins.
• Shipping charges are my cost to Canada Post. Registered Mail proving I sent them is available for $8.10 to Canada and $13.95 to the US.  1/10 ounce gold coins can be shipped for $0.59 to Canada, $1.03 to the US and $1.75 internationally.  One ounce silver and one ounce gold coins have to ship as a "parcel" for about $10, or higher if you want large quantities or faster delivery.
• Shipping risk is on the buyer.  I estimate a 1/200 chance of non delivery based upon Ebay feedback data.
• Premiums above spot are approximately 5% for 1 ounce gold, 16% for 1/10 ounce gold and 12% for 1 ounce silver.
• It appears that converting a large quantity of Bitcoins back to the Canadian cash my bullion wholesaler requires will cost me about a 5% commission.  If you can provide this side of the transaction (Bitcoins to something like Interac e-Transfer) for low commissions, please post.
• The above doesn't include any labour or risk profit to me.  If you would like me to provide this service for a long period, then a small profit margin will be required.

A People's Court episode indicated that a seller who couldn't prove shipping, through something like registered mail, received a judgement against him.  If you don't want to pay the extra registered mail fees, you have to agree not to sue me in court.

As a new poster without a history here, let me know what proof of my identity and reliability you require before you feel comfortable making a trade.  This information will only be revealed in an e-mail to a potential client, because there was a recent theft in Vancouver, BC of $750,000 in silver after the investor revealed his identity.  For those who wish to receive gold and silver for your Bitcoins, please post your bids.  Thank you.