Topic: GOLD Asset Backed Security (ABS) - Closed (Read 5584 times)
The last GOLD accounts/asset holder details have now been paid out - there are a small number I received from Nefario/GLBSE without payment addresses whom I have emailed. The other new accounts which did have payment address have been paid. My understanding there are no more accounts and the list I have is final.
I can confirm receipt of my funds. I am pleasantly suprised how you dealt with this issue and would trust you again in the future!
I acknowledge your noble gesture to pay interest for the whole period the funds have been locked-in!
I acknowledge your noble gesture to pay interest for the whole period the funds have been locked-in!
Thanks Sarpar.
I can confirm receipt of my funds. I am pleasantly suprised how you dealt with this issue and would trust you again in the future!
I acknowledge your noble gesture to pay interest for the whole period the funds have been locked-in!
I acknowledge your noble gesture to pay interest for the whole period the funds have been locked-in!
UPDATE: I received a list of GOLD Asset holders / number of assets held and respective btc payment addresses from glbse a few days ago. As of tomorrow (13 Dec 2012) it will have been 11 weeks since GLBSE shut down without notice. I have just paid out interest for that period and principal to all GOLD Asset holders I know of. The interest was calculated at 0.88% per week x 11. The principal calculated as 0.01 x Number of GOLD Assets (face/issue value x number of assets held). The email from glbse indicated there may be others - any others I do receive will be paid out accordingly. NO interest will be payable beyond the current week. If I get time I will send a closing statement via email to each former GOLD Asset holder.
Thanks to all those who have been patient (thats just about all of you!). For the time being I have no plans to continue the GOLD Asset in any form.
Thanks to all those who have been patient (thats just about all of you!). For the time being I have no plans to continue the GOLD Asset in any form.
GOLD Assets Issued: 600,000
Issue Price per Asset: 0.01 BTC
Paying Interest Weekly: 0.88% of Issue/Face Value
Interest Paid: Thursday each week, Beijing Time
GOLD is 100% backed by physical investment grade gold bullion held in secure allocated storage.
The gold bullion held is free of debt and under no contractual liability to any third party.
Asset Backed Securities (ABS)
Metals are held through Secure Metals Pty Ltd (Australia) which has been created specifically for the GLBSE Asset Backed Securities - GOLD, SILVER, PLATINUM and RAREEARTH. Storage account verification information is available if you request.
Currently in Allocated Storage
Location: Sydney, Australia
Gold Troy Ounces: 27.0000 Oz
Brands: ABC Bullion 1 Oz Gold Bars, 999.9 Fine
Perth Mint 1 Oz Gold Nugget Coins, 999.9 Fine
http://en.wikipedia.org/wiki/Gold (Au)
Terms:
The GOLD Asset issuers reserve the right to buy back GOLD Asset at 103% of the 7 day average trading price on GLBSE.
The GOLD Asset issuers reserve the right to change the GOLD Asset paying percentage with 1 weeks notice to GOLD Asset holders.
The GOLD Asset issuers reserve the right to increase the physical gold bullion held in storage, and release more GOLD Assets.
The GOLD Asset issuers reserve the right to decrease the physical gold bullion held in storage and buy back GOLD Asset as required.
The GOLD Asset issuers will strive to maintain sufficient gold bullion to fully back the issue price of GOLD assets.
Should the GOLD/BTC Ratio decrease significantly for any reason, the GOLD asset issuers reserve the right to temporarily supplement GOLD Asset security with BTC.
How is the Capital Raised being used?
All BTC capital raised through this issue is being invested in BTC denominated investments, it is NOT being invested in physical gold. After interest payments to investors a portion of the BTC profits I generate go into purchasing more physical gold metal. New metal purchased will be added to storage for each respective Asset Backed Security (GOLD, SILVER, PLATINUM & RAREEARTH)
Can I cash out into Physical Metal?
Yes. But not directly from our storage accounts. The most efficient way to cash out into physical is I buy back whichever amount of your GOLD security you wish to convert, and I pay it either directly to you, or if I have a deal I can pass on at a bullion dealer that accepts BTC (such as Coinabul), then I can send your buy back payment direct. Please allow up to 3 days for me to process any request - if I am online I will do it asap. If preferable to you I can send your buy back payment direct to you, you can convert your BTC to the fiat currency of your choice and purchase direct from your preferred dealer.
Bitcoin/Precious Metal Investors
For bitcoin investors with a longer term view towards precious metals, this is a good way to generate income from your capital and leverage BTC price movements when the rates and prices are conducive. I support this! When the time comes I will likely be doing some of the same. I am keeping a healthy reserve of BTC specifically for the purpose of buying back GOLD assets at short notice (minimum 1 to 1).
Buy Backs
I am maintaining Buy orders for GOLD at 0.009 and 0.0095 to add liquidity for small investors who for whatever reason need or want to sell. Anyone with 10.00 BTC or more worth of GOLD assets who wishes to sell can contact me, I will buy back GOLD at face value shortly after each weekly interest payment.
You're welcome! 
Allocated Trust is registered now. An Australian Business Number (ABN) and Tax File Number (TFN) have been applied for and in the works.
About who's price or data is used to measure value of stored gold in USD - and the USD to BTC. For now I'm going off goldprice.org and the MtGox USD average. I am being ultra conservative. As volume grows it'll be worth getting prices updated automatically, posted in this thread hopefully.
This coming Thursday (Beijing time) would be a good time to buy if you are considering - I pay interest for the previous 7 days in the afternoon
Interest is paid out as: ((Total Number of GOLD Assets Sold/100) x Weekly Interest Rate)
Allocated Trust is registered now. An Australian Business Number (ABN) and Tax File Number (TFN) have been applied for and in the works. About who's price or data is used to measure value of stored gold in USD - and the USD to BTC. For now I'm going off goldprice.org and the MtGox USD average. I am being ultra conservative. As volume grows it'll be worth getting prices updated automatically, posted in this thread hopefully.
This coming Thursday (Beijing time) would be a good time to buy if you are considering - I pay interest for the previous 7 days in the afternoon
Interest is paid out as: ((Total Number of GOLD Assets Sold/100) x Weekly Interest Rate)
I will be interested in this especially when you get the business registration done. Will you have your own site to manage investment or will you use one of the existing exchanges such as btct.co ?
The latter is probably better for transparency so we know the price isnt being manipulated by the issuer and is in fact being set by the open market.
didnt see you posting quite a while. due to the sudden events it seems very likely to see our funds refunded. did you already receive shareholder data?
UPDATE: For those holding GOLD Assets - your coin is with me. Once I have accounts details from Nefario I will pay out the face value of all GOLD assets plus interest payments owing for the dates of the 4th and 11th of October 2012. I have not heard from Nefario thus far.
I've increased the weekly interest rate payment for GOLD holders. Starting with the coming Thursday payment, GOLD weekly interest will be calculated and paid at 0.88% per week. Up from the previous 0.73% per week. I've also updated the top post with Buy back details for anyone in need of selling their GOLD.
Thank you to all those who are holding GOLD assets!
Thank you to all those who are holding GOLD assets!
Bit low on funds. Mining equipment sux. :-(
Will come back to the issue!
Will come back to the issue!
You're welcome! Allocated Trust is registered now. An Australian Business Number (ABN) and Tax File Number (TFN) have been applied for and in the works.
About who's price or data is used to measure value of stored gold in USD - and the USD to BTC. For now I'm going off goldprice.org and the MtGox USD average. I am being ultra conservative. As volume grows it'll be worth getting prices updated automatically, posted in this thread hopefully.
This coming Thursday (Beijing time) would be a good time to buy if you are considering - I pay interest for the previous 7 days in the afternoon
Interest is paid out as: ((Total Number of GOLD Assets Sold/100) x Weekly Interest Rate)
Allocated Trust is registered now. An Australian Business Number (ABN) and Tax File Number (TFN) have been applied for and in the works. About who's price or data is used to measure value of stored gold in USD - and the USD to BTC. For now I'm going off goldprice.org and the MtGox USD average. I am being ultra conservative. As volume grows it'll be worth getting prices updated automatically, posted in this thread hopefully.
This coming Thursday (Beijing time) would be a good time to buy if you are considering - I pay interest for the previous 7 days in the afternoon
Interest is paid out as: ((Total Number of GOLD Assets Sold/100) x Weekly Interest Rate)
Thenks for the eladorate answer. This makes the issue clear for me.
I will consider investing.
Thanks for the patience.
Cheers! :-)
I will consider investing.
Thanks for the patience.
Cheers! :-)
First GOLD weekly interest payment has gone out.
Hi alatus, there's been some updates on the precise terminology appropriate here.
A Physical Gold Bullion Asset Backed Security (ABS) is what I have been asked to call it. For the time being I am going to keep at least double the USD value of bullion to the USD value of the BTC issued. It's actually a lot more and will stay this way until I am less edgy about the price of bitcoin.
A new Australian company Secure Metals Pty Ltd was registered today, A Trust will follow and hopefully be confirmed active tomorrow. The bullion will be transferred to the Trust and the company will act as corporate trustee - it's sole purpose is to hold the bullion being used to back this issue. I am not an Australian Tax Resident so not eligible to be the Director, though I still effectively control the entity and the bullion assets. There are serious consequences for me and the Director of Secure Metals Pty Ltd if the company acts fraudulently. I intend to move back to Australia in 1 to 2 years and ASIC or the ATO on my case, or worse my passport suspended for 5 years are the last thing I need. As the issuer, if I run into financial problems and need to buy out the GOLD assets then it will be done first with any bitcoin associated with the issue, then with my personal bitcoin and if that is still not enough bullion will be liquidated, proceeds converted to USD, then to BTC and then pay out the assets.
If you want to cash out of the GOLD assets into physical bullion then I will do this at spot price and you pay any dealer premium. Simplest way to do this is you find a suitable dealer near you and I'll transfer the BTC assets' value into cash and wire to the dealer - 1 to 3 ounces at a time is fine at the moment. Currently there aren't any holders with anywhere near enough to buy 1 ounce.
BTC raised through the issue of GOLD is being mixed with my own BTC and invested through numerous channels. All of it is being invested in bitcoin related ventures, deals, bonds, loans, deposits etc. Less than half of my own bitcoin is invested at this point and I have enough not invested to back all the proposed metals assets numerous times over if I have to.
A Physical Gold Bullion Asset Backed Security (ABS) is what I have been asked to call it. For the time being I am going to keep at least double the USD value of bullion to the USD value of the BTC issued. It's actually a lot more and will stay this way until I am less edgy about the price of bitcoin.
A new Australian company Secure Metals Pty Ltd was registered today, A Trust will follow and hopefully be confirmed active tomorrow. The bullion will be transferred to the Trust and the company will act as corporate trustee - it's sole purpose is to hold the bullion being used to back this issue. I am not an Australian Tax Resident so not eligible to be the Director, though I still effectively control the entity and the bullion assets. There are serious consequences for me and the Director of Secure Metals Pty Ltd if the company acts fraudulently. I intend to move back to Australia in 1 to 2 years and ASIC or the ATO on my case, or worse my passport suspended for 5 years are the last thing I need. As the issuer, if I run into financial problems and need to buy out the GOLD assets then it will be done first with any bitcoin associated with the issue, then with my personal bitcoin and if that is still not enough bullion will be liquidated, proceeds converted to USD, then to BTC and then pay out the assets.
If you want to cash out of the GOLD assets into physical bullion then I will do this at spot price and you pay any dealer premium. Simplest way to do this is you find a suitable dealer near you and I'll transfer the BTC assets' value into cash and wire to the dealer - 1 to 3 ounces at a time is fine at the moment. Currently there aren't any holders with anywhere near enough to buy 1 ounce.
BTC raised through the issue of GOLD is being mixed with my own BTC and invested through numerous channels. All of it is being invested in bitcoin related ventures, deals, bonds, loans, deposits etc. Less than half of my own bitcoin is invested at this point and I have enough not invested to back all the proposed metals assets numerous times over if I have to.
Summary - as I understand:
This is a "lending" type operation. You offer as collateral approx. 6000 BTC worth of physical gold bullion stored in a vault.
You then use the BTC You get from the IPO, make profit and then pay "interest" of 0,73% per week, that is in case of an issue value of 0,01 an interest of 0,000073 per week per "bond".
This interest comes from the profits You make from the 6000 BTC of the IPO - in whatever way You like.
You offer to hold the value of the "bond" constant measured in USD versus the price of gold in USD. At what price? London morning fixing? Or how?
What if BTCUSD moves? (up, down)
What if XAUUSD moves? (up, down)
You say, You add BTC or gold. Financed from what? You use the BTC for whatever purpose to make profit and pay out interest. What is the exact strategy for the "value correction"? (source of funds, correction frequency, index, to whoch You peg Yourself...)
In case of default - defined as not paying the interest fee? (I can think of no better definition, since this "bond" does not have a maturation date...) - You, or better a legal entity makes the collateral available for the creditors. Ok. But precisely how? Through GLBSE? And in what form? Transfer of ownership with the storage vault as constant? Or can I ask for the gold to be delivered to me? Costs?
I am getting a bit more of a picture, but it is still vaugue.
Please, bear with me...
This is a "lending" type operation. You offer as collateral approx. 6000 BTC worth of physical gold bullion stored in a vault.
You then use the BTC You get from the IPO, make profit and then pay "interest" of 0,73% per week, that is in case of an issue value of 0,01 an interest of 0,000073 per week per "bond".
This interest comes from the profits You make from the 6000 BTC of the IPO - in whatever way You like.
You offer to hold the value of the "bond" constant measured in USD versus the price of gold in USD. At what price? London morning fixing? Or how?
What if BTCUSD moves? (up, down)
What if XAUUSD moves? (up, down)
You say, You add BTC or gold. Financed from what? You use the BTC for whatever purpose to make profit and pay out interest. What is the exact strategy for the "value correction"? (source of funds, correction frequency, index, to whoch You peg Yourself...)
In case of default - defined as not paying the interest fee? (I can think of no better definition, since this "bond" does not have a maturation date...) - You, or better a legal entity makes the collateral available for the creditors. Ok. But precisely how? Through GLBSE? And in what form? Transfer of ownership with the storage vault as constant? Or can I ask for the gold to be delivered to me? Costs?
I am getting a bit more of a picture, but it is still vaugue.
Please, bear with me...
Terminologies mistake I apologize.
http://www.investopedia.com/terms/c/commodity-etf.asp
Actually what you are describing is a bond using a commodity as
collateral (to an extent). These are really two separate things, to do
this there should be an ETC for silver/gold, and then a bond issued
that is backed by this asset.
http://www.investopedia.com/terms/c/commodity-etf.asp
Actually what you are describing is a bond using a commodity as
collateral (to an extent). These are really two separate things, to do
this there should be an ETC for silver/gold, and then a bond issued
that is backed by this asset.
I think I'm going to do a a real Silver ETF. I was going to before when I posted this:
https://bitcointalksearch.org/topic/physical-silver-etf-on-glbse-76318
I backed off because I saw this GOLD and SILVER were already made. But it looks like it's just an opportunist out to make money and not really someone serious about providing physical asset ownership, though. Given that he buys and sells domains it sounds like he's just GLSBE ticker squatting on GOLD and SILVER. Whatever.
https://bitcointalksearch.org/topic/physical-silver-etf-on-glbse-76318
I backed off because I saw this GOLD and SILVER were already made. But it looks like it's just an opportunist out to make money and not really someone serious about providing physical asset ownership, though. Given that he buys and sells domains it sounds like he's just GLSBE ticker squatting on GOLD and SILVER. Whatever.
The point is that a gold bond would simply entitle the bond holder to some amount of gold per share. Period.
It wouldn't have anything to do with a domain business. It wouldn't pay out dividends from non-gold sources of income. It wouldn't matter what the price of gold or BTC does.
If the price of BTC rises to $100 and gold remains flat then the price of the bond would simply fall 95% because each share in BTC is now worth less.
You seem to be just combining a bunch of mismashed concepts together and calling it a Gold bond.
It wouldn't have anything to do with a domain business. It wouldn't pay out dividends from non-gold sources of income. It wouldn't matter what the price of gold or BTC does.
If the price of BTC rises to $100 and gold remains flat then the price of the bond would simply fall 95% because each share in BTC is now worth less.
You seem to be just combining a bunch of mismashed concepts together and calling it a Gold bond.
Edit out
Jump to: