Physical Silver Ownership Storage Idea

[420]

I have an idea.

If I have physical silver and you want to own it; but will let me hold it

Is anyone interested?

Almost like silver ETF, SLV

but actually Sprott physical because most of us should know the SLV doesn't have enough ounces for what shares they owe of supposed ounces

Obviously I'd post pictures etc.

An maybe this will just be an idea for another entrepreneur even one that can better accomodate (large physical supply, good security...)

[poly]

Why would anyone be?

[John (John K.)]

The whole idea of owning physical silver/gold is that it is on your hands and not someone else's. Without that feature, it's essentially no different to paper silver.

[420]

Why would anyone be?

Problem I see is people buy physical silver; and they have it shipped to them wasting extra fiat to move it there so that it can just sit doing nothing still.

Then if they decide to sell they have to ship or give to someone else

by eliminating the shipping charge; someone can hold the silver and maybe charge a small fee to transfer ownership by selling to someone

The buyer pays less because there's no shipping and the seller doesn't have to deal with moving it himself

Sort of like owning a stock

The whole idea of owning physical silver/gold is that it is on your hands and not someone else's. Without that feature, it's essentially no different to paper silver.

It's certainly close but hopefully the big difference is it's not some big bank or corporation holding it but a trusted person who eventually would be that small business owner of a silver storage and exchange

[johnniewalker]

I don't know about everyone else, but I LOVE to handle my precious metal. It gives me a hard on. You mention the cost of shipping being the only advantage to you holding someone else's silver. What are you going to do when they want to sell it? Broker it for everyone? No offense here btw. Entrepreneurial thinking is good.

[🏰 TradeFortress 🏰]

I should trust you more than a ETF.. I don't even trust ETFs for starters.

[eveisk]

Sort of like owning a stock

Unless silver is in hand it's as worthful as the piece of paper it's printed on.

First rule of PM's - take delivery!

[420]

Thanks for opinions guys!

But I do know some people trust ETF's and other people holding your silver.

There are scammers in the community but also very good people here that we can trust

the problem is knowing who's who

[TTBit]

I'm doing this now! I am planning on making a thread in goods section. Started March 5. I am currently storing 1990 dimes that trade as DYM on ripple. Current bid is $2.09 for a silver dime, offered at $2.19. There have been a few large trades of 100+ DYM. Free US Shipping when you redeem! Details in my thread, but I don't own any of the dimes. I have already had a small redemption, and given out my physical address to forum members to send me more dimes.

If you redeem DYM with me, I will take a photo of your dimes and you can post them for sale on ebay. After the auction is over, you can direct me to ship to the buyer. PM me for an address, I take all 90% (dimes, quarters, halves).

https://bitcointalk.org/index.php?topic=149533.0

[usagi]

I have an idea.

If I have physical silver and you want to own it; but will let me hold it

Is anyone interested?

Almost like silver ETF, SLV

but actually Sprott physical because most of us should know the SLV doesn't have enough ounces for what shares they owe of supposed ounces

Obviously I'd post pictures etc.

An maybe this will just be an idea for another entrepreneur even one that can better accomodate (large physical supply, good security...)

I already run a business like this. Not saying don't start one yourself, just saying. If you're interested here are our last three weekly reports:

http://kongzi.ca/silver/20130224TSR.pdf
http://kongzi.ca/silver/TSR/20130303TSR.pdf
http://kongzi.ca/silver/TSR/20130310TSR.pdf

The main advantage you can offer your clients is geographic diversity. i.e. if you're doing this in the USA it probably won't be a very popular/useful business. Again not saying don't do it but... If you're doing this in asia (like I am) or in some odd European country, you would be a lot more successful. Maybe we could even do business together. I'd love to network and get another link in my supply chain ^^

The second major obstacle you will face is fees for storage. No one should trust you unless you can guarantee insurance/segregation of the silver. Unfortunately this costs money so anyone buying silver from you is guaranteed (long term) to lose ALL their money. This is the major problem with issues like GOLD/BTC-GOLD/LTC-SILVER as they currently exist. I've come up with a novel way to solve this problem with my own company TU.SILVER, but it's not easy at all. Even my financial oversight advisor (see below) has a hard time understanding what I am doing

Also a word of advice on the trust situation. I hired someone to look over our books and to go over our invoices and purchase orders and basically do our financial reports. This is key. No one should trust someone who is operating independantly for an operation like this. As John K. said, one of the main attractions of precious metals is that they have alloidial title. There are strong reasons to let someone else hold your silver for you, however, these reasons fall by the wayside if you cannot demonstrate impeccable trust.

Anyways I'll follow this, it looks like an interesting proposal, just be sure to cover all the details. You'll want to have a look at John Galt Asset Management's Bitcoin GOLD Trust Prospectus for starters, it's very detailed and educational if you're planning on starting a business like this.

[vampire]

What stops you from "Whoops I got robbed?"

[420]

What stops you from "Whoops I got robbed?"

just the 'whoops my reputation is shot'

[CurbsideProphet]

What stops you from "Whoops I got robbed?"

just the 'whoops my reputation is shot'

Which isn't worth much.  The only way you have even a small chance of getting this to work is by making your information public.  While ETF's may only hold paper, they're subject to regulation much more strict than some unknown person on the internet.  You're going to have to make everything very transparent, including who you are.  Are you willing to do that?

[usagi]

What stops you from "Whoops I got robbed?"

just the 'whoops my reputation is shot'

Yeah that's unacceptable from the get-go. This isn't really a small community like it was last year. It's evolved and matured considerably. Please don't start a business like this unless you can guarantee the silver. Here's the solution I am planning to use for my own silver ETF, TU.SILVER:

www.viamat.com/mse/en/services/vault-storage.php

[420]

What stops you from "Whoops I got robbed?"

just the 'whoops my reputation is shot'

Yeah that's unacceptable from the get-go. This isn't really a small community like it was last year. It's evolved and matured considerably. Please don't start a business like this unless you can guarantee the silver. Here's the solution I am planning to use for my own silver ETF, TU.SILVER:

www.viamat.com/mse/en/services/vault-storage.php

how does one have this stored anonymously though

imagine if solar flare knocks out power