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Author Topic: Fund Closed  (Read 3064 times)
BitcoinMint.US
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September 25, 2011, 02:38:37 PM
 #1

Listing: *Silver Holdings Investment Fund (SLV)
Current Holdings: 100 shares of NYSE:SLV
Financials: Google Docs Spreadsheet
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GimmeDemBitz
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September 25, 2011, 03:52:26 PM
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http://i.imgur.com/seLC4.png

Please explain... this.

How exactly did you liquidate estimated value in order to create a dividend, which you then have listed in your cash on hand AND cost rows.  Did you know Enron did something similar?

How do you even have an estimated value of almost $11,000 when your total holdings are $321.50 on 9/23?  Is there an unrealized gain you're not accounting for?  Or is it 321 ounces of silver?

I'm guessing you sold your silver holdings, but there's no increase in cash on hand.  Unless selling the 321 oz of silver gained $7781.  But then there's no accounting for that $3000, unless silver lost ~30% of its value overnight.

You know that 4% is considered a high yielding stock dividend?  What are you basing 12,000% on?  One day of market activity?

Do you actually know how accounting works?

Do you know what it's like to be built this way?
With only the power to push others away?
Bitcoin Swami
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September 25, 2011, 04:39:22 PM
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Me very confused.
BitcoinMint.US
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September 25, 2011, 04:51:41 PM
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How do you even have an estimated value of almost $11,000 when your total holdings are $321.50 on 9/23?  Is there an unrealized gain you're not accounting for?  Or is it 321 ounces of silver?

The total holdings were not $321.50.  That was the number of ounces held by the fund (see: no dollar sign).


I'm guessing you sold your silver holdings, but there's no increase in cash on hand.  Unless selling the 321 oz of silver gained $7781.  But then there's no accounting for that $3000, unless silver lost ~30% of its value overnight.

The fund exchanged ownership.  The $3,000 is accounted for in the "Other Holdings" that show the fund is now holding 100 shares of SLV on the NYSE in a private account estimated at the current price of $30.00/share.  The remaining $7,931 has already been paid back to shareholders.  This morning, 0.14147333BTC was distributed to each shareholder and a mining contract was purchased that will fund their dividend.


You know that 4% is considered a high yielding stock dividend?  What are you basing 12,000% on?  One day of market activity?

Do you actually know how accounting works?

Stocks like T, CIM, O, SJT are what I would consider high yielding stocks.  The 12,000% was based on the number of shares outstanding at the time (this number will and has risen due to investor demand) and the annual dividend rate that they will be paid (excluding the 1-time payout they received this morning).  This is all shown on the spreadsheet and you can use the estimated 0.05BTC daily payout and the charts to determine what the current rate would be if you purchased more of the available common shares.  Please let me know if you have any further questions.

I have updated the numbers based on the current outstanding share count and low ask order as of this post.  The dividend yield is now estimated at 127% and I will work on implementing a more easily understood method of accounting.  Investors should do their due dillegence before investing and realize they are buying shares in a silver ETF and not a get rich quick ponzi scheme.
GimmeDemBitz
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September 25, 2011, 05:53:36 PM
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So you've sold all your actual silver in order to buy shares of a silver ETF on the NYSE and the cash difference is going to a 'dividend' to pay investors?

So you've reduced your capital holdings in order to pay investors, and still haven't turned a profit?

Do you know what it's like to be built this way?
With only the power to push others away?
BitcoinMint.US
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September 25, 2011, 06:13:15 PM
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So you've reduced your capital holdings in order to pay investors, and still haven't turned a profit?

I purchased the fund on 9/24/11 at what I felt was an attractive price.  No, I haven't turned a profit.  My shareholders and I will need a rise in the price of silver for that to happen.
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September 25, 2011, 07:59:57 PM
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So you've reduced your capital holdings in order to pay investors, and still haven't turned a profit?

I purchased the fund on 9/24/11 at what I felt was an attractive price.  No, I haven't turned a profit.  My shareholders and I will need a rise in the price of silver for that to happen.

Oh boy.  Silver is down 13% today, and 24% for the month.  UP UP UP!

Do you know what it's like to be built this way?
With only the power to push others away?
TECSHARE
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September 25, 2011, 09:05:01 PM
 #8

Do you offer physical delivery on investments?

BITCOINTALK STAFF SELECTIVELY ENFORCE THE RULES IN AN ATTEMPT TO CREATE A CHILL EFFECT AND PERMANENTLY REMOVE ME AND OTHERS FROM THIS FORUM AS RETALIATION FOR SPEAKING OUT ABOUT THEIR ABUSIVE BEHAVIOR, AND THAT OF THEIR PERSONAL CLIQUES.
BitcoinMint.US
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September 25, 2011, 10:54:59 PM
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Do you offer physical delivery on investments?

I would prefer you buy silver from my website. This fund holds shares of NYSE:SLV and physical trades at a premium.
BitcoinMint.US
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September 26, 2011, 10:53:16 PM
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Due to motion 40 passing yesterday (46-0), the dividend payout program has begun with the first payout coming this morning.  From the inception of this fund and including the special dividend, shareholders have now received 0.14268545BTC per share in dividend payouts.  As of this posting, the estimated annual dividend is now 99% based on the current per share price listed on the GLBSE (0.06BTC).
Bitcoin Swami
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September 27, 2011, 06:26:04 AM
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Due to motion 40 passing yesterday (46-0), the dividend payout program has begun with the first payout coming this morning.  From the inception of this fund and including the special dividend, shareholders have now received 0.14268545BTC per share in dividend payouts.  As of this posting, the estimated annual dividend is now 99% based on the current per share price listed on the GLBSE (0.06BTC).

wow .. missed out on that one.
BitcoinMint.US
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October 01, 2011, 05:57:16 PM
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The 3Q 2011 numbers have been posted.
brendio
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October 16, 2011, 11:12:17 PM
 #13

Just wondering whether you could clarify where the funds for the dividends come from. My silver coin collection doesn't pay me dividends, so I find it odd that your fund does.

BitcoinMint.US
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October 17, 2011, 12:52:20 AM
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Just wondering whether you could clarify where the funds for the dividends come from. My silver coin collection doesn't pay me dividends, so I find it odd that your fund does.

My quote below might help clarify the dividends for you.

The fund exchanged ownership.  The $3,000 is accounted for in the "Other Holdings" that show the fund is now holding 100 shares of SLV on the NYSE in a private account estimated at the current price of $30.00/share.  The remaining $7,931 has already been paid back to shareholders.  This morning, 0.14147333BTC was distributed to each shareholder and a mining contract was purchased that will fund their dividend.

The purchased mining contract mentioned above will run through the end of the year and funds the daily dividends.
shakaru
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October 18, 2011, 09:00:34 AM
 #15

mining contract from where ?

Not from me.

BitcoinMint.US
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October 19, 2011, 12:53:29 AM
 #16

mining contract from where ?

The mining contract was part of the deal I accepted when taking over this fund.  It is being provided by the original owner of the fund who wished to remain anonymous.

Please don't invest in this fund solely based on the dividend.  It is going to be discontinued at the end of the year and was only put in place to reward the original investors of the fund that bought shares prior to me taking it over.  At some point in the future I may consider adding shares of silver miners to the fund in order to generate an ongoing dividend, but for now I advise dividend investors to steer clear of this fund.


UPDATE: Dividends will now be paid weekly instead of daily.
senbonzakura
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November 13, 2011, 03:19:04 PM
 #17

can you update the SLV contract in glbse ?

any update on SLV ?
BitcoinMint.US
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November 13, 2011, 04:16:37 PM
 #18

There hasn't been much to update.  The weekly dividend has been paid to shareholders. 

I've tried contacting Nefario to have the contract updated to reflect the new ownership.  After I provided my information, I lost contact with him.  If you have any suggestions, let me know.
senbonzakura
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November 13, 2011, 05:01:03 PM
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have you tried contacting him through glbse forum ?
BitcoinMint.US
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November 13, 2011, 05:43:39 PM
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have you tried contacting him through glbse forum ?

I was emailing back and forth with him.  I have tried through the GLBSE forum as well.  I'm hoping he responds to one of my emails at some point.
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