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Author Topic: GOLD Asset Backed Security (ABS) - Closed  (Read 4779 times)
Bitcoin Oz
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November 23, 2012, 01:31:57 PM
 #41

You're welcome! Smiley 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 Wink
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.

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Bitcoin Oz
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November 23, 2012, 10:35:17 PM
 #42



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.  

Btc4Domains
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December 12, 2012, 04:06:13 AM
 #43

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.
sarpar
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December 13, 2012, 02:52:08 PM
 #44

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 openly boycott the Bitcoinica Consultancy team or Intersango: Donald Norman, Patrick Strateman and Amir Taaki
Btc4Domains
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December 18, 2012, 12:28:50 AM
 #45

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!


Thanks Sarpar.
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January 23, 2013, 03:25:08 AM
 #46

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.
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