COMEX: Taking Delizery Is EZ

This excellent write-up is from the revered JSMineSet website, one of the foremost sources of accurate info on gold (as you probably already knew).

CIGA JB Slear of Fort Wealth Trading Comments on the Comex Delivery Process:

I wanted to give you a quick update on the delivery process. I have to say, this is not difficult at all, it just requires some time.

  1. You must have an account with a commodities firm to take delivery of COMEX Gold/Silver. Some clearing houses will not allow you to take delivery, so don’t hesitate to ask your broker.
  2. We started taking delivery in November Gold and these people got their gold bars by the first week of December.
  3. The process starts with the purchase of the contract in the delivering month, now December gold. With the account fully funded, we simply buy the futures and inform the clearing firm of our intent to take delivery.
  4. The costs out of the commodity account is (at the time of this writing) $756.1 per ounce, x 100 (for a 100 ounce bar), plus commissions and receipt fees totaling no more than $200 total per bar (Fort Wealth Trading Co.). So $75,810 in the account and about a week’s time to process the warrant/receipt, and your gold will be ready to be delivered.
  5. I will phone and receipt numbers once the stopper contacts us. “Stopper” is a term referring to the warehouse that holds the product. If your stopper is HSBC, they will require a faxed ID with the name and address of where the bar is to be shipped, along with a check for the freight and insurance/handling. HSBC has an account with the US postal service, and can tell you how much the shipping costs will be for sending an insured package. (I’d suggest Next Day Air, after all, it’s gold). If your stopper is Brinks, there is a slight difference in delivery. They will allow a credit card to be used for these additional fees and shipping, but require the bars be delivered to an institution (rightfully so too, you don’t want a Brinks truck stopping at your home). They will deliver to a Post Office, Bank, or business address.
  6. I haven’t had any stoppers from the other 2 warehouses yet, but the delivery procedures should be the same – minimal. Please be patient with these people, these procedures are in place to make sure the product goes to the right person, and from my understanding, these warehouses are busier now than ever before. I wonder why?
  7. This is it! Don’t let your broker tell you any different. It’s even easier to will call the product too. These warehouse people are absolutely wonderful and will do what they can to make it easier.

Non-US entities:

For our foreign investors, the process is the same. Jim tells me that the shipping process is different. Shipping cost quoted below include full value insurance.

I’m here of course to answer any questions or concerns you might have so feel free to call me and we’ll push the snowball downhill together. You save $200 an ounce over local coin and bullion dealers.

Sincerely yours,
CIGA JB Slear

Fort Wealth Trading Co. LLC
www.FortWealth.com
866-443-0868 ext 104

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3 Responses

  1. “Paper money eventually returns to its intrinsic value —- zero” – Voltaire. Gold and Silver have been money for 5,000 years – When the fiat experiment of the last 40 years explodes, Gold will soon return to it’s historic function as money.

  2. Thank you for this excellent article! It is more important than ever to start taking physical possesion of your gold and silver. At some point in the very near future, the massive paper short positions will errupt – prices for gold and silver will skyrocket. The holders of paper contracts may be left with broken promises. Those who take physical possession now will be the winners.

  3. If you are having delivery problems, we can help. Call us at 866-443-0868
    JB

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