Si quieres comprar plata de pequeña denominación (monedas de 1oz, lingotes de 50, 100 gr etc…) te habrás dado cuenta de la buena prima sobre el precio spot (el dictado por el COMEX). Si buscas en internet el precio de la plata, ahora mismo será un 20-30% inferior al que te ofrezca tu dealer favorito. Esta es una argucia más, otro truco en el toolkit de los BullionBanks. Me explico:
El formato base más usado en una refinería, mints y similares es el de lingote 1000oz. Estos lingotes (COMEX delivery standard) se transforman en denominaciones menores, más demandadas por el público en general (Krugers, Filarmónicas, Maples etc.. elige tu preferida). 2 MonsterBoxes son 1000oz exactamente, pero cada una tiene 500 monedas de 1oz. Se han convertido a partir de un lingote 1000oz.
#Silversqueeze es un movimiento básicamente retail, su fuerza radica en movilizar a muchos pequeños inversores para que inviertan en la masivamente manipulada plata. Y esta teniendo bastante éxito… pero hay un cortafuegos que deben superar. Será en ese momento cuando consigan preocupar a algún BullionBank. Por el momento, están poniendo en aprietos a las refinerías, que no dan abasto convirtiendo lingote en onzas. Perth mint y otras han anunciado en sus paginas de compra on-line la imposibilidad de servir determinados productos. Estas noticias, aunque mediáticas, no son el end-game que tanto ansían los WallstreetSilvers… ya que el COMEX y los BBanks siguen tranquilos. El squeeze no va con ellos, lingotes de 1000oz hay de sobra; y les encanta ver como alguien que quiere comprar plata, tiene que pagar un 30% respecto al precio spot dictado por ellos.
Es similar a la táctica del lingote de 400oz en los tiempos del patrón oro. Se trataba de alejar al público de la potencial convertibilidad de sus billetes: solo el nivel institucional podía permitirse redimir 400oz oro (700k USD aprox a precio actual). Hoy en día, si quieres plata a spot: o acudes a la entrega en el COMEX, mínimo 5000oz y un proceso admin-logístico a seguir, o pagas +30%. (Por otro lado, no deja de sorprenderme, el que no haya más dealers USA que ejerzan el arbitraje: acudir a la entrega cualquier mes del año, transformar y vender un 30% más. Sospecho que debe haber algún acto disuasorio por parte de alguien para que no lo hagan… pero me desvío del tema principal.
La única solución a todo esto es PSLV, Sprott. El mejor ETF, 100% respaldado por físico (lingote 1000oz) y audits externas periódicas. Eric Sprott, aunque no se surte del COMEX, sí contribuye a secar ese pool de lingote plata 1000oz disponible. Bypaseando a las mints, dando donde duele. Y además, te permite retirar el físico, al ser 100% allocated.
Aquí en Suiza, hablando de volúmenes grandes, hay un ETF muy popular: el ZBK Silver. Yo invierto en él e hice la DueDiligence hace tiempo. Pero recientemente, les he enviado un mail con preguntas concretas para que me confirmen la solidez del fondo. Para inversores europeos, es difícil articular la entrega de un fondo Canadiense como Sprott. Necesitamos algo mas cercano, igual de fiable. Así podremos contribuir a la causa, sin primas 30% cortafuegos. Directos al float stock.
Abajo el mail, y la respuesta que he recibido tan solo un día después.
Resumen para los que no queráis leer lo de abajo: los ETFs ZKB son totalmente recomendables. Una de las mejores opciones, justo detrás de la tenencia física del metal.
Disclaimer: no tengo relacion comercial alguna con ZKB, ni directa ni indirectamente. Soy inversor en PSLV y ZKB.
Disclaimer: no tengo relacion comercial alguna con ZKB, ni directa ni indirectamente. Soy inversor en PSLV y ZKB.
Dear ZKB ETF division,
My name is Unai Gaztelumendi, I am Swiss resident, based in XXX. I am a long time ZKB Metals ETF investor, currently holding both Silver/Gold funds.
I would have some questions about the fund physical delivery options and process. My interest is both personal (I am thinking in redeeming my shares for the metal myself) and public: I am an active market analyst, writing for Rankia.com, the Spanish speaking n°1 Financial community. Here the latest interview I did to Marting Armstrong for example. My intention is to share your feedback through the community, so everyone knows ZKB Metal ETFs are a great option for those who want real metal exposure (no fractional paper unallocated promises).
I am active in Wallstreetsilver as well: PSLV from Sprott is the main recommended ETF over there. I would like to recommend (or not) equally solid alternatives to the European based investors.
In this context, may I ask you:
- Does ZKB Metal ETFs offer physical delivery option?
- If so, what are the fees and required minimum quantity (if any)?
- What is the exact process to follow for requesting delivery? Exact operational steps involved, like:
- Fill form XYZ
- Any ZKB approval needed?
- Any CH government admin steps required?
- Any logistics specificities? Or just “show up and collect” approach?
- …
4. What are the delivery timelines, once the request submitted?
5. Any important topic the ZKB ETF investor should know?
5. Any important topic the ZKB ETF investor should know?
Could I please ask you specific answers to the topics above? Not just a link to your ETFs prospectus (I already went through them).
Should you prefer a call instead of a written explanation, we can schedule it as well. I will transcript the content afterwards.
Thank you in advance
Rgds.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Dear Mr. Gaztelumendi
Thank you for your e-mail and your interest (and investment!) in our ZKB precious metal ETF. Please find the answer to your questions below. Let us know if you need anything else. Additional information (marketing/legal documentation, etc.) can be found on our Fund page https://products.swisscanto.com/products/disclaimer.
1. Does ZKB Metal ETFs offer physical delivery option?
Of course. All our ZKB precious metal ETF invest to 100% in physical gold/silver/platinum/palladium, which is stored at ZKB premises and offer physical delivery of the metal anytime. This is clearly stated in the prospectus. Additionally ZKB ETF are regulated funds under FINMA, which also means that assets of the funds are (by law) segregated from assets of the bank, which protects investors in case of bankruptcy (no issuer risk). This feature is not "offered" by certificates on precious metals, which often have an issuer risk as assets are not segregated. The funds invest for efficiency reasons in the standardized gold (silver) bars of 12.5kg (30kg)
2. If so, what are the fees and required minimum quantity (if any)?
The minimum quantity is one bar in the respective metal, i.e. 12,5kg (gold), 30kg (silver), 5kg (Platinum), 3kg (Palladium)
3. What is the exact process to follow for requesting delivery? Exact operational steps involved, like:
* Fill form XYZ
* Any ZKB approval needed?
* Any CH government admin steps required?
* Any logistics specificities? Or just "show up and collect" approach?
* ...
* Any ZKB approval needed?
* Any CH government admin steps required?
* Any logistics specificities? Or just "show up and collect" approach?
* ...
The process is quite simple. There is a form, which has to be filled up either by the investor or the custodian bank of the investor. There are no "ZKB approval" or other approvals needed, BUT there a couple of points to keep in mind:
The physical delivery has costs, which are 0.2% for the delivery self and 1% for the redemption of the ETF on the primary market (instead of over the stock exchange). For Silver/Platinum/Palladium there is additionally the Swiss VAT of 7.7% which is charged by the government, as a physical delivery is comparable to a (direct) purchase of the metal.
Delivery takes place at ZKB branch in Zurich. Here the transfer of property takes place. Anything beyond this (i.e. transport, etc.) is in charge of the investor.
Generally, we do not particularly recommend a physical delivery, as (first) it has some costs and (second) the investor needs to know where to store the bars, transport, etc. (which might/will also have costs!). The solution through the ETF is instead quite simple and offer transparency (see question 1).
When bars are delivered, ZKB must be in a position to identify the investor or custodian bank of the investor properly/as holder of the ETF.
3. What are the delivery timelines, once the request submitted?
Delivery takes around 3-4 days after receiving instructions.
4. Any important topic the ZKB ETF investor should know?
Regarding physical delivery, nothing else than the above.
Kind regards
XXXYYYZZZ
Kundenberaterin Privat- und Gewerbekunden
