CannonTrading_Ilan
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Yes you can but most will hold the electronic receipt. You will need to work with companies like Brinx etc. to arrange delivery after you have set up the proper mechanics with your broker/FCM.
Ha! That $30 is just the CME's fee.
As I understand it from my LME and COMEX traders there are a myriad of other fees and arrangements to be made with several other parties involved. There is a whole chain of custody that has to be addressed. This is an adult swimming pool and it's all deep end depth. Most traders taking delivery also get a third party expert physical assay done as well. There's alot to it. It is way more complicated than taking delivery of $500K of CTD Treasury Notes.
You would need a prime brokerage account (which means an investment bank), or a really tier one FCM that clears alot of commercial accounts - like RJ O'Brien.
Your typical Introducing Broker or discount futures broker wants absolutely nothing to do with physical delivery of anything.
As I understand it from my LME and COMEX traders there are a myriad of other fees and arrangements to be made with several other parties involved. There is a whole chain of custody that has to be addressed. This is an adult swimming pool and it's all deep end depth. Most traders taking delivery also get a third party expert physical assay done as well. There's alot to it. It is way more complicated than taking delivery of $500K of CTD Treasury Notes.
You would need a prime brokerage account (which means an investment bank), or a really tier one FCM that clears alot of commercial accounts - like RJ O'Brien.
Your typical Introducing Broker or discount futures broker wants absolutely nothing to do with physical delivery of anything.
The primary dealer physical trading (about 70%) essentially takes place on the London OTC market. The secondary markets will take their pricing ques from the twice daily London fixing and from the Comex futures.
The London Loco OTC market trades in clips of 400 ounces, btw
And you will need an approved account to trade it. Because you're talking Central Banks and Mining Companies and such as counter parties - we're talking serious capitalization and bonafides.
So, if you want to buy physical gold and you don't have billionaire capitalization at your disposal - you're confined to the secondary markets.
If you want to take delivery of a Comex futures contract, you're going to need an investment bank prime brokerage account. I couldn't imagine an FCM like RJ O'Brien letting you take delivery unless you have at least an eight figure account. I keep mentioning RJ O'Brien because they have an LME seat - which is a big deal if you want to play in precious metals seriously.
The London Loco OTC market trades in clips of 400 ounces, btw
And you will need an approved account to trade it. Because you're talking Central Banks and Mining Companies and such as counter parties - we're talking serious capitalization and bonafides.
So, if you want to buy physical gold and you don't have billionaire capitalization at your disposal - you're confined to the secondary markets.
If you want to take delivery of a Comex futures contract, you're going to need an investment bank prime brokerage account. I couldn't imagine an FCM like RJ O'Brien letting you take delivery unless you have at least an eight figure account. I keep mentioning RJ O'Brien because they have an LME seat - which is a big deal if you want to play in precious metals seriously.
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