To be an authorized silver dealer:
There is an application process, not a form.
The last approved application took 6 months.
Key criteria is established as a "market maker" that provides tight spreads.
Net worth in place 1 to 3 years. Business needs audit to show the numbers.
A letter of credit can make up a deficit to get to $5M.
http://www.usmint.gov/consumer/index.cfm?action=AmericanEagles
Be an experienced and established market-maker in gold/platinum and/or silver bullion coins.
Provide a liquid two-way market for the coins.
Be audited annually by an internationally-accepted accounted firm.
Have an established broad base of retail customer base in which to distribute the coins.
Have a tangible net worth of $50 million for Gold and Platinum Eagles, and $5 million for Silver Eagles. This requirement may be met using letter of credit.
Have sold over 100,000 ounces of gold bullion coins over any twelve-month period since 1990. (This criterion is for becoming a United States Mint Authorized Purchaser of gold bullion.)
Friday, June 26, 2009
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