I took delivery of a COMEX silver contract recently, and encourage others to do the same. I wanted to relay me experience to the forum.

I emailed by broker at Lind-Waldock a couple of days before first-notice day. I was required to have sufficient money in my account on first notice day to take delivery. A couple of days after first-notice day, I received an email instructing me to contact a person at the Scotia Mocatta depository. I contacted the warehouse and they faxed me a computer record reflecting a warehouse receipt which identified the serial numbers and weights of the 5 bars. The warehouse person also gave me phone numbers for couriers, including Brinks, Dunbar, and IBI.

I was required to pay a $100 fee to Lind-Waldock, and $136 to Scotia Mocatta for the privilege of taking delivery.

I contacted the couriers. Brinks refused to provide me a quote, stating that they do not deal with individuals. IBI stated that they would not be cost-competitive for a single contract, and did not provide a quote. Dunbar was easy to work with, and quoted just under $1000. I also contacted another courier, who quoted $1650 and a futures dealer who helps folks take delivery, fortwealth.com, who quoted $2000. I chose Dunbar (212.382.1177 x102).

Scotia Mocatta required that I send them a notarized letter releasing my product to Dunbar. I paid Dunbar using a credit card. The New York Dunbar representative obtained permission from the Dunbar office in a city nearby me to allow me to pick up my bars from their office. I was reluctant to draw attention to the delivery by meeting an armored carrier at my place of business, and the carriers will not deliver to residences, so this was a plus. The other day, I drove to the Dunbar office and a guard loaded five 1000-oz. bars into my trunk.

By the way, there was no delay in receiving information about "my" bars, and the serial numbers of the bars I received matched the numbers originally documented in the information sent to me. The depository seemed to respond in a timely manner throughout the process.

Now, if we can just get about 50,000 more people to take delivery of a contract or two, it will be interesting to determine when the warehouses run out of product and what happens to the shorts.

- Bobster