COMEX is the Commodity Exchange division of the New York Mercantile Exchange, or NYMEX. Individual investors commonly purchase COMEX silver contracts, but leave the physical silver in the warehouse. This is sometimes referred to as "taking delivery" of a silver contract. It is also possible to take physical delivery of the silver, by using a method such as an armored car.
Buying a Silver Contract
Examine the available COMEX silver contracts. You must keep in mind that not every contract will allow you to purchase silver available for physical pick up. In most cases, all that investors want "delivered" is the contract. However, if questions arise about the amount of silver on hand in warehouses, or if there are other reasons that arise, then some investors will want to take possession of the physical silver. In this case, only certain types of contracts will work. "Mini" contracts, for example, may not work. One problem is that it might not be possible to initiate deliverywith this type of contract. In other words, it seems an odd situation when you have purchased the silver, but the seller determines when to deliver it. In other cases, physical delivery is just an option that is available, because it can be specified that the cash-value of the silver is provided by the seller, rather than the actual silver.
Look for a full-size contract that specifically allows for delivery. Look for a contract with the symbol SI. This is a contract for 5,000 troy ounces of silver.
Buy a COMEX silver contract via a broker. If you want physical delivery, then you currently need to buy the SI contract. It is also possible with SI to just "take delivery" while leaving the silver in the depository, and that is what is advised by COMEX.This option also may be available with other silver contracts.
Picking Up Your Physical Silver
Contact COMEX to learn about fees associated with removing silver from the depository. It is also necessary to learn from COMEX what pick-up methods are permitted.
Find an agent to do the pick-up and delivery. Commodity Trading Solutions suggests that an armored car is needed, and to call the Brinks company. There may be other agents that are suitable to pick up the silver. Depository locations are in Wilmington, Delaware, and the New York City area, so you will need to find an agent to whom COMEX will turn over the silver and which can then deliver it to you from one of those locations.
Book the delivery agent. Costs may be prohibitive for the individual investor, but a method of pick-up does exist, so there is a possibility of contact between the electronic-financial world and physical reality. Before booking physical delivery of COMEX silver, consider looking into potentially less-expensive means of acquiring much silver. COMEX is focused on trades without physical delivery. There are other commercial suppliers of silver.