But are they a bargain???
Few weeks back 20 consec EKX's , purportedly Unc's, were offered to some dealer in Calgary. Supposedly it took 1800 or so per to buy them.
Within 3 maybe 4 hours
every dealer and grocery clerk in Western Canada knew about them yet everyone was seemingly afraid to pull the trigger. I was called on em by two different dealers, the 1st, who lives in Calgary, wasn't all that excited about owning all 20 and was calling around seeing how many he could pre-sell. As he and I have done quite a few deals in the past, I said I'd go in on all of em and suggested he nail the guy down, have 30k or so cash with him and if the notes were Unc's, try to buy em all quick for 1500 a pop. If they were solid Uncs, maybe a touch higher, Au's offer less.
Anyhow by the time everyone got done dicking around, the notes went off the market. I have a pretty good idea who bought them if the person did sell and I'll bet they paid no more than 1500 per. Sure it'll take a year to sell em but so what? Even at 2k per that's 10k on 30k but oh well...I wasn't there.
So to make a longer answer longer, no they aren't a bargain though those 20 might've been
P.S. I'm a helluva grocery clerk.