Warehouse fees for the first year will be paid up-front at issuance. Tiberius understands that it is necessary to pass on full storage fees to token holders (which should be less than 2% p.a.) in order to prevent large commodities trading houses from purchasing tokens as a way to store metal for free. 

The less than 2% annual cost of carry of the metal is below long term inflation targets for developed economies, justifying the warehouse fees as necessary in protecting the notional value of your holdings over the long term (protection against inflation).

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