Gold Dust & Dore Procedures & Pricing
COMMODITY DESCRIPTION AND SPECIFICATIONS:
FOB PMMC -ACCRA GHANA PURCHASE PROCEDURES FOR GOLD
1. Seller brings the gold at PMMC (no meeting will be held before that, as Buyer's rep in Ghana will not waste his time meeting and greeting people until the gold is at PMMC.)
2. Once the gold is at PMMC, seller calls us and let us know, and will tell us the quantity in advance.
3. Once you have confirmed that the gold is at PMMC, Buyer's rep in Accra meets Seller directly at PMMC. (Rep in Accra has been in the gold business for close to 50 years and will not meet and greed people, until the gold is at PMMC)
4. Once the rep arrives at PMMC, the gold will be assayed.
5. After successful assay, Buyer's rep will take seller to the bank for payment.
6. Payment will be done by wire, title to the gold will change to buyer.
7. Buyer will pay a price per Kg based on market, to be negotiated.
CIF USA PURCHASE PROCEDURES FOR GOLD
Buying Procedures for Gold Dust and Dore CIF US Refinery or Other Buyer’s Refinery.
Product Description: Alluvial Gold, Gold Bullion, Gold Nuggets, Gold Dust
Quantities: 5 to 500 Kg as a test tranche, subject to the available refining capacity of the refinery/assayer in USA and Seller's capacity.
Purity: 80% or higher
Delivery Schedule: Maximum once per business day.
Delivery Conditions: Seller will pay all the costs and charges related to the domestic transport and to the export procedure from the Country where the goods are located, also including the airfreight & taxes and transport form the US airport to the US Refinery. No upfront payment or any financial instrument will be granted by the Buyer.
Packaging: Each and every delivery must contain one or more packages, of which the weight should not exceed 5 Kg (Five Kilograms), since most transport insurance policies do not cover heavier packages.
Documents to be delivered by the seller:
- A copy of the registration documents with the Central Bank (or any governmental organization appointed in the Country of origin) from the Country of export, including receipt of the payment of relevant export fees and or taxes if applicable.
- Any required export permit and license documents.
- Certificate of Origin
- Custom duty Seller’s certificate stating that the gold is free and clear of all liens and encumbrances and freely tradable and exportable, and that each Kilos is of non-criminal origin.
- Copy of the airline Airway Bill.
- Original certificate of deposit.
- Four (4) copies of commercial invoices in favor of Buyer.
- Original Certificate of Deposit, Warehouse Receipts (SKR)
- Certificate of Legal Ownership
10. Internationally accepted assay certificate
11. Certificate of Insurance.
12. Receipt of custom duties and taxes
13. Packing list.
The above documents must be send to the Buyer prior to the air transport to US Airport, or any other destination chosen by the buyer.
Price: Will be agreed in advance between buyer and seller, must be AT LEAST 8% to 10% off LBMA. The assayer’s report with verification of the precise weight and purity will determine the final payment of the goods. The price should refer to the first or second London Fixing of the LBMA (London Bullion Market Association) based on 100% purity, minus the agreed discount.
Payment: Payment of the goods will be by means of Bank Transfer MT103 within 2 to 3 Hours after receipt of refinery’s assay report.
Ownership and Risk: Ownership will pass from the seller to the buyer at the moment of the bank transfer of the sales price to the seller’s bank account.
Verification on Weight, Purity and Price Adjustment:
After arrival at the buyer’s refinery, the weight and purity of the gold will be verified by the assayers/melter’s at the refinery. The seller’s representative may be present during the assay of the gold.
In the event the weight and /or purity would be higher than specified by the seller’s documents, the sale price will be adjusted in accordance with the results of the assay report.
In the event the weight and/or purity of the product would be lower than specified by the seller’s documents, the Buyer and the Seller can agree on a pro-rata reduction of the sales price.
The melter’s/assayer’s report will be issued from the refinery within 2 business days after the arrival of the product (Gold) at the refinery. The Buyer will make a copy of the assay report available to the Seller.
Commissions: To be determined and paid by the Buyer if any Brokers are involved.
PRICES, PROCEDURES AND REQUIREMENTS ARE SUBJECT TO CHANGE AT ANY TIME.