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buy Gold Bullion AU

  • Turkey Turkey  
  • Quantity Required: 10000
  • Last Updated:
    Posted on: 15 Aug 2024

  • Destination Port: Europe, USA
Buyer Information

RFQ Details

Geniune Buyer wants to purchase Gold Bullion (GLD) bars of 12.5kg, minimum 2000MT up to 10,000MT at London Second Fixing minus 10/7% with the following procedure;

OUTLINE OF PROCEDURE

a) Buyer signs the Agreement first and e-mails/faxes it to Seller.

b) Seller, upon receipt, signs the Agreement and sends it back to Buyer.

c) After the signing and exchange of copies of the Agreement, Seller issues USD 1.000.000.- Non-Operative Performance Bond within 5 (five) banking days.

d) The Buyer, within 3 (three) banking days of receipt of the Performance Bond, instructs his bank to issue to the Seller's bank an irrevocable, revolving "operative" Bank Payment Commitment (B.P.C.) in favour of the Seller, acceptable by Seller's bank and guaranteeing payment within 5 (five) banking days after each and every delivery of the commodity, allowing time for quality tests/controls. The Performance Bond shall be operative upon receipt of the Buyer's "Bank Payment Guarantee" .

e) Seller's bank, upon receipt of the Buyer Bank's commitment as above (c) shall issue within 3 (three) banking days commence delivery of the first tranche of 25 (twenty five) metric tons. This Seller's P.B. guarantees delivery to the Buyer, to the agreed FTZ, of the first and every subsequent tranches. The Buyers' commitment will become operative and the Buyer's Bank will block his funds in a special account in the above mentioned Bank, to the value of 25 (twenty five) metric tons of the gold bullion.

f) It is agreed that, the exchange between the Operative Seller 2% Performance Bond against the blocked funds constitutes Seller and Buyer commitment and the exchange of the Proof of Product (P.O.P) against the Proof of Funds (P.O.F) in good faith.

g) At delivery, the Buyer will verify the quantity and quality of the product by using the existing and appropriate technologies that allow identifying the product up to a fraction of 1%. The Seller has agreed not to object to any furt


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