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GOLD NEEDED

  • USA USA  
  • Last Updated:
    Posted on: 15 Mar 2024

Buyer Information

RFQ Details

I am currently working with a pension fund in the U.S. and they are looking to acquire up to 150 Metric Tons of gold per day.

GOLD:
The following are the procedures we can only work with:

AU Buying Procedures - Bank Guarantee followed by AU Pop

1) Buyer and Seller sign a binding commencement document ie Mou or Spa

2) Buyer causes its Class B bank ( Buyers Top 25 Bank is used at closing) to issue a Pre-Advice by SWIFT to the Seller's bank (Top 25 Bank) stating that the Buyers bank will issue a 180 day Euro denominated Bank Guarantee (BG) for TBD% of the amount of the AU for seller benefit. This is legally binding on the Buyer and blocks the BG in favour of the Seller.
The seller will then authorise a SWIFT MT760 or MT103-23 that will block the AU for Buyer's benefit.

3) Seller provides the required documentation on the AU, allowing Buyer to authenticate. The required documents are only those that are required to have the Seller's Bank issue the MT760

4) The BG is issued by Buyer's bank within 2 banking days of an agreed upon day for the London closing price for their AU. Seller validates BG'*****

5) The BG is exchanged ( Bank to Bank) for an SKR Blocking MT760 by Seller's Bank to Buyer's Bank ( The Top 25 mentioned in 2 above) -- payment to be made in EUROS/USD

6) Buyer's Top 25 Bank will Pre-Advice cash in exchange for the BG's within 5 to 15 fifteen days of receiving and accepting the SKR blocking Swift. SKRs are then be issued in Buyer's name.

7) All commissions and difference to market discounts at each tranche will be paid by Buyer as previously agreed at the time the BG is purchased and as a sub-set of those funds, unless otherwise arranged.

8) The SPA will call out the sale of the AU on an on-going basis subject to the successful completion of the first tranche. In later tranches, Buyer and Seller could issue revolving BG and MT760 for ease of transactions

My contact information is:

*****

cell: 314 973 2273


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