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Seeking Gold Bullion

  • USA USA  
  • Quantity Required: 250 KG to 5000MT
  • Last Updated:
    Posted on: 28 Oct 2024

  • Destination Port: Worldwide
Buyer Information

RFQ Details

I am direct to buyer's rep ( No one else in between)
Procedures: (SWISS)
a) Seller issues signed FCO.
b) Buyer returns signed LOI indicating acceptance.
c) Seller issues/delivers to Buyer a signed Purchase & Sale Agreement and a NCND/IMFPA;
d) Seller supplies to Buyer evidence of legal ownership, current Assay Report, bank statement and/or any other documentation, or as listed below.
1. Seller chooses a code word.
2. Seller gives this code word to their Bullion officer.
3. Seller gives the code word to the Buyer.
4. Buyer passes the code word to his bullion officer at Buyer Bank.
5. Buyer Bullion officer calls the Seller Bullion officer and asks if he has the code for the transaction.
6. Buyer Bullion officer asks the Seller Bullion officer to confirm in writing that Seller has AU under the code, which they can deliver to the Buyer with full bank responsibility for quality and quantity as GLD.
7. Seller Bullion Officer confirms he has the coded material.
e) On successful verification of the documentation identified in clause (d) the Buyer will arrange an acceptable institutional Payment Guarantee for the full contract value as instructed by the Seller.
f) Buyer and Seller lodge contracts with their respective banks.
g) Sellers bank will SWIFT to Buyer bank confirming the existence and transferability of merchandise;
h) Buyer bank will respond by SWIFT with confirmation of payment;
i) Transaction is completed electronically with exchange of AU and Funds on a bank-to-bank basis.

j) Commissions will be paid immediately and without delay to each appointed paymaster. The paymaster will likewise pay to the intermediaries their earned commission.

Bank-to-bank is to be substituted with ledger-to-ledger as the terms of the contract may require. We are prepared to discuss slight modifications as a particular contract may require.


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