THE GOLDEN RULES OF THE GOLD BUSINESS
The procedures listed here are specific to guidelines issued by the FED and the World Gold Council and are required by law to be followed on all ‘GLD’ AU transactions.
FED and World Gold Council International Procedure:
1. The Seller or his Mandate issue a full corporate offer (FCO). All AU metal offers must show the seller clearly.
2. Only the seller or his legal mandates may issue an AU offer and if it is the mandate issuing it, it must be accompanied by the letter evidencing the receipt of mandate authorization from the seller.
3. All offers received from non-authorized intermediaries will be automatically rejected.
4. The International Precious Metals Legislation does not allow buyers to first send a letter of Purchase Intent because it is considered soliciting and is strictly forbidden.
5. Seller or seller’s mandate must move first with an offer (FCO) which should include metal license details and banking.
6. The Buyer/Buyer’s Mandate submits a LOI (Letter of Intent) and/or RWA (Ready, Willing and Able) with full banking coordinates and permission to do a soft probe.
7. The Seller/Seller’s Mandate and Buyer/Buyer’s Mandate exchange signed and sealed contract with full banking coordinates.
8. Seller/Seller’s Mandate extends an invitation for the Buyer’s bullion officer to contact the Seller’s bullion officer.
9. The Buyer/Buyer’s Mandate accepts the invitation of the Seller’s bullion officer.(SBO)
10. The Buyer’s bullion officer (BBO) initiates the contact with the Seller’s bullion officer by KTT.
11. The Seller’s bullion officer will be instructed by the Seller to verify the AU metal, the quantity available, and to disclose any/all liens and encumbrances attached to the metal.
12. Upon receipt of the proof of existence of the AU metal and the certificate of authority to sell, the Buyer will instruct his bullion officer to confirm the availability of funds to be used as payment when the gold is delivered.
13. The Buyer and the Seller agree on a window time for exchange. The payment to the Seller will be disbursed within 24 hours against the transfer of ownership of the metal. Commissions will be paid immediately and without delay to each appointed paymaster.
14. The paymaster will likewise pay to the intermediaries their earned commission.
Our company works individually with businesses localy and internationally to facilitate the transactions between the seller and the buyer of precious metals. No job is too big or too small for us, we will faciliate any amount of gold and other precious metals. We offer high-accuracy assay services to ensure that you always receive a payout based on the latest market prices.
The process begins when the shipment is received. To determine the purity of the precious metals, we perform an assay prior to the start of the refining process. Depending on the size of the lot, the type of alloys it contains, X-Ray is used to test for accuracy result. Once we have assayed the weight and purity of the precious metals, we will have all the information ready for you before the refinery starts to process your shipment.
We do not give out quotes for your precious metals, our function as a Precious Metals Facilitator is to act as intermediary between the seller and the buyer, and to facilitate the process of shipments from the mines on client's behalf.
Unrefined gold materials must be delivered to the refineries at the seller’s expense. Clients are welcome to be present when the shipment is received and welcome to stay and view the refining process. Price is determined by 2nd London Fix. Settlements are promptly made via wire transfer.
Try us with 10Kg or 50% of production 90% purity +- and our quality service.
All new clients must register an account with ATR and have to be compliant with the Dodd Frank Act (USD) & World Gold Council Regulations. Proposed clients are advised to research and acquaint themselves with in regarding to be legaly compliant with the requirements.
Gold Sales: Gold24 Canada is positioned to act as a Precious Metals Facilitator for reputable gold mines/sellers, primarily working directly through major registered and bonded gold refineries world-wide.
We get paid upon completion of a transaction by way of a pre-agreed Fee Payment Agreement when the seller/supplier has been paid for the goods they have shipped to the buyer. We work with buyer, seller & legal mandate in any AU (GLD) deal that follow the Gold Procedure – INTERNATIONAL PRECIOUS METALS LEGISLATION.