Question

I have been reading your suggestion and advise in connection with the dealing of gold business with seller & buyer’s. May I ask you a question that, if a buyer or seller deceive a broker from paying his agreed commission. How the broker can realize the commission from the buyer or seller please advise.

Answer

Brokers do not make money in the gold business unless you work for a company that sells bullion, possibly a refinery, jeweler or manufacturer. Miners do not need / use brokers at all. In fact no one that has gold needs the help of anyone to sell it. Precious metals are actually NOT commodities such as wheat, sugar rice in the fact there there is NEVER an abundant supply that requires a sales force (brokers) to help “sell” precious metals. Precious metals are actually MONEY. They can be fashioned into legal tender. No other class of commodities in their raw form be simply stamped into money.

Not only that, the margins are VERY thin. Gold out of the ground, for example can be sold for -2 to -3% below its actual value. There is no room for a broker to even make any money. The idea that gold sells for some kind of significant discount is where the problem begins. Gold is not perishable, is sold for at or over it’s value, depending upon it’s form i.e. jewelry, never is there an excess or over abundance in a way that would cause there a reason to offer gold at “sale prices”.

Let me ask you something – if you needed to change British Pounds into USD – do you need a broker to help you, or can you locate a place by yourself to trade Pounds for USD? Now the location that facilitates the money exchange does charge a very small fee to facilitate that transaction – and that is exactly how it works when you want to trade Gold for Cash! No one needs and help because there are hundreds of thousands thousands, perhaps millions of places on the face of the earth where you can trade Gold for Cash.

You need to look for an actual commodity to be a broker for. Being a broker is certainly difficult, but being a broker of precious metals is darn near impossible. NO ONE needs your “help”!!

Question

Can you help me? I have been scammed on fake gold deal, it started on skype by person whom claimed to be a girl Rita Appiah Wilson how first had inherited a poultry farm which had been out business since her father passed away and should only need to have government tax to paid  to get it back in business and running after some renovation etc…. But later on I was presented, that the girl also had gold she had also inherited and she needed me to get it sold and I bought the rights for that gold by paying for the paper work needed, stamp tax, gold verification, shipment of documents to my address.

And when all that was done the next was to get money for gold release from www.linksecuritycompanygh.com/ that was the website address that I got with login details that showed the amount of gold that was deposited since 2002 an amount of 135kg of 22 carat. And provided some to get one gold bar to moved out from vault and sold, so the tax could be paid which was 27000 USD, but I got Cold feet and stopped there, but later on the tax was said to be paid by some friends to her late father. And a gold agent should ship the gold to my country or to Holland but as the fee’s to ship it far north was to expensive I said the gold should be sold in Ghana and quite soon there was a buyer ready to, pay 40000 USD/kg and a Ghana international bank ltd should be used but to get the online account to work the fee was 2500 USD to be paid thru WU.

Only that bank was allowed to use not money transfers to other banks was accepted. With some investigation I found the correct email and wrote to the bank I they confirmed it was a scam. But I can say they was very eager to get me to open that bank account several phone calls but I only delay them.  I have several phone numbers used and names of those people.

Answer

I am truly sorry to hear what all you have been through. Unfortunately, there is nothing anyone can do.

Question

We are   looking for serious Sellers of listed below products with following terms;

• 5-10kg of Gold  per week with delivery CIF Warsaw-Poland,
• Copper cathode CIF Hamburg-Germany in the amount of 22MT to 100MT per month
• Diamonds CIF delivered to Zurich-Switzerland

Please note that we are interested only in CIF offers, without any preliminary payments or prepayment fees. Serious and determined entrepreneurs are welcome to cooperate.

Answer

We do not supply gold to third parties, but if we did it would never be CIF.

Question

Why?

Answer

CIF = Carriage, insurance and freight (now known in the US as “cost, insurance and freight”) (CIF): Insurance and freight are all paid by the exporter to the specified location. For example, at CIF Los Angeles, the exporter pays the ocean shipping/air freight costs to Los Angeles including the insurance of cargo. This also states that responsibility of the shipper ends at the Los Angeles port.

So basically that means if I had the gold I would be risking the gold + the money to ship and insure the gold to deliver it to your lap / door step -  and hope that you pay me at some time in the future? Would you do that if I asked you to send gold to me CIF? Hell no you wouldn’t!

Gold is only sent CIF directly to Accredited refineries… and and no one needs help fining Accredited refineries!!

http://www.lbma.org.uk/pages/index.cfm?page_id=147

Question

I was just recently swindled out of $50k, trying to buy 50kg of gold dust from a guy named Kwame of Golden Age Mining Centre.

They pulled the switch-a-roo on my transporter in a London warehouse. I’m ashamed to even mention it. My transporter was partially responsible as he didn’t follow my explicit instructions. But I have a buyer for a long term contract. His funds are sitting in an account as he moved them when I was in the process of the delivery. Now we are waiting.

Let me know what we can do together. Thanks

Answer

Sorry to hear about your trouble, but the result you experienced is all too common. I have met no less than a dozen groups / individuals that all have the same story totaling millions of dollars in lost funds.

There is absolutely no discounted gold coming out of Ghana, not at a discount that makes it profitable to simply buy and sell gold. Gold buyers are everywhere, and unfortunately there is not going to be a way to keep the buyer you have in place. The best thing you can do is to give his money back and tell him that it didn’t work out for whatever reason.

Good Luck.

Question

Hello, am happy to write you this mail, let me be straight to you, yes there are false sellers in Ghana especially the online guys, they are all fake, i have encounter so much with this scammers and i wasn’t able to get a real sellers. I gold buyer comes to Ghana and wanted me to help him buy gold, i brought most of the so claim gold sellers to him but since they got to know that, we are going to PMMC or AA minerals then they don’t want to. Now am looking forward to partner with a good buyer who might be ready to help me go to the bust and make a better offer to them but first of all, we need to put up a company which will be in regard of purchasing and we can smelt it right there and from community to community we can bring all of them under our group and they wont come to the city to  sell because they got a good offer from us. I hope to hear from you so that we talk about this more.

Answer

We have already tried that idea. The problem is the price as well as the distance to Accra or Kumasi to sell the gold. Not only that, but the profit is @ 3% which is hardly worth the effort.

Question

OK thanks for  reply but i want u to know that, u have not buy directly from the bush,you need a whole lot of miners who are will be ready to sell for you and all u need is your gold weighing machine and u can smelt it right there as well but i want to know where you are right now,are you in Ghana?

One thing i want you to you is that the more you buy the more you make the profit because you don’t expect to make profit whiles you only bought 1kg of gold and about the distance,from Tarkwa to Accra is not all that far and moreover you don’t need to go to the bush,that will be done by me and some few people we might employ to help we out,we can make money out of this,i know and with you as a white man and your personality,you can arrange for sales at refinery at AA minerals and we can make a lot of money.

Answer

We were offered the opportunity to participate in a gold buying office in Dunkwa. We looked over the math and figured out the BEST anyone could profit is 3%. 3% of $10,000 USD is $300.00 USD. With the Police road blocks, fuel, and general hassle involved + the risk, it is not a business that is worth our time. It is way too easy to lose your money and or your gold in such endeavors.

The only way to make real money in the gold business in Ghana is to mine it.

Question

I went 13 times in Ghana to buy gold. I paid my registration to ASAP VASA and AA MINERALS. I met hundred of false sellers and even the real sellers make the scam in parallel. With my partner we lost 350,000 euro. I also met German people which has his mine at 250 km of Accra with many heavy machines but does not find a lot of gold, Ghana it is very hard for the business.

If you know a real gold seller in bush which agrees to go to AA MINERALS to smelt the totality of gold, thank you for informing me about it, you will have your commission. Thank you in advance.

Answer

There is no way to make money from simply buying and selling gold in Ghana.

If a seller is willing to bring gold to Accra from the bush, they would more than likely sell to AA Minerals before they would sell to you anyway as they have the reputation and facilities.

Also, AA Minerals pays 3% below world market price… They will sell to you at 2%, but unless you need gold for manufacturing, there is no way to make money buying and selling gold at those prices.

Question

I can send my representative with visa to you in your destination with 5kg to 25kg maximum  if  you can pay for 3% Government Tax to complete the insurance and documents for the delivery.

Answer

There is absolutely no way we will pay for any fees what so ever. This is a classic scam. If you have gold, then you can get enough cash to pay whatever fees need to be paid to move the gold out of your country. Nice try.