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Posts Tagged Commodities

How a gold broker is payed

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”!!

We can supply 10 kg gold dore bars weekly CIF

Question

Could you supply gold bars as 10kg every week to my buyer? its grade its 20carats, 94% to 96% , please issue quotation include CIF at the international Air Port of Cambodia. Please send to me COO, POP, SKR, take photograph gold and you stand with gold in your warehouse.

Answer

We do not supply gold to third parties. There are many reason, but the simplest one is that anyone with gold in Ghana can sell it for just a few percent below the world market price – all day every day.

Think about it like this, if there is enough infrastructure in a county to be able to provide POP or SKRs and ship the gold CIF to you or your “buyer”… then it could just as easily be shipped directly to any LBMA refinery on earth thus avoiding two middle men – you and your buyer.

POP and SKR documents are simply broker documents and no bank  from Africa issues such documents. 99.9% of all such documents anyone would show you will be fake. Precious metals, unlike many other commodities,  are not stored in wait of buyers. Precious metals supplies are not available like sugar, wheat, cement, or other commodities because there is NEVER an extra supply of gold “waiting for a buyer”.

No one that has gold needs help selling it, so you will never find a situation where there is a seller that will pay you a commission to find a buyer. Gold is the most liquid substance on earth and gold can be traded for cash in just about every city in the world including Africa.

 

Is this Gold Offer a Scam?

Question

I hope you are well. I have been following your comments about NOT buying gold dust what do you think to the attached offer and the emailed offer from a person in Ghana below do you think this is real or fake? Have you come across this person before?

I have a refinery account in Dubai but she is saying she does not have a representative here and wants to meet in Amsterdam   my question would be why does she need another agent in Dubai when her agent is traveling with the 50 kilos of gold dust and can easily travel to Dubai as Amsterdam , why does she want me to pay 48,500 euros to cover costs from Ghana when we can refine the gold at the refinery and pay her the whole amount within 48 hours of refinery it does not add up to me.

What do you think does it? I will call them later but I would like your thoughts before I do.

Answer

Firstly let me say that it is ILLEGAL to export gold dust from Ghana, and pretty much every other country. Why?

Each government sets the export tax for all commodities leaving the country. The ONLY way to quantify and qualify the exact gold content of an item to be exported is to weigh it on a gravity scale. A density scale will tell the exact gold content vs. all other trace elements, thus the tax can be determined. There is no way to do this with gold dust. Not only that, but gold is not often produced in dust form unless the operation is large and sophisticated.

Dust is how the gold is found in the ground (vs. nuggets) as dust makes up 99% of all gold pulled out of the ground globally, however to separate gold from black sands is TYPICALLY done with mercury especially in Africa. This is called amalgamation. Take a look at the pictures on my site and you will see gold “balls” and “biscuits” that is how the raw gold looks after amalgamation, before it is melted into bars. Gold dust is extracted from black sands using a vibrating table such as the MSI vibrating table seen here  

These tables are costly, not easily obtained, require a concrete floor to be bolted to, a cover from the elements again only a sophisticated operation would have the cash to set up to retrieve “dust” from the black sands.

If you were the owner of an operation that has the equipment to recover dust from your production, are you going to sell it for big discounts? No. Gold dust also still contains a percentage of garbage that burns off during the smelting process as well. No Buyer is going to buy dust because the weight of dust includes the weight of the garbage. That is why refineries will only pay for either bars, or after the gold is smelted into bars. If that is how all refineries on earth do business why would you handle you business any differently?

So as a matter of deduction, ALL offers for gold dust are assumed to be 100% fake.   If a gold seller refuses to turn their dust into bars, then they are definitely looking to scam you.

Can we help sell your gold?

Question

Hi , I work for a company in Switzerland which is a commodity broker. I’m wondering if you are using any broker for your business in connecting buyer and sellers of your commodity projects.

Answer

We appreciate your inquiry however we do not need a broker to help us sell gold. I’m not sure about other commodities, However No one really needs a broker for gold transactions. Anyone that mines gold will seek to sell it for top dollar directly to a gold refinery.

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