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Posts Tagged Dubai

Just got scammed in Ghana – I should have listened

The following is a conversation with someone that has been interested in going to Ghana on a gold buying expedition. He finally got the adventure he was looking for ..

[3:50:59 PM] MY FRIEND: I just lose my face in Accra they scam me, I know you warned me, but I didn’t want to hear all your old advice. Very bad in Accra now. I go to police and nothing

[3:51:41 PM] ME: so you went there and lost money?

[3:52:09 PM] MY FRIEND: I lose money and ticket and hotel now need 500$ to leave. Been waiting on the police 10 days now. I go to Dubai and then Accra after meet the buyer and borrow money for the documents and this man 3 years with me online now I am sure all scam only.

[3:53:23 PM] ME: Wow. I did warn you buddy – for years

[3:53:41 PM] MY FRIEND: ohhh yea

[3:55:25 PM] ME: so what happened?

[3:55:58 PM] MY FRIEND: same story but with other way, they come to me from Benin with fake gold. I take deposit of gold and pay $9000

[3:56:28 PM] ME: no testing? acid?

[3:56:35 PM] MY FRIEND: after I try check it find it sand. They switch it

[3:56:47 PM] ME: yep. That is how it’s done. The police will not help you. All they will do is take money from you – and from the crooks too if they catch them. The government will not help either

[3:58:05 PM] MY FRIEND: ohhhh.

[3:58:29 PM] MY FRIEND: I dream back anything. I borrowed the money from friend in Egypt

[3:58:41 PM | Edited 3:58:51 PM] ME: Their mentality is that it is your fault – for being greedy. They really do not blame the scammers. They blame you – no matter what they might say to you. That is how their culture is. Sorry buddy – you got off better than most… some have lost a whole lot more.

Ready to supply Gold Bullion Swiss procedures

Question

Please advise availability of gold bullion, Swiss procedure, bank-to-bank. I have interested buyers in USA. SPOT of 100mt would be OK, but quantity and prices shall be negotiable.

Answer

Swiss procedures are fake – made up by brokers. No one will send you gold via “Swiss procedures”. 100mt SPOT? wow.. That is a tremendous amount of gold and is is doubtful you would ever find that much gold at one time anywhere… unless you are a bank or a country.

Buyer Mandate request for for CIF Gold to Dubai

Question

Dear sir, we would like to receive your SPA, CIF Dubai, no bank. I am buyer mandate.

Answer

Thanks, but we do not sell gold via the method you requested and as far as we know no one else does either. SPAs (Sales Purchase Agreements) are not used by anyone that has gold they are looking to trade gold for cash. Furthermore no one will ever send you gold CIF unless you are involved in the mining operation. You can sponsor mining operations via pre-buying the production or buy purchasing equipment to boost production.

Will you supply Gold on a CIF basis, MT799 to our refinery?

Question

I’m representing buyers in Germany, Czech and Dubai, and I am looking for additional sources who can supply. As is see you have your options would this be possible with you? CIF basis, MT799 to refinery etc etc.

Answer

We get this question all the time and the answer is a simple no. No one will ever ship you gold CIF unless you have invested in the mining operation…. and I mean no one. Why?

CIF stands for Cost, Insurance and Freight. Basically you are asking someone with gold (a real tangible product) to send you gold, pay the shipping fee and the insurance based upon an MT799 which is nothing more than a Proof of Funds. That is like me saying, let me send you my bank statement, and you send me thousands, hundreds, or millions of dollars worth of gold, and we promise to pay you! If the gold was yours, would you do that?

The fact is that anyone that has gold can CIF it to any refinery on earth, so why would they CIF it to you / your refinery? They won’t.

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.

Refinery Account – Why don’t gold sellers just open one?

Question

Can you answer me a question?

Why don’t all these African mines large or small or companies in Africa selling gold just simply open a refinery account in say Dubai/Switzerland for themselves export their gold to the refinery by themselves and make more money than they would selling their gold directly to a 3rd party with all the hassle it does not make sense to me do you know the answer?

If I were them this is what I would do.

Answer

They either sell their gold locally (near where they mine) or do exactly what you suggested and sent it to a refinery themselves. It takes a serious amount of cash to set up a serious mining operation. Whomever lent or invested that  cash is the one controlling what happens with the gold, and trust me they are selling it for top dollar –  so would you.

The scammers try to get around this basic and reasonable concept by claiming the gold is an inheritance, belongs to the village or the came into the gold by some means other than actually mining it. This concept plays upon the greed in human nature allowing one to think “this is a real deal here” and that is exactly why the scams / scammers never stop. Sooner later someone will fall victim to their own greed and hand out upfront money for shipping or some other payment and lose it all.

 

Clients that are seeking gold CIF to their refineries.

Question

I hope this message finds you well.  I would like to advise you of my current position in gold , mining, operations as such (iron ore)

I am affiliated with some very influential people in the business who have their own concessions in Africa – Ghana, Mali , Sierra Leone.

They take their gold and its presold to refineries, banks in Europe and in Dubai for spot or sometimes 2% over spot on all finished product.

I do have clients that are seeking gold CIF to their refineries.  I know this is asking a lot because gold typically does not have a discount. Can you be so kind as to advise me if you have the ability to send to one of my buyers in Dallas TX at approx 45-46 per kg?

If so, any quantity will do to build a relationship.

We are establishing our own facility in Utah to process iron ore bodies ~ very time consuming, equipment, engineering, logistics all have to be perfected but it should be fully operational by end of April

I look forward to your reply.

Answer

We have a refinery account with Dillon Gage in Texas. If I was going to CIF gold, I would simply CIF it to my account and not anyone else’s.

… and you are right, the entire gold production process at its core runs off of pre-buy or sponsorship investments. Anyone that is fronting all the money for their operations (investors or self financed) will demand top dollar for their goods… and that means there are no discounts available.

Gold is money … and money is ONLY discounted when you have to exchange it for other money. Likewise gold is only discounted when traded for cash.. but in either transaction the tolerable discount is small – always.

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