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Posts Tagged Miners

Is Elmahrose Mines is a scammer?

Question

I received the following FCO from Elmahrose Mines Co Ltd   – do you think they are a legitimate company??

From the FCO >>>

Dear   Sir

Please Kindly take your time and read the below keenly for its very important for your understanding, also go through our FCO if ok sign seal and send back to us

Look we are a cooperative Group of Local Miners which is willing and able to grow one day for we have been but in the national Market for a long period, so we decided to form the Elmahrose Mines Co Ltd   so that we can associate together a group of local miners and   bring more miners to our Board and sell their Various Consignment under the Cooperation

 Sr. Cameroon is a country which is classified as Africa In Miniature whereby we have all the available resources but we cant make use of them since some are lying Underused, some have not yet been discovered, some are been misused E.T.C…. Blah Blah Blah – on and on.

Answer

I will tell you that I personally know a company that sent Elmarose no less that four S.W.I.F.T message… and never received a single gram of gold. They are 100% a scam.

“Cooperatives” just simply don’t exist. That is the same as saying we have 10 widget manufacturing companies and we put all of our widgets together to sell it to the world market… now who is going to do that? No one can trust anyone as it is, yet you would believe that multiple independent companies all heep up gold in a pile and trust one guy to do all the selling? Now that is ridiculous under ever other circumstance for ever other type of  company on earth… so how could you believe that is how it works in the gold business?

 

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”!!

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Trade gold in the bush in Ghana

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.

How do I get started in the Gold trading business?

Question

Can you advice me -I have 2 or 3 buyers of gold but they want to do business in very safe mod like bank to bank. My basic business is used generator trading I don’t know how to start this new type of trading??

Answer

Gold buyers are seemingly everywhere especially with gold at record prices.

Buyers are typically looking to make a profit from simply buying gold for less than it is worth and selling it at a higher price. I am sad to report that they better be willing to get into mining like we discovered – if they expect to obtain gold at a discount. They can sponsor a miner and buy future production, or get into the actual mining. OR, take 3-6 months and travel to remote locations in Africa, or other gold bearing countries, build relationships with miners, figure out all logistics, and THEN they might have developed a way to BUY gold at a discount. But even then they will not be able to by more than a few hundred grams at a time. Despite what you might see, gold is not easily found at a discount anywhere.

Is it legal to just fly in to Ghana and buy kilos of gold?

Question

We are miner’s agent and work directly with Ghana local miners to buy gold from them and
export to clients at a very good discount rate, without any intermediary involved.
We have the capacity to produce and gather 20-50kg of alluvial gold dust/gold bars every
month. We are now looking for only serious direct buyer who can travel to West Africa Ghana
to inspect and test products on FOB trade basis, are you a buyer or do you know any buyers to refer to us?

Answer


Here are some facts:

It takes a monumental effort to by gold where it is found – many hours down bad roads away from Accra.

Most miners sell their gold in either Tarkwa, Kumasi, Bibiani, or somewhere in between because Accra is HOURS away from where the mining occurs.

Even in remote areas there are gold buying offices paying no less than 5% below the world price.

There is no way you are buying gold at a discount big enough to take the time and go through the logistical hoops required to buy gold “in the bush” and then take it all the way to Accra to sell to foreign buyers – because there is simply too much competition and the price is too high for that to be profitable.

The only conclusion is that you are drawing in buyers that don’t understand all of what was just said in order to scam them in some way…

We are in no way “competitors” because we, just like everyone else that really has gold in Ghana, sell it to the closest legal buyer paying top dollar…. AND you failed to mention that it is ILLEGAL for foreigners to just fly in and by gold. You have to be licensed to do so!

See “buyers” with real money that don’t know the rules can come to Ghana and lose their money to scammers like you because you know that it is illegal for them to buy and have the gold on them. It is real easy to take both the gold and the money – all you have to do is pay off a few “professionals” and your scam is complete.

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