Gold Doré
Gold doré refers to a bar composed of a mixture of precious metals, though these bars generally contain gold and silver. A doré bar is usually produced as part of the mining and refining process.
Gold doré bars are typically a super high gold content alloy, sometimes actually pure.
- Purity will be determined with assay when the product is delivered.
- This is a contract for gold production. We don’t offer spot or trial sales or “Brinks to Brinks” or Swiss procedures.
- The final price is based previous day’s second (3:00 pm) fixing price for gold (Au) as quoted on the London Bullion Market Association (LBMA).
- Product is delivered CIF at buyer’s destination airport. Seller will incur all shipping, insurance, and export fees to the destination airport. Seller will cover transport fees from airport to refinery but may ask the buyer to coordinate logistics once the product has arrived at the destination city. The buyer is responsible for any import fees.
- Cash Backed Guarantee: MT760 Block Funds, SBLC (Stand-By Letter of Credit), or Escrow through JP Morgan Chase USA. There must be a 10% guarantee of the contract amount. Equivalent to 5 weekly deliveries.
- The buyer’s bank must be a top-tier international bank and must be registered in the United States or Europe. Furthermore, buyers can make payments via an MT103 or may use the bank guarantee in place to make payments on the weekly payments as long as they maintain and replenished it after the 4th delivery.
- Delivery of the first shipment takes place approximately 20 days after SPA has been signed and a bank guarantee is set in place, subsequent deliveries will take place weekly after that first delivery.
- Shipping is done by Brinks, Ferrari, or another reputable carrier.
On the day of the final assay by the buyer's nominated assayer, the price will be determined using the previous day's second (3:00 pm) fixing price for gold (Au) as quoted on the London Bullion Market Association (LBMA) in USD or Euro per fine troy ounce. If the LBMA does not operate on that scheduled day, the purchase price will be calculated using the second LBMA fixing (3:00 pm) price from the previous market opening day in London England.
Buyer and Seller sign a SPA, and the Buyer issues a cash-backed bank guarantee, such as an MT760 Block Funds or an SBLC (Stand By Letter of Credit), for the net sum of 10% of the contracted tonnage, within 5 working days of the SPA signing. i.e. in the seller's favor to the J.P. Morgan Chase Bank bank account indicated in the hard SPA verbiage. This bank guarantee will be in effect for the term of the contract, and it will be used to pay for the weekly delivery.
The main purpose of the cash-backed bank guarantee is to bind the seller to produce exclusively for the buyer the agreed amount of gold, the subject of this offer, and to make weekly deliveries of the product to the buyer's preferred refinery. It also serves as an assurance to the seller that the gold given to the customer will be paid.
When the refinery issues a certificate of quality and weight, the buyer instructs his bank to transfer the cash for the material acquired via MT103. Only gold with a purity of 99.95 percent or above and a carat weight of 24 will be accepted by the buyer. The cash-backed bank guarantee will be used to cover the cost of the weekly gold delivery. When the account balance is insufficient to cover the next week's payment, the buyer will restore the withdrawn funds. As required under the 52-week contract, this process will be repeated.
For both parties, the refinery's assay results will be decisive.
The buyer will receive the following documents once they have taken ownership of the tested gold:
Commercial Invoice
Certificate of Origin
Certificate of Ownership
Certificate of Quality
Certificate of Weight
The seller will cover all costs from the gold's origin country, including local taxes, legal documentation, customs export processes, insurance, land and air freight to the final destination country, and quality and weight analysis at the buyer's preferred refinery.