Refined Gold
Accredited by the LBMA refined gold bars gives the assurance of quality that is acceptable worldwide, as well as strong demand and liquidity, due to its purity and standard weight. This gold bullion serves as a reference for the global gold standard and is freely traded.
- Purity will be of at least 99.95%
- 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. The buyer is responsible for any import fees and transport fees to the refinery.
- 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 computed based on 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 buy price will be calculated using the second LBMA fixing (3:00 pm) price from the prior market opening day in London, England.
Buyer and Seller sign a SPA, and 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 favor of the bank account that the seller specifies in the J.P. Morgan Chase Bank's hard SPA verbiage. This bank guarantee will remain in effect for the term of the contract and will be used to pay for the weekly deliveries.
The main purpose of the cash-backed bank guarantee is to bind the seller to produce exclusively for the customer the agreed amount of gold that is the subject of this offer, as well as to make weekly delivery 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.
After the refinery issues a certificate of quality and weight, the buyer instructs his bank to transfer the cash corresponding to the obtained material via MT103. The buyer will only pay for gold that is purer than 99.95 percent and 24 carats. The cash-backed bank guarantee will be used to cover the cost of the delivered weekly gold. When the balance in the account is insufficient to fulfill the payment for the following week, the buyer will restore the withdrawn funds. As part of 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 possession of the tested gold:
Commercial Invoice
Certificate of Origin
Certificate of Ownership
Certificate of Quality
Certificate of Weight
From the country of origin of the gold, the seller will cover all costs, including local taxes, legal documentation, customs export procedures, insurance, land and air freight to the final destination, gold conversion to 99.95 percent at 24 carats, and quality and weight analysis at the refinery of the buyer's choice.