Perhaps now you see (after others comments) I was truly being polite and not trashing your thread. Do beware of those offering gold at prices that seem to be too good to be true. They can easily cost you your money or your life. This is a nasty business at times, as gold does strange things to people.
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HAuCl4
Well-known member
This is typical "wannabe sharky" entering the "gold business". What he proposes is impossible in the legitimate business world. He was either trolling for fools to scam or is a fool himself. It looks like a modification of the old nigerian scam. The only reason possible for replying to a request like that is to expose him, or to have a good laugh. :x :lol:
If he has a legitimate need for that amount of gold and lives in the UK, he should get in contact with a member of the LBMA (London Bullion Market Association) and make a purchase through them. They fix the price twice on a daily basis!.
http://www.lbma.org.uk/pages/?page_id=53&title=gold_fixings
If he has a legitimate need for that amount of gold and lives in the UK, he should get in contact with a member of the LBMA (London Bullion Market Association) and make a purchase through them. They fix the price twice on a daily basis!.
http://www.lbma.org.uk/pages/?page_id=53&title=gold_fixings
For years people have wondered how the LMBA could buy and sell so much gold. Then at the recent hearings in the US as to position limits in the commodities they actually had to admit that 99% of what they traded was paper and only 1% was actual metal. The markets are not only fabricated but rigged even with the paper in my opinion. If you are an investor, take delivery.
Ever play musical chairs as a child. Where will you be when the music stops? Will you have a chair?
Ever play musical chairs as a child. Where will you be when the music stops? Will you have a chair?
Oz said:
So true, it's happened once as an investor wanted physical delivery of his gold not paper they had to borrow off the central banks and caused a price spike as they had to replace the metal to the banks who didn't want paper :shock:
HAuCl4
Well-known member
Every open market is the same, and thanks for that, otherwise there would be no liquidity. If you want to buy and take delivery of a ton in the LBMA, you can. You can even store it in your own vault. I know people who have done just that. They have their own cage with their name (Now, if you take it out of the vault and you wish to sell at a later date, you'll have to go through the process of certification as "good delivery" again, because the status will be lost as soon as you take it out of custody):
Allocated Gold#
Allocated gold is gold owned outright by an investor and is stored, under a safekeeping or custody arrangement, in a professional bullion vault. It is the property of the investor.
Allocated gold differs profoundly from unallocated gold which is the property of the bank.
Because allocated gold is not the bank's property its owner is considered safe from the bank's insolvency.
Costs of Allocated Gold#
Investors have to pay for the storage of allocated gold. Fortunately gold is a remarkably compact store of value. A tonne of gold bullion is worth about $30m (January 2008) yet needs only a 14 inch block of space for storage. For this reason allocated storage is inexpensive. It can be found for as little is 0.1% per annum for high volume buyers - and that should include insurance.
Allocated Gold#
Allocated gold is gold owned outright by an investor and is stored, under a safekeeping or custody arrangement, in a professional bullion vault. It is the property of the investor.
Allocated gold differs profoundly from unallocated gold which is the property of the bank.
Because allocated gold is not the bank's property its owner is considered safe from the bank's insolvency.
Costs of Allocated Gold#
Investors have to pay for the storage of allocated gold. Fortunately gold is a remarkably compact store of value. A tonne of gold bullion is worth about $30m (January 2008) yet needs only a 14 inch block of space for storage. For this reason allocated storage is inexpensive. It can be found for as little is 0.1% per annum for high volume buyers - and that should include insurance.
Did you miss the JP Morgans lawsuit were they “LOST” because they were charging for storage of allocated silver they did not actually have nor were storing?. Do you believe that ETFs actually have the metal when their prospectus clearly states that even they are not authorized to audit the holdings of the custodians of said metal?
Nick,
I would enjoy greater details of your reference.
Nick,
I would enjoy greater details of your reference.
HAuCl4
Well-known member
Do you actually mean if I have encountered big crooks in my life?. :lol:
"Buyer Beware" has never been truer, in my opinion... 8)
I suggest studying "Fabulous Fab" appearance in front of the U.S. Congress. The guy was almost laughing at them...If they go to court, I'm pretty sure he wins too...because in all probability he has the paperwork to prove all he did was within the law.
Some of these people are artists at what they do...
It takes an artist to nail a con-artist... :lol:
When the ETF scam is exposed, I'm pretty sure it is going to be epic. It may take a while though.
"Buyer Beware" has never been truer, in my opinion... 8)
I suggest studying "Fabulous Fab" appearance in front of the U.S. Congress. The guy was almost laughing at them...If they go to court, I'm pretty sure he wins too...because in all probability he has the paperwork to prove all he did was within the law.
Some of these people are artists at what they do...
It takes an artist to nail a con-artist... :lol:
When the ETF scam is exposed, I'm pretty sure it is going to be epic. It may take a while though.
Attachments
Like I said, I do not trust paper, allocated or not. Read the required annual Perth mint statement even, and tell me why they they need to have over half of their metal as “leased” (read that as double counted paper) when they are a refinery and mint. Last I checked paper does not make a pretty gold bar that assays as fine gold.
Ah, but they will sell you certificates against their gold holdings. Numbered bars you say, fantastic! Now you are finally safe with allocated gold. Well, not if they leased them to another and that gold is now subject to counter-party risk (read that as 2 owners who have both fully paid for the same gold) . It is done all the time. Even when a government like the US leases gold to a bullion bank, it is sold into the market, other wise there is no reason for the transaction by the bank for any potential profit. Since it is only leased they still claim it, as it is owed to them, the lessor also claims it, because they actually have it, that is until they sell it into the market on speculation. In which case neither of them have it. If there is a problem with paper fiat money what do you think the odds are of them being able to buy that gold back even at a loss? Not to mention they have to have it back 2 times over.
Sorry, the illicit gold market irks me.
Bottom line, If you wish to hold gold or silver as an investment or an insurance policy against fiat paper money collapses, hold it, but hold it as physical in your hand.
Ah, but they will sell you certificates against their gold holdings. Numbered bars you say, fantastic! Now you are finally safe with allocated gold. Well, not if they leased them to another and that gold is now subject to counter-party risk (read that as 2 owners who have both fully paid for the same gold) . It is done all the time. Even when a government like the US leases gold to a bullion bank, it is sold into the market, other wise there is no reason for the transaction by the bank for any potential profit. Since it is only leased they still claim it, as it is owed to them, the lessor also claims it, because they actually have it, that is until they sell it into the market on speculation. In which case neither of them have it. If there is a problem with paper fiat money what do you think the odds are of them being able to buy that gold back even at a loss? Not to mention they have to have it back 2 times over.
Sorry, the illicit gold market irks me.
Bottom line, If you wish to hold gold or silver as an investment or an insurance policy against fiat paper money collapses, hold it, but hold it as physical in your hand.
HAuCl4
Well-known member
If I were in the enviable situation of having significant amounts of "allocated gold" in custody at a vault or bank vault, I would make sure I could pay regular visits to look at it, and to make sure no one has tampered with the safety locks in the cage. And I would stay clear of any vault or custodian bank that would not allow me to do just that. :shock:
HAuCl4
Well-known member
Oz said:
You see?. We finally agree on something!. :lol:
I would also delay my purchases of physical for at least 5 more days!. Who knows it might go lower...
patnor1011
Well-known member
There is no problem to get gold in 10 even 40% below spot if there is cash at the hand.
All he need to do is set up few Cash4Gold shops.
All he need to do is set up few Cash4Gold shops.
qst42know
Well-known member
I think perhaps you just heard from the wholesale division of CFG. :lol:
pgm
Well-known member
this was a really funny post - i will save it for april fools.....
only a person from brum could come out with that kind of a funny joke..
only a person from brum could come out with that kind of a funny joke..
Hello,
Looking through the comments from members, i believe we are not been helpful. I believe my company can be of help as we are based in Uk. Our operation is in Mali, in partnership with buyers, we buy gold and we bring it to the buyer.
We are closed for the xmas break and hopefully to be back in Mali by January.
If you wish to meet-up for a meeting, pls get in touch at : [email protected] now that i am in Uk to see if we can work together.
Looking through the comments from members, i believe we are not been helpful. I believe my company can be of help as we are based in Uk. Our operation is in Mali, in partnership with buyers, we buy gold and we bring it to the buyer.
We are closed for the xmas break and hopefully to be back in Mali by January.
If you wish to meet-up for a meeting, pls get in touch at : [email protected] now that i am in Uk to see if we can work together.
patnor1011
Well-known member
megadust said:
Sir,
You are telling us that you are able to sell gold for 25,000£ for kilogram delivered to London.
You can be sure that I will be your best and only client and I will take all of your gold for this price. As from now you can hire half of Mali to start digging and turn around whole country. I am also looking forward to get some samples of your gold for determining purity and while we talk about business involved many kilos of gold I believe that you will have no problem to send me just one kilogram (for testing purposes). When I will assay your samples I am willing to pay you your price of 25,000£. Hell I will pay you even 26,000£.
- Joined
- Jan 14, 2021
- Messages
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Usually we are refining 3-5 kilo gold every month. The refiner pay spot price in CHF, minus 100...so if the price is 52000, we get 51900. Getting gold, even scrap, at -2.5-5% will be great for us...so bullion at -9% looks unbeleavable
