Trading Procedures
Procedures - Trading Procedures - Gold Buy Procedures
User may find here a very simplified procedure.
1. Seller provide Buyer with detailed FCO and certificates
2. Buyer agree on procedures, quality, discount, quantity and commissions
3. Seller and Buyer exchange and sign (electronically) contract and MFPA
4. Seller provide Buyer with invitation for TTM (table top meeting) to review the
physical gold at the place of deposit
5. At TTM Seller present to the Buyer all needed originals in paper format:
- certification of ownership
- history of of ownership of the gold
- gold assay report
- hallmark (if expired, Seller, at his costs, have to either renew it or agree to be melted)
- export and lifting permissions/license/certificates
- additional informations as per contract...
6. Payment - to be agreed on TTM as per contract, but usually:
- if Buyer accept the hallmark - no need to be melted
- if to be melted - after melting is finished and analyzed, payment will be released
7. Commission - never higher than 2% (or less!) - 1% buy and 1% sell side