Saturday, February 21, 2015

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USA Hallmarked Gold Bullion Offered As CIF And L2L

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A week ago I was contacted by Ibrahim, one of the people that used to contacted me for Gold. Ibrahim mentioned that he has Gold to offer from the USA. This offer came from one of his partners, Fred.  
Ibrahim was very persistant on informing me about the Gold offer and he insisted for me to listen to what he had to say. 
It seemed that there was a quantity of 400MT (metric ton) Hallmarked Gold Bullion available for sale, which was a lot if I may say so myself. 

I told Ibrahim that it was fine and that he could send me the Full Corporate Offer (FCO), so I could check the offer first before I would ask any of my contacts if they would be interested in purchasing the Gold. Especially when it was to be finalized according to the Swiss procedure and offered as CIF (Cost, Insurance and Freight). 
I was confident that Buyers would be interested in purchasing the product if it turned out to be genuine.





At first sight, the offer did not seem to be odd at all, when you read it. Since the Seller was an USA citizen and residing in Modesto, California, then you will not lightly be suspicious on anything fraudulous.  According to the FCO, even the Gold was present in the USA.
Let's face it, Buyers would always be very careful when the Sellers and the Gold would have been from Africa.  As the Gold being Hallmarked was also one of the things that you would not be suspicious of easily.

As I continued studying the FCO, I noticed that there were things that were not making any sense or being logical. 
The name of the company on the Letterhead was Russian, but the person on the FCO as the so called Seller, Manuel was an American citizen residing in CA. The Skype id was from a Russian company that was on the Letterhead, but the email address was Manuel's.
On the FCO was mentioned that Manuel was acting on behalf of the Seller. So why was he claiming to be the Seller, when he was definitely not the End Seller?




The FCO was also signed by Manuel, instead of the End Seller. 
Although I'm aware that there are people functioning as Resellers, still I'm pretty sure that Buyers will not deal with Resellers. Especially when it comes to high quantity purchase such as 400MT and which will be done with Rolls and Extensions (R&E).

The transaction was according to the Swiss procedure, however there was no Bank mentioned. Even so there was mentioned that the Gold was at the Bank's warehouse. The odd thing was that Hallmarked Gold in such high quantity should be present inside the Bank's vault instead of a warehouse.

Russia, United Kingdom and Dubai were mentioned as being the CIF destination. If it was CIF then why were no other destinations allowed? 
Besides that, I could not retrieve anything about the shipment of the Gold to the Buyer's destination. No Malca Amit nor Brinks were somewhere to be found in the offer. 
For a genuine Seller that owned Gold in such high quantity, you would expect to have a Brinks account to be able to transfer the Gold to the Buyer destination.




 
Further on in the FCO, my eyes was surprisingly caught by the term Ledger to Ledger (L2L).
How could it be CIF and L2L at the same time? These are basically two different things that totally contradicted each other. 
In case of Ledger to Ledger, then the Gold would stay on the Bank. This would mean, that Seller and Buyer both would need to use the same Banks and only the change of title/name would occur.
This will be handled by Seller's Bank (Bullion) Officer to Buyer's Bank (Bullion) Officer. The term CIF would totally be unnecessary.

As commonly known the Seller and Buyer would have to do the Proof of Product (POP) and Proof of Funds (POF) as a part of the transaction. 
Surprisingly nothing was mentioned as Proof of Product, only that the Seller would issue MT600 to proof Banking ability, but not the availability of the Gold. On the contrary to the Buyer, who had to submit the payment MT103/23, which was a payment instrument. 
That would still leave the question, what would the Seller issue as Proof of Product? 





For the conclusion of the Hallmarked Gold, I had asked for the name of the LMBA member and the Hallmarked numbers of the Gold Bullions. Every Seller could easily say that the Gold was Hallmarked, but can not proof it or turned out to be done by themselves or even in worse case scenario, it was fake Gold.
Last but not least, I had asked the Seller for a new copy Passport, since I could not enlarge the document. 

The Full Corporate Offer (FCO) that was offered to me looked promising on the surface, but when I looked deeper, there were so many gaps and holes, that should be filled up and answered by the Seller, Manuel.
It has been a week ago and I still haven't heard or received answers to my questions from the so called Seller, Manuel.

I guess that says enough, don't you think?
 

13 comments:

  1. Dear Madam/Mr,

    We are looking for partner in building a local mining company or
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    They need people like you, people over there to help them develop
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    treating them, they want serious buyers to be their eyes and
    mouths,they are ready to give you goods if you are serious and ready
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    Hope to hearing from you soon.

    Thank you,
    Mr Mamady Konaté
    Community representative
    Siguiri Gold and Diamond local
    mining community company,
    BP:3005, Siguiri, Republue de Guinée
    E-mail: k.mamady82@yahoo.fr / kmamady82@gmail.com
    Tel: +224657629251

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