Friday, April 10, 2015

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Gold Price In The Bush As High As The Market Price?

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When it comes to dealing with Gold, one of the things that is familiar in Ghana besides scamming, is that people will also pretend to be Clients or Buyers, the way most of the people will say.  
These people would bargain for the cheapest price possible even though the commission for the Buyer Side was already included in the price. The commission will usually be $1,000/kg.

The thing is, the less money the so called Buyer has to pay, the more they will profit from it, which make sense of course!

2 years ago, I received a message from one of my colleagues, Mohamed, in Dubai, that there was a Buyer interested in purchasing Gold and wanted to have the Gold to be checked out at the AA Mineral in Ghana. Since the refinery is known for its genuine reputation, I knew that the Seller would not object to that.

Mohamed connected me on Skype with Steve P., who was in Ghana and claimed to be the Buyer's Representative and it seemed like the Buyer wanted to transact in a very short period. 
We discussed the price and as expected Steve wanted to have the cheapest price he could get, but I informed him that including the commission the Seller just could not give a lower price.
  
After we agreed on the price, I sent the Purchase Agreement to be filled in and signed by the Buyer, because we did not want to waste time.
According to Steve, the Buyer was in Dubai, but Buyer's partner was present in Ghana, therefore the meeting could be arranged easily.

Promise after promise, days after days, mails after mails, we finally received the signed Purchase Agreement from Steve. 
We probably should have realized then that there was something off, but we were just too busy focusing on the transaction among other things.
After sending the signed Agreement, it was time for me to discuss things and make arrangements with the Seller. I also sent a mail to Steve requested him to get in touch with the Seller as well.

When we all thought the time came for the Buyer and the Seller to meet and transact, it seemed nothing happened, because there was no Buyer in the first place.

When I confronted Steve on Skype he came up with the excuse that the Buyer backed out of the deal, due to the price. According to Steve, the Buyer disagreed on the price. The price was too high and it should have been lower. 
As the conversation continued it get so weird, because then he started saying that even the price in the bush was as high as the market price these days and therefore the Buyer could not make any profit.

My reaction was: "What?... How can that be??"...  "That is not even possible!!"... "That really did not make any sense". 
I suggested him to check the price online and even take time to inform him about the LBMA and the discounts, but he was saying that he was a man and he was the one living in Ghana and that I did not know anything about Ghana and Gold

It was just hilarious! You could see his true colors and his lack of knowledge. 
Guess it did not matter what I tell or do to convince him otherwise, because it seemed that he felt trapped with his nonsense story that he was basically babbling things that make no sense at all. 

I assume that Steve was just trying to sell the Gold to the refinery by pretending to have a Buyer, but his plan backfired on him, because AA Mineral might not be interested in purchasing Gold at that time.
 

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