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SELL AND BUY AGREEMENT FOR PRECIOUS METALS

                                             

 

 

 Transaction code (s):        Seller:  ______________Buyer:  _____________

                                             _

 

                                                        Transaction:

 

Commodity:                      Gold

Quantity:                            ___ Metric tons

Quality:                               Good London Delivery bars (1 and 12.5 kilogram)

Delivery:                              Buyer’s Bullion Bank in Switzerland

Discount:                         _7_% Net based upon 2nd London Fix on day of acceptance by Buyer’s Bank.

Payment:                         Within 48 hours of acceptance by Buyer’s Bank to Seller’s Bank or designee

Fees:                               Mr. Mel Goldberg, Buyer’s Agent is paid by Buyer.  

Lifts:                                To be determined between Buyer’s and Seller’s Bank(s)

 

We, (the Seller and Buyer), stand Ready, Willing and Able to complete this transaction per the International Bullion Procedures as follows:

  • 1. This document is signed by the Seller (or his representative) and the Buyer (or his representative) with a signed copy to each party.
  • 2. The Seller’s Bank Officer(s) confirms the transaction to the Buyer’s Agent including quality, quantity, delivery, and discount .   The confirmation will be within ___days of signing this agreement. 
  • 3. After verification of #2 Buyer’s Agent will cause the Buyer to forward his Irrevocable Purchase, with full banking, to the Seller’s Bank Officer, for immediate closing.  The Irrevocable Purchase Order will be sent within 24 hours of receipt of #2, or next day banking.  Buyer will provide his Bank Officer with a copy of this Agreement, the Selling Banks confirmation of the transaction and his Irrevocable Purchase Order so both Banks will have the same paperwork.
  • 4. Seller’s Bank Officer contacts Buyer’s Bank Bullion Officer for confirmation of funds and lifting schedule.
  • The non-circumvention agreement covering the brokers.

We (Seller and Buyer) will not circumvent any agents to establish future 

Gold transactions or enter into negotiation with any Seller or Buyer (or

their representatives), which has been disclosed within this transaction, to

avoid payment of fees.  This will remain in affect for five (5) years from the

date this document is signed.

 

Agreed and Accepted:

Seller

 

 

 

_____________________________________________________________

 Name                            Title                               Date                   

 

Agreed and Accepted:

Buyer

 

 

 

Mel Goldberg                   Buyer’s Agent        Date

 

                                       

 Please read and understand the attached contract.

 

*We use this contract because it exactly follows International Bullion Procedures, Good London Delivery Procedure and Swiss Procedures.

*The contract can be lodged in any Prime Bank, London Bullion Market Association recognized refinery and all Bullion Banks.

*It does not favor either the Seller or the Buyer.  It is very straight forward so nothing should be misunderstood.

*The Seller (or his representative) and the Buyer (or his representative) are identified.  The Seller and Buyer will want to remain confidential.

*Transaction codes:  Seller and Buyer (this is for identification purposes at the respective banks or refinery (s).

*Definition of the transaction: 

What it’s for?—Gold.

How much gold (quantity)?

Good London Delivery Hallmarked bars (quality).

The end destination is the Buyer’s Bank where the bars are verified and accepted product, on behalf of the Buyer (delivery).

What the offered incentive is to buy (discount).

How quickly the gold will be paid for after acceptance by Buyer’s bank (within 48 hours).

Amount of product that can be moved (lifts) per day, week or month which will be determined by the Banks—not the Seller, not the Buyer and not the Brokers.

 

*Agreement:

Both parties agree to complete the transaction as shown above.

 

*Procedures:

           Parties agree to agree.

  • Sellers proof of product, ability to sell and deliver gold to the Buyer’s Bullion Bank in Switzerland.
  • Buyer guaranteeing payment (through his Irrevocable Purchase Order), his banking information and bullion officer (who will guarantee payment for all gold received on behalf of the Buyer).
  • The transaction now becomes bank to bank.