BULLION PURCHASING PROCEDURES
- Seller issues signed Full Corporate Offer (FCO).
- Buyer returns signed Letter of Intent (LOI) indicating acceptance.
- Seller issues/delivers to Buyer a signed Purchase and Sale Agreement;
- Seller supplies to Buyer evidence of legal ownership, current Assay Report, bank statement.
- Seller provides a letter from their bank indicating that the Seller is ready to commence the contract and that the Bank is ready to transact with full bank responsibility.
- On successful verification of the documentation identified in clause (d) the Buyer will arrange an acceptable institutional Payment Guarantee for the full contract value as instructed by the Seller.
- Buyer and Seller lodge contracts with their respective banks.
- Seller’s bank will SWIFT to Buyer’s bank confirming the existence and transferability of merchandise;
- Buyer’s bank will respond by SWIFT with confirmation of payment;
- Transaction is completed electronically with exchange of AU and Funds on a bank-to-bank basis. (NOTE:Bank-to-bank could be substituted with ledger-to-ledger as the terms of the contract may require.)
Most of Magister Operis' buyers can buy any quantity as long as procedures above are strictly met.
Magister Operis Workflow: CLICK HERE
Additional bullion notes: CLICK HERE
Sample gold transactions: CLICK HERE
Broker notes: CLICK HERE
Disclaimer: CLICK HERE