BULLION PURCHASING PROCEDURES

 

  1. Seller issues signed Full Corporate Offer (FCO).
  2. Buyer returns signed Letter of Intent (LOI) indicating acceptance.
  3. Seller issues/delivers to Buyer a signed Purchase and Sale Agreement;
  4. Seller supplies to Buyer evidence of legal ownership, current Assay Report, bank statement.
  5. 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.
  6. 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.
  7. Buyer and Seller lodge contracts with their respective banks.
  8. Seller’s bank will SWIFT to Buyer’s bank confirming the existence and transferability of merchandise;
  9. Buyer’s bank will respond by SWIFT with confirmation of payment;
  10. 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