Fact on Gold

Gold is a chemical component with the symbol Au that springs up from the Latin derivative aurum that means shining dawn and with the atomic number 79. It is an very sought-after valuable metal which, for many centuries, has been utilized as wealth; build up of value and in costume jewelry. The metal resembles as nuggets or grain like structures in rocks, subversive "veins" and in alluvial deposits. It is one of the currency metals.

Gold is solid, squashy, glossy and the most vulnerable and pliable of the known metals. 14k gold has a luminous yellow color by tradition considered gorgeous. Gold formed the foundation for the gold bars used before the fall down of the Bretton Woods system. It is explicitly against IMF norms to base any coinage aligned with gold bars for all IMF member states.

Chemically, gold charm is a tri-valent and uni-valent changeover metal. Gold does not act in response with the majority of chemicals, but is deteriorated by chlorine, fluorine, aqua regia and cyanide. Gold disbands in mercury, resulting amalgam alloys, but does not act in response with it. Gold is non-soluble in nitric acid, which will melt silver and other base metals, and this is the basis of the gold cleansing practice known as "inquartation and parting".

Gold is the most vulnerable and pliable metal; a single gram can be packed down into a pane of one square meter, or a bit into 300 square feet. Gold leaf can be flattened thin enough to be converted into semi-transparent. The transmitted luminosity appears greenish blue, for the reason that gold powerfully reflects yellow and red.

Gold (Au) : Gold Trading - Gold Commodity

Gold forms the basis for a monetary standard used by the International Monetary Fund (IMF) and the Bank for International Settlements (BIS). Its Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.

Chemically, gold is a trivalent and univalent transition metal. Gold does not react with most chemicals, but is attacked by chlorine, fluorine, aqua regia and cyanide. Gold dissolves in mercury, forming amalgam alloys. In particular, gold is insoluble in nitric acid, which will dissolve most other metals. Nitric acid has long been used to confirm the presence of gold in items, and this is the origin of the colloquial term "acid test," referring to a gold standard test for genuine value.

Properties of Gold?
Symbol: Au
Melting Point: 1064 deg C
Density: 19.3
Atomic Number 79

Technical/Latin Name: Aurum Utalium

Gold Sizes:
For commercial purposes gold is traded as dust, old ornaments, old coins, 1 kg bars and 12.5 kg bars.


CHEMICAL FORMULA FOR AURUM
CO(NH2)2 or NH2CONH2

QUALITY
The quality is measured as Fineness in carats (k). It can be 9 to 24 k. In commodities we work in terms of 24 K 999.5/1000.

TERMINOLGY:
GLD (Gold London Delivery) Hallmark: International acceptable hallmark. This is only accepted from recognized gold refineries

PRICE:
In commodities contract the price is based on the prevailing London Metal Exchanges
www.lbma.org.uk/statistics/current on the day of fixing the date of delivery at the destination.

Gold Bullion BAR GLD Trading PROCEDURE:

The exchange of Proof of Product, Proof of Funds, Delivery of AU Metal documents and Payment for the AU Metal delivered are executed strictly on a Bank to Bank basis under the full Banking responsibility of the Seller's Bank and Buyer's Bullion Officers.

  1. The Au Seller or his mandate provides FCO. The buyer studies it and asks for amendments. If amendments are accepted the seller then provides each page hand signed FCO. It has also to be notarized on each page. Electronic signed FCO is not valid for the buyer.
  2. The buyer or his mandate issues a LOI.
  3. The seller provides the contract to the buyer.
    Note: The contract is time sensitive. If the buyer and the seller do not execute and remit the contract to each other within two days of receipt of thereof failing which the said contract shall be stand terminated without any further notice unless a permission is sought and agreed.
  4. The Buyer signs and accepts the contract and returns the contract with full banking details to the Seller (Four hard copies, delivered by courier).
  5. The Seller signs the contract and returns two hard copies, with full banking details, to the Buyer's Mandate, one hard copy to the seller's bank.
  6. POP (proof of product): Within 24 hours after execution of this contract, SELLER'S bank sends SWIFT to BUYER'S bank to the attention of "The Bullion Officer" with full bank responsibility, confirming the existence of AU metal.
  7. POF (proof of funds): After verification, BUYER'S bank reconfirms by SWIFT to SELLER'S officer, with full bank responsibility, proof of funds.
  8. Within 24 hours or less the AU metal ownership is transferred to BUYER'S bank and the funds are transferred to the SELLER'S bank.
  9. All pay orders, as per the MFPA, are stamped and sealed by the BUYER'S bank as soon as the transaction is completed.

WE CAN HANDLE GLD, NON-GLD, DORY GOLD, DUST, NON STANDARD GOLD BARS FROM 50 KG TO VIRTUALLY ANY QUANTITY.

GOLD DUST OR NUGGETS TRADING PROCEDURE:-

If the quantity is less than 100 kg a buyer in Accra can test and buy the gold on the spot. However if you have larger quantity we can proceed as follows.

If you wish to deal with European Au refineries in Europe, you will have to accompany the shipment of your gold to our associated refinery. You are responsible for your traveling and shipment costs.

No one will provide any advance payment under any circumstances.

Delphi.2000