Trading · Gold trading
Gold bought at the mine, priced in London.
Doré from cooperatives, bars from licensed refiners, lots from a few hundred grams to several kilograms. One pricing formula, agreed before anything is weighed.
Included
- 01
- Pricing formula against the LBMA Gold Price, in writing
- 02
- Fire assay with a split sample and umpire procedure
- 03
- Settlement on assay in USD or local currency
- 04
- Forward offtake and part-payment for steady producers
01Gold trading
What we buy
Doré from registered cooperatives and small mines, refined bars from licensed in-country refiners, and gold from licensed dealers with documented origin. Producers with steady output can sell forward under a written offtake.
02Gold trading
How we price
Every lot is priced against the LBMA Gold Price, the London auction that sets the world reference twice a day. From that we deduct a discount for assayed purity, refining and the cost of the route. The formula is written down before the metal is weighed, so the seller can check our number against the published benchmark.
Assay is fire assay at an accredited laboratory. The seller keeps a split sample and a third sample is sealed for an umpire.
03Gold trading
How we pay
Dollars or local currency, through a bank in the producing country or offshore. Standard settlement is on assay confirmation, usually within days of the metal reaching our custody. Established partners can be part-paid on delivery.
Pricing
What the ticket looks like.
A worked example. Every real one is checked against the published benchmark.
Worked example
| Line | What it is | Example |
|---|---|---|
| Reference | LBMA Gold Price, PM auction | USD 2,914.30 / oz t |
| Gross weight | Weighed with the seller present | 2,418.60 g |
| Fineness | Fire assay, accredited laboratory | 0.9162 |
| Fine gold | Gross × fineness | 2,215.92 g · 71.24 oz t |
| Refining | Refinery charge to good delivery | 0.35% |
| Route | Secure transport, permits, insured freight | Disclosed per market |
| Net payable | Settled on assay in USD or local currency | USD 201,486 |
Illustrative figures. Every real ticket is checked against the published benchmark.
Fire assay
| Element | Name | ‰ |
|---|---|---|
| Au | Gold | 916.2 |
| Ag | Silver | 68.4 |
| Cu | Copper | 12.1 |
| — | Other | 3.3 |
Fineness
0.9162
Method
Cupellation, gravimetric. Split sample held by the seller.
What you get
Included as standard.
- 01
Pricing formula against the LBMA Gold Price, in writing
- 02
Fire assay with a split sample and umpire procedure
- 03
Settlement on assay in USD or local currency
- 04
Forward offtake and part-payment for steady producers
- 05
Export paperwork and a full chain-of-custody file
Questions
Asked often.
01What is the smallest lot you buy?
A few hundred grams. Terms get better with steady monthly volume. Sellers must be licensed dealers, registered cooperatives or permitted producers.
02How is the discount worked out?
Three parts. The assayed purity, the refinery's charge to bring it to good delivery, and the cost and risk of the route. All three are disclosed and agreed in advance.
Related
Often combined with.
- 01Enablement
Trade finance and settlement
Part-payment, forward offtake and plant facilities for producers, with settlement arranged through London banks.
Finance and settlement - 02Enablement
Logistics and export
Secure in-country transport, export permits, customs and insured air freight to refineries in Europe and the Gulf.
Logistics and paperwork - 03Trading
Precious metals trading
Silver, platinum, palladium and rhodium traded with licensed producers and refiners from our Johannesburg desk, marketed from London.
Silver and PGMs
Get in touch
desk@miningaccord.com
08.30 to 18.00 GMT
Talk to the desk.
Tell us what you hold, where it is and how you sell it today. A trader replies, not a form.