We love reading real sellers’ FCO. Please go to “Contact” and send the FCO from there.

We are also interested to see monthly free capacity and annual capacity.

Some FCOs we have a tendency to regard as scam attempts. If not do not be offended and we can correct it together.

Fighting scammers in Cameroon

Imagine to get gold on a silver plate. You need only to proof that you are a legitime gold buyer. You will just have to pass an interview with officials of Cameroon. Sure very easy.

You will get full assistance of the seller of the gold. He is asking for just 3000 USD that is needed for the approval of being that legitime buyer. 3000 USD are nothing when you know the costs asked for in other countries like Ghana, Sierra Leone, Liberia, Guinea, Mali, Burkina Faso to mention a few.

There are some problems though. Will the person represent the Cameroonian government when he is contacting you for an interview. In other words who are getting the 3000 USD. By the way the fees varies between 3000 USD and 7000 USD depending on who is trying to scam you.

Basically the scammers are right you need a “Buyer´s permit” to buy gold in Cameroon. It is granted and issued by a Cameroonian Chamber of Commerce.

Our method to avoid being scammed is to require a trial delivery of just 1 (one) kilo of gold to our partners in Cameroon. The partner has naturally the legally necessary “Buyer’s permit”.

In many cases the seller refuse to accept to sell one kilo of gold against a cash payment. Thus they are proving that they are scammers. It is a very easy way to fight the scammers. We do not have to pay any money. The scammer will not be able to claim that the permit is not accepted and that we have been scammed. Which also is the truth as you do not have to pay to the government in the first instance. So forget about the CEMAC and fight the scammers instead.

Belgium

How can you be defrauded when the seller is in Belgium.

The lastest attempt was today and I was threatened to be sued for discrediting the fraudster. As I sent a mail direct to him I asked him to go ahead. I took the chance to call him a fraudster again.

First it can be known that my partner in Belgium is a refinery that is prepared to buy gold delivered to the refinery. So there is nothing strange about that. Would you have gold you would be able to contact the refinery and make arrangement so that you can ensure yourself to be paid at the delivery.

Would you owe somebody money and using the gold as collateral that could also be solved.

So here we go on the scam attempt. The seller claimed to have gold in safekeeping at a bank in Brussels. In order to have it released he have to pay the bank money and because of this he would only sell to a buyer paying him 25% of the value of the gold initially.

In other words you would pay 25% for nothing. He can not prrof that the bank has any gold as the gold is in gold bars. Actually the bank can not even proof that it is gold in the bars. So whatever document showing the existance of the gold even that has to be a fake.

I am 100% sure that if you go to the bank with the document they will just look at you. They would maybe tell you to go to the police. Your proof of paying anything would even that be a fraud. Nobody will show his real name or company name.

Gold in Dubai

Recently I have got offers to buy gold presently refused by refineries in UAE. There has been arguments on the quality and in the offers it has been equal quantities of gold bars and gold dust.

There has then been requests to find a buyer in the USA.

Naturally the buyer is supposed to pay some costs to get the gold to the US.

The comments on this is naturally that there can be difficulties in accepting the refinery’s initial assay. The reason would most probably be that the seller’s gold is of less quality than what is stated in the documents.

The other option is that the gold has been smuggled into UAE.

UAE does not accept gold dust. Thus if the gold really has reached the refinery it has to have been smuggled into UAE.

The most obvious alternative is to sell the gold in UAE. I have the contacts for this.

In that way the seller would have to show himself. So far nobody has taken this alternative.

Instead they are asking for the incredibly low price of 33 000 USD/kilo.

This offer is not real. It can only be met by neglecting it or be forwarded to me for action.

Why – Why not?

Why not ask why? When you get an offer it contains a lot of words. The words used and the procedure proposed raise normally a lot of questions. The questions should always start with a WHY.

Why FOB, why not CIF? Why without seller’s name? Why asking for a specific procedure? Why not disclose the company address? Why only mobile number? Why?

What I do. I give a counter proposal. Why not use your ownership of the gold or rough diamonds to increase your profit? Why not make 200 000 USD extra compared with spending 2000 USD on sending it safely to a capable buyer? Why not use the money to invest in your own mining activity? Why not be your own buyer from your own company? Why not have your own refinery account? Why not sell at LBMA? Why not triple your money by bringing the rough diamonds to a professional cutter and polishing workshop in a JV?

Why not ask the why and why not questions more often.

Growing big? Fast?

Do you want to grow big?

It is not what you see that makes you to grow. It is actually what you do not see.

You see a mining company with lots of equipment and workers. Do not think that that is the important issue to address first. You do not have to have a lot of equipement and unlimited funds to start to grow big, fast.

The most important is to have an understanding of the total industry from mining to the end customer. Think on how the gold gets to the neck of Indian women or European women or any woman or man.

Build your network so you take as much as possible of the profits lands into your operation. Build a network with maximum control and security.

That is how the big company with all the resources have. This is also what you do not see.

You can also grow big with using the network I am assisting you to get and administrate would you so desire.

Visit www.boengstrom.com and send me an email for the first initial contacts.

Trust, can that be bought?

You can not buy love. Some buys time with another person’s body. That is not love. Maybe some kind of comfort. There are many similarities between Love and Trust. Both are feelings for another person or being.

You can show love and trust. You can earn love and trust. You can not buy love or trust.

Why do then sellers ask you to buy their trust? Is it a matter of culture? Could very well be. In my Swedish cultural background we have another approach to trust. You do not distrust other persons. Distrust is something that is earned from bad behaviour.

Other cultures I have enjoyed to study is the Arabic. There you show respect and eventually earn trust. You do not buy trust. You earn trust by showing respect over a long period of time.

My personal experience from West Africa is that distrust is the original status of mind towards each and everyone outside your family or village. There must be a historical background to this.

How do you then work the best way through these states of mind. I am sorry but there is not any easy way forward. What we know is that we all have our perceptions and ways to make decisions on our own way of respecting a gut feeling.

It is probably just as with love. You fall in love, so you fall into trusting somebody. It is a feeling of mutuality. The difference is that you can not demand somebody to love you. You can demand somebody to respect you but you can only ask somebody to trust you.

So the answer is, yes, sometimes and rarely.

But Can’t buy me love by The Beatles

Sell roughs as cut and polished diamonds

We are now able to introduce the concept of selling roughs with much better price.

Just as for gold you deliver CIF and see how the rough diamonds are turned into exclusive polished and shaped diamonds. Take part in the selling process of the diamonds would you so desire.

Delivery required is minimum 100 carats and sizes are from one carat and upwards.

Take this chance to take your diamond mining operation to the next stage.

Send me a message from the contact form, now!

Music of the day is Diamonds performed by Rihanna

Invest in Skåne, Sweden

Invest in Sweden with the Swedish hospitality that is the way forward for free schooling, low cost medical services at a very high standard. We trust you have heard of Sweden.

This is not what you should tell the authorities. You have to tell them that you think that Sweden with its strong banking system is really very interesting to invest in and to work from with the trading company you intend to start somewhere in Europe.

The trading company will use the contacts to buy and sell machinery, medicines, food, second hand clothing and whatever you may invent.

There is actually an institution that could assist you, free. You do not even have to use us. The organization is funded by Swedish taxpayers to compete with private advisors. This is the country where the politicians do everything better than the private sector without asking for money under the table. I am sorry the latter is not totally true but they can not do it officially and keep their job.

So welcome to Invest in Skåne, http://www.investinskane.com/

Need a buyer?

Do you really need a buyer due to fiscal regulations in your country. With the help of a mirror and some good advises that is not any problem. You are looking at him!

2 kilos of gold is all what is needed to create your own trading company or 8000 USD for the share capital.

With a Swedish trading company your and your family’s needs are solved.

An annual turnover representing 20 kilos of gold would entitle you for much of the Swedish society’s hospitality. Free schooling and a good pension when retired in addition to live in a country that took to the weapons 1809. Yes, over 200 years without war or even terrorists.

Do you really need a buyer? You sell to your own trading company at a price that is advantagous to yourself. You refine the gold at your own refinery and sells it at world market at a premium.

Contact us for assistance and the cooperation agreement.

Murphy’s Law

You have done the deal of your life. Finally you have found a seller that will deliver gold bars.

If you have not studied the effects of Murphy’s Law, you will now.

The contemporary form of Murphy’s law goes back to 1952, in a book on mountainereering by John Sack.

The law says, Anything that can possibly go wrong, does.

I do not say that the gold sellers all have studied the law of Murphy. I just say that the fraudsters are remarcably well oriented in what can go wrong.

I have had persons gotten killed on the day of departure, been forced to go to hospital, been in a car accident. Actually everything that can goes wrong will. If there is a car accident the person that have got the money is robbed while being unconscious.

When sending money by Western Union you can be 100% sure that if you insist at the office to send the money the last thing you see of the money is the reciept.

I talk of my own experience when I have been asked to send the money once again and also pay the ransom to get the person collecting the money out of jail. The story went that while trying to collect the money someone else had already collected the transfer. The person then was arrested for trying to get money that was not his. He was then taken to jail. I was to be blamed for misprinting the transfer instruction.

So please remember Murphy’s law, Anything that can possibly go wrong, does.

And enjoy the music from 1982 performed by Cheri

Will the Authorities Help You?

One of my own favorite fraudstresses invited me to Ghana. The invitation was needed to get the Ghanian entrence visa. I asked the Ghanian Embassy in Copenhagen for assistance on verifying the invitee. I have still not got any answer. You have to realize that the respective embassy will not help you in anything.

You go to the local police to catch in perpetrator you have identified with passport, address and telephone number. Will you get any assistance? Have a guess! No, all kind of excuses will come.

The easy way out is to lie about their work to catch and the persons that defrauded you. In best case they will share part of the profits with the person they should be hunting down.

The sad truth is that nobody cares for you. The sad truth is that the government in reality does not care if the country’s name is dragged through the dirt.

Another sad truth is that your own police and the prosecutors will not touch the case you are asking them to solve. No matter how much documents you have. They will never assist you.

The sellers are asking you to make them trust you. They ask for presents for their children. They ask for medicines. If you are not into charity do not.

The legal systems does not work in your favour.

If you have got my message be very careful with your hard earned money. Remeber that allmost all offers are not on selling gold but to get your money totally riskfree.

So today’s music is my tribute to George Harrison, While My Guitar Gently Weeps

Who can you trust?

Whom can you put your trust on? First question to be answered, Can you trust yourself? In reality it is simple, as you know yourself, you will know others. This has then to be seasoned with a lot of spices that comes with life. Either you meet trustworthy persons or fraudsters. You simply adopt.

A fraudster will never trust anybody but himself. The fraudster will jubilate when he meets a trustworthy person. He sees the flow of funds comming to him as an act of higher forces.

Trustworthy persons meeting the fraudster will eventually adapt to signs of a fraudster. The sign will eventually be carried by everybody else. Thus requiring all kinds of documents and certificates to locate another trustworthy person or to nail the fraudster down to real action.

The best way to find out if you have a real trustworthy person on the other side is to negotiate about the terms stated in the procedure. Then you have on the otherhand to be aware that there are some very reasonable issues that can not be discussed. A buyer or a seller of gold bullion requiring Swiss procedures you will never be able to move away from the procedures.

There will always be a discussion then on who is to show what document first.

The above is actually now an interesting article in the latest issue of Harvard Business Revue http://hbr.org/2014/03/who-can-you-trust/ar/1

In a world like this with BackstreetBoys would be suitable.

Cameroon again

When dealing with gold and diamonds from Cameroon you are often required to arrange for a buyer’s certificate.

There is one condition that you have to remember. Also the seller has to have an official document in French issued by among others MINING EXPLOITATION MONOTORING SERVICE. Thus that is a must for the sellers. If they do not have it you can not buy from them.

It takes two to tango so here we go from the album of Fleetwood Mac “Tango in the Night” and my all time favorite, Tell Me Lies

Gold in France

Yesterday I got an offer or actually a request. I was asked if I have a buyer for gold in France. A lot of bells started to ring in my head. Instead of my usual answer “NO” I said yes. I have actually a partner in France buying gold delivered CIF. So why not see what that was all about.

After a few Skype messages it was revealed that the gold was not “in” France but at the airport’s customs.

I requested the FCO with the necessary export documents. This to avoid the normal illegal export procedures of having a “diplomat” doing the export. Illegal as gold is not a personal belonging as per Geneva conventions.

I never got the export documents or the company documents. What I got was an FCO issued by a company from Mali. Mali and France make sense being closely interrelated.

What did not make sense was the asking price, 25000 USD/kg. We have a market price nowadays above 43000 USD/kg bullion. The market price for the gold in Mali is well above 30 000 USD/kg and then based on FOB. At least that is what the “market” says that the price is.

Now as we know that the gold had not passed the customs then it had not yet been imported. At least in Sweden the customs is paid by the importer. Well actually there is no customs duties on gold more than a VAT charge on non-investment gold. The VAT rules are different in different member states within the EU. To get the paid VAT refunded you have to proof that the VAT is paid.

Now the FCO stated the following  Quote Buyer have to pay on arrival export Taxes cost,$26000, cash to Seller Rep, for him to settled costumes at the arrival Europe airport, so that he can take out the consignment move ON. Unquote. A request that can in itself contain several different interpretions. 

If there is any need to pay for the import to the seller. That the importer has to do it himself. That is actually the only way to it if it later shows that the gold was something else. With 26000 USD paid to the seller’s representative you can not claim any refund from the customs for the VAT paid.

Think twice when you are offered a flying fried sparrow.

So today’s music is Think Twice.

Dream Offers

I think we all dream on the offer of our lives. To be contacted by one very prestigous company and to work for them as consultant. For example to advise them on investments in your own country.

There are normally two hitches in the contacts. The first is that they do not know which country you are working from and the second is that the persons contacting you has nothing to do with the company they are pretending to represent.

So I was recently contacted by a LinkedIn profile claiming to be one of the senior officers of Mubadala. Mubadala is a company wholly owned by the government of Abu Dhabi and an development company.

The manager taking contact with me was Al Bowardi. Just by a coincidence I have lived in Abu Dhabi and had been a partner of Al Bawardi.

I have still very good contacts in Abu Dhabi as well as in Dubai. I know at least a bit on how the Government organizations work. This is not the way. They will never take a contact out in the blue.

So two simple questions to Al Bowardi about his relation to Al Bawardi and his mobile number are still unanswered.

The same goes actually for the request of one Bowardi from Nigeria recieved shortly after the story of Mubadala had been ended. This time he had gold to sell.

So stay in touch with your gut feeling. Think a second time.

Today’s music was on top of the US charts in 1974. Hooked on a feeling.

Stop-Loss

There is a simple way to minimize the losses due to non-performing alternatively fraudulent sellers.

Decide on a Stop-Loss strategy. When you have paid for medicines, arranged for visas, paid for any kind of document, real or not, you decide to take the loss or take the chance to risk more of your hard earned money.

You may choose to call it charity as that is what it was. You have paid for some beers at a bar in the seller’s country or some hours more in the Internet café. Just realize that.

The fantastic deal that you where offered to you was not because you were a good boy or buyer. You were defrauded.

I have made such payments too. The persons that has gained from my blue eyes and honesty now are facing my arguements and this blog. I am trying to stop their fraudulent behaviour but as the saying goes, The last idiot is not born.

So for the documents I have paid for is from my point of view an investment of the gold that has been sold. The seller has first to pay me my share in the profit of the gold sold using my money. i am entitled to a cut as I had invested in the gold.

The person that did not show up when he was supposed to travel is being adviced how he can himself apply for a visa for UAE.

The medicine paid for was a trial on the medicines that I can supply direct from the producers in Europe. If further medicines are required you just place an order. It will be cheaper and better than the medicines sold in Africa being substandard copies made in India or China.

Please adopt a Stop-Loss policy. Also if you are into the charity business.

Music of the day is one of the hits of my youth. So this is for you the ones that have got some of my money.

Charming

On a day after Valentines Day it may be appropriate to take up the word “Charm”.

Being “charming” is not always positive in West Africa at least it is very dangerous.

When I lived in Nigeria politicians complaining that they had been charmed when they could not act properly in their decision making. They had found strange objects close to them. Who has not seen dolls with needles through various parts of them. That is the Westerners view of charm. In reality it could be anything.

The other day one of the fraudsters threatened my life. Naturally he would never be able to do something like that in person with the visa regulations and the fact that the fraudsters spend their hard earned money on Internet bills.

This person was going to kill a goat and by that was going to kill me. That is charming.

What I did not tell him that one of my advisors is actually a full fledged whitch with one black and one white candle that she talks to. So I have countermeasures for such threats.

I hope he enjoyed the goat. The best way to prepare a goat is by slow grilling it at a small fire.

Please enjoy the most suitable video of the day Charming Liars

Everything is not What you see is what you get.

CIS-Customer Information Sheet

Banks are obliged to know who they are dealing with. The abbriviation for this is KYC. Know your Customer.

After 9/11 the war against terrorism started all over the world led by the various US agencies.

The worst punishment you can get that you will be taken away all possibilities to work with the banking system. Your accounts were frozen. You just became nobody.

The basis for this is that you have to proof that you are somebody. This is done by giving verifiable bank references, notarized passport copies if you can not present the passport in person. You have to proof where you are living.

Never forget that when you are dealing with a fresh person the possibility to ask for the CIS. This is a format where you give all these details in a short form.

Would you like to have a commission rest assured that somebody will ask for your CIS.

The war on terrorism has not ended and many banks has signed the US Patriot Act documents and been certified  as upkeeping a high standard in the KYC.

In Sweden e.g. there is a law against money laundring whereby you are required to make sure that you are dealing with a non-fraudster and a non-money laundrer.

It is not enough then with a statement in a document as LOI, SCO or FCO that the person issueing this document guarantees that the document is correct. You are obliged to see the passport.

To start with you at least have to have the CIS.

This is what you are fighting against, and it is better for you to do it. Terrorism, see the fight here.

Shipping documents

Today’s comment will be on shipping documents.

I got an introduction to a fresh deal today. I can not say that the seller is fraudulent. Actually you can not tell at an accuracy if the seller is fraudulent or not until it is too late.

Thus it is better not to do the deal or at least to minize the risk of loss as well as the loss itself.

The offer had a price that as such was acceptable also would the price be based on the weight of the gold bars and not the resulting bullion. The terms as such were also acceptable. The seller pays for all costs until the custom clearnace. Naturally the seller wants to have a representative present at the refinery.

The only twist in the offer was actually the request of a mere 4% for the shipping documents. the reason for the payment was to show the buyer’s capability. (We can challange that as the refineries always do a DD on the buyer. So there is no reason for the seller to question the integrity of the refinery.)

The shipping documents were as such very well named.

To the obvious risks involved then are just two. How will you know that the shipping documents are not fake or altered to suit the actual shipment and secondly what is actually shipped.

Will it be another load of colored lead, sand, iron bar, copper etc if the shipment arrives.

Honestly, I did not turn the offer down. I suggested the seller to open their own refinery account or alternatively to propose another method for the buyer to show his “capability”.

Today’s musical link is another Swedish entertainer MEJA and her hit  All’bout the Money

Daily Gold Quotes

Are you being paid enough for the gold bars?

How much would you actually get if you uses my services.

Would you have gold bars of any quantity and any purity I can quote you the current price you would get when selling it through your own refinery account.

Just send me the weight and the purity in a message. I will the adjust for the all various costs the refinery will charge. The quotation is based on your gold being delivered to the customs in UAE.

How? Send me a message through the contact form giving the quantity and purity.

Then just compare with actual export costs and the price you would sell on cash and carry terms.

What could be better than ABBA and the appropriate hit 

Refinery Account

Do you not have a refinery account? Are you a miner or direct to a miner? I suggest you to do a very thourough due diligence on how a refinery account is working.

Yes, you will have a lot of papers to organize and have verified. Did you know that everybody with a refinery account will have to do the same verification process.

You have to show your true identity and have it verified. The same goes with the company you are representing. Your bank has to issue a BCL to show that you are a trustworthy businessperson.

You have to show that the company exists. The refinery will require full details including a bank account to make the payment to. It naturally has to be in your name.

The buyer having a refinery account has gone through this process.

The refinery just as a bank have conditions for the refinery account. You deposit your gold after that it has been delivered to the refinery. The refinery will not pay you for bringing the gold to them for refining. They live on their charges, fees and commissions.

The refinery will not buy your gold unless you agree with them to buy the gold in your account. It is your gold and you may withdraw the gold as gold and sell it. You can also ask the refinery to sell the gold on commission basis.

Prices the can very well be at LBMA with a premium depending on the local market situation.

As a miner you do not need to look for a buyer or scammer. Just look for buyers with refinery accounts or better get your own refinery account.

Better Call Saul! Lawyers in disguise

Call Saul! that was the advertisement in “Breaking Bad” for one of the most scrupulous lawyers any TV serial has had. The caracter was so good that the figure got a sequel on his own.

With such a lawyer knowing all the tricks in the book you as a criminal will feel safe.

Is he then hired by your potential buyer you can send the buyer your cheque book straight away.

Now you are not always that lucky sometimes the lawyer the buyer is using a bit more straight in his approach. The normal way is then to offer the lawyer a share in the profit in the fraud.

You as a buyer is then in a difficult situation. Even if the lawyer is a person that has been educated in a law school and has got his examination you can not, in a society where persons honor is for sale, totally trust your representative.

The right and lawful road is narrow and difficult even for lawyers.

Better Call Saul! Than a lawyer you do not know!

Abdul Mohammed, scammer?

Dear Abdul, I can not say that you are a scammer. Unfortunately every detail in your actions show that you are.

You presented yourself being an employee of West Coast Mineral Consulting SARL. The telephone number given was the private, mobile of course. Why should I be able to contact your “employer”.

As other persons can read and understand I am not a buyer. I assist real miners to get real money for their work. Thus I do not buy  neither “FOB” nor “CIF”. You will get your own refinery account. I know it is not that easy.

Thus for my own safety and for your I require legalized company documents. Would you not know what that is I can tell you. You take your original documents issued by the appropriate authority to a lawyer given the authority to notarize your documents.

The documents are then notarized. Your own ministry of foreign affairs will then authenticate the signature and stamp of the notarius publicus you got on your document that could have been a copy of the original, better than sending the original.

With the authenticated document you may walk to any foreign embassy from a country within the European Union to have the authentification from your ministry of foreign affairs authenticated or legalized.

So if you are a scammer you would as you did see all the problems in front of you. Thus you are telling me that I am a time waster. Followed by a serie of words belonging to the underworld where you belong Abdul Mohammed. I trust you by now have get a new telephone number and a new identity.

Thus giving out your name will not change your behaviour. For the potential cooperation partners and all others. Always require legalized documents or at least notarized.

Passport frauds

The best with passport frauds is that you not know who is trying to fraud you. That is if you are on the victim side.

 Please enjoy the fake passport said to belong to one family member of Al Qadaffi.

An easy way to find out if a passport is altered or not is to check the informations given in the passport. In this case the original passport says that the holder was born 1965 but in the readable information on time of birth is 1970.

No mother will have such long delivery that lasts for 5 years.

Dear fraudster better can you.

So compare the information in the passport, just as it is done each time you give your passport away at a check point.

By the way. It will not seen favourable for you to help some families.

Time for suitable music , Desperado, by the Eagles.

Cofessions: Giving Chance a Chance

I am not perfect. Who is? Sometimes I reason. You can not gain without giving chance a chance. This is contradictory to the old saying, You will not get reach by big income but with small expenditures. There are so many proverbs on this subject. It is as old as mankind.

I have sent money to West Africa, even after I knew better at that time. It was even after the expensive lessons I had been taught.

One of these few cases was excused by that I wanted to try my bank’s, Nordea Bank, ability to send USD to a bank account in West Africa. If you have to send money at least do not use Western Union or similar services.

Nordea has a corresponding bank when it comes to USD in New York, Citibank. In other words these two banks are cooperating and Nordea has an account with Citibank from where they pay and into which they recieve USD.  So when I order a transfer of USD to an account with a West African bank there will be a number of registrered transactions. These transactions can be followed in steps.

So the transfer from my account with Nordea is actually done from an account with Citibank, NY. For Citibank to do the transfer they must be able to send the money to the bank in West Africa. The best would be a corresponding bank to Citibank, if not the funds will have to pass via a bank where the West African bank has a USD account.

So if the money does not arrive the same day it was sent it is due to that any cash did not arrive at the bank of the recipient. Money like USD hardly exists as cash. Currencies are normally just a number in a bank. You can not touch it, you can not smell it. What you can trust is that it is not black.

After 9/11 no bank dare to handle money that are not totally clean from terrorists or drug dealers. The same goes for refineries. They also do not dare to deal with gold that is irregularly imported. they do not dare to risk the whole business or to be sent into quarantaine indefinitely.

Anyhow, the recieving bank was not able to trace the money and I got it in return. Then I choose to send the same amount in Euro. Then the money goes from Nordea to Commerzbank in Frankfurt am Main. But that is another story.

From that I have not seen any trace of them. What I gained was just the knowledge how my bank is transferring money.

The music of the day is on the theme Gimme, gimme, gimme and I will do not get anything more than more on the theme Gimme, Gimme, Gimme, more.

Cameroon CEMAC

How to get around an already issued CEMAC. Cemac certificate is issued by the government of Cameroon to show that you are an approved buyer of gold and diamonds.

The government controls the goods, diamonds or gold and secures that the seller is paying the export fees. The government then arranges for the shipment to the buyer.

The Cemac is then supposed to guarantee the rights to purchase for a period for three years. The chance to get a real offer from a seller that accepts the Cemac certificate is as said earlier very high. But that goes for one reason or another for new Cemac certificates.

If you already have a certificate then the sellers wants to meet in Nairobi to meet and sign the agreement. The obvious explaination is that the sellers do not trust their own government or is it maybe that the cost of exportation can be avoided.

If you like me have learned from previous mistakes is that the seller does not have anything at all. When he could not catch the Cemac fee at least he can do something in Nairobi.

So please be careful when dealing with sellers from Cameroon, they are just as bad as everybody else. They have on the paper support from their government for their fraudulent behaviour.

Pay the costs of doing business and use the support systems offered by respective nation.

Today’s hit is with the some of the lyrics. Every move you make, I will be watching you and with POLICE! 

SBLC, bank instrument

There is one circumstance under which you could start to think to issue a SBLC.

There are miners that has such good bank contacts that they could discount a SBLC to invest in new machinery to increase the output of gold in their mining operation.

Of course they then do not have any gold to show as POP. What they then have to have is a track record. Otherwise they would not be able to discount the SBLC  and finance the purchase of machinery and allowing the miner to pay the labourers their salary.

The SBLC is contructed so that it become operational against a 2% PB. When you have made your due diligence on the miner and the mining operation you can open the SBLC for one month supply.

Stand By Letter of Credit is only used as security for the payment of the gold after it has been refined and assayed. This means that if the buyer does not pay the gold in time the seller can claim the money under the SBLC. Opposite to a DLC, the SBLC, is not the payment instrument, only a back up if the buyer does not pay as per agreement.

As said earlier SBLC can be misused. The due diligence has to be careful. If everything is in good order I can just congratulate you both. Seller and Buyer.

So what is more suitable than this!

Action, action, action

I have spent many years as commercial real estate agent. I have the most prestigous international certificates with this field. How agents are supposed to cooperate internationally and to understand one anothers markets and ways of thinking. The one foremost expressed statement of that business is that what determines the value of the property are just three parameters, location, location and location. As we all know that is not all the truth but very much of the explaination of the value of a property.

I started my working life at one of the world’s largest construction and contracting company, Skanska. The most important quality an employe could have was ACTION and then ACTION and ACTION. It was actually better to do something than nothing. The cost of rectifying a mistake was considered far less than the cost of having done nothing.

My wife is allergic to one human feeling. She just does not allow it and despises is and that is the feeling of beeing a victim. A victim of the situation. A victim of unfortunate upbringing. A victim of poor parents. A victim of the regime.

Putting all this together I also give fraudsters a chance to rectify their lifes and become real business people.

The truth is that they basically understands almost all aspects of the business. Thus if they just took the chance they should not have to face the fate of being put into jail any day or worse being shot.

So fraudsters are welcome if they just can get 2 kilo of gold off the ground to me in Italy by taking ACTION and NOT Acting as VICTIMS.

Do not expect me to take your actions. You just have to proof yourself by Action and only Action.

So BRING THE ACTION is the music of the day

Worst offer of my life

I have just been offered 38 carat gold at 54 000 USD per kilo on FOB terms.

Can it ever get any worse?

What offer is the worst you ever have got?

I do not have to comment further or? 100% Au is by definition 24 carat and more than 100% purity is impossible.

So the offer was from the worst scammer in Africa.

Please do below.

Stolen identity

Why should an associate justice at the supremecourt of US move to Ghana? Why should the very same lady contact me to sell gold?

Nevertheless she contacted me at LinkedIn and offered gold. For me it does not matter. It does not matter what somebody writes and claims. I have a very simple principle. Never send any of my money.

I assist sellers to sell their gold at best possible prices. I assist sellers to establish themselves in Europe if needed.

So I saved the person claiming to be associate justice at the supremecort of US from wasting my time by a simple search on Internet.

Fraudsters should at least be more creative and have an e-mail account that in some way corresponds to the stolen identity. So I sorry Elena Kagan if you moved to Ghana and started to sell gold dores in big quantities I am not assisting you to start a new career.

And do not steal the name and picture of a supreme court justice.

For the ones asking how to pronounciate my name, the music of today.

Knowing me, knowing you

Knowing me, knowing you is one of the hits of ABBA. This song was created at the time that both pairs were splitting up. It is actually about the infights that divorces are forcing from both parties.

At the end of this article you will find a link to the music.

Knowing me, knowing you is unfortunately applicable at the gold business.

How easy it would have been if both parties tried to understand the other party and trying to do the best of the situation.

You have a choice such as when divorcing and in marriage to listen to the other party and adjust.

I have adjusted my methods of dealing within the gold business to do the sales as safe as possible. For my cooperation partners it is totally open. I trust they are the same to me and explains the problems they are facing. There are problems as you have seen in this blog that can not be resolved how much I want. I am not in charity business. Would you need money for nothing you also get nothing. You should approach a charity organization or try to use crowdfunding for the financial problems you have to send the first few kilos. You will typically need maximum 5000 USD to get started. Here is the link to where you should go instead of asking buyers for money. CROWDFUNDING and the CrowdFunding guidelines.

So even if you are not able to send gold now, you would probably be that very soon.

If you do not intend to send anything at least you have got some support for your family, even if I had preferred that you start to send 2 kilos to get going.

There are other ways to find out if a buyer is honest or not. You do not have to ask for upfront money. The easiest way is to do your Due Diligence and do not take any further risks.

Anyhow here it is Knowing me, knowing you. Please enjoy som Swedish music.

CIF Zurich, a story

“CIF Zurich”, is if gone through as concept is a common expression for goods being delivered by sea freight to a specific place and based on Cost, Insurance and Freight. Thus the cost for the delivery including all export costs, value of goods, the insurance and the freight is charged at the delivery.

The correct term with delivery to Zurich is actually DAP Zurich and normally more specific DAP Zurich Airport or DAP Zurich Trade Free Zone. The INCO terms as per these standard phrases can be found here.

For time being I do not want to discuss the sellers’ interpretion of the term CIF and DAP. As a buyer it is as simple as “I pay when it is delivered”. For sellers I ask them to read and understand what they are signing when the agree on a CIF delivery, even if it is a DAP delivery. There is no buyer that would require the seller to deliver CIF, i.e. with sea freight to an international airport, even if that is what is agreed. What the seller expects and is paying for is a delivery without any financing for the seller. Financing the delivery is purely and entirely up to the seller.

I am sorry for this long introduction. Anyhow, it was agreed with this seller a CIF delivery of rough diamonds CIF Zurich. As the seller choosed to use a diplomat to carry the diamonds the two of them flew to Madrid. From there they took the train to Paris and being there they took the train to Brussels.

That is what they said had happend. Even before the travel we had required the seller and the “diplomat” to send their passports. They were promised before they left the country of origin, when in Madrid, when in Paris and finally when they had established themselves in Brussels.

I have previously commented on diplomats bringing goods. This is allowed in accordance with the Geneva Convention on Diplomatic Relations and article 27. The diplomat is on the other hand enjoying total immunity as is stated in article 31.1c, that is professional activities not as a diplomat.

Thus smuggling of undeclared rough diamonds is not allowed including diamonds with or without KC (KPC) not being his personal belongings.

So here we have a seller in Brussels staying in an hotel paying for a diplomat breaching the law stating the we have not paid anything to him so far so he can not and will not deliver anything until some smaller costs have been solved. Among them where, the cost for the diplomat, the train ticket, the hotel bill in Brussels, giving advance for seeing the roughs.

I volonteered going to the hotel them and drive them to Zurich for a meeting and taking them back the same day allowing them not to check out and after the transaction is done allowing them to cover all their costs.

That was also the last thing we heard from them. I do not know if the diplomat was a diplomat. That does not actually matter as that is not my business. I do not know if they had a KC or not or even rough diamonds. What I know is that they wanted money not agreed on.

If they still live at the hotel in Brussels or not is also not my business. Most likely is that they stayed with a family of theirs claiming all kind of costs to have their vacation paid for.

So if the seller is going to another place than was agreed on, let him stay their at his cost. He is still performing under the agreement paying for his own costs for the delivery. You are not obliged to pay for a vacation.

And do not forget the unforgettable Marilyn Monroe.

CIF or FOB what gives you more?

Many sellers are asking to sell gold and/or diamonds on FOB terms.

Let me then explain what you will get on a CIF delivery.

Provided that you go for a minimal delivery of 2 kg gold.

After 3rd trip you will make 100 000 USD more if you sell at CIF terms starting with 2 kilos!

The normal FOB price is 30 000 USD per kilo making a total of 60 000 USD.

The alternative to sell on CIF Rome International Airport you will get for the same gold 37 500 USD per kilo at a discount on todays LBMA price of 1237,50 USD/oz of 5%. This corresponds to 75 000 USD for the 2 kilos and an increased cash-flow of 15 000 USD.

Then your costs have increased by appr. 7% for the export costs and add another 1 000 USD for the ticket and visa. This ends up with an increased cost of 5 200 USD in total. Thus you are making an additional 9 800 USD net.

After the delivery of the two kilos you will have 14 000 USD in your pocket to spend on next delivery.

1 000 USD you set away for the ticket so you have 13 000 USD to spend on export costs.

Assume the the price of 30 000 USD per kilo includes a commission already then you can spend the 13 000 USD without any problem.

This corresponds to the cost to export of 6 kilo of gold. 6 kilo of gold will get you at FOB 180 000 USD and on CIF 225 000 USD per delivery. The extra 45 000 USD you will pocket 44 000 USD and save the rest for next trip.

With 44 000 USD to spend on export of gold you can now export 20 kilo of gold and pocket 2000 USD for your family.

20 kilo of gold is probably the limit of your travel capacity and your purchase capacity.

20 kilo of gold will cost you 600 000 USD on FOB terms and you will sell it at 750 000 USD on CIF terms.

Your profit will bring you an additional cash-flow of 150 000 USD and at a profit of 107 000 USD per trip.

What is it in it for me then? Enough I would say 1.5% of 750 000 USD will give me appr. 10 000 USD per trip you make. I am happy with that as well as the end buyer or the refinery.

Would you deliver to the refinery in UAE you will get more money and a better cashflow, but that is another thing.

By the way with a profit of more than 100 000 USD per trip why not start to buy stuff for the mining operation and through a company in Sweden.

So for 3 100 USD your will secure your and your family’s future as well as your mining community.

And you have only made 3 (three) trips with gold to Italy.

Why give that money to brokers or joker buyers?

Do not forget to comment and to like on Facebook

“I can not!”

“I can not” or “We can not” I must admit, frustrate me. I was at early age taught that there is always at least two possible solutions to a problem in life. You have a choice. You have also the choice to choose to look for an alternative.

Todays “Harvard Business Review” has that sentiment as the most important factor to success.

Instead of “We have tried that before” or “It will never work” the right question is “How can we ….”.

The article can be read at this link.

That was what I did when I created my offer to miners. “How can we assist the miners?”.

First of all they should get full paid for their hard work. Why not let them sell at LBMA prices?

I had just passed a hard Due Diligence process at my refinery in UAE. Why not then assist the sellers in their application process? Well, I have to make my living too so I added another service to this. I got the approval from the refinery on my “Cooperation agreement”.

The reason why I choose this refinery was that it is easy to deliver gold to them whithout being present in UAE. The refinery takes care off the customs clearance, the secure tarnsport to the refinery, at the arrival they test the gold and the gold is added to my gold account directly after this first assay. Then I can choose to sell gold by myself or even better let the refinery sell the gold on commission at LBMA. No reason to look for buyers of my gold. The refinery guarantees through their network of buyers that I will get paid. The best is I can do it from anywhere in the world.

So as i saw these advantages I also realized that I have to offer additional services. I know the banking system in Sweden. The Swedish banks are the most secure and safe banks in the world. The legal system is working for everyone and the costs of using the Swedish banks are very low. This goes especially when you compare with African banks.

To open a LC from a Swedish bank in any currency is easy.

The same goes with to start a Swedish company.

Anyhow, the conclusion is if I had said “I can not!” then you would not had the possibility to get full payment of the gold.

I look forward to the comments on this article

Too good?

An offer too good to be true? Then the offer is most probably too good to be true.

The question one has to ask what is the problem? What is behind the offer?

I have earlier given you some examples on what can be behind. The common demininator is money.

Thus it is only two ways to avoid the “Too good offer”. The first way is to buy on cash and carry mode. You take full control of the buying process from the miners. Most of the sellers you find in Internet are working onbehalf of miners. The gold they are marketing are often nonexisting and in some cases, when the stated quantities are high, they are a summary of what is available on the local market. The same gold can be counted a few times depending on how many middle men are on the market.

Let us say that there are in total 10 kilos available for sale with delivery. The miners has gone to five different “wholesellers” that assist the miners to sell the gold for them. The quantity on the market is then suddenly 50 kilos. Each one of the “wholesellers” cooperates with the others and the quantity available from this market is suddenly over 200 kilo of gold. In this way the 10 kilos becomes the undeliverable 200 kilos.

In the viking sagas the vikings living at Valhalla ate the same pig, Särimner, every morning. Day after day, week in week out. The similarity is catching and both statements are Sagas, nothing else.

Now in the real world when the wholesellers are cooperating one has to show that there is a buyer. Then in a world of no fraudsters. In order to collect the 200 kilos the wholeseller has to collect from the cooperating collegues of wholesellers. This is the friendly way of saying that even without fraudsters there can not be any delivery.

Then if we for one moment go back in history we find that we can easily relate to the Book of Proverbs. Stating some of the deadly sins that are part of the human mankind. At that times related to the sayings of King Salomo.

In other words the flying fried sparrow is being prepared. Advances for tickets, documents, smelting are to be used as extra income. Bank documents are to be used in trading programmes. 

So next point of a possible deal is at the customs of the country of importation. At the customs in most countries the contant of the shipment is controlled. That goes actually only for countries where the customs officers are actually really checking the content.

Finally the most secure point to buy unrefined gold is at the refinery.

So, please, do not believe in fried flying sparrows. Do not tempt potential sinners. Since the wake of history we are all potential sinners. This is not a racist statement but a fact for the human mankind.

Make sure that there are legal documents all the way.

That is also my offering. Legal documents all the way. No payments at any point but the above mentioned.

Use banks with officers that are not bribeable.

Take care out there.

Bank to Bank

As some of you have noticed I offer the seller’s to sell to a bank on a bank to bank process.

Bank to bank does not only mean that the bank will pay to your bank account.

There is much more to this.

The buying bank will correspond with the seller’s bank. In order to that there has to be a substanciated offer in the sense that the seller has prepared an FCO that can be negotiated with the seller’s bank. Thus there has to be a specified person the the buying bank will contact.

One of the first questions the buying bank will ask is “Can you confirm that you have the seller’s gold?”. This after that the seller’s details have been reconfirmed.

The seller should have a got an SKR for the gold he is selling. Otherwise he can not leave the gold with the bank. Thus an SKR from a security house is not acceptable as the security house is not a bank.

Some of you are asking for a BG, MT799, SBLC or simlar bank instrument. In ordinary cases this is a document issued by a bank to another bank stating that they will pay if some condtions are fulfilled as a paperwork presented to the bank. The seller’s bank can then either accept this statement from the buyer’s bank or ask another bank to accept to accept the statement of the buyer’s bank to pay against the very same documents.

So when the buyer is a bank there will be only be a statement that they will pay against certain specified documents given to the seller’s bank. Again it is the seller’s bank to accept this statement. The statement will be given using the SWIFT system so both the seller’s bank and the buying bank knows who they are given their messages.

So when I ask you if you are ready and prepared to sell to a buying bank. Please use this knowledge before you answer yes.

Then we have the first question at all “Who is this entity offering us to buy gold?”. Together with the FCO latest the seller has to give their CIS and their passport copy. As you understand there are no possibilities to sell without having correct documents and passport.

Please enjoy today’s tune. Our biggest concern in life, or? You do not have to fraud to get it!

By the way, from Sweden

Gold below 1200 USD/oz

Gold price has today fallen below 1200 USD/oz. This corresponds to a price of appr. 38500 USD/kilo.

The scenario is that the gold will drop further down when the Federal Reserve is starting to decrease its investments in bank instruments.

The US national bank has after the turmoil from 2008 and the fall of Lehman Brothers Bank been assisting the banking system by buying bank instruments . They have been feeding the banking system with 85 billion USD per month for a long time. Yesterday was the first day of a decreased pumping out of funds. They reduced with 10 billion USD per month.

This is bad news for the gold price and also for the miners. It is actually bad news for the whole industry. A fall of the gold price in only one day of 3% correspnds to a big loss along the system.

The value of the inventory at the jewellers are decreasing. In Sweden there is another problem. The pawnshops are loosing money and has to reduce their workforce as the gold will not be rebought by the persons financing themselves by leaving gold objects at the pawnshops.

The buyers can not sign longterm contracts and with a margin between the purchase price and the sales price after refining and all costs may end up with a loss.

Stable prices as in the past is much better than speculatative pricing. This pricing has also been driven by the banks. The banks have been printing gold just as they have produced bank instruments. They have sold papergold  which they call CFD. The document corresponds to a given quantity of gold. This has led to a wave of speculation that has not had anything with reality to do.

To me it looks like the goldprice development of 1979. You have to start to think that this is the end of the story when the banks starts to open gold accounts and create a new currency the call “gold”.

It is not there is no way that they can deliver all the gold they have printed.

It was different in the old times when Ian Fleming wrote is book, Goldfinger, then gold was gold.

Please enjoy Shirley Bassey and her performance.

Cameroon

Recently I have got a number of offers on gold and diamonds from Cameroon.

At last a government body has taken control and adapted to workable procedures for both sellers and buyers. That information I am now in process to check.

If it is true the basic is that the Cameroon government is effectively controlling the process and making the export possible in accordance with the requirements of the buyers. They will also be able to control the cash-flow so that not too much irregularities occurs.

Unfortunately the offers varies as such in the fees for the buyer’s licenses. So far the same Ministry for the very same certificate are charging between 3000 USD and 7000 USD.

As we all know a certificate from a government body is always the same and in this case 3000 USD.

Companies or persons claiming the charges to be something else are to be thrown into the round archive. There are no use to do something else.

Now, what happens when you already have this license?

The likelyhood that the sellers disappears fast when you ask for the procedure when you already have the license is very high. The alternative reaction is that your license is challenged. You have paid your fee to somebody being fraudulent to you.

You then get a telephone number to the minister or his secretary to verify that you have been cheated.

These telephone numbers are then always to a mobile phone, untraceable for all the future.

Espescially if you are paying for the license.

In one of the cases I was asked to pay for the lawyer setting up the SPA. The SPA is supposedly being delivered to the Ministry for approval after that the Ministry has verified the goods in the agreement and put it in Safe Keeping. Anyone knowing the business would then understand what might happen with a “Sting”-ministry.

If you then add the different versions on how much of the safekeeping is to be paid by each party then you realize that you have to have someone totally independent to verify who is who in this mess.

That is where I am today. On who is who in Cameroon.

Todays music is on this theme, who let me out for the hunt?

Take care out there!

Pictures of gold

I trust that each one of you have received or sent a pictures as above.

It is said that a picture says more than thousand words. In this case the sender is also giving some further information.

• It is adressed to me, “Mr Bo”
• There is a date showing when the picture is taken
• It says that these gold bars are a sample
• You get a feeling of the size and weight

The crucial with this picture and similar is what it does not say

• Who owns the bars?
• Will they be sent?
• What is it in reality, is it gold?
• Will they be exchanged before shipping?
• Will the person sending the picture want money to take next step?
• Will there be a second step?

So the most important issues are not covered.

A picture does not say more than 1000 words.

In fact a picture does not say anything in reality.

Action does and only action.

So the song of today is “When you say nothing at all” with Ronan Keating (not CHEATING)

On Quantities

Sellers asking “How much do you need?” Get from me the counter question “How much do you have?”

Both questions can be understood as such. Both are based on perceptions. However, I must say that the sellers’ question is based on some basic mistake. First, apart from that I am not buying, is that nobody needs gold. Not I at least. I do not need gold. I do not do anything to get gold. Gold is not a drug that you constantly is looking for. Gold is not something you do anything to get. I do not need gold. I want a delivery of gold, but that is something totally different.

On the otherhand gold is something that you have or do not have. The more you have the less likely it is that you are real. The more likely it is that it is a fraud. I doubt that you are such a bad salesman or that the mining community let you continue to represent them with their gold without any sales.

In fact a seller need to sell. If a seller has big quantities he is a bad salesman. Either he has not been able to convince the miners that the procedures he is forced to follow are too strict or that he does not know how to close a deal. If you are a sales person on a market with a standardized commodity and a working international market the buyer is always there. The end buyer is the world market.

It is just a matter of reaching the market the safest way and with as little payments to persons and companies that will bring the gold to the marketplace. This is a marketplace with standards on the commodity in shape, purity and weight.

A seller that is not able to find a way to that marketplace has to use assistance. So the more you have to sell the likelier it is that you are either a person desperately searching for help or a fraudster.

I offer that assistance, and I do not need gold. I do not pay you for getting the chance to assist you. I do not need to assist you. It is an offer.

So just as Shania Twain, That does not impress me much. Please listen to the music. It is free.

Buyer’s risk, Average annual salary

The average annual salary risk is one of the parameters in the likelyhood of a fraud.

Imagine that a seller claims to have 100 kilo of gold to sell at 30000 USD per kilo.

With this table in mind you know if someone asks even for 1000 USD it corresponds to at least 3 months average salary and in some countries even more than one years salary.

Now, you should also get very suspicious on offers of even 50 kilo as that corresponds to in Burkina Faso that 1000 persons have not got any payment in one year.

Normally the sellers miners using trusted middle men to arrange for the sale of the gold.

Do you really imagine that these miners can wait to get paid over one year or more.

They do not save their gold to give a discount for a buyer because the quantity is large.

No, they will ask a middle man to secure their money as soon as possible. Real quantities are small.

As a buyer you need to think on the average salary in the country of origin and ask yourself.

Why does a fried bird want to fly into my mouth? Fried birds do not fly. Be critical.

Buyer’s Risk “The Sting”

I hope you have seen the movie with Robert Redford and Paul Newman, “The Sting”.

You do not have to watch a movie showing Chicago 1937 and how the stingmen set up an totally fake betting office. I can tell you from own experience you can get the same experience in real life and in Ghana as I did.

I touched the gold dust. I visited the office. I got the business cards and very good offer and a long term cooperation proposal. I had been met at the airport as well as an inviation that had been passed at the embassy as real. I should have heard this music. I did not. Please enjoy, it is free.

No matter how clever you are it will be too late when you discover it.

There are a lot of very skillfull entertainers that make their living in an honest way. One of the best we in Sweden know is Joe Labero. This is the reason why you should involve banks. They are taught to be suspicious. This is in Swedish. I trust you will be able to read the body language of the banker.

In short, what you see is not always what actually happend and why bankers are the best.

Has it ever happen that gold was placed in a box in front of your eyes. I think you should have this short movie in your mind. When you open the box in front of the customs officers it is too late.

Enjoy the links and please, do not forget to comment.

We love to be cheated on, but not on our money.

Buyer’s Risk Passports

Well to be honest Buyer’s risk on passports is also valid for Sellers.

So we can just discuss passport frauds on Internet.

The most natural is that the passport picture is exchanged and the passport number is altered.

It is easy to detect if the fraudster is not aware of the international control system on the passport.

Personally I have from the same company recieved two different passports on the same person.

Two different photos on the person and different dates of birth and same name and signature. The differences occured when two different persons represented the company in the e-mail conversation.

An other alternative is that two different persons are using the same passport to identify themselves.  In this case the person I mistakingly contacted the correct person in his country of origin and started a communication with a person that knew that someone was using his own passport. This is easily done as in most cases persons identify themseves by sending their passports. So with another person’s document it is easy just to copy and use that for own fraudulent activities.

Among the fraudulent attempts I have been exposed to is a Jordanian passport. The person I talked to had the normal West African intonation but could not say a word in Arabic. No matter what if you have a Jordanian passport and never have been in the country at least you know some rudimentary Arabic.

The only way to get around this is to at next stage ask for a notarized copy of the same passport. It is virtually impossible to have both an ordinary passport and a notarized passport.

Thus the passport in any agreement does not say a thing. It does not proof anything more than the person that is issuing the document has access to that particular passport.

Buyer’s risk, BG

The sellers often requires a BG, bank guarantee. The BG should also often be issued by a top 5 or 10 bank.

BGs are a no, no. No way that you should enter in any type of negotiation when that is required. Normally such offers come with very good prices. The offers are also based on monthly deliveries of several 100 kilo of gold dores per month.

The buyers are often secured a delivery with a 2% PB, performance bond.

If you are interested to test the honesty of the seller the easiest way is to stipulate the activated by the BG. The thought behind this is that if there is a bank able to give a performance bond the bank has secured themselves that the gold will be delivered and that the seller is real.

The alternative would be that the 2% PB makes the BG operational. The question you have to ask yourself, “How long will I wait until there will be a PB?”. You will be completely in the hands of the seller. In best case the seller will use the BG to secure the delivery.

In worst case this is the last you see of your money.

As many of us know there is a system called PPP. The idea is that a cash backed BG can be entered into a trading system where you have extremely high return of your money each week for a period of 40 weeks.

The BG is in most cases thought to be entered into such system. Thus it requires a large quantity of gold to be sold against the BG. The seller is more interested in an interest of 15% per week than delivering any gold.

The likelyhood that the seller runs into another fraudster promising this high return to get hold of a BG and that the seller of gold will sit with a loss is high. Your loss.

The real PPP are based on invitation only and a cash-backed BG of minimum 100 million USD. The interest is also higher and can not be determined in advance. Now we have left the crash course in avoiding fraudulent sellers of gold.

Anyhow, BG is a no no.

Buyer’s risks, Western Union

The buyer is always at a risk as soon as you do not buy refined gold from or through a refinery.

Even then we know that with bullion skillful refineries can insert tungsten, wolfram, into the bullion bar.

Anyhow, that risk can easily be avoided by requiring a resmelting process. If the seller so accepts.

The real sellers are maybe not aware of all stories that the buyers are exchanging between each others.

In afterthought I realize that I do not want to let fraudsters get ideas on next fraud. One of the most obvious is that there are only few buyers that will send money using Western Union or Moneygram.

I have myself done that too many times. So far that money has not reached any recipient.

The variations on the theme has been

• Somebody else took the money
• I was robbed at the Western Union Office
• The police took me when I was collecting the money as somebody had already taken the money.
• Send more money to release my employee was put in jail when he was collecting the money
• You did not give the right details of the transfer
• My mail was hacked so the details of the transfer was stolen and subsequently the funds

The reasons to send money via Western Union can also be very inventive. One is not and that is that the transfer through Western Union is the fastest way to move money. It is.

If you against better common knowledge choose to send money. Please remember you are not in a hurry to loose your money. The fraudulent seller will always ask you to act NOW.

Rememebr also that however you send money it will never be recovered if you have found the +90% fraudulent sellers.

Anyhow, would you send the money to a bank account you would at least have a return of them if the bank can not forward your money to the recieving bank. That is a comfort. Do not think about the lost big profit.

Be happy.

This is one of the reasons why I offer a cooperation agreement whereby the refinery does a due diligence in accordance with the US Patriot Act.

Would you be able to pass that you have all the rights to get well paid for your gold and my assistance.

Value of gold 2

The official value of gold is based on refined gold and Good Delivery London(GDL) and the fixings set on London Bullion Market Association and normally the second fixing. http://www.lbma.org.uk/pages/?page_id=53&title=gold_fixings

There has been alligations that the fixngs are rigged. Nevertheless that is the basic of gold prices and the value of gold. The gold is refined and in accordance with the standards defined by LBMA, http://www.lbma.org.uk/pages/index.cfm?page_id=27&title=specifications

The gold is then “Investment gold”. If it is not investment gold then there are different rules and regulations for how the VAT is to be paid at the customs in respective country in Europe.

Thus depending of these rules varies between the countries within the European union there are different costs charged during the importation.

Countries like United Arab Emirates do not differentiate between the gold and the investment gold. The major reason for this is that there is no tax actually.

So when deciding on the value of the gold we go from the LBMA quoted prices.

If it is not the value decreases with the risks and the risk assessments in making the gold into LBMA and in accordance with the GDL.

As we know the risks are valued differently based on knowledge and experience. The best risk assessor until the custom clearance at the country of delivery is the seller. From there on the recipient of the gold has the upper hand.

The risk assessment is crucial in defining the value of the gold. So as I see it my cooperation agreement minimizes the total assessment of risks and thus gives the best value for the gold.

Your comments are welcome.

Market value of gold

When you are, as I am, going to write about the value of gold on a market, you start to understand the complexity of gold. Because you then have to define not only the market but also the concept of value and also gold itself.

Each person with a piece or grain of gold values that on his own circumstances.

I was on a dinner party the other week. At the end of the dinner we were served chocolates to the coffee. The chocolates had a tiny piece of gold on top as a decoration.  I would not dream of taking that flake off the chocolate to save it for an occassion later.

Would I had been in another situation, e.g. born in a gold mining community, with a family to support and with a struggle to get the daily life to work with food, water and cooking facilities to concern about, then I would not dream to eat the gold.

In neither case I would dream to convert the value of the gold into money.

In Sweden you can still from time find treasures in the ground as collections of coins. They were hidden in the times of warfare.  They actually are messages from the times when money was traded as physical metal. Money nowadays are just a proof that you have a tradeable credit on a banking institution such as central banks. Central banks prints money and sells money by buying bankinstruments created by banks. So a dollar is only worth as much as somebody thinks it worth in a trade.  Just as gold. Gold is on the otherhand tradeable into any currency without any restrictions.

Money on the other hand if worse comes to worse in best case can be made into a soup of paper and eaten.

Anyhow, money as a credit can be transferred in quite another way than gold. Anybody may have a bank account. Gold is mostly traded in its physical form.

To be continued

We need buyers, not a refinery account

That is a very good statement. It might even be correct in many cases.

I have had refinery account with such a refinery. It is really frustrating. You think you have solved all problems, but no. I need to sell the gold in order to pay for it.

It is something that is called a “Catch 22” after the book with the same name written by Joseph Heller.

I solved that with the refinery I am cooperating with. They have a number of buyers lined up that they have done business with since years. The condition these buyers have is that the gold is in the refinery account with the refinery.

The gold in the refinery account is actually just a number. In the same way that in any bank. The money you deposit is not handled separately and placed in a box so when you withdraw your money the bank takes the box and give you some of your money back.

The number is a weight of gold you have in the account. As any number it can be transferred to another account. It can actually be sent as a number to LBMA and thus sold on LBMA as a number, a weight of gold.

In this site the present price on gold per onze in USD is displayed. This is the price you will get when you are selling your gold.

There will be deductions of different fees. The fees of the refinery and my fee.

The fees of the refinery is stated in the cooperation agreement as well as my fee.

There could be another reason to have a buyer of the gold before you are sending it abroad.

If you do not think the world market for gold is a good place to sell gold there are buyers that live on your scare or need of financing.

For this purpose we cooperate with the bank. There you will have a buyer that any of your bank contacts should be satisfied with. You have to satisfy your bank on the other hand in order to get the funds you might be looking for.

Now there could be a third reason to have a buyer to deal with. You need a visa to go to either Schengen or UAE. For UAE that is no problem as there you do not need an invitation either. You need a contact to arrange the visas.

Actually you do not NEED a buyer. You maybe want a buyer to haggle with and to get money from. That is not my offer to gold sellers. My offer is to get as much paid as possible for the gold if you have gold.

Visa issues

Visa issues, it could just have been visa issuance. That is a major problem with the Schengen regulations. My country, Sweden, wants to increase the business with Africa. How do they do that. They close emabssies!

So would you live in West Africa, apart from having a passport and invitation, you have to go to Rabat in Morocco or Abuja in Nigeria with these documents. The reason is that these emabssies are the only ones able to RECIEVE the visa application. They need to take your biometrical data. Apart from finger prints they also take a photo of your irises.

Then after you have paid the application fee, you have to wait. Your application goes to the Swedish authorities. There they decide if you or the person or company that invited are wealthy enough for the period of stay and finally if you are likely to overstay.

So this application can very well be a lost case already there before they send out the information to all other Schengen members for approval. You may not have shown any tendencies to overstay.

The reason to having choosen a refinery in UAE is that would you desperately want to travel with the gold the visa process is easy. You contact a travel agency. You book your ticket and your hotel of your choice. Then the only problem is that you have to leave on that flight you bought ticket for.

Would any relative get sick, have to go to hospital, was killed in a car accident, you feel sick or whatever reason not to travel on that specific flight. You have to do the visa process once again.

Now we have the good thing with working with me and through me. 

I can arrange for you a Swedish company. You choose the directors. You choose the bank, well, Swedish bank. I have prepared for a lawyer for you.

Apart from having the Swedish company it can employ experts from e.g. gold mining industry as the company is to buy and sell gold or buy and sell mining equipement.

The person employed will naturally have to be paid a Swedish decent salary, at least a minimum salary. As employed you will get a work permission and a work visa. This visa is better than a Schengen visa as it is valid throughout the employment period.

So that is how I can solve the visa issues.

Verification processes

Nothing is more important and at the same time difficult as the verification processes.

Buyers of gold from Ghana claim that 95-97% of the offers are fake.  Ghane being the country with most fake offers. Sometimes you feel like being in the charity business. As a buyer you will be asked to pay for everything in the process and then pay by sending money through Western Union. You will be asked for paying for hospital bills, expensive telephone calls, travels, secure transport etc. The list can be as long as a day. The sellers are very clever in establishing all types of rules and business standards as YOU NEED GOLD.

Well, I do not need gold. I do not want gold. I have a wife that appreciates gold and diamonds, yes. But I do not need gold. I do not buy gold.

Then the easiest way to verify a seller is to ask them to open their own refinery account and give them the chance to sell at LBMA prices. Instead of getting 25000 USD per kilo they would get 40 000 USD per kilo refined gold before expenses.

I do not buy gold, thus any offer of buying gold at a cheap price is a no no. Why should I my business idea is NOT to buy and sell gold. My business idea is to give real miners the best I can give them. My full support to build their own wealth.

Allright, you do not want to buy gold, but how will we loose out on this.  The clever person disregards that refineries are under strict control of the respective government authority. The clever person the asks for a bank guarantee from the refinery. Well first of all the refinery does also not buy or sell gold. At least not the ones I am cooperating with. They refine gold. That is what they do. They refine gold.

Well not only refine the gold. They also, in the case of the refinery in UAE, they also after having the required documents organizes the custom clearance, the secure transport to the refinery. They give the seller a chance to get a second opinion if the assay of the gold between the results of the seller’s and their own assay differs too much. Then they can if the owner of the gold so decides sell on commission the gold to buyers that they know very well.

If you then are a seller with a lot of bad experience you will say, what if they do not pay me. This is then if the goverment authorities have not done their job, if the refinery is about to close or if somebody at the refinery needs the money more than anybody else and that the insurance company does not accept the complaint thereafter. Then there is another solution in the pipeline for you as a seller.

I have a bank that buys and sells refined gold.

Now we are talking buying and selling gold bank to bank.

If you are a real gold seller you just must have a bank account and a relation to a bank and you have to convince your bank that you have gold to sell.

So which way you ever see it, it is the seller that will have to proof himself. Please be prepared for that. The verification process of gold and the seller is strict.

Do you think you would be able to pass the verification process and have gold to sell.

You are most welcome.

Season greetings

Wether you are Christian or Muslim or of any other religion we are approaching a new season and a new year.

My gift to all of you having a cooperation agreement with me is a FREE Refining account at a refinery in UAE.

This allows you total hassle free sale of shaped gold, i.e. gold bars or gold nuggets.

The best is that you do not be present at the refinery process. When your gold arrives it is determined how much gold you will get after refining. And you get the gold before your gold is refined.

The cooperation agreement does not cost you anything.

It gives you many more advantages more than being able to sell on gold world market prices.

You will be able to increase your mining capacity by having more money to spend on yourself.

Why let all the middle men, mandates and buyers profit on you?

If you use mandated middle men then they are also invited to join the movement to let the money stay in the country of origin of the gold. You just mandate them to deal on your behalf.

Life of the mandates will be much easier. They will organize the paper work for the refinery and communicate directly with the refinery.

You can even have them officially as signatures at the refinery.

Actually they would also not loose out. They can gather more sellers/miners to increase their volumes.

Finally, Seasons Greetings from the country of the orginal Sant Clause, Sweden.

Hand in hand

I am deeply impressed by the work of the Hand in Hand  organization and how they work in the empowerment of the local societies they are working in.

Having lived in countries such as Nigeria (Hausaland), Saudi Arabia (Yanbu al Bahr), United Arab Emirates (Abu Dhabi) at the times of development I have my own experiences. This happend over 25 years ago. From these experiences I got my views on the development and where to start.

Thus I am really an underwriter of the activities of Hand in Hand International.

For me without real resources but my own experiences, know-how and network it is a real challenge to make a difference now when I am retired.

The next step in this quest for empowerment of the mining communities is to create a non-profit and non governmental organization. The site is under development under www.swedevelop.org.

The purpose for this to have a second organization for the humanitarian works and to get financing for it.

This blog is for empowerment of specially the African gold miners and their families.

I look forward to have your input of what to be done.

By the way the method I am proposing is to work Hand in Hand with the miners and their families.

You are welcome to ask me in detail what could be done for your community.

Sierra Leone Business Club on LinkedIn

I have to quote what I wrote on the subject of Chinese Companies exploiting Africa.

Quote

I have to jump into the discussion of two reasons. I have been working with these Chinese investors. Naturally they want to take use of their possibilities to finance major investments and projects to their own benefit. They have actually succeeded to build a country on their resources and their cheap and politically controlled manpower.
They have also centralized their banking system and the control over the investments to the benefit of their people.
So why does not the same happen in Africa and specially the subsaharan Africa.
Do not blame the Chinese.
Look into how the subsaharan countries are organized. The difference is not the system of paying officials for their services. That is the same actually.
What lesson could be learned? Is it the banking system and the control of the banking system. Is it that the punishments for fraudulent behaviour is not a shot in the head.

I am trying to reverse the system and giving the mining communities to take control over their incomes and enable them to retain more of their earnings. in order to under their own control develop their societies. I hope that I am right and not fighting a system that is so rigid that it can not be changed.

Anyhow you are welcome to visit me at www.boengstrom.com

Unquote

So you are here. Have you studied my proposal?

Many of you are asking for medicines.

Actually you do not be a partner and have a cooperation agreement to be able to buy medicins.

It is much easier if you are as the medicines are sold from a dutch Pharamcy company.

They require bank instruments before to deliver from your bank.

Your authorities would most likely know if the drugs are legitime and not outdated.

Based on your confirmed order the medicines will be bought directly from the producers.

You can not have longer shelflife than this and naturally will full certifications.

Just contact me!

Welcome to my business page!

Here you can follow me on my quest to help local goldminers!

Comment and give proposals, too.