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.
| Country | Average salary per capita | Man years for 100 kilo gold |
|---|---|---|
| Burkina Faso | 1466 | 2046 |
| Cameroon | 2257 | 1329 |
| Ghana | 3083 | 973 |
| Guinea | 1083 | 2770 |
| Ivory Coast | 1590 | 1886 |
| Liberia | 456 | 6578 |
| Mali | 1128 | 2659 |
| Senegal | 2252 | 1332 |
| Sierra Leone | 849 | 3533 |
| Togo | 899 | 3337 |
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.
