All precious metal trades rely upon the cooperation of financial institutions whose activities are overseen by regulators that have the power to suspend banking licenses. Onus is placed on banks by the regulators, of ensuring that all trades are conducted in line with current World Gold Council International Procedure. It is therefore not enough to ensure that both Buyer and Seller are mutually content with the buying procedure and terms.
Rather, it is essential that the banks remitting and receiving the funds covering the trade, are entirely content both with the supporting documentation, and also with the process and precise order in which it is followed.
With respect to these considerations, the following is the order and method in which all gold trades, without compromise, must be conducted. Note that when we refer to the “Seller”, it is understood that we refer equally to the person mandated by a Board Resolution issued by the Seller, to act on their behalf in such trades.