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 Replies: 30 / Views: 2,577 |
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Pillar of the Community
United States
3546 Posts |
Hello,
There is an opportunity to receive a 1000 g bar of 24K gold sent to Ky from a warehouse located in Ghana, Africa. The concern has to do with verifying that this bar tests out to what the certificate of authentication(COA) sent with the bar describes when it was tested at the warehouse in Accra, Ghana immediately before shipping it.
Since I am a novice in being involved in transactions like this, I want to avoid any post shipment complications in the unlikely event the bar tests out to 20 K as an example.
Are their companies based in the USA that would accept the bar for me and test it to ensure that it meets the specs. alleged in the COA? If so, it would allow me to ship it from that USA-based company to my Ky location without concern over its content. In summary, I need some US company names that would accept the shipment from Ghana, test it and guarantee that it matches or not with the bar that was sent from the foreign source for a fee obviously.
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Pillar of the Community
United States
2213 Posts |
You may be getting a good price but sounds very risky to me. Unless it's directly from one of the well known major refineries or mints, I would not do it, will be very difficult to return/refund if the bar is found to be fake or less pure. I don't know of any company that would be in intermediary for a fee, responsible for testing, return/refund for you. There are known fake gold bars, looking like from the Perth Mint, Pamp Suisse and others. Many local coin stores have XRF to test the top layer of a bar and it's density, but that may not be 100%. I recommend you buy from USA dealers, a coin store near you or one of the major online dealers. Edited by livingwater
01/18/2024 11:46 am
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Pillar of the Community
United States
2280 Posts |
Sounds sketchy, hard pass.
You realize when you know how to think, it empowers you far beyond those who know only what to think.
-Neil deGrasse Tyson
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Pillar of the Community
Russian Federation
5172 Posts |
Quote:
Sounds sketchy, hard pass.  |
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Valued Member
United States
311 Posts |
I would assume you have looked at this from every conceivable angle but aren't there 1000g bars available locally? That you are even considering this transaction must be because the price is well below spot. That alone tells you it is not legit. Hopefully you haven't released any funds yet. If you have then I would suspect even the escrow agent might in on it.
It would be informative for all of us if you could tell us about all the security precautions that are taken with a transaction of this kind.
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Pillar of the Community
United States
1751 Posts |
I agree with all the comments above. The risk does not seem worth it. Certainly you have heard about the scams out of Africa (and everywhere else).
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Pillar of the Community
 United States
3546 Posts |
Quote:
...aren't there 1000g bars available locally? This is a gift to me requiring $ 0 cost out-of-pocket; all the shipping, insurance, tax, and handling etc are prepaid. From the responses I'm reading here, it appears that the only way can ensure authenticity is to go down there, pick it up myself and ship it back with me on my return flight to the USA. On a related note, I'll need to purchase a tester that can penetrate the 24k bars at least 20 mm or more to detect the possible presence of tungsten; XRF won't cut the mustard, If anyone would like to respond on his related issue, please visit, http://goccf.com/t/458842I want to avoid a physical destructive assay test if possible. |
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Pillar of the Community
United States
3546 Posts |
Quote:
...tell us about all the security precautions that are taken with a transaction of this kind. I would appreciate suggestions on all the necessary steps that I should tell my friend to take to lower the potential amount of risk and inconvenience to a minimum. |
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Pillar of the Community
United States
3342 Posts |
For a piece of metal potentially worth $50,000 sell it as scrap. I don't see any value in preserving a bar from Ghana. Pretty nice gift. Is this what you're receiving? This company's bars don't even have an assay. They look like unmarked casts of raw metal. https://www.emmagoldghana.com/produ...-copper-wire"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
01/19/2024 09:28 am
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Moderator
 United States
54280 Posts |
I guarantee you that this "gift" will eventually require a "fee" to export, verify, license, courier, bribe, etc. There is no gold bar. There is no gold bar. There is no gold bar. and did I mention There is no gold bar.  Google Ghana gold bar scams Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Pillar of the Community
Australia
3831 Posts |
How can you be sure that it is:
a) not gold plated lead
b) sourced from ethically managed areas
c) not subjected to customs confiscating or tax a fortune on it
I would not want to touch any minerals sourced from Africa (no offense) simply because you cannot track where they come from. How would you like it if they are sourced from war torn area, mined with child labour etc.
A question of moral and ethics.
My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. |
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Pillar of the Community
United States
2213 Posts |
Here's a link to check out. The government of Ghana lists the mines that are licensed to export gold. If the OP is talking about the emmagold company it is NOT on the list. The OP could contact the Ghana government and ask. I did a Google search "Ghana gold scams" has happened to numerous people, BEWARE. Even if the OP is talking about a mining company on the list, I still would not do it. If I was the OP, this being a gift, I'd say thanks but try to get a refund. https://www.mincom.gov.gh/list-of-gold-exporters/Edited by livingwater
01/19/2024 11:54 am
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Pillar of the Community
United States
3342 Posts |
Your instincts are correct about travel. Take a trip to Ghana and get your bars. Visit the mine they came from. Watch them make your bar. Do your due diligence.
Gold ore from mines has to be refined before melting and casting in bars. The idea that some mom and pops are running a private gold mine producing 22 kt gold is preposterous on its face. Raw gold of high purity comes from placer dust and nuggets not mines.
The published information on Ghana small miners indicates dirty operations. Mercury amalgamation. California is littered with mercury contamination sites 150 years after the gold rush.
I have a few gold nuggets around. Some of the small ones were purchased below melt. I once inquired about selling them to a dealer. She offered 70% of melt. She considered raw gold a novelty and a nuisance. If you ever receive your hand-made bar that's what you're up against. Dealers don't care what your tester tells you.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
01/19/2024 12:35 pm
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Valued Member
United States
157 Posts |
Hahahahahahahaha. Total scam. The collective time thinking and commenting on this by everyone, is worth more than anything the OP would actually receive.
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Valued Member
United States
311 Posts |
A trip is out of the question. Even if you actually saw them pour your bar, no guarantee that is the one they give you.
This is beside all the points. You said you had zero in so just wait for the bar. The moment someone asks for 10 cents, you'll know what to do. It would be a hard NO.
I am ex-stock broker. This reminds me of a situation long ago where one of my clients started up with a situation that always screams scam. It involved a large block of a penny stock. In the brokerage business, first rule is "Know your client". It's important because when it comes time to lay blame, you're it. But I knew this guy, his history, where he worked, etc. This was not anything in his character. Turns out someone was using him to gain access to his legitimate account.
OP has been around and has a ton of posts so I can't imagine him getting scammed but it sure looks like he is going down that road.
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Pillar of the Community
United States
2280 Posts |
At this point if the OP falls for this he deserves every bit of it.
You realize when you know how to think, it empowers you far beyond those who know only what to think.
-Neil deGrasse Tyson
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Replies: 30 / Views: 2,577 |
Posted 01/18/2024 11:33 am
