Consultants trying to become "GOLD SELLERS" offering "tonnage of Gold" !!!
Consultants disguise as "Seller's mandate" !!!
Why claim to be that which you are not?
Pl stop putting offers on your letterhead. Nothing is more wasteful of everyone's time than to receive a flood of offers which all source back to the same gold Seller, just under different cover. Consultants call themselves "facilitators", "representatives" or "sub-mandates". Applies equally to Consultants claiming "direct-to" status ("I am direct to the mandate"!). These titles are utterly meaningless.
We prefer to work with informed Consultants on both sides of the aisle who understand that their fees are paid solely by the Buyer. Not by the Seller. Not by the Seller's mandate. And not by Consultants. The Seller "team" is welcome to propose fee arrangements, and normally does so with great passion - not to mention considerable self-interest. Ultimately, though, it is the Buyer, in discussions with the Seller, who will determine the fees to be paid Consultants - for a very simple reason: it's the Buyer alone who bears the financial burden.
1) You are welcome to send me the Seller's offer (or just a brief summary) to review. The better approach, though, is to forward the relevant Purchase Procedures to the Seller straight away. Then if the Seller comes back and accepts our procedures, let me know. Our promise to you: whatever quantities the Seller can deliver - WE WILL BUY IT.
2) It's not unusual for Sellers to receive our Purchase Procedures several times from different sources. In the same way that we regularly receive most Seller's offers several times from different sources. "All roads lead to Rome", as it were. The challenge for you is to get direct to a genuine Seller. And get there first!
3) Our procedures will present no difficulties for "bone fide" owners or legally authorized Sellers. It will be virtually impossible, though, for "back-to-back" re-sellers, "sleight-of-hand" artistes and other assorted "posers" and "pretenders" to comply with our purchase requirements.
4) We require Sellers to accommodate our procedures; not the other way around. Not because our procedures are superior; they may not be. But because adherence to our procedures enables us to engage a "Powerful Buyer" (from a pool of five (5) major, international Buyers we routinely work with) and purchase "large-volume" quantities of product. That kind of massive "financial firepower" few Buying Groups in the world can match; it's what makes us unique in the marketplace. "Large-tonnage" Sellers(and their Consultants) would do well to keep this in mind.
5) If the Seller accepts our procedures, the next step is direct "principal-to-principal" discussions with the Seller or his Authorized mandate. After that, we can exchange formal LOI's and FCO's if requested by the Seller; our preference, though, is to proceed directly to contract. Why waste time on unnecessary paperwork!
6) Don't be put off by broker "trash-talk", rudeness or pomposity. Sadly, incivility and bad manners is endemic to our industry. Gold, to be sure, is a tough business; human nature being what it is, it's a lot easier for some people to vent their anger and frustration at you or I than to admit their own failings or shortcomings. My advice to you is this: accept it for what it is, and just move on. In truth, we will never close every deal or convert everyone to our purchase model. That's just the nature of sales.
7) We have drafted the IMFPA with particular care to ensure maximum protection for Consultants. For example, the "Fees Payable" section covers each Lift of the transaction including "eventual rolls & extensions, revisions or additions or new or transfer contracts" - for a period of five (5) years. We all know Consultants who have been cheated out of fees on gold deals: THAT WILL NEVER HAPPEN ON OUR WATCH!
One Final Point: Consultants who unreasonably block our access to Sellers do so at their own risk: As "large-volume" Bullion Purchasers, our main competition for product comes from Governments and Central Banks who pay NO fees at all to Consultants.