How to transport your Gold or Precious Metal

[Gboy]

T_hunter44,

Assuming we pass thru that 3 bars testing or assay test and stuff. We brought the buyer group, assayer and his bodyguards to our treasure cave for inventory and stuff. The buyer will now take possession the treasure cave areas....and he gave us Gold Certificate or bank docs abroad, as proof of payment.

Meaning we gave away...physical gold volume !!!...in exchange of bank docs deposits abroad...like Marcos Gold Certificate/docs...or marcos cronies gold bank docs....GANUN? 

What if those bank docs you are holding suddenly will be cancelled just like Marcos cronies bank docs....you are holding a bank docs as souvenir?  while your physical treasure is being feasted by the buyer. Di kaya nalugi tayo dyan? 

[Gener]

If bank documents like gold certificate will not work,,,,bank transfer will solve it all...as easy as that! the only problem is,,,the gold should be real....

[admin]

    Take three bars to a Bullion Buyer, they will assay your bars and if it pass their scrutiny, they will even pick up your Bullion, assay each and every gold bar and each gold bar will have a Certificate of Authenticity, payment will be in an Off Shore Bank. My 2 cents worth.

Sounds good to me, T Hunter.
TW

[Gboy]

YamTHr,

Buy and Sell scenario inside thr bank:

   A few years back, In Tuguegarao, Cagayan. an ordinary farmer sold few pcs of 75 kilos gold bars to the buyer and the transaction was inside the bank. After the gold bars was assayed, huge money ( PhP 100 million+) was transferred to the account of the ordinary farmer.
   When the buyer left...the banker get interested with the money of the ordinary and illiterate farmer, what he did is he didn't give the huge  money to the farmer, instead he withheld it, and wanted to be his own.
   What should the ordinary farmer do to get back his money (proceeds of gold) ...
1) cry infront of the bank?
2) Shout to the media that your PhP 100 million have been screwed by the banker (will they believe him?)
3) Tell their gold transactions to the police or mayor? the mayor or police might squeeze his balls to produce mnore gold...
4) Have senate investigate it? 
5) Report it to AMLA?

Assuming it happened it to you and you are in local or foreign banks abroad? What would you do?

[Gboy]

If bank documents like gold certificate will not work,,,,bank transfer will solve it all...as easy as that! the only problem is,,,the gold should be real....

Meaning you will have to gamble first your treasure hoard by accepting the Gold Cert as payment of your gold and observe if Gold Cert will work or not? Would it be too late already?

[Janner]

in the bank scenario,
 how was the manager able to alter the bank account of the farmer???

after all a signature is required and a withdrawal slip to take money from his account....

[admin]

I agree with Janner. The farmer would have his official BANK BOOK with XXX amount inside. That's all the proof he needs to get any crooked Banker thrown into Jail for outright STEALING his money.

TW

[Gboy]

I agree with Janner. The farmer would have his official BANK BOOK with XXX amount inside. That's all the proof he needs to get any crooked Banker thrown into Jail for outright STEALING his money.
TW

If you are just an illiterate and poor farmer with no money....against a moneyed banker, I doubt if you have a chance in our court. How you gonna defend your money, where it came from? by telling the whole world you get it from treasure?...will the people laugh at him or squeeze his balls to produce more gold?

in the bank scenario,
 how was the manager able to alter the bank account of the farmer???
after all a signature is required and a withdrawal slip to take money from his account....

He doesn't have to alter anything...all he had to do (i guess) is never give the money to the farmer and claim it as his own (by forging the docs or something, he is the banker, right?)....a little bit of harassment  by telling him to the police that he had lots of gold....presto...the helpless farmer...gone hiding.

[Janner]

even a poor illiterate farmer can be quite good with money, he has to manage his farm and produce somehow...

once the transaction is complete the money is in the Farmers account, and with a passbook. so it would be hard for a bank manager to forge his signature on the withdrawal slip and or get hold of the passbook.

and once the money is in the account, deposited by the buyer, "not the bank manager", the Farmer no longer has to declare where the money came from....only a court order can read the bank files, not the police.
So the farmer is quite safe.....

Hypothetical case of course......

interesting ........

[MasKara]

I want to butt in guys, I hope my comment will not be twisted and spined.
Disclaimer: The following are just my thoughts and should not be taken as an official statement or be considered as legal Banking procedure. This statements are for your own discretion only.

1.) Local Bank in the Phil. do not accept Physical Gold Deposit. Only the Banko Sentral ng Pilipinas (BSP) is license to take Physical Gold deposits from individual, entity, Co. or Corp.,
Why? = If a bank accepts gold deposit that means Bank shall abide by the International Banking Law.
Why? = If a Private buyer willing to used the Bank, the buyer should have a mining license or a gold  bullion license permit and he will be assigned or given a Bullion gold (precious metal) buyer or mining license NUMBER. Why do you think pawn shop are legalized to buy precious metal? Because they are license by the BSP and later sell their commodity to the BANK in 1 is to 1 value accordingly.

2.) Why sell or deposit gold only to Banko Sentral ng Pilipinas? = The Bank guarantees that your commodity is Safe. They are insured 1 is to 1 or in equivalent % (correct me if I am wrong) in favor of the depositor. Why? = In case of loss or illegal  confiscation of commodity By the Gov't., Scrupulous Bank Official or People in Power you are assured you be paid.

3.) If you deposit Gold you will not only be issued Gold Certificate of Deposit but also a Safe Keeping Receipt. (SKR)
Why? = You will be paying a yearly or monthly Safe Keeping fee for your commodity as Bank insurance and also the Bank will assign you a International license BULLION BANK OFFICER (but not all these banks have one, they are controlled by the International bullion banks) that will only be the sole keeper or have the knowledge (Secrecy Law) of what amount or volume of Gold you have deposited.

4.) It is by the International Banking Law that if you deposit gold. The gold bars shall be re-smelted (I do not know how they do these just to change the hallmark) every 5 years to update the Hallmark.
This is a new way so that bank will keep your gold bullion deposit forever. At UBS or anywhere in Swiss or Europe Banks. Gold bullion stays in the Bank because of these laws, if you wanted to sell your commodity you can't move it out but the Bank will Just sell or transfer your commodity by changing the Certificate of Ownership.
Why? = To control the number of Gold Bars that will circulate the globe.
Why? = Law of consumption and Demand, If gold will flood the Market then Gold value will plummet downward and Bank Gold deposits will get affected and Banks depending on Gold Deposit will fail. Also to prevent hoarding and AMLA.

Therefore if you take a gold bar in a community bank of course if the bank officer is greedy he will ask you for more gold bait you and when your gold deposit is more than enough for him he'll grab it and flee the country.
Think of this where in the bank vault will this officer keep the gold bar? Will he keep it there for everybody to see? Will he announce to everyone that you have a gold deposit? Somebody who will see it and rob the bank. Probably he'll bring it home or keep it in his bank locker.
Remember Gold deposit is not insured by FDIC. So nothing you can do when bad circumstances happen. That is why if you will legally ship or transport bullion gold bars, you must only used a license transporter (ie BRINKS) because your gold will be insured they are liable if it got lost. Your gold bank insurance will not cover the loss if you will used a local transporter not recognized by banks.

[admin]

It was the CASH Payment Deposited into the Guy's Bank Account that we are referring to here. Not Gold deposited into anyone's account. You're a bit confused on the main subject question, MasKara.
TW

[MasKara]

Admin, sir,  I am not refering to any of the Particular Topic. I am just giving my thoughts and all of these are related to the TOPIC on one way or the other it covers transportation, deposit and warnings.
It covers everything, local bank and international bank. banking procedures and the safety of depositing and Transportation.

Please review the following post by others and tell me what am I missing.
Janners post = about bank deposit
Gboy post = about being scammed, illiterate (innocent of the law) & buy/sell procedure.
Admin post = about bank deposit, being scammed.
Gener post = Transportation via helicopter
Th44 post = assay & bullion buyer
Joe post = agreed to transportation, no check point
MAskara post = All the above but educational.

If you think my post is not related you can delete it or moved it. I have no beef with you.

I repeat again if you do not want me to comment on a certain topic please make a NOTE: MASKARA OFF LIMIT.
NOT MY PROBLEM.

[admin]

MasKara, Sir,

OK, you are actually right. I was commenting on what YamTHr mentioned about how some gold seller's money was stolen by a crooked bank manager and I got mixed up and thought that's what you were talking about but now I see that you're actually commenting on the real topic here. My apologies, friend.

Your info is exactly right too. Thanks.

TW

[MasKara]

Copy that Sir Admin.

Thank you and peace be with us all.

[Gener]

I wonder if how banks transport their gold bullion?.. will it be nice to know their way? i never heard any robbery of their transportation except movies...