Highlighted to me by a dear palbased in Malaysia|
Metric Tonnes of Gold
Most weeks we get at least one person trying tosell us or buy a metric ton, or many metric tons of gold. these contacts areinvariably scams (attempted frauds).
At current gold prices at the time we wrote this page, a tonne of gold wasworth very close to £10,000,000 (ten million pounds sterling), or nearly$20,000,000 (twenty million U.S. dollars). Most private investors and ordinarypeople do not own this amount of gold. You would be surprised how many peoplecontact us to tell us they have 10 or 20 tonnes or gold to sell! Sometimes theywish to buy this quantity instead. Not content with such large amounts, some ofthese people wish to transact deals for these amounts monthly on 5 year or similarcontracts!
Sometimes these individuals try to conduct their business via a solicitor,businessman, or other stooge. We heard of one case where a solicitor was tryingto transact business on behalf of a client, for an amount of gold whichexceeded the total amount ever mined. Obviously he had not even bothered towork out the value of the deal, and had failed miserably to know his client!
High NetWorth Individuals?
Let's do a few simple calculations and comparisons, to see how ridiculous theseamounts are. A holding of one metric tonne is more than is owned by manycountries or their central banks. If you owned one tonne, it would place you inequal 94th place with Suriname. Ten tonnes would put you in 63rd place betweenColumbia and Ghana, twenty tonnes would elevate you into 23rd position betweenNigeria and Ukraine. Ten tonnes per month for 5 years would put you second onlyto the USA, and you would have more than double the next placed owner, Germany.
Anonymousor Just Faceless?
Most of the people who contact us about metric tonnes do so in a ridiculouslyanonymous manner, perhaps by e-mail in the first place, in which cases theire-mail address is usually something totally laughable such asinternationalgoldbullion (@) hotmail.com! Does it never occur to these idiotsthat their attempts to appear grandiose simply makes them look patheticallystupid?
Sometimes the initial contact comes by telephone, at other times by fax orletter.
Some of the people who contact us seem reasonably intelligent and articulate,in which case, we are never sure whether they are allowing themselves to beconned with the help of their own greed and stupidity, whether they think weare stupid, or what. The most likely answer seems to be an equal mixture of allthese.
Many of the idiots or crooks who attempt to convince us they are big timedealers use very impressive sounding acronyms and other jargon, including FCO(F.C.O.), MT (M.T.), Swiss procedure. It's often all we can do to stopourselves falling about laughing.
In 2005, the world mining production of gold was 2,518 tonnes, and the largestproducer country was South Africa at 300 tonnes, or approximately 30 tonnes permonth.