CIF is term used for sea and inland waterway transport, not for gold deliveries
CIF is term used for sea and inland waterway transport, not for gold deliveries.
Incorrectly used international trading terms are quick indication that something is wrong and usually it is seriously wrong in the offered gold trade deal.
Since 2010, I have been purchasing and selling gold.
Several refineries received kilograms of gold that I have purchased and in none of their terms I have ever seen terminology like CIF. This is the fact.
CIF has its well defined meanings and implies that buyer has to verify goods before departure. This would mean in any gold transaction that buyer has to come to place, verify goods and be sure which goods are departing from port.
Finally, the term CIF is Incoterms terminology that applies only for sea and inland waterway transport. No sane person is to transfer gold by ship.
Air cargo may be as heavy as one tonne, and up to today, I have never seen that gold was ever transferred with ship.
Maybe by governments. Not in private transactions.
No, we will never send gold by CIF terms as we will not send gold by sea transport. Do not ask for it. Serious gold refineries will
No, we will never use incorrect terminology in any gold trade.
Other useful pages for beginning gold traders
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