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.

Incorrect use of international trading terms is a quick indicator that something is amiss and often signifies serious issues with the gold trade offer. Since 2002, I have been purchasing and selling gold.

Several refineries received kilograms of gold that I purchased, but in none of their contracts did I see any mention of CIF. This is a fact.

CIF has its well-defined meanings and implies that the buyer must verify the goods before departure. In any gold transaction, this means that the buyer would need to go to the location, inspect the goods, and ensure they understand which items are being dispatched from the port.

Finally, the term CIF refers to Incoterm terminology applicable solely for sea and inland waterway transportation. It would be foolish to transport gold via ship.

Air cargo may be as heavy as one tonne, and up to today, I have never seen that gold being transferred by 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.

Reference: https://en.wikipedia.org/wiki/Incoterms#CIF_%E2%80%93_Cost,_Insurance_&_Freight_(named_port_of_destination)

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