The Gold Marketing Chain in Suriname - WWF, Abu Dhabi unveil ...

markets 36 , including the Suriname gold market. The five members of the fix 'meet' (by
telephone) every working day at 10:30 and 3:00 GMT and commence the fix with a trying price.
The fixing members' representatives relay the price down to their dealing rooms, who are in
contact with as many bullion dealers as are interested (or who have interested clients) and
these market members then declare how much metal, on a net basis, they want to buy or sell
at that level 37 .
The dealers are themselves in contact with their clients, who may change their order, or add or
cancel an order, at any time. The position declared by the dealers is the net position
outstanding between all their clients (i.e. if one bank has clients wanting to buy a total of two
tons, and other clients wanting to sell a total of one ton, then he declares himself as a buyer of
one ton). Each fixing member nets off the position and declares himself, as the representative
of all those interested parties, as a net buyer or seller (and of how much), or to be in balance. If
the market is out of balance with more gold required than offered, then the price will be
adjusted upwards (and vice versa) until balance is achieved (because some clients will withdraw
or amend their orders if the price does not suit them). At this point the price is declared fixed.
On very rare occasions the price will be fixed when there is an imbalance, at the discretion of
the chairman of the fix. The fix is thus entirely open and any market user may participate
through his bank.
Royal Canadian Mint
The Royal Canadian Mint (RCM) is a Canadian Crown corporation. In addition to producing all of
Canada's circulation coins and manufactory of circulation coins on behalf of other nations, the
Mint also offers gold and silver refinery and assay services. Royal Mint holds gold in
consignation, which means that the gold is kept in locker for a client, until he or she orders the
sale of a certain quantity. The royalties that are paid by Iam Gold to the Suriname government
are also kept in consignation for Suriname at the RCM. Furthermore, the RCM supervised the
set up of a lab for gold assaying, purification, and weighting at the Central Bank
Kaloti
Kaloti is one of the world’s largest gold traders and also one poof the main companies that
Suriname exporters and jewelers are doing business with. Its head quarters are in Dubai, but
the company has branches in various other Middle Eastern states, as well as in Italy,
Switzerland, Hong Kong, Turkey, and India. This means that tracing the destination of Suriname
gold or the origin of jewelry sold in Suriname is virtually impossible.
36 Source: Wikipedia encyclopedia: http://en.wikipedia.org/wiki/Gold_fixing
37 Source: Official website of the London Gold Market Fixing Ltd.: http://www.goldfixing.com/home.htm
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