Gold from Ghana. Real or not?

Hello everyone,

I was going through Google, trying to find a place where to post this and this website came up first. If no-one can help, maybe you could at least send me to the right place!

Here is the story. Personal friends introduced me to someone in Ghana who, after a month of negotiations, flew in with a small quantity of gold (couple kg of dust). We met and I was allowed to place it in my own lockbox and take a sample for testing after stirring it and before locking it with my own keys, sealing it with tape with signature in top and leaving it with my friend and the owner of the gold, while I went to a jeweler I arranged to test it. Sample was confirmed to be 92% gold. Now I need to come back with cash to pay for it. Gold has been wrapped up and sealed with tape that they asked me to sign on top, so it is unlikely that it can be switched. I tied the bag myself before placing it in the box too.

But the major red flag here is that the owner won't go to my jeweler or refinery. Scared of getting robbed, saying it happened before, but I can't verify that. He seemed to always be alert, but kind of relaxed after we spent some time together having lunch.

My main concern is if there is any way for all or part of this gold to be not real after all these precautions? It's a considerable sum of money that would hurt to lose, but profit is significant on such short period of time, as he is offering a good discount. Would appreciate any advice, help, any actual real life experience!

Edit: I forgot to mention that they brought export documents with them including all export tax paperwork.

Most gold scams originate in Ghana and this certainly looks like a scam.
Gold is never sold at a discount and the price is dictated by the London Metal Exchange.

In Ghana, all sales are made through The Precious Minerals Marketing Company Limited (PMMC) and they have a buyers guide on their website, warning against attempting to buy gold dust. I advise that you read it.
http://pmmcghana.com/foreignbuyers

Overseas buyers are to note that gold is normally sold in Ghana in the smelted form. Offers for sale of gold dust at low prices are not genuine and should be ignored. Pricing of gold in Ghana are based on the London Metal Exchange (LME) quotes. Therefore offers with big discounts ranging from 10% off the LME are only meant to entice overseas buyers to part with cash to the fraudsters, who normally ask for additional fees in respect of incidental expenses like transportation, commission, security, “movement”, handling, documentation and insurance. All such fees are false. The only genuine fees are freight charges and insurance.

As CW says any deal involving bargain purchases of 'gold dust' from West Africa is a standard scam and no serious person would get involved.

Apart from export documentation you also need import documentation and customs clearance too. In the same way that there are limits on the import of cash, there is the risk that valuable metals can be involved in money laundering too and if you lack evidence of its importation having been declared to customs you could risk it being seized at the least.

If you don't have a full and proper set of documents to verify its legal source and proper importation it will lose a lot of value. To get value it will need to be converted to bullion or jewellery which will require some form of authentication/hallmark which may not be forthcoming without documentation.

A flaky set of Ghanaian documents covering gold smuggled through customs won't work.

99.99999999% chance this is a scam. It has all the signs - Ghana, gold, small samples, etc. You will be given fake gold or simply be robbed in one way or another. I strongly suggest breaking off all contact with these people ASAP.

As CW says any deal involving bargain purchases of 'gold dust' from West Africa is a standard scam and no serious person would get involved.

Apart from export documentation you also need import documentation and customs clearance too. In the same way that there are limits on the import of cash, there is the risk that valuable metals can be involved in money laundering too and if you lack evidence of its importation having been declared to customs you could risk it being seized at the least.

If you don't have a full and proper set of documents to verify its legal source and proper importation it will lose a lot of value. To get value it will need to be converted to bullion or jewellery which will require some form of authentication/hallmark which may not be forthcoming without documentation.

A flaky set of Ghanaian documents covering gold smuggled through customs won't work.

Than you for your answer. You do bring up good points that I also looked at before actually meeting with them. All paperwork was in order, but it can be faked. At the same time, it is a considerable quantity and we are in the U.S. so it wouldn't be that easy to smuggle it in.

Profit can be made with any jeweler that can smelt it without any hallmark, etc. It's basically scrap gold that anyone with refining equipment will buy and I already got someone like this ready. Same jeweler that tested it will buy it.

99.99999999% chance this is a scam. It has all the signs - Ghana, gold, small samples, etc. You will be given fake gold or simply be robbed in one way or another. I strongly suggest breaking off all contact with these people ASAP.

While the possibility is always there, it will be hard considering the precautions I took with packaging. Lockbox, key is with me, it was taped and signed by me. Gold was placed in the lockbox and handled all the time during the sample by me, then tied and locked. Extremely hard to tamper with. Getting robbed by them is hard too. We meet in public places.

Doesn't pass the smell test. The owner of this "gold" can take it to a jeweler anytime and get paid the same amount of money that you can, but instead, he is taping it, locking it in a box, waiting for you to decide . . .

I advise against it and let me tell you why. It is EASY AS HELL to sell Gold. If they were legit they would have NO REASON to be dancing around selling it to you....no reason for all the lockbox pomp and circumstance....If they were legit they could go and have cash in minutes. At best you are money laundering, but my bet is still on scam...something isn't right. I really feel bad, I KNOW you have the "what if...the one that got away" feeling if you back out....but truly BETTER SAFE THAN SORRY. YOU WILL HAVE NO LEGAL RECOURSE IF (WHEN) THEY SCAM YOU.....Knowing that there is NO WAY you will get your money back or they will be caught....do you really feel safe on the "what if".

Take tazmanian's response and add a few 9's. It reeks of scam in every way imaginable.

While the possibility is always there, it will be hard considering the precautions I took with packaging. Lockbox, key is with me, it was taped and signed by me. Gold was placed in the lockbox and handled all the time during the sample by me, then tied and locked. Extremely hard to tamper with. Getting robbed by them is hard too. We meet in public places.

Getting robbed by them is real easy if the sample they gave you is real, and what is in the box is pyrite ( or some other similar "not Au" product. Or if the acid test the place did was not really accurate at all. If you do a search for "Ghana Gold scams" ( Include the quotes in your search) there are thousands of results including warnings, how to's, and bunches of other stuff to educate yourself with.

The thing you need to remember the most is that these scams rely on 2 basic theories. #1 the fact that your getting a "good deal", and the speed at which the transactions happen leave you no time to keep your rational mind about you. Plus by the way you write, you seem to think you are impervious to crime. Trust me, these guys have been scamming a lot longer than you have been avoiding scams. They are professionals, and a locked box with tape on top, signed by you and you keep the key is very far from what any professional buyer would do.

Like others have said, why would anyone sell to some American at a discount, when they could go to their local mint / buyer and sell it for whatever the LBMA exchange rate is at that time?? In other words why would someone purposely lose money selling to an American?? The answer--- Because all of the African's know the scams and won't be involved with it!!!! Americans don't know so they are more vulnerable.

here is an interesting article from a similar scam. http://www.independent.ie/irish-news/dr ... 28768.html

Here is a clip from the US Dept of State http://travel.state.gov/content/passpor ... ghana.html its under the safety and security tab on the page:

U.S. citizens frequently consult the Embassy regarding questionable business offers sent from Ghana. These are scams and typically begin with an unsolicited communication (usually by e-mail) from an unknown individual who describes a situation that promises quick financial gain, often by assisting in the transfer of a large sum of money or valuables out of the country. A series of “advance fees” must be paid in order to conclude the transaction, such as fees to open a bank account or to pay certain taxes. In fact, the final payoff does not exist; the purpose of the scam is simply to collect money from the victim. The Embassy has also received reports of fraudulent charities soliciting contributions through the Internet or direct mail. If you receive such business offers or charity requests, carefully check them out before you commit any funds, provide any goods or services, or undertake any travel. Check with the U.S. Embassy in Ghana at telephone (233)-(030)-274-1443/1449 for an assessment of the offer’s credibility.

99.99999999% chance this is a scam. It has all the signs - Ghana, gold, small samples, etc. You will be given fake gold or simply be robbed in one way or another. I strongly suggest breaking off all contact with these people ASAP.

While the possibility is always there, it will be hard considering the precautions I took with packaging. Lockbox, key is with me, it was taped and signed by me. Gold was placed in the lockbox and handled all the time during the sample by me, then tied and locked. Extremely hard to tamper with. Getting robbed by them is hard too. We meet in public places.

I understand your point but, respectfully, I think he is deceiving you the same way a magician deceives his audience. You are looking at the smaller picture - the security of your sample - while he is waiting for an opportunity to gain your trust (probably with this small sample) and take you to the cleaners with a far bigger con later. I hope you don't go through with this but if you do I hope you will be OK. However as you see here, we all suggest breaking off from this deal.