OUR SERVICES
SECURE VAULTING
Facilities exist for the safekeeping of gold, silver, platinum and palladium in high security vaults. Rates for storage and insurance are subject to negotiation. Metals can be held on allocated or unallocated accounts. Allocated accounts are opened when a customer requires metal to be physically segregated and a detailed list of bar numbers, weights and assay qualities is provided by the vault holder who acts as a custodian on behalf of the client. Unallocated accounts do not entail specific bars being set aside and the customer has a general entitlement to fungible metal. Unallocated accounts are the most convenient and commonly used method of holding gold and silver. The owner is an unsecured creditor of the clearing member.
WEIGHING SILVER
Silver is a little less complex, but there is truncation to the nearest 0.1 ounce and a further rounding factor to take into account to determine the Gross Weight or Gross Troy Ounces (GTO). The key here is that silver is valued and traded at GTO, and the assay is not used in the weight calculation to determine the weight of metal on the metal account.
To reiterate, for gold, the trading unit is one fine troy ounce, but for silver one troy ounce. The significance of this differentiation is that, in the case of gold, the unit represents pure gold irrespective of the purity of a particular bar, whereas for silver, it represents one ounce of material, of which a minimum of 999 parts in every 1000 will be silver.
TRANS SHIPMENT OF GOLD BY PMMC
The basic unit of loco London Good Delivery gold is the 400 ounce/12.5 kilogram (approximately) gold bar, minimum 995.0 fine, while the standard London Good Delivery silver bar is 1,000 ounces/30 kilogram (approximately), minimum 999 fineness. Deliveries usually take place at the vault of a clearing member of LPMMCL, unless alternative arrangements have been made between the counter parties. Some members are prepared to arrange physical shipments on behalf of their customers and will, upon request, arrange for shipments to most global destinations. Charges for such services, including carriage, freight and insurance are subject to individual negotiation.
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DEFINITIONS
Allocated Accounts
These accounts are opened when a customer requires metal to be physically segregated and needs a detailed list of weights and assays.
Assay
The testing of gold or silver to determine its fineness or purity.
Bullion
The generic word for gold and silver in bar or ingot form. Originally meant ‘mint’ or ‘melting place’ from the old French word bouillon, which means boiling.
Clearing Bank – one that meets the following criteria:
- a Market Making member of the LBMA;
- FCA registered;
- of sound financial standing;
- operates exchange accounts with all other clearers;
- has access to a vault or vaulting services in London;
- prepared to sign up to the LPMCL rules;
- a member of the LPMCL and participates in the electronic matching system
Delivery
The actual transfer of the ownership of gold or silver. It may not involve physical movement of metal and is usually made by a simple transfer in the LPMCL clearing system.
Delivery Date
The specified day on which gold or silver must be delivered to fulfil a contract.
Gold
Latin name Aurum. Chemical symbol Au. Its specific gravity is 19.32 and melting point is 1063°c.
Good Delivery
The specification which a bar must meet in order to be acceptable for delivery in a particular terminal market or futures exchange, eg. London Good Delivery.
Kilo Bar
A popular small gold bar. Weighs approximately one kg and either of 995.0 fineness (31.990 troy ounces) or 999.9 fineness (32.148 troy ounces).
LBMA Good Delivery Lists
Lists of acceptable refiners of gold and silver whose bars meet the required standard (of fineness, weight, marks and appearance) of The London Bullion Market Association (LBMA).
LOCO
The location at which a commodity, e.g. loco London gold, is physically held.
Palladium
Latin name Palladium. Chemical symbol Pd. Its specific gravity is 12.02 and melting point is 1,552°c.
Paper Gold
A term used to describe gold contracts such as loco London deals and future contracts which do not necessarily involve the delivery of physical gold.
Platinum
Latin name Platinum. Chemical symbol Pt. Its specific gravity is 21.45 and melting point is 1,772°c.
Precious Metals
Metals of great value being gold, silver, platinum and other platinum group metals.
Silver
Latin Name Argentum. The chemical symbol is Ag, relative density is 10.5 and the melting point is 960°c.
Standard Bar
- Gold bar weighing approx. 400 ounces of 12.5 kilograms and having a minimum fineness of 995 parts per 1,000 pure gold.
- Silver bar weighing approx. 1,000 ounces with a minimum fineness of 999.
- Platinum and Palladium bars weighing between a minimum of 1 kilogram (32.151 troy ounces) and a maximum of 6 kilograms (192.904 troy ounces) with a minimum fineness of 9995 parts per 1000.
Troy Ounce
The traditional unit of weight used for precious metals, which was attributed to a weight used in Troyes, France in medieval times. 1 troy ounce is equal to 1.0971428 ounces avoirdupois.
Unallocated Account
An account where specific bars are not set aside and the customer has a general entitlement to the metal. This is the most convenient, cheapest and most commonly used method of holding metal. The holder is an unsecured creditor.
Value Date
The date agreed between parties for the settlement of a transactions
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THE REVIEWS
Thanks very much for your patient service. We were very impressed with your operation and staff. You can be assured we will be passing your company on to others . Thank you again
I have done business with you in the past and will only do business with you in the future for all my precious metal refining needs. PMMC is an exceptional company with superb business practices.
Thank you very much for the fast, professional service. I am sending another batch of Pt scrap to you shortly. I will be using your company for all my future precious metal refining needs. Your service is superior to the local companies that I have used before. Regards,
PMMC–I want to personally thank you for the excellent service I received with the photographic flake you processed for me. The service was exceptional, and I would gladly act as a reference if desired. Thank you again.
To Whom it may concern, Working with PMMC has been a great experience. Their level of competence and honesty far outweighs any other refinery we have done business with. I personally highly recommend using them above all others as you not will be treated honestly and fairly. They even answer there telephone! I wish all business had the ethics this business has
Acquisition of Gold License
To be able to act as a third party gold dealer in United Kingdom, the requirements are as follows:
- Interested companies should be limited liability companies duly registered in United Kingdom.
- Present copies of the following:
- Certificate of Incorporation
- Certificate of Registration (Sole Proprietorship)
- Company Profile
- Beneficial Ownership Profile
- Current Utility Bill for location of Registered Company
- Valid ID Card (United Kingdom Card)
- Two (2) passport size photo
- Application Letter