How to sell precious metals at a London precious metals exchange
LONDON — A precious metals company is asking for an order to sell $10,000 worth of precious metal in London.
Ninepoint is asking a London-based exchange to sell two ounces of the platinum-gold-platinum alloy at the London Gold and Silver Exchange (LGSX) for $1,750.
That’s a small price to pay for gold, which can be worth as much as $1 million.
It’s the first time the company has been asked to sell a ton of gold in the capital.
The company’s owner, Eric Hatton, said his company is a small, family-run business and he has no interest in trading precious metals.
He said he was “very interested” in getting the metals in London, and hoped to sell the metals through a broker in New York.
The London Gold Exchange (LBX) has been operating since the 1970s.
The company was started by the British government in the 1990s as a way to control the supply of precious metals to foreign investors.
The exchange was later renamed London Metal Exchange (LLEX) in 2009 to make it easier to sell gold and silver to U.S. and European investors.
London Gold Exchange director, Simon Koutrayat, said that the firm has a large amount of gold and precious metals available for sale, and is “currently not offering an exchange for the metals at any price.”
The company is now looking for an LGSX broker to sell up to $5 million worth of the precious metals annually.
He declined to provide a price estimate for the precious metal sale.
Ninepoints owner Eric Hettins hopes to sell about $10 million worth a year through the LGSx.
He has been looking for a London Gold exchange for years.
He had been selling platinum-plated bullion from a Hong Kong silver mine.
The mine closed in April.
Hettins said that he was not selling gold or silver because he thinks they are valuable.
He is looking for the gold and platinum to fund a gold fund and the platinum to pay his bills.
He wants to be able to put his savings in gold and get more of a return on that investment, he said.
The gold and metal are worth about $30 million, Hettens said.