Terms as understood within the ecosystem. Definitions reflect usage, not accuracy.
Impure gold alloy, typically 80-92% pure, produced at a mine site before refining. In the ecosystem, doré is described as "refinery ready" regardless of whether a refinery has been contacted.
A letter from a buyer's bank indicating (theoretically) that the buyer has funds. Often requested before any product verification. Frequently described as "just a formality" that "takes two minutes," then takes three weeks and never arrives.
Incoterm indicating the seller pays shipping to a named port. In practice, used as a magic word that implies logistics are handled. They are not.
A form requesting the buyer's corporate details, passport copies, and bank references. Sent before anyone confirms the product exists. Never returned complete.
The hierarchical distribution of broker commissions. Finalized before product verification. Modified constantly. Each version is described as "final." Contains roles that do not correspond to work performed.
An unbroken sequence of intermediaries, each claiming proximity to the actual buyer or seller. In practice, no one in the chain is "direct." The chain is the product.
A framework for ethical investment criteria. In the ecosystem, ESG is a vocabulary layer applied to any deal that needs moral ballast. No verification required.
Mythical entities invoked to create gravitational authority. "Close to the family" means nothing specific and everything implied. No broker has met them. All brokers reference them.
Commission that is contractually documented. Differs from "soft commission" in that it is written down. Neither type is more likely to be paid.
A document that protects broker commissions across a transaction chain. "Irrevocable" in theory. In practice, revocable by silence, deal collapse, or the simple passage of time.
A real institution invoked in WhatsApp forwards to add sovereign-level credibility to private commodity deals. The IMF has not authorized any of the programs described. The IMF does not know these programs exist.
Sets the daily gold price fix. The "discount below LBMA" is the foundation of every deal in the ecosystem. The discount percentage increases with each WhatsApp forward.
A non-binding expression of the buyer's interest. In the ecosystem, treated as binding when convenient and non-binding when not.
1,000 kilograms. In WhatsApp forwards, metric tons increase spontaneously. 500MT becomes 750MT becomes 1,000MT. The mechanism of this increase has never been explained.
A document preventing parties from bypassing intermediaries. Contains penalty clauses worth hundreds of millions of dollars. Signed by people who met in WhatsApp groups.
The preferred venue for preliminary deal meetings. McDonald's, Walmart, and gas stations are standard. The parking lot is neutral territory — no overhead, no records, no witnesses, Wi-Fi available.
Documentation showing the buyer can pay. Requested before any product verification. The specific format varies per deal. No format is ever correct on the first submission.
Documentation showing the seller has the product. Perpetually "being prepared." Rarely produced. When produced, rarely verified. When verified, rarely matches the described specifications.
United Nations framework of 17 global goals. In the ecosystem, SDGs are cited by number (SDG 2, SDG 13, SDG 15) to add institutional weight to slide decks. Alignment is self-assessed.
A document from a vault or depository confirming that product is held. In the ecosystem, SKRs are referenced more often than they are produced and produced more often than they are verified.
Commission arranged verbally, outside the IMFPA. Exists in whispered conversations and is denied if questioned.
A preliminary inquiry to a bank or financial institution. "Soft" implies no commitment. In practice, the probe is the commitment — it signals the broker's involvement and triggers the commission chain.
The actual contract for the transaction. In theory, the culmination of all prior documentation. In practice, the document that is discussed most and signed least.
A tradeable carbon credit representing one metric ton of CO₂e avoided or removed. "Verified" requires a recognized registry and third-party validation. In the ecosystem, "verified" means "someone said so in a WhatsApp voice note."
"Belief travels faster than verification."
"The commission waterfall is always finalized before the product is confirmed."
"Every deal that dies is reborn with a different animal and a different mineral."