Fake Metals Appraisals: How the Scam Works and How to Shut It Down
Fake Metals Appraisals: real firms, fake outfits, and how pricing actually works
This is a straight guide to separate real metals custody and inspection from the theatre. We list industry firms you actually see on real files, the acronyms that keep turning up on fabricated PDFs, and the basics of LME and CME storage and pricing. Calm tone, sharp edges. If a pitch leans on a mystery “appraisal” for nickel wire or ultra fine copper powder, you can close the tab now.
How real storage and pricing work
- LME. Deliverable brands and shapes move on warrants issued by approved warehouses. Title and control live with the warrant holder. Pricing references LME Official or 3M with location and brand premia or discounts.
- CME COMEX. Deliverable metal sits under a licensed warehouse receipt. Pricing references CME settlement with the usual physical premia, storage, and handling.
- Storage format. Exchange-grade metal is stored as cathodes, billets, ingots, or other accepted forms with lot IDs. You will see warrant or receipt numbers, depot names, and release controls.
- Repo pricing. Advance rate is a haircut to the screen price. Example structure: Price = LME 3M − haircut ± location premium − storage accrual. The model works because the metal is liquid and verifiable.
“Nickel wire pricing” and “ultra fine copper powder pricing” are not LME or CME references. There is no mainstream exchange curve for those fantasy SKUs. Treat any nine figure valuation anchored to them as fiction.
Real firms you actually see
Warehousing and logistics
Inspection, sampling, and assay
Names that are not recognized in metals inspection
The following acronyms appear frequently on unverifiable “inspection” or “appraisal” certificates tied to copper powder or nickel wire stories. They do not correspond to accredited metals inspection footprints in our experience. Treat them as red flags unless independently validated through ISO and warehouse channels.
- IGAS — shows up on forged certificates, no verifiable warehouse job linkage
- ISE — same pattern, no accredited trail in metals inspection
- Any outfit that cannot provide ISO 17020 or 17025 accreditation and a depot job number you can confirm directly
Note the wording. We are not accusing any legal entity of a specific crime. We are telling you these labels have not validated as accredited metals inspectors and they often appear on sham paperwork.
Why the ownership chain in these scams is always nonsense
- No outright purchase. There is no proof of funds, no executed sale contract, no import documents, no VAT trail, no insurer of record.
- Title by promise. “Mandate” letters and unsigned PDFs replace a bill of sale and a warehouse receipt.
- Zero operations. The supposed owner has no staff, no HSE files, no storage agreements, no movement tickets.
- Advance fee hook. A small payment today unlocks a massive fortune tomorrow. New fee follows every time. Same pattern as the classic email lottery and “Nigerian Prince” routines.
“Open the inspection inside the warehouse platform and have the depot assign an inspector of record. Share the job number. We will speak only to the depot and the assigned inspector.”
Ten-minute kill checklist
Send the PDFs and the claimed depot
We will run a blacklist, verify accreditation, and call the warehouse. You get a short memo to close the loop with your counterparty.
Request a CheckFinancely Group provides advisory and due diligence. We are not a warehouse or an inspection company. All verification is done with custodians and accredited providers only. For structured checks, visit financely-group.com/duediligence.
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