811.20 Defense (M) Argentina/310c: Telegram

The Secretary of State to the Chargé in Argentina (Reed)

1358. Following from U. S. Commercial Company:

  • “1. We are advised there are immediately available in Buenos Aires approximately 50 kilos of platinum which can be purchased on a COD Buenos Aires basis.
  • 2. You are authorized and requested to purchase these (approximately) 50 kilos of platinum COD Buenos Aires at a sum to be expended for this purchase not to exceed $400,000. U. S. C. C. will cable funds when required for payment.
  • 3. This is a preclusive item; therefore, if at any time this authorization does not serve its purpose please cable immediately.
  • 4. It should be emphasized that no transfer of funds should be made until the platinum is actually in your possession and has been appraised by competent platinum experts. It might even be suggested to the principals that the metal be deposited in escrow, subject to assays which might be secured from reputable firms either in Rio de Janeiro or in Buenos Aires. If neither of these places is acceptable for purpose of assays, proper samples should be sent to the United [Page 320] States for final analysis at Ledoux and Company. If it is refined crude platinum, it should run not less than 975 fine. If it is represented as crude platinum, and if it originates in Colombia, it should not run less than 925 to 950 fine. If the metal is crude, assays should be made for iridium and rhodium as well, although it is possible that the seller may wish the palladium determination.
  • 5. T. J. Williams, Metals Reserve representative in Buenos Aires, is fully informed regarding this matter and should be consulted in the execution of this authorization.”