GoldHold’s legal identity

GoldHold is a registered trademarked service provided by “Solid Gold Commodities Limited”, a company registered in Ireland.

In these Terms and Conditions references to GoldHold mean Solid Gold Commodities Limited wherever the context requires a legal entity.

Deemed Acceptance and Prevailing versions

You become a client of GoldHold by registering for an account online or by returning a downloaded application form. In becoming a Client you are deemed to accept that GoldHold’s Terms and Conditions define the entire business relationship between GoldHold and you.

By giving 45 days notice of modifications GoldHold may from time to time modify its Terms and Conditions. For modified Terms and Conditions to become effective they must be published on the GoldHold website and GoldHold must also send the new Terms and Conditions to the email address provided as a contact point by you.

During those 45 days you have the right to terminate the relationship by selling your bullion and withdrawing your money in the normal way. If you do not terminate the relationship in this way you are deemed to accept the modifications after 45 days.

The purpose of our business relationship

You have chosen to become a GoldHold Client in order to benefit from GoldHold’s terms for trading in and storing gold and silver bullion. You expect to enjoy efficient and substantially automated service, and pay low levels of commission and low levels of custody charges by comparison with alternate mechanisms for buying, holding and selling gold and silver bullion.

In order to deliver to your expectations GoldHold offers a service designed for high levels of automation across the internet and expects to earn a profit from the commissions and custody fees it charges.

Data about you

To provide the service GoldHold needs to retain on its computers information about you and you permit GoldHold to do so.

GoldHold undertakes not to disclose data about you to third parties except where required either (i) in the ordinary administrative course of completing your GoldHold transaction(s) or (ii) where required by law.

Recording the source of your incoming money

Where supplied by your bank on your incoming payment you permit GoldHold to both record your banking details and to check them against identity documents you submit.

Identifying yourself

You undertake to identify yourself no later than 2 weeks after first funding your account, and according to the identity verification procedures required by GoldHold. You authorize GoldHold to make such enquiries as it may feel necessary to satisfy itself about the validity of your identity.

(GoldHold prefers to accept your identity evidence as electronic copy documents [e.g. scans or digital photographs of your documents] securely uploaded to GoldHold’s servers during a logged-in GoldHold session. Alternatively, physical documents may be sent to our adminastrative offices: GoldHold, 26 Estoria House, Nile Lodge, Lower Salthill, Galway, Ireland)

You undertake to provide a minimum of one accepted form of photographic identity.

You undertake to provide clear evidence of the single bank account from which your GoldHold deposits originate and to which your money will be returned. This evidence, which will usually be visible on the top page of your bank statement, will detail:

  • Your bank’s country
  • Your bank’s name
  • Its branch name or address
  • Its branch identifying code (e.g. transit, sorting or routing code)
  • Your bank account name
  • Your bank account number

…and for accounts outside of the USA, Ireland andUK:

  • Your bank’s SWIFT BIC (Bank Identifier Code)
  • Your IBAN (International Bank Account Number)

Where your GoldHold account is for a corporation, a trust, institution or charity, then in addition to the above you undertake to provide a photographic identity for any individual with a 25% or greater beneficial interest. You will also provide evidence of incorporation, charitable status or a copy of trust deeds, as appropriate.

Your documents should be written in English. If you cannot obtain documents that are clearly readable by us, you undertake to provide certified translations along with your documents, at your expense.

Setting your linked bank account

By comparing the details you submit with the details submitted by your bank on your funds transfer to GoldHold, we will set your linked bank account, and email you that we have done so. You are responsible for checking the details, and notifying GoldHold immediately if the details are incorrect.

GoldHold will always present to you the current details of your linked bank account at the time you request a withdrawal, which you will do via a logged-in session on the GoldHold website. When you accept those bank account details you agree that you are requiring GoldHold to remit the funds you withdraw to your linked bank account. GoldHold will not be responsible for any loss where you have accepted the banking details presented to you and they have turned out to be incorrect.

Modifying your linked bank account

Ordinarily your GoldHold account will be permanently associated with your linked bank account. However your link may be changed should your bank fail, or for other reasons.

Your formal request to change your linked bank account will be accepted only via a logged-in session on the GoldHold website.

Where you seek a change to your linked bank account you accept that your new bankers will be required by GoldHold to endorse the continuity of your identity by agreeing to send us a standard letter, the text of which we will provide you with — on request — when you contact us. It is your responsibility to ensure that your new bankers will do this.

Where you request a change to your linked bank account, you accept that the new bank account must be held in exactly the same name(s) as the old bank account.

Where you change your name you will re-validate your old linked bank account on your new name. GoldHold will not accept a simultaneous change of name and a change of bank account number.

GoldHold undertakes to acknowledge a change to your linked bank account, via email, to your registered email address.

GoldHold would prefer never to modify your linked bank account details, but accepts that it may become necessary from time to time. Where GoldHold operates according to these above procedures you accept that it has applied an appropriate degree of diligence and care with regard to such changes.  A failure by GoldHold to operate according to these above procedures controlling changes in your linked bank account, and resulting in subsequent loss to you, is the financial responsibility of GoldHold, subject to the provisions of these Terms and Conditions.

You accept that GoldHold is entitled to charge you an administration cost for changing your linked bank account, according to its published tariff.

Where these procedures cannot for any reason be met but where, for whatever reason, your original linked bank account cannot be used for the return of your money from GoldHold, then GoldHold is entitled to seek due legal process and/or appropriate insurance cover against identity fraud, all at your expense, prior to changing any linked bank account details. Under these circumstances GoldHold is also entitled to charge you on a time and materials basis according to the published tariff.

If you fail to validate your account

You understand and accept that GoldHold will ordinarily refuse to pay monies requested for withdrawal from an un-validated account.

We ask you to validate your account within two weeks of your first deposit. If you do not…

  • At least four weeks after your first deposit, a validation reminder will be sent to your registered email address.
  • At least two weeks after your first reminder, a second reminder will be sent to your registered email address.
  • If you have not validated your account within two weeks of the second reminder, GoldHold is entitled to charge you a late validation penalty fee according to its published tariff. This charge will appear in BLOCK CAPITALS on your statement as a LATE VALIDATION PENALTY FEE.

GoldHold is entitled to continue charging a late validation fee at the end of each month in which your account remains un-validated.

We do not want to charge you this fee – we want you to validate your account. As soon as you validate, we will re-credit your account with your most recent late validation penalty, if any.

You understand and accept that your ongoing failure to validate could result in your deposits being reported to anti-money-laundering authorities.

You hereby indemnify and keep indemnified GoldHold against any and all losses and costs which arise out of your failure to identify yourself and validate your account promptly.

 

Contact details

GoldHold maintains contact details for you at an email address and optionally at

  • a mobile telephone
  • a home telephone
  • a home address

You accept a duty to keep your contact details held by GoldHold up to date and accurate, which you can do via the website. GoldHold is entitled to rely on the accuracy of the contact details supplied.

GoldHold accepts an obligation to notify changes to your contact details to your contact email address, and a further obligation to notify changes to your contact email address itself to both your old and new contact email addresses.

You accept that your failure to maintain your contact details correctly may negate some of the protections you seek in GoldHold. You hereby indemnify and keep indemnified GoldHold against losses which arise out of your failure to maintain your contact details correctly.

Security

Passwords

Your personal and financial data held at GoldHold are protected from unauthorized access by a password and other access data which you have a duty to keep secret.

Upon forgetting your password you may set a new one over a telephone conversation with GoldHold during which you will answer a series of private questions about your account.

GoldHold reserves the right to charge your account for a password reset according to the published tariff.

GoldHold will notify a successful password reset to your contact email address.

Modern encryption technology means GoldHold computers do not store your password in decipherable form and GoldHold staff do not know and cannot find out your chosen password. Upon resetting your password you will be issued with a temporary password by GoldHold staff, who will require and confirm that you change it immediately to a new one invented by you. Then, once again, no-one at GoldHold will know your password.

You accept that the re-issue of a password entitles GoldHold to suspend your right to immediate withdrawal for a period not exceeding six weeks.

Communication between us

You accept that the primary means of communication with GoldHold is via the internet.

Transmissions

You accept that during a logged-in session on GoldHold all data which pass between you and GoldHold, in either direction, are passed across the internet using the https protocol, which incorporates a level of security widely accepted as offering extremely reliable privacy and accuracy in data transmission.

Email

GoldHold sends off-line information to you by email, including – but not limited to – acknowledgements of changes to your key account settings, login notifications, order confirmations, execution advices, contracts, monthly statements, and changes to Terms and Conditions. The GoldHold system records all outward email transmissions.

It is your responsibility to ensure that you have a reliable email service provider that allows messages from GoldHold and properly displays them to you in a timely fashion.

GoldHold is entitled to rely on your receipt and acceptance of the content of an email if within 3 working days of the transmission no response by you has been received by GoldHold.

In the event that you communicate an issue with content of a GoldHold email after this date any resolution will be considered in the context of the delay, which you accept may have a bearing on the value of any resolution proposed either by GoldHold management, or through complaints arbitration.

You understand and accept that email is not encrypted and that it operates with a similar degree of privacy as physical post, in that a network engineer, like a postman, has the ability to see email and attachments if he chooses to open your mail. You accept and understand that easily comprehended open format feedback to a known and used address is appropriate for reporting your completed business to you, off-line, and after the event.

SMS

GoldHold may use voice or SMS on mobile phones as a means of contacting you rapidly.

GoldHold is entitled to rely on your receipt and acceptance of the content of SMS communications if within five minutes of the transmission no rejection of the information has been received by GoldHold.  GoldHold is entitled to rely in this regard on the accuracy of its own transmission records when backed up by the independent confirmation of its telecommunications provider’s records.

GoldHold is responsible for initiating SMS messages correctly according to the settings on your account, and ensuring that they are received by its SMS technology provider. But GoldHold is not responsible for losses you may incur as a result of an SMS message not being delivered in circumstances beyond GoldHold’s direct control. This might occur if your mobile phone (cell phone) was switched off, or was operating in a zone or on a service technology which was not reachable via the SMS technology providers employed by GoldHold.

If your account diminishes in size below a level at which it is reasonable to communicate via SMS then GoldHold reserves the right to suspend SMS outputs.

Post

GoldHold may send information to you by post to your address on GoldHold records. GoldHold is entitled to rely on your receipt and acceptance of the content of posted communications if within 7 calendar days of the communication being sent no rejection of the information by you has been received by GoldHold.

If your account diminishes in size below a level at which it is reasonable to communicate via the post then GoldHold reserves the right to suspend posted outputs.

Care of your money

Pooled Accounts

GoldHold has selected the following bankers to look after your cash balance held at GoldHold:

Ulster Bank for Euro, Sterling and US Dollar deposits [the bank]

You accept that in selecting the bank to look after your cash balance GoldHold has taken due care in ensuring that the bank charged with looking after your money is of adequate standing.

You also accept and acknowledge the possibility of subsequent downwards revision of bank standing without considering them to be the responsibility of GoldHold.

GoldHold accepts a duty to place funds received from you directly into segregated client accounts maintained for multiple currencies at the bank for the express purpose of pooling un-invested GoldHold client money.

GoldHold confirms that the bank has acknowledged and accepted in writing that the money on GoldHold’s Client Accounts is held by GoldHold as trustee. The bank has further acknowledged and accepted that it is not entitled to combine these accounts, or to exercise any right of set off or counterclaim against money in this account in respect of any money owed to the bank on any other GoldHold account.

On your behalf GoldHold is permitted to manage your money on the segregated client account exclusively for the following purposes:-

  1. It may be used to buy physical bullion from GoldHold according to your order placed on the GoldHold website or over the telephone to the GoldHold trading desk. In this case your money is transferred to the GoldHold trading account while simultaneously the outright ownership of vaulted bullion is transferred to you.
  2. It may be used to pay withdrawals of your money back to you – but never beyond the extent to which you have available funds.
  3. It may be used to pay GoldHold in respect of service and other charges earned according to the prevailing Terms and Conditions.

GoldHold undertakes to maintain at all times within the segregated client account sufficient funds to pay back the gross credit balances of all GoldHold Clients, and to have that money held at call for return, if required, within 48 hours.

The client account statement from the bank shall be fully reconciled to GoldHold’s own records every banking day.

You acknowledge that the bank is entitled to act in good faith according to instructions given by GoldHold’s officers.

Acceptable ways of making deposits

You agree to fund your GoldHold account from your linked bank account.

Your money deposits are acceptable only through recognized banking channels which may change from time to time according to the details on GoldHold’s website.

Whether depositing through a physical paper transaction, or by electronic transfer, you understand that your bank will be expected to identify standard banking data on each incoming payment to GoldHold, including (i) your bank name (ii) your branch identifying code, (iii) your account name (iv) your bank account number and (v) your GoldHold user name (as the payment reference).

You accept that a failure by your bank to identify the source of your money may delay your GoldHold account being credited. Then GoldHold will place your money safely in suspense, pending your contact with us, at which time your advice of the correct remittance details will cause the money to be placed directly into your GoldHold account where it will be capable of being used to buy bullion immediately.

You accept that where you have provided us with necessary details independently of the actual bank transfer on which your money was received GoldHold is entitled to suspend your right to immediate withdrawal for a period not exceeding six weeks.

Your deposit and your linked bank account

You agree that you will not merge funds belonging to different parties within a single GoldHold account.

You agree that you will not deposit in any way which obscures the source of your funds. For example, you will not deposit cash, bankers’ drafts or make anonymous/unreferenced credits at a counter. All your deposits must come from a clearly identifiable source.

You accept that where GoldHold is not satisfied about the source of funds it may return the funds, where possible, via the procedures of the banking system, to the source. Whenever this occurs you accept that GoldHold is entitled to apply an Unlinked Deposit Return Fee according to the published tariff, which will be debited to your GoldHold account.

Nevertheless GoldHold may exercise its discretion to allow the funds to be applied to your GoldHold account, provided it is our reasonable belief, supported by evidence you provide, that the deposit has come from you. GoldHold may also seek additional information concerning the deposit’s source, which you agree to provide.

You hereby indemnify and keep indemnified GoldHold against any and all losses which arise out of your failure to fund your GoldHold account directly and identifiably from your linked bank account.

Reversible international deposits

GoldHold recommends that wherever possible you deposit funds by wire.

Where you do not fund by wire (for example, where you deposit by cheque, by BillPay, or by e-check from the USA) you acknowledge that GoldHold may apply special security procedures before processing any subsequent withdrawal request.

Under some jurisdictions (e.g. in the USA) there is a right to repudiation by your bank of a fraudulent check debited to your bank account. Instead of accepting the loss itself your bank transmits the cost internationally, in this case to GoldHold, exercising a unilateral right to debit GoldHold’s British or Irish bank accounts with funds previously paid to us by cheque, and duly cleared. This right does not apply to funds remitted to us by wire, because you and your bank are deemed sufficiently protected from fraud when using wire transfers.

Accordingly if you have deposited money in GoldHold by a method on which this repudiation right applies, and if you seek to withdraw within the period of possible repudiation (e.g. 60 days from the USA), then we will require formal notice from your bankers that your earlier deposit will not be repudiated. You will therefore be required to provide details to us of a named staff member at your bank who can provide this notice. Otherwise you accept that the repudiation delay will expire before you will be allowed to withdraw.

You accept that GoldHold is entitled to charge according to the published fees for contacting your bank in these circumstances.

Withdrawing your money

Subject to your previous and correct verification of your identity, and to the irrevocable clearance of your deposited funds, you may make withdrawals of your available money balance to your linked bank account.

You undertake to re-check the details of your linked bank account presented to you as you make your withdrawal request during a logged-in session, and you undertake to confirm your withdrawal only if you are satisfied with the linked bank details presented to you. Provided that it is satisfied with the security of your withdrawal request GoldHold will remit funds to your linked bank account via SWIFT (international), CHAPS, BACS or other banking system generally considered appropriate to the payment.

GoldHold is entitled to subtract bank transfer costs from the sum to be remitted.

If your withdrawn funds are to be received outside the UK and Ireland and your bank is not itself a SWIFT participant you accept that a correspondent bank – being a bank in your country which receives money via the international SWIFT transfer system, and which routes it to your bank – may deduct from the money sent a fee consistent with normal international banking practice.

You accept that GoldHold may need to perform additional security checks and there may be some delay prior to sending you your money. Any delay will depend both on the recent operation of your GoldHold account and on other circumstances of the withdrawal. Where your GoldHold account was promptly validated, and where your linked bank account has been long-standing and stable, you have the right to expect your money to leave GoldHold within 5 business days following your request for payment.

Unsettled charges

GoldHold has the right to settle your charges accrued by a sale of your bullion but only to the extent needed, and to the nearest 0.0001 Troy Ounces of bullion.

If you withdraw an amount while you have unsettled charges, GoldHold is entitled to deduct from the amount withdrawn the amount of the outstanding charges.

Confidentiality, money laundering, and the linked bank account

GoldHold is designed to be a very secure home for legally acquired wealth. It is not a useful or secure resource for money launderers.

For reasons relating to both to security and anti money laundering legislation GoldHold requires deposits to come from a single bank account, or, after prior approval by GoldHold when the account was first set up, from a second bank account listed under identical name(s) and address as the linked bank account.

For reasons relating both to security and anti money laundering legislation GoldHold enforces the exit of funds to the linked bank account.

There is no capability for transferring funds between accounts at GoldHold even where commonly owned.

GoldHold recognises your right to confidentiality where your identity has been validated. However where for whatever reason GoldHold becomes suspicious of an attempt at money laundering GoldHold actively assists the appropriate authorities in their efforts to detect it. GoldHold also keeps comprehensive records of cash and bullion dealing activity in order to assist the authorities in this regard.

Care of your bullion

Form and location

GoldHold’s vault has only taken assayed bullion bars as good deliveries from recognized market professionals, and according to the practices which exist in the local market.

Bullion which you buy through GoldHold remains in Zurich, Switzerland where it was stored at the time of the purchase on your order.

This bullion is held as weighed and numbered bars in a form generally acceptable in settlement of local bullion markets sales.

Gold bars constitute investment gold bullion being not less than 99.5% purity and of a weight accepted by the bullion markets.

Vault Operator

A Vault Operator is a professional organization of the highest reputation which is in the business of managing the receipt, storage and re-delivery of bullion bars according to the practices of a local professional bullion market.

ViaMat International Ltd is a wholly owned subsidiary of ViaMat International [Switzerland], which through its wholly owned subsidiaries owns and operate vaulting businesses in the major bullion trading locations in the world, and these are used by participants in the bullion markets to store bullion bars within a carefully controlled environment.

GoldHold has engaged ViaMat International Ltd to operate as its vault operator for your gold in Zurich, Switzerland.

ViaMat has warranted to GoldHold that its status within the bullion industry permits bullion stored within its vaults to retain the high levels of integrity expected by the professional bullion market.

Your bullion is held as a bailment

Your bullion is held in vaults controlled by ViaMat pursuant to a Storage Agreement [the “Storage Agreement”] GoldHold has executed with them.

In that agreement ViaMat acknowledges that your bullion is the subject of a bailment.

GoldHold undertakes to pay fees to ViaMat on your behalf to cover the costs of storage and insurance of your bullion, and thereby evidence the bailment nature of the storage service provided by ViaMat.

GoldHold confirms that your bullion safekeeping is structured as a bailment for the purpose of arranging the strongest and simplest legal protection for your bullion within a professional bullion vault, and for no other reason.

Bailments in GoldHold

You agree that when your purchase of bullion is transacted within the GoldHold system, the bullion purchased is to be delivered by the seller within ViaMat’s premises, so as to become a bailment of your property, according to your instructions submitted exclusively to GoldHold.

From that point forward ViaMat has agreed to act as physical custodian of your bullion until the bailment is terminated at your instruction, again submitted exclusively via GoldHold.

You agree that when your sale of bullion is transacted within the GoldHold system, the bullion sold is to be delivered to the GoldHold, within ViaMat’s premises, on your behalf, terminating your bailment to the extent sold, as per your instructions submitted exclusively to GoldHold.

You agree that the record keeping of the creation and termination of the bailment is to be performed by GoldHold according to these Terms and Conditions, while the bullion rests throughout at ViaMat.

You acknowledge that your ownership does not necessarily relate to a specific bar but to a specific quantity of bullion in a specific vault. GoldHold acknowledges that the bullion you own exists, is in the vault, is yours, and that being physical it is ultimately capable of being sub-divided into measurable amounts of material which you could take into your possession subject to paying the fees for the withdrawal service.

GoldHold’s Storage Agreement with ViaMat

You authorize GoldHold to act as your agent for arranging custody of your bullion with ViaMat.

GoldHold confirms to you that in the “Storage Agreement” ViaMat acknowledges that the bullion stored under the agreement is allocated and is the property of GoldHold Clients or GoldHold.

GoldHold confirms to you that in the “Storage Agreement” ViaMat acknowledges that this allocated gold and silver shall be specifically identified, and physically segregated at all times.

GoldHold confirms to you that in the “Storage Agreement” ViaMat accepts responsibility for the bullion from the time of full custody and control of the consignment, through transportation and storage, until the custody and control has been relinquished by ViaMat to a third party, according to GoldHold’s instructions for making a withdrawal.

GoldHold confirms to you that in the “Storage Agreement” ViaMat undertakes that prior to executing any authorized withdrawal of bullion from a vault ViaMat will, independently of GoldHold, satisfy itself:

(i) that GoldHold has publicised the withdrawal on the GoldHold website; and

(ii) that the holder identified has a sufficient gold balance according to the website’s Audit; and

(iii) that, for gold, the withdrawal does not cause more than both 25 kilograms and 5% of the gold in the vault to be withdrawn on any one day;

GoldHold confirms to you that a minimum of 12 months notice from ViaMat is required to terminate the “Storage Agreement”. In the event that such notice has been received by GoldHold, and if no alternate storage solution has been put in place in the intervening period, then a minimum of 3 months prior to the termination of the storage service GoldHold undertakes to inform you of the situation, thereby allowing you such time as you may need to arrange an alternate mechanism for owning and storing your bullion.

GoldHold undertakes that your bullion will not be subject to any kind of lending, collateral or derivative transaction of any type and will remain your property in the safekeeping of ViaMat until sold or withdrawn according to your instructions received via GoldHold.

Insurance

GoldHold undertakes to ensure your bullion is insured against theft and damage according to the accepted insurance standards of the bullion industry, and at a cost which is included in the charge you pay to GoldHold in respect of custody of your bullion.

GoldHold confirms to you that in the “Storage Agreement” ViaMat undertakes to provide documentary Evidence of Insurance.

GoldHold undertakes to you to make available the Evidence of Insurance to be viewable on GoldHold’s website by GoldHold Clients who have an interest in the insurance cover provided.

Ownership records

GoldHold maintains the master copy of ownership records. GoldHold agrees with you that in so far as they relate to you these records shall only be modified upon the execution of your valid instructions, made according to these Terms and Conditions.

GoldHold shall periodically publish on its website records of audits of all the bullion in the vaults and all the money in the segregated client bank accounts. GoldHold undertakes to engage internationally recognised proffesionals to carry out such audits.

GoldHold ensures that at least two widely separated data storage sites receive duplicates of the full GoldHold database.

Dealing Advice and Contract

GoldHold will acknowledge executed orders and parts thereof to you via email shortly after each execution occurs.

Clearing & Settlement

Settlement of a GoldHold transaction happens instantaneously at the point of trade provided the transaction amount does not exceed published limits.

The delivery of bullion in settlement is effected by book entry within the GoldHold system. Your resulting bullion balance represents outright ownership of bullion held at the vault.

GoldHold instructs ViaMat in its capacity as managing agent for your custody requirement. No material changes arise at the vault as a result of instantaneous settlement of your bullion trade.

The payment of money is effected by book entry within the GoldHold system. Your resulting GoldHold money balance represents your currency assets of segregated Client money held at Ulster Bank.

GoldHold instructs the bank in its capacity as a managing agent for your segregated funds. You can immediately see your new bullion and money balances on the GoldHold system.

Risk warnings

The following lists indicate such risks as GoldHold considers material.  It does not constitute a statement of all possible risks.

Risks which are not a GoldHold responsibility

Gold price movements — You are exposed to the risk of potential loss arising from a falling bullion price during the time in which you own bullion.  This risk is not a GoldHold responsibility.

Money politics — Governments and other agencies seeking currency stability, or for other reasons, might seek to constrain or tax the ownership of bullion to the disadvantage of its owners.  The actuality or fear of government action might affect the value of bullion stored in a given location. This risk is not a GoldHold responsibility.

Bank insolvency – Your cash balances at GoldHold are deposited in segregated accounts at a highly rated bank, but your money’s safety is dependent on bank integrity.  All banks are subject to possible failure. Depending on a number of factors in the event of bank failure you might be entitled to receive compensation from appropriate authorities, but the terms of such compensation are complex and the timescale for receiving compensation might be long.  This risk is not a GoldHold responsibility. [Note that when your money is used to buy bullion your exposure to bank insolvency ceases.]

Identity theft — If your GoldHold account number and password are compromised, you are at risk of unauthorized access to your account. Any withdrawal resulting from use of a compromised password would only be to your linked bank account. As a result the most serious risk arising from the theft of a password are (i) loss of privacy and (ii) the entering of mischief orders on GoldHold – which would execute at market prices and thereby potentially switch you between bullion and money – or vice versa – at prevailing values but not according to your wishes. In these ways GoldHold seeks to minimise the risks to you associated with identity theft but these are not a GoldHold responsibility unless the breach of security can be shown to have occurred because of GoldHold’s error.

System availability — GoldHold’s computerized machinery, which is accessed by you across the internet, might become inaccessible for periods of time. This could prevent you from executing a transaction which you would otherwise have made. This risk is not a GoldHold responsibility.

Insurance exclusions - As your property your bullion is subject to insurance exclusions imposed by insurance underwriters in line with established insurance practice regarding the physical protection of your bullion. These excluded risks are presented on the evidence of insurance published on the GoldHold site and include events like nuclear war. These risks are not a GoldHold responsibility and are risks you undertake with respect to your bullion, except that no exclusion absolves GoldHold in undertaking its correct duties of care in arranging the security of your property to levels considered commercially acceptable.

Force Majeure — The risks described under Force Majeure are not GoldHold responsibilities.

Risks which are a GoldHold responsibility

GoldHold accepts it has duties of care with regard to aspects of risk to your property and undertakes to manage risks so as to contain them at minimal levels, consistent with best business practices.

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions GoldHold accepts liability for failing in this duty.

Physical bullion theft — Your bullion could conceivably be stolen from a vault by determined thieves. It is the Vault Operator which accepts a duty to retain sufficient security measures, and to maintain cover against such an eventuality either in terms of its own resources or its insurance policies. GoldHold accepts a duty to regularly monitor the Vault Operator to ensure the maintenance of a limit sufficient to cover at least the value of the bullion stored.

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions GoldHold accepts liability for failing in this duty.

Theft of Client money — Money held in the segregated Client accounts could be illegally transmitted through the banking system by a determined thief, or thieves, operating within GoldHold. At any one time the control on initiating outward transfers of money from the Client account rests with two senior individuals at GoldHold who must both approve payments. Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions GoldHold accepts liability for failing in this duty.

GoldHold segregation management — A failure by GoldHold’s system to prevent a client from over-purchasing beyond his cash balance, or over-selling beyond his bullion balance would render a segregated account temporarily incapable of meeting its obligations to other clients. All GoldHold software is designed to eliminate this eventuality. Moreover GoldHold checks its accounts daily for such eventualities. The risk of material loss is extremely small, because any such over-trading would be substantially offset by a surplus in the opposite segregated account.

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions GoldHold accepts liability for failing in this duty.

GoldHold record keeping — a risk in all business record keeping systems is that internal records may show a position which satisfies the organization’s officers but does not represent the real world, and where the problems only come to light when it is too late. The risk rises with increasing complexity of transactions and the availability of credit, neither of which apply to GoldHold. For all businesses the record keeping risk is statutorily addressed by annual audit. In addition GoldHold controls its record set by voluntarily submitting its periodic reconciliations of Client property to public inspection on the web.

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions GoldHold accepts liability for failing in this duty.

GoldHold insolvency — unforeseen events could conceivably damage financial strength, rendering GoldHold insolvent.

The insolvency of GoldHold would not affect your property rights with regard to money or bullion in a GoldHold account, but it would be likely to create some inconvenience and delay for you in taking hold of that property.

Disastrous data loss — GoldHold’s system contains data in electronic form which could conceivably be lost in a widespread and catastrophic machinery failure. GoldHold operates a redundant machinery policy which means that every component of its data storing capability is protected by both local and remote data duplication. The likelihood of a simultaneous loss of all data copies is extremely low. Moreover you can save the published reconciliation of your property on your own computer, thereby duplicating that part of the records which relates to your own property.

In the event of your death

In the event of your death there are different procedures depending on the jurisdiction in which you die.

GoldHold undertakes to process your GoldHold account in accordance with the legally authorized binding instructions of your executors.

Smaller accounts

The above service description does not preclude GoldHold from applying different procedures on smaller accounts where the costs of the above procedure are considered too high a proportion of the final estimated proceeds. Your administrators may be requested to pay for an insurance indemnity where an abbreviated procedure is applied.

Fees

The prevailing GoldHold fees are published on the GoldHold website.

Charges are ordinarily settled from your bullion reserves. GoldHold has the right to sell bullion to raise money sufficient to pay the charges.

System availability and downtime

The system is scheduled to operate continually each week from 09.30 GMT to 04.30 GMT Monday to Friday excluding times during which international bullion markets are closed.

There may also be planned service interruptions at other times where maintenance requires urgent action which cannot wait until a weekend. Such service interruptions will where possible be planned at times of lower public demand for the service.

You accept that service interruption is an unavoidable event on networked computers.

External regulation of GoldHold

GoldHold is an Irish Limited Company regulated by Irish Law which covers well established Western principles of statutory property rights and statutory company law.

Regulatory responsibility rests on three mutually independent arms of law enforcement: (i) the investigating authority, (ii) the prosecuting authority and (iii) the Criminal Courts.

  • The investigating authority is the Garda Schiochana, the Irish police force. It is independently funded out of civil taxation and its role is to investigate reports of crimes and to produce a report for the prosecuting authority. Theft and Fraud fall under its areas of responsibility.
  • The prosecuting authority is the Director of Public Prosecution (DPP). It is independently funded out of civil taxation and its role is to prosecute breaches of statute law where evidence gathered by the investigating authority produces a reasonable prospect of conviction.
  • The Criminal Court system hears the cases of the prosecuting authority, establishes guilt or innocence through the jury system, and empowers judges to punish. It too is independently funded out of civil taxation.

There is no cost to you in reporting a crime and it is the duty of the above authorities to bring before the courts a case against GoldHold or its officers arising from a breach by GoldHold of statute law.

In addition you have recourse to the civil law, which would rule on disputes between you and GoldHold arising when either alleges against the other a damaging breach of these stated Terms and Conditions. Bringing and defending a case under civil law would ordinarily incur costs.

You understand and acknowledge that, together with the whole of the bullion market, GoldHold’s regulatory status is markedly different from the financial services industry.

Modern financial services businesses throughout Europe andAmericatend to be companies which deal in paper based instruments generally called ‘securities’, and these are subject to increasing legal sophistication and regulation.

Because GoldHold offers a debt-free environment, and because it deals in the absolute ownership of physical metal, and not paper based contractual rights, it falls outside the defined scope of formal financial services regulation, as does the rest of the physical bullion industry.

The bullion market is instead regulated by traditional Irish property law, and not by the Financial Regulator.

We believe this offers a clearer and better enforced regulatory environment. In GoldHold you own bullion, and not a piece of paper evidencing an entitlement under a trust. The property right this gives you is much simpler, better established, and less subject to change than modern securities law.

Correction or Errors

Record Keeping Error

In the event of administrative error GoldHold is entitled after the event to make appropriate adjustments to records of your account.

Trading System Error

Neither GoldHold nor you has the right to make profits from trading system failures.

The GoldHold system is designed to protect all users from clear trading errors by rejecting orders priced substantially away from the prevailing bullion price. This protection depends on receiving currency and bullion market price data from a variety of digital sources. The effectiveness of this protection is to an extent out of GoldHold’s reasonable control. In the event of a failure to protect participants in this way both GoldHold and you accept that reasonable adjustments may be made after the event in order to ensure the marketplace operates fairly to all participants.

Exclusions and Limits of Liability

(a) The following provisions set out the entire financial liability of GoldHold (including any liability for the acts or omissions of its employees, agents and sub-contractors) to you in respect of:

(i) any breach of these Terms and Conditions; and

(ii) any representation, statement or tortious act or omission including negligence arising under or in connection with these Terms and Conditions.

(b) All warranties, conditions and other terms implied by statute or common law (save for the conditions implied by the sale of goods and supply of services act, 1980) are, to the fullest extent permitted by law, excluded herefrom.

(c) Nothing in these Terms and Conditions excludes or limits the liability of GoldHold:

(i) for death or personal injury caused by GoldHold’s negligence; or

(ii) under the consumer protection act; or

(iii) for any matter which it would be illegal for GoldHold to exclude or attempt to exclude its liability; or

(iv) for fraud or fraudulent misrepresentation.

(d) Subject to paragraphs (b) and (c) above:

(i) GoldHold’s total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of these Terms and Conditions shall be limited to the value of your cash balance and/or bullion bullion from time to time deposited with or by GoldHold; and

(ii) GoldHold shall not be liable to you for any pure economic loss, fall in the value of your bullion or currency, loss of profit, loss of business, depletion of goodwill or otherwise, in each case whether direct, indirect or consequential, or any claims for consequential compensation whatsoever (howsoever caused) which arise out of or in connection with these Terms and Conditions.

Tax

You are responsible for paying such local taxes as are or may be applied on bullion purchases, bullion sales and bullion custody, and on any associated charges, and such taxes are added to charges where appropriate.

Force Majeure

GoldHold shall not be liable to you for any delay or failure by it to perform its obligations if such delay or failure arises from any unforseeable causes beyond its reasonable control including, but not limited to, acts of God, floods, lightning, earthquakes, labour disputes, shortages, rationing, utility failures, war, terrorism, riot, embargoes, and actions of any government agency or subdivision thereof.

Language

You are entitled to consider that reasonable care has been taken by GoldHold in the translation into different languages of GoldHold’s procedural and operational material, and that these translations fairly reflect the underlying meaning of an original document in the reference language of GoldHold, which is English.

You can contact GoldHold in any language in which the GoldHold site is published.

You can make informal complaints in any language in which the GoldHold site is published.

You can make formal complaints in any language in which the GoldHold site is published. You will provide a translation into English to enable the adjudicating council to assess your complaint fairly in words submitted by you or your translator.

Dispute resolution shall take place in English and communicated to you in English, and also in the language of your complaint.

Law

The law governing the provision of the GoldHold service to the Client is the law of Ireland and any disputes arising in respect hereof shall be governed exclusively by the Irish courts.

Monthly Savings Scheme

1. Minimum monthly investment is €100. The minimum investment period is twelve (12) consectutive months. Investments continue on a monthly basis after the initial 12 month unless the client cancels payments.

2. Monthly savings scheme accounts that do not include payments for at least 12 consecutive month or at least €1200 may be subject to an administration fee of €38.

3. Payment is by standing order only. GoldHold issues an account number to each client to use as a reference for payments.

4. GoldHold will purchase gold for clients participating in the monthly saving scheme on the last trading day of each month. The purchase price will be  determined by the  London Bullion Market Association (LBMA) AM gold fix of that day. Daily LBMA price fix available here.

5. Funds must be cleared and placed into the segregated GoldHold Client bank account at least 24 hours prior to the last trading day of the month. Funds received on or after the last trading day of the month will be included in the following month’s allocation. The client account number is required as a reference for cleared funds. Exclusion of the client account number will result in delayed processing of payments and allocations.

6. Fees and Charges are the same for the monthly savings scheme as lump sum investments and can be viewed here.