Last updated: 4 August 2026
These Terms and Conditions have been drawn up in the Dutch language and made available in multiple languages. In the event of any discrepancy, ambiguity, or conflict between the Dutch version and a translation, the Dutch version shall prevail.
GoldRepublic is the trade name of the private limited liability company Goldrepublic B.V. and is hereinafter referred to in these Terms and Conditions as GoldRepublic. GoldRepublic is registered in the trade register of the Amsterdam Chamber of Commerce under number 50172247.
For the sake of readability, the counterparty(ies) of GoldRepublic are always referred to as you or account holder(s). GoldRepublic is also referred to as we or us.
Where reference is made to our website, this means: www.goldrepublic.com/nl-nl (Dutch), www.goldrepublic.com/nl-bee (Dutch - BE) , www.goldrepublic.com/de-de (German), www.goldrepublic.com/en-gb (English - UK), www.goldrepublic.com/en-us (English - US) and www.goldrepublic.com/es-es (Spanish)
GoldRepublic is registered with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a provider of investment objects and as such is subject to supervision by the Netherlands Authority for the Financial Markets in the Netherlands.
Stichting Escrow GoldRepublic is a foundation under Dutch law and is hereinafter referred to in these Terms and Conditions as SEG. SEG is registered in the trade register of the Amsterdam Chamber of Commerce under number 50585584.
To carry out your precious metals transactions with GoldRepublic, you are required to maintain a money deposit. This money deposit is not held with GoldRepublic but with SEG. SEG was established to ensure that your funds are not lost in the event that GoldRepublic becomes insolvent.
SEG holds a bank account with Rabobank. When you, as an account holder, transfer your money to your money deposit, these funds are credited to the aforementioned bank account with Rabobank. SEG records the funds credited in this way in its books and allocates them to (the money deposit of) the individual account holder. For further information on the above, please refer to Articles 10 (Purchases and Sales via Money Deposit) and 11 (Money Deposit) of these Terms and Conditions.
SEG does not pay interest on the funds you hold with it.
Unless explicitly stated otherwise, all rights stipulated in these Terms and Conditions for the benefit of GoldRepublic are also stipulated for the benefit of SEG, and SEG may independently invoke those rights, both for itself and for GoldRepublic.
These Terms and Conditions apply to all services provided by GoldRepublic, as well as to all offers and quotations relating to those services. In addition, the general terms and conditions of third parties engaged by GoldRepublic may also apply.
These Terms and Conditions also apply to all services provided by SEG, as well as to all offers and quotations relating to those services.
These Terms and Conditions are always provided when entering into a relationship with GoldRepublic, have been filed with the Chamber of Commerce in Amsterdam under number 50172247, and can also be found on the GoldRepublic website.
Additions to and/or deviations from these Terms and Conditions are only valid if expressly agreed upon in writing.
Any general terms and conditions of your own are expressly rejected.
These Terms and Conditions are available in Dutch, German, Spanish, and English.
The German version of the Terms and Conditions applies to all account holders who visit the GoldRepublic website and have their habitual place of residence in the Federal Republic of Germany.
For account holders whose habitual place of residence is elsewhere, the Dutch or English version of the General Terms and Conditions applies, provided that in the event of discrepancies between these versions, the Dutch version prevails.
GoldRepublic is active in the trading, transport, delivery, and storage of precious metals, as well as all related services.
GoldRepublic has the right to charge you costs and fees for its services. GoldRepublic's current rates can be found on the GoldRepublic website (https://www.goldrepublic.com/nl-nl/tarieven).
GoldRepublic has prepared an investment object prospectus and a financial information leaflet, which you can download from our website (https://www.goldrepublic.com/nl-nl/documenten). GoldRepublic advises you to read these documents carefully and to assess whether investing in precious metals is a suitable investment for you. GoldRepublic does not provide advice on investing in precious metals or other (financial) products. We recommend that you consult your own (investment) advisor.
GoldRepublic is expressly not an investment advisor and does not in any way provide advice on your investments in precious metals, nor on the associated opportunities and risks. Any statements made by GoldRepublic should therefore never be interpreted as advice to you. We strongly recommend that you always seek advice from a certified (investment) advisor before making any investment(s).
Before you can use GoldRepublic's services, you must open an account with GoldRepublic. You can open an account through our website. In doing so, you must follow the procedure that GoldRepublic uses for this purpose.
You can open an account anonymously in order to fully explore what GoldRepublic has to offer. If you wish to actually start using your account, you must personalize your account with your details. To do so, you must answer all questions accurately and completely.
During or immediately after personalizing your account, and in any case before your first transaction, you must verify your identity with GoldRepublic. In doing so, you must follow the procedure that GoldRepublic uses for this purpose.
If you are a natural person, you must provide GoldRepublic with a copy of your valid proof of identity.
If you are acting on behalf of a legal entity, you must demonstrate that you are fully authorized to do so. In any case, you must provide GoldRepublic with a recent extract from the Dutch Chamber of Commerce (Kamer van Koophandel) or, if the legal entity is established in a country other than the Netherlands, an extract from a comparable independent and reliable source, as well as a copy of your valid proof of identity.
GoldRepublic is entitled, and where necessary is hereby authorized by you (by accepting these General Terms and Conditions), to do everything reasonably necessary to verify the information and identity you have provided.
Immediately after personalizing your account, and in any case before your first transaction, you must validate your account by completing the validation procedure. To do so, you must transfer $0.01 from your reference account to your money deposit. More information about your reference account, your money deposit, and the validation procedure can be found further on in these General Terms and Conditions (Articles 9 (Reference Account) and 11 (Money Deposit)).
For payment of the costs and fees for the services GoldRepublic provides to you, other than the costs and fees related to the purchase or sale of precious metals, you must provide GoldRepublic with a direct debit mandate so that GoldRepublic can have these costs and fees debited periodically from your reference account. The current rates for these GoldRepublic services can be found on the GoldRepublic website (https://www.goldrepublic.com/nl-nl/tarieven).
Only after the identification procedure and validation procedure have been completed and approved by GoldRepublic can your account be activated by GoldRepublic for carrying out transactions in precious metals. As soon as GoldRepublic has validated your account, you will receive a confirmation by email. After receiving this email, you must immediately and carefully check the details in your account and report any omissions and/or inaccuracies to GoldRepublic immediately, or in any case before carrying out your first transaction. If you fail to do so (in time), any resulting consequences will be entirely at your own expense and risk.
GoldRepublic is entitled to close accounts that have not been activated and validated within 30 days of opening, without any form of notice.
You must ensure, and you guarantee, that all your details as known to GoldRepublic are correct and up to date. You must always report comments and/or changes to GoldRepublic within 24 hours via your account on the website.
GoldRepublic is not liable for any damage arising from the fact that you have provided incorrect and/or incomplete information and/or from the fact that you have failed to report inaccuracies, omissions, and/or changes to your details to GoldRepublic (in time). All damage arising from this will be entirely at your own expense and risk.
GoldRepublic is required, both for its business operations and by law, to store your information and retain it for the statutory retention period. To the extent necessary, by accepting these Terms and Conditions you grant us permission to do so. GoldRepublic is entitled to destroy your data after the statutory retention period.
GoldRepublic will only use your confidential information to perform an agreement concluded with you and/or in the context of its normal business operations.
GoldRepublic will keep your confidential information confidential, unless the law, a court ruling, or competent authorities require otherwise.
GoldRepublic uses the internet (website and email) as its primary means of communication. In addition, GoldRepublic is entitled, but not obligated, to use other communication channels at its own discretion. Communication takes place in Dutch, German, or English.
For communication via the website, you must log in to the GoldRepublic website using your unique username and secret password. You will then enter your own account, a section of the website accessible only to you, in which communication between you and GoldRepublic takes place.
Communication via the website is used for, among other things but not exclusively, creating your account, submitting changes, improvements and/or additions, placing orders, providing overviews, et cetera.
Communication via email is used for, among other things but not exclusively, keeping you informed.
Every time you log in to your account on the GoldRepublic website, the moment you place an order, the moment an order is executed and processed, the moment an order is canceled by you or by GoldRepublic, as well as all changes to your total (available and reserved) holdings of precious metals and changes to the total (available and reserved) balance in your money deposit, you will receive a confirmation by email. You must verify each notification yourself immediately by logging in to your account on the GoldRepublic website and checking the underlying data and change(s) there. If you detect a discrepancy or irregularity, you must report it to GoldRepublic without delay. If you fail to do so without delay, any resulting damage will be entirely at your own expense and risk.
For communication via email, you are responsible for maintaining a properly functioning and secure email account with a reliable provider, to which only you have access. As part of taking reasonable security measures, you must ensure that you do not log in to your account on or via a publicly accessible computer (such as an internet cafe) or a publicly accessible network. You must also ensure, and guarantee, that your email account accepts messages from GoldRepublic (in a timely manner). Email traffic (like regular mail) is not additionally secured; messages are not sent in encrypted form. For sensitive information, the email will in principle refer you to your account on the GoldRepublic website.
You must check your email account immediately for new messages from GoldRepublic. You must always respond to messages from GoldRepublic within the time limit stated in those messages. If you fail to do so, or fail to do so in time, any resulting damage will be entirely at your own expense and risk.
No rights can be derived from inaccuracies in communications (for example, in transaction statements).
GoldRepublic protects your account by means of a unique username and a secret password that you choose yourself. For confidentiality reasons, you must choose a new password regularly and ensure that this password cannot be guessed by third parties.
You are required to take all reasonable measures to keep your username and secret password confidential from third parties. This includes not storing your username and password on a computer and, insofar as you do not memorize them, always keeping them separate from each other.
PLEASE NOTE! GOLDREPUBLIC WILL NEVER ASK YOU TO PROVIDE YOUR USERNAME OR PASSWORD OTHER THAN WHEN LOGGING IN TO YOUR ACCOUNT.
PLEASE NOTE! IF YOU ARE ASKED BY PHONE, BY EMAIL, OR OTHERWISE TO PROVIDE YOUR USERNAME OR PASSWORD, YOU MUST NOT COMPLY, EVEN IF YOU ARE TOLD OR GIVEN THE IMPRESSION THAT THE REQUEST COMES FROM GOLDREPUBLIC. GOLDREPUBLIC WILL NEVER MAKE SUCH REQUESTS.
GoldRepublic is not liable for damage resulting from your failure to keep your password sufficiently confidential, from losing your password, or from choosing a password that offers insufficient protection. Any resulting damage will be entirely at your own expense and risk.
If you have lost your username or password, or if you discover misuse of your username or password, you must contact GoldRepublic by phone without delay. You will then be provided with a new username and password through a special procedure. GoldRepublic is entitled to charge a fee for this. GoldRepublic's current rates can be found on the GoldRepublic website (https://www.goldrepublic.com/nl-nl/tarieven).
You are required to notify GoldRepublic without delay if you suspect or know that a third party has unlawfully obtained your username or password, has knowledge of it, or is using your username or password.
If a third party gains knowledge of your username and/or password because you failed to take reasonable measures to keep them secret, you are fully liable for all transactions carried out in your account under your username and password up to the moment you have notified GoldRepublic.
To use GoldRepublic's services, you must have a linked bank account. A linked bank account is a bank account held in your name and at your address with a recognized banking institution, from which you transfer your first funds to your money deposit (a deposit connected to your account at GoldRepublic, discussed further in Article 11 (Money Deposit)). Your linked bank account is the only account to which GoldRepublic will transfer funds to you (such as when you sell your precious metal or withdraw funds from your money deposit).
To register a linked bank account, you must provide GoldRepublic with at least the following information. GoldRepublic is entitled to request additional information before accepting a linked bank account:
and for foreign linked bank accounts, additionally:
You are fully responsible for (verifying) the details of your linked bank account and must report any omissions and/or inaccuracies to GoldRepublic immediately, or in any case before the first transaction is executed. If you fail to do so (in time), any resulting consequences will be entirely at your own expense and risk.
In connection with laws and regulations aimed at preventing fraud and money laundering, the account name and personal details (name and address) of your linked bank account must always be and remain fully identical to the account name and personal details of your account at GoldRepublic.
Without any obligation in this regard, GoldRepublic is entitled, and to the extent necessary is hereby authorized by you (by accepting these Terms and Conditions), to do everything reasonably necessary to verify with your bank whether the name on the linked bank account matches the name on your account at GoldRepublic, and to compare the information it receives from your bank with the information known to GoldRepublic. To the extent necessary, you must ensure that your bank cooperates with this. If these details do not match, an investigation may be initiated. Your account may be blocked during this investigation.
To prevent errors, fraud and/or money laundering, your linked bank account can, in principle, no longer be changed once your account has been validated. If this causes, or is expected to cause, problems for you, you can only change your linked bank account by selling your precious metals, transferring your balance in the money deposit to the linked bank account already known to us, closing your account, and then creating a new account with your new linked bank account. Only in exceptional cases, such as the bankruptcy of your bank, will GoldRepublic cooperate in changing your linked bank account.
In such a case, you must contact GoldRepublic. In such a case, GoldRepublic is entitled, if it wishes or deems it necessary, to seek legal assistance and/or take out insurance against identity theft at your expense before proceeding to change the linked bank account.
You must ensure, and you guarantee, that all details relating to your linked bank account as known to GoldRepublic are correct. You must always verify this yourself. Any remarks regarding your linked bank account must always be reported to GoldRepublic immediately and in writing.
GoldRepublic is not liable for any damage resulting from the fact that you have provided incorrect and/or incomplete details relating to your linked bank account and/or from the fact that you have failed to report inaccuracies and/or omissions in the details of your linked bank account to GoldRepublic immediately, or at least in a timely manner.
For the payment of costs and fees to GoldRepublic, other than those related to the purchase or sale of precious metals that you pay from your money deposit, you grant GoldRepublic a direct debit authorization for your linked bank account by accepting these Terms and Conditions. The current rates for these GoldRepublic services can be found on the GoldRepublic website (https://www.goldrepublic.com/nl-nl/tarieven).
To pay for your precious metal purchase transactions, you must deposit money into your money deposit with the Stichting Escrow GoldRepublic (SEG). You can deposit funds by bank transfer or by transfer via iDeal. Further details about SEG can be found in Article 2 (Stichting Escrow GoldRepublic).
You pay for your purchase transaction with the balance in your money deposit. Prior to that transaction, you must ensure that sufficient funds are available in your money deposit to pay the purchase price, including all associated costs and fees. If insufficient funds are available, your precious metal transaction will not be executed (or only partially).
When you place a purchase order, an estimate is made of the purchase price and the costs and fees owed to GoldRepublic in connection with the purchase. This estimated amount is reserved in your money deposit until the order has been processed. When your purchase order is processed, the amount involved (the purchase price plus costs and fees) is debited from your money deposit.
Amounts that are (still) in your money deposit after the purchase has been completed or canceled must be transferred back to your counter account within three days of being credited to your money deposit; failing that, SEG will carry out this transfer.
The proceeds from the sale of your precious metals will, after deduction of costs and fees, always be credited to your money deposit. If you have not transferred those proceeds to your counter account within three days of them being credited to your money deposit, SEG will carry out this transfer.
You deposit money into your money deposit by transferring money from a bank account held with a recognized banking institution to SEG's third-party funds account, stating your account number and username and, if the payment is (wholly or partly) intended for a purchase of precious metals, the transaction code you received when placing that order. Transfers can be made via a regular bank transfer, an iDEAL/Wero deposit, a Bancontact deposit, or a fast bank transfer (Pay by Bank). Cash deposits are not possible.
If a transfer is received without an account number, the amount will be set aside until there is sufficient clarity about the corresponding account number. If, in GoldRepublic's opinion, sufficient clarity is not obtained, the amount will be transferred back to the account from which it was sent. GoldRepublic is entitled to charge costs for this. Any damage that occurs as a result will be entirely at the expense and risk of the account holder who transferred the original amount.
Likewise, if GoldRepublic has doubts, for whatever reason, about the origin of the money, the money may be refused and/or returned without stating reasons, GoldRepublic is entitled to charge costs for this, and any damage that occurs as a result will be entirely at the expense and risk of the account holder who transferred the original amount.
In principle, the costs and fees owed to GoldRepublic in connection with the purchase or sale of precious metals are paid from your money deposit. The costs for the storage of precious metals, for reserving bars (see Article 14), and for the delivery of precious metals (see Article 18) can also be paid from your money deposit. With regard to these costs and fees, for which you do not need to provide an explicit payment order, by accepting these General Terms and Conditions you authorize GoldRepublic to automatically debit these costs and fees from your money deposit.
A negative balance in your money deposit is not permitted. Withdrawals from your money deposit can only be made by transfer to the counter account known to GoldRepublic. If you transfer money from your money deposit to your counter account, you must always check in advance that the correct counter account is on file with GoldRepublic. GoldRepublic and/or SEG are not liable if the counter account subsequently proves to be incorrect. Any damage resulting from this will be entirely at your expense and risk.
Due to Dutch regulations, amounts may only remain in the money deposit for a short period. GoldRepublic applies a maximum period of three days. If amounts have been credited to the money deposit for a period of three days without you placing an order to purchase precious metals, the full amount in the money deposit must be transferred to your counter account. If you do not do so yourself, SEG will carry out this transfer.
Funds held in your money deposit may only be used for:
(a) payments to GoldRepublic of costs and fees owed to GoldRepublic in connection with the purchase or sale of precious metals (including the purchase price of the precious metals in the case of a purchase transaction), the storage or delivery of precious metals, or the reservation of a bar;
(b) periodic payments to GoldRepublic for your purchases of precious metals (saving, see Article 36);
(c) (re)payment into your linked bank account.
GoldRepublic may charge a fee for (re)payments of funds from your money deposit to your linked bank account. You can find the costs on our website: https://www.goldrepublic.com/nl-nl/tarieven.
It is not possible to specify or set (spending) limits for your money deposit.
You submit payment orders to GoldRepublic via your account and, unless you instruct otherwise where you hold a money deposit in which multiple currencies can be held, payment orders are denominated in euros.
You authorize payment orders after logging into your account using your unique username and secret password. By submitting a payment order via your account in accordance with the instructions displayed within your account environment, the payment order is deemed to have been correctly submitted by you, you are deemed to have given your consent to the execution of that order, and GoldRepublic is entitled to execute that order.
Once submitted, a payment order for periodic purchases (see Article 36, direct debit) may be revoked no later than the last business day preceding the day on which the payment order is received, or is deemed to have been received, by GoldRepublic in accordance with this article (see Article 19 for the definition of business day). A payment order for a one-time purchase of precious metals cannot be revoked if the order to purchase the precious metals can no longer be canceled or revoked (see Article 20).
If GoldRepublic receives your payment order (electronically) on a day that is not a business day, the payment order is deemed to have been received on the next business day.
Payment orders are executed, where possible, on the day the order is received and no later than the end of the business day following the business day on which the payment order was received by GoldRepublic in full and in accordance with these Terms and Conditions.
If, as specified by you via your account, your payment order is to be executed on a future date, that future date is considered the date on which the order was received. The order will then be executed on the date on which it was (or is deemed to have been) received, or no later than the first business day thereafter. A payment order as referred to here may be revoked up to and including the last business day preceding the day on which this payment order was (or is deemed to have been) received.
A payment order, insofar as it serves to cover the purchase price and the associated costs and fees, cannot under any circumstances be revoked if the order to purchase the precious metal can no longer be canceled or revoked (see Article 20).
With respect to the costs and fees for which you are not required to provide an explicit payment order when placing a buy or sell order for precious metal, by accepting these Terms and Conditions you authorize GoldRepublic to collect these costs and fees from your money deposit by direct debit. By granting this direct debit authorization for these costs and fees, you are deemed to have given your consent to the execution of those debits, and GoldRepublic is entitled to carry them out.
You are required to use the money deposit exclusively in accordance with these Terms and Conditions and to notify GoldRepublic without delay of the loss or theft of your username or secret password, as well as of any unlawful or unauthorized use of your money deposit.
You will receive an email from GoldRepublic for every change in the balance of your money deposit. You are required to verify this change as well as the (new) balance in your account as soon as possible and to notify GoldRepublic without delay of any irregularity or inaccuracy you identify.
GoldRepublic has the right to block your money deposit on objectively justified grounds relating to the security of the money deposit or your unique username or secret password, or the suspicion of unauthorized or fraudulent use of your money deposit.
If your money deposit is blocked, you will, where possible, be informed by email prior to the blocking or, if this is not possible, promptly thereafter, unless providing this notification would conflict with objectively justified security considerations or is prohibited under applicable law. If you are informed of the blocking, you will also be informed of the reason for the blocking.
As long as your money deposit is blocked, you may not be able to enter into precious metal transactions.
As soon as the reasons for the blocking no longer exist, the block will be lifted. If you received notice of the blocking, you will be informed by email that the block has been lifted.
GoldRepublic has the right to refuse to execute a payment order via your money deposit if:
(a) a condition for the execution of the order as referred to in these General Terms and Conditions has not been met;
(b) the payment order is unclear;
(c) there are insufficient funds in the money deposit to execute the order; or
(d) in GoldRepublic's opinion, there are reasons to believe that executing the order would violate any applicable regulations.
GoldRepublic will inform you by email of the refusal to execute a payment order no later than the day on which the order would have been executed had it not been refused, and will inform you of the reason for the refusal as well as the procedure for correcting any factual inaccuracies that led to the refusal, unless providing such notification(s) is prohibited under applicable law.
If a payment order is refused, GoldRepublic has the right to refuse or cancel your submitted precious metal transaction(s).
If the refusal is objectively justified, GoldRepublic may charge costs.
You will periodically receive an account statement by email showing all transactions that have taken place within your account.
GoldRepublic only purchases precious metals from recognized market professionals or from its affiliated account holders, although in the latter case only if the precious metal originates from the “GoldRepublic vault” held with the Custodian and has never left this vault. This means that if you have had your precious metal physically delivered (see Article 18), you cannot simply sell it back to GoldRepublic.
All precious metal is held in the form of weighed and numbered bars in a form that is generally accepted for settling sales on local markets for the precious metal concerned.
Gold bars are gold intended for investment with a purity of no less than 99.5%.
In accordance with standard practice in the gold market, GoldRepublic expresses the gold weight as fine gold weight. The fine gold weight of each bar is its weight multiplied by its purity. The resulting weight is recorded in your account and represents 100% pure gold weight. The gold weight is expressed in kilos and grams.
Silver bars have a purity of no less than 99.9%.
In accordance with standard practice in the silver market, GoldRepublic expresses the silver weight as gross weight and therefore not as fine weight. The silver weight is expressed in kilos and grams.
GoldRepublic thereby guarantees the following:
At GoldRepublic, you do not buy (paper) rights to precious metals: you actually buy the precious metal itself and become its owner.
The precious metals are stored in a vault in the form of bars and can be individually identified by the markings applied to them. This relates to the requirements that applicable law imposes on holding (co-)ownership rights. GoldRepublic's records show which account holder is entitled to which precious metal (part or parts of a bar) held in the vault.
The precious metal you purchase is in all cases delivered to you from the precious metal held in the vault as GoldRepublic's own inventory at the time of purchase. You become the owner as follows. It is recorded in GoldRepublic's administration that the precious metal you purchased is registered in your name from that moment on, and the Custodian is notified of the transfer of the precious metal to you. From the moment the Custodian has acknowledged this transfer, the Custodian holds the precious metal for you in the vault and it is your property. The Custodian has authorized GoldRepublic to receive the notice of transfer on the Custodian's behalf and to acknowledge the transfer.
You agree that when a sale transaction of your precious metal takes place within the GoldRepublic system, the sold precious metal is delivered to GoldRepublic on your behalf and your custody arrangement ends to the extent that your precious metal has been sold, all in accordance with the instructions you have given exclusively to GoldRepublic (or without your instructions in the event that GoldRepublic sells (part of) your precious metal at the then-current price because GoldRepublic does not succeed in collecting the costs and fees, other than those related to the purchase or sale of precious metals, from your linked bank account using the direct debit mandate, see Article 22). By accepting these terms and conditions, you authorize GoldRepublic, including in the event that GoldRepublic acts as your counterparty, to (a) deliver the precious metal to GoldRepublic on your behalf, (b) notify the Custodian thereof, and (c) notify the Custodian that from the moment of said delivery, the Custodian holds the precious metal delivered by you for GoldRepublic.
You understand and agree that your ownership right does not necessarily mean that you own an entire bar (your own separate quantity of precious metal), but possibly that you are a co-owner of one or more bars.
GoldRepublic guarantees not only that the precious metal it has delivered to you is actually present in the vault at the Custodian, but also that your precious metal in the vault is identifiable. GoldRepublic can demonstrate and point out which precious metal is your (co-)property.
GoldRepublic will ensure that copies of the complete ownership records are stored on at least one separate data storage site.
GoldRepublic periodically sends an encrypted electronic version of the ownership records (the identity of GoldRepublic's account holders, their precious metal in units of account with a specification of the precious metal to which their (co-)ownership relates) to SEG and the Custodian. Without the key, they cannot interpret or use this data. The key is held by GoldRepublic's civil-law notary. This notary has been instructed to release the key as follows in the event of GoldRepublic's bankruptcy:
You can always verify whether the amount of precious metal you own is actually present in the vault at the Custodian. This is possible because the ownership records maintained by GoldRepublic are aligned with the vault records of the Custodian. You can verify whether the vault at the Custodian contains (at least) as much precious metal as should be present according to GoldRepublic's records.
GoldRepublic will at all times hold an amount of precious metal with the Custodian that is at least equal to the total of the rights to precious metal of GoldRepublic's customers collectively.
To enable all active account holders of GoldRepublic to verify the amount of precious metal and the ownership ratios, as well as the amount of funds in the money deposits, the following information is made available to them:
GoldRepublic guarantees that your precious metal will not be lent out, will not serve as collateral for obligations of GoldRepublic, and will not be the subject of any derivative transaction, and that it will remain your property and be kept safely for you by the Custodian until your precious metal is sold or withdrawn in accordance with your instructions received through GoldRepublic (unless (part of) your precious metal is sold by GoldRepublic at the price applicable at that time because GoldRepublic is unable to collect the costs and fees, other than those related to the purchase or sale of precious metals, from your linked bank account by direct debit, see Article 22).
It is possible to own your own specific whole bars of precious metal.
If you hold an amount of precious metal at GoldRepublic (gold of a high gold content and silver of a gross content) that is equal to or greater than the smallest precious metal bar available for this purpose in the vault, you can choose to have one or more individual bars become exclusively your full property. At https://www.goldrepublic.com/nl-nl/tarieven you will find an overview of the bars that can be reserved.
You must reserve this online. When you do so, the entire specific bar (or bars) you select becomes your full property. That ownership is disclosed in a periodic audit report, listed under your nickname. The periodic audit report is posted on the website. GoldRepublic charges a fee for reserving a specific bar (https://www.goldrepublic.com/nl-nl/tarieven).
If you wish to sell a reserved bar, you must first release the bar before placing the sell order. GoldRepublic does not charge any fee for releasing a reserved bar.
GoldRepublic has entered into a transport and storage agreement with the Custodian (hereinafter: Storage Agreement), under which, on behalf of all its current and future account holders, it has appointed the Custodian as carrier, vault manager, and custodian of the precious metals of all account holders. The Custodian will store the precious metals for you in its vault(s) and, upon sale (or if you wish to collect them), deliver them to you or on your behalf.
The Custodian is a reputable professional organization with extensive experience in receiving, transporting, storing, and delivering precious metals.
In the storage agreement concluded with GoldRepublic, the Custodian acknowledges that the precious metals are movable property, that it receives and holds them in custody for the relevant GoldRepublic account holder(s), and that they are therefore not its property but the property of the relevant account holder(s). In the storage agreement, the Custodian undertakes to act as the physical custodian of the precious metals of these account holder(s) until GoldRepublic (or the account holder(s) through GoldRepublic) gives the instruction that custody must be terminated.
You agree that all (legal) acts and contacts with the Custodian in connection with creating and terminating the custody arrangement will be carried out by GoldRepublic in accordance with these terms and conditions, while the precious metals remain with the Custodian throughout the entire period (except for delivery as referred to in Article 18).
GoldRepublic undertakes to pay the Custodian a fee to cover the costs of storing and insuring precious metals. These costs are charged separately and are included in the Storage Fees billed to you monthly (https://www.goldrepublic.com/nl-nl/tarieven).
GoldRepublic confirms to you that in the "Storage Agreement" the Custodian acknowledges that the precious metals stored under the agreement are allocated to, and are the property of, GoldRepublic's account holders or GoldRepublic.
GoldRepublic confirms to you that in the "Storage Agreement" the Custodian acknowledges that these allocated precious metals will be individually identifiable at all times.
GoldRepublic confirms to you that in the "Storage Agreement" the Custodian accepts responsibility for the precious metals from the moment it takes your precious metals into custody until the moment the Custodian has transferred custody and control to a third party in accordance with GoldRepublic's instructions for a sale or withdrawal.
GoldRepublic guarantees that the Custodian has undertaken in the "Storage Agreement" to verify, independently of GoldRepublic, before carrying out an authorized physical withdrawal of precious metal belonging to GoldRepublic account holder(s) from the vault, that the following is the case:
GoldRepublic confirms to you that the Custodian must in all cases observe a notice period of 12 months before it can terminate the "Storage Agreement".
If GoldRepublic has received a notice of termination from the Custodian and no alternative storage solution is available to replace it, GoldRepublic undertakes to inform you of the situation at least 3 months before the termination.
The legal relationship between GoldRepublic and the Custodian is governed by the Custodian's general terms and conditions. The Custodian's general terms and conditions also apply to the legal relationship between GoldRepublic and the account holders and include, among other things, provisions regarding procedures for the delivery of precious metal, limitation of liability, and force majeure. You can view the applicable general terms and conditions of the Custodian here: https://www.goldrepublic.com/nl-nl/documenten.
Through the Custodian, GoldRepublic ensures that your precious metal is insured against theft and damage. This insurance is included in the storage fee you pay to GoldRepublic.
GoldRepublic confirms to you that the Custodian undertakes in the "Storage Agreement" to provide GoldRepublic with a document constituting proof of your insurance. GoldRepublic will make this proof of insurance and the associated terms and conditions visible to all its customers on its website.
You have the right to have your precious metal delivered to you, but you acknowledge that GoldRepublic is not primarily intended as a service for those who wish to take physical possession of precious metal.
Your request to have precious metal delivered to you can be accommodated insofar as it concerns units that can be cast. If the unit you wish to have delivered differs from the units GoldRepublic uses as standard, delivery may take some time because the unit you have requested must be produced. You can view the costs of delivery and any casting here: https://www.goldrepublic.com/nl-nl/tarieven.
In order to carry out physical delivery, you are in all cases required to provide two valid and reliable forms of identification. In addition, further requirements may be imposed, such as taking out insurance against identity fraud at your own expense.
As follows from Article 13 (Ownership), the Custodian does not know your identity as (co-)owner of precious metal. You understand and agree that you cannot demand delivery of your precious metal directly from or with the Custodian. Delivery can only be requested and effected through GoldRepublic, and the precious metal will be delivered by the Custodian in consultation with you.
GoldRepublic's (decrypted) ownership records show which account holder is the (co-)owner of which bar of precious metal. Unless you have deactivated this feature, you will receive daily information by email regarding the allocation or ownership of your precious metal; that email is an extract from GoldRepublic's ownership records insofar as it concerns your ownership rights to precious metals.
A bankruptcy of GoldRepublic (or of the Custodian) does not affect your ownership rights to the precious metal. It remains your property and you retain the right to its delivery. If you do not own an entire bar but only a portion of it, the joint owners (the collective owners of a bar) may demand delivery and proceed to divide the jointly owned property (the entire bar). That division may consist of splitting up (melting down) the bar, or selling it and distributing the proceeds in proportion to each individual joint owner's share in the bar.
In the event of GoldRepublic's bankruptcy, you must, for the delivery of your precious metal, contact the party or parties that, in accordance with Article 13 (Ownership), hold the key with which GoldRepublic's ownership records regarding the ownership of the precious metals can be decrypted.
For administrative reasons and to safeguard your privacy, there is no direct legal relationship (no agreement) between the account holder on the one hand and the Custodian on the other. While the Custodian holds the precious metal directly on behalf of the account holders, it does so on the instructions of (and under an agreement with) GoldRepublic.
The Custodian does not know the identity of the account holders. The Custodian only knows the account holders' public nicknames. This would be different if the Custodian had access to the key held by the notary, which can be used to decrypt the encrypted file containing the identity of all customers and the amount of gold and silver they own. However, that key is only released by the notary in the event of GoldRepublic's bankruptcy.
Nor can the Custodian verify that a transfer of ownership of precious metal actually takes place on the instructions of the relevant account holder, and in accordance with those instructions.
By accepting these Terms and Conditions, you accept and acknowledge that:
(a) GoldRepublic alone, to the exclusion of any other party, is responsible for:
(i) any transfer of ownership of precious metal that takes place or has taken place; and
(ii) the administration of ownership of the precious metals;
(b) the Custodian (which does not have the key that can be used to decrypt GoldRepublic's ownership records regarding the ownership of the precious metals) has no insight into the identity of the account holders, no insight into the account holders' orders to buy and sell (transfer ownership of) precious metals, and no insight into GoldRepublic's ownership records, so that the Custodian cannot verify their accuracy.
The provisions of Articles 18.2, 18.3, and 18.4 also apply for the benefit of the Custodians. Each of the Custodians has accepted these third-party clauses and may invoke them independently.
GoldRepublic declares itself responsible for implementing security procedures that prevent the unauthorized removal of precious metal from the vault.
With the sole exception of an authorized shipment to another GoldRepublic storage location (as may be requested, for example, by account holders in response to an international crisis), GoldRepublic guarantees that on any single day, permission will never be given for the delivery of more than the lesser of 25 kilograms of gold and 5% of the gold held in the vault, or more than the lesser of 1 metric ton of silver and 5% of the silver held in the vault.
Where GoldRepublic from time to time authorizes the delivery of up to 25 kilograms of gold or 5% of the gold held in the vault (whichever quantity is smaller), it accepts the obligation to announce that fact on the first page of its website at https://www.goldrepublic.com/nl-nl, and there will be clear links to details explaining both the quantity of precious metal to be delivered and the publicly disclosed nickname of the account holder(s) whose precious metal is to be delivered.
This public notice regarding the delivery of the maximum quantity of precious metal will be published no later than the business day preceding the scheduled delivery and will remain visible to all visitors of the GoldRepublic website until the precious metal has left the vault and has been delivered.
A business day as referred to above is a weekday from 9:00 a.m. to 5:30 p.m. (Dutch time) on which GoldRepublic processes and settles transactions in precious metals and money, provided that the relevant market or market parties involved in the execution of the precious metal transaction, including the banks in the Netherlands and the Custodian, are open for the actions required for that transaction or those transactions. Weekdays designated by the European Central Bank as so-called TARGET holidays are not business days. TARGET holidays are the days on which the Trans-European Automated Real-time Gross settlement Express Transfer (TARGET) system is closed. Until further notice, the European Central Bank has designated the following days as TARGET holidays: January 1 (New Year's Day), Good Friday, Easter Monday, May 1 (Labor Day), December 25 (Christmas Day), and December 26 (Second Christmas Day). The European Central Bank may make changes to this list, and such changes will result in a corresponding change to the days that count as business days for GoldRepublic's services.
The notice regarding the delivery of the maximum quantity of precious metal is an obligation of GoldRepublic of which the Custodian is aware, and GoldRepublic confirms that the Custodian is contractually required to verify that the withdrawal notice has been published when it prepares to deliver the precious metal.
Since the withdrawing account holder is publicly identified by their nickname, GoldRepublic commits to ensuring that the account holder requesting delivery of precious metal has sufficient precious metal for the withdrawal as publicly recorded in the periodic audit report.
Verifying that the account holder has sufficient precious metal is an obligation of GoldRepublic of which the Custodian is aware, and GoldRepublic confirms that the Custodian is also contractually required to verify, independently of GoldRepublic, that the account holder with the nickname has sufficient precious metal for the withdrawal in accordance with GoldRepublic's published periodic audit report.
Your orders with GoldRepublic are processed through an online computer program operated by GoldRepublic. You can find out how this works online on the GoldRepublic website (https://www.goldrepublic.com/nl-nl/goud-kopen). GoldRepublic assumes, and you warrant, that prior to placing your first order you have sufficiently familiarized yourself with GoldRepublic's working methods and the computer program.
When placing the order, you must indicate whether it is a limit order or a market order.
Limit orders always include a price limit. For buy orders, you must specify a maximum (limit) price. For sell orders, you must specify a minimum (limit) price. For limit orders, you must also enter a limit date (the date until which the limit order can be executed).
Market orders do not include a price limit. The purchase or sale always takes place at the price offered by GoldRepublic at the time the order is executed. Market orders are risky because the price at which the order will be executed is not known and may rise or fall due to fluctuation. For that reason, GoldRepublic applies two safeguards that can prevent the execution of a market order. The first is that at the time a market order concerning a purchase is executed, it is checked (once again) whether the balance in your money account is sufficient to pay for the transaction. Second, the market order will not be executed if the price at which it would be executed deviates by 10% or more from the bid or ask price of the precious metal at the time your order was received by GoldRepublic (regardless of whether the order is received on a business day or any other day).
Both limit orders and market orders always include a quantity limit. For buy orders, you must indicate how much precious metal you wish to buy. For sell orders, you must indicate how much precious metal you wish to sell. The quantities you specify are regarded as maximum quantities. GoldRepublic will make every effort to fully realize the maximum quantity you have specified, but provides no guarantee whatsoever in this regard, and by accepting these Terms and Conditions you confirm that GoldRepublic has the right to execute the order in part.
GoldRepublic will only accept your orders to buy precious metal if you have transferred sufficient money to your money account (the purchase price plus costs and fees) to settle the entire purchase transaction.
GoldRepublic will only accept your orders to sell precious metal if the specified quantity is stored in the vault at that time and is at your disposal.
If one or more of the above conditions are not met, or if there are other problems, your order will be rejected.
Your order for a transaction in precious metal is deemed to have been received by GoldRepublic on the business day on which GoldRepublic receives the order (electronically). If your order for a transaction in precious metal is received (electronically) by GoldRepublic on a day that is not a business day, the order is deemed to have been received on the next business day.
GoldRepublic makes every effort to execute orders for a precious metal transaction as quickly as possible, where possible on the day the order is received, and to execute market orders no later than the end of the business day on which the market order was received by GoldRepublic in full and in accordance with these Terms and Conditions. However, GoldRepublic cannot guarantee that a submitted order will be executed. To the extent that the order is not or cannot be executed, the order may become invalid through the passage of time, through cancellation, or otherwise (see "cancellation of orders" below).
Your order is always subordinate to all other past or future orders that offer a more attractive (limit) price, as well as to all other orders that offer the same (limit) price but were received earlier.
GoldRepublic publishes on its website the bid and ask prices at which it is willing to buy precious metal from you and sell it to you (for your sale the bid price is relevant, for your purchase the ask price), provided that it can itself buy or sell the precious metal at those prices in the professional market.
Your buy and sell orders are executed at the ask and bid prices, respectively, as published on the website at the moment GoldRepublic executes the order.
PLEASE NOTE! The price of the precious metal at the moment you enter an order through your account is not necessarily the price at which the order will be executed, because there is a delay in execution. This applies in particular (but not exclusively) to orders placed outside business days. Until your order shows the status "processing" in your account, you can cancel the order (see also the following section).
Transaction costs are charged on transactions. Rates vary and depend on the amount of precious metal you buy or sell. An overview of the applicable transaction costs can be found on our website (https://www.goldrepublic.com/nl-nl/tarieven). When you enter an order, an indication of the transaction costs is provided. The transaction cost rate is calculated on the total transaction amount, and the (actual) transaction costs are shown in the order confirmation once the order has been executed.
You have the right at all times to send a request via your account to cancel an unexecuted (part of an) outstanding order that you have placed and that shows the status "open" in your account (for the outstanding part). You can use this option, for example, if the price of the precious metal moves in a direction that is unfavorable to you after you have placed a market order.
You understand and accept that if GoldRepublic has your order "processing" or has even executed it before your cancellation request was received, the order cannot be canceled. If the order is being processed, this is indicated in the order overview in your account. This status usually lasts no longer than approximately ten minutes.
An order that is being processed or has been executed cannot be revoked by the account holder by invoking statutory provisions regarding cooling-off periods for distance purchases, because the order relates to goods whose price is subject to fluctuations in the financial markets or other markets.
GoldRepublic cancels unexecuted buy and sell orders when (i) they are older than two weeks, or (ii) the limit sell price you have specified is 10% or more above the bid price, or the limit buy price you have specified is 10% or more below the ask price, or (iii) the price at which the market order would be executed deviates by 10% or more from the bid or ask price of the precious metal at the time your market order is received by GoldRepublic (regardless of whether the order is received on a business day or any other day).
Neither the account holder nor GoldRepublic is entitled to benefit from errors in the trading system. In the event that an error does occur, both the account holder and GoldRepublic must agree that the execution of the order may be adjusted afterwards to ensure that trading is fair for all parties.
When GoldRepublic cancels an order you have placed, you will be notified immediately by email.
Shortly after each execution of one or more orders, GoldRepublic will confirm the executed orders to you by email. The settlement of an order, whether through the execution of one or more transactions or through the cancellation of the order, will result in GoldRepublic sending you an order confirmation by email regarding the full quantities traded on the basis of the original order, stating the exact time at which and the price at which the order was executed, as well as the costs and fees charged.
The prices of our products and services are subject to developments in the financial markets. Prices provided or quoted serve only as an indication and are not intended to constitute an offer that leads to an agreement through mere acceptance.
After you place an (electronic) order, you will receive a confirmation of receipt. This confirmation merely acknowledges that GoldRepublic has received the order and does not constitute a binding acceptance of the instruction to execute that order.
The account holder who places an (electronic) order irrevocably commits to fulfilling the obligations arising from its execution toward GoldRepublic, GoldRepublic's suppliers, SEG, the Custodian, and any other parties involved.
Orders/instructions to GoldRepublic must be specified as accurately as possible. All damage resulting from incorrect, incomplete, unclear, or imprecise orders/instructions from the account holder shall be entirely at the expense and risk of the account holder.
GoldRepublic is entitled, but not obligated, to refuse orders/instructions that are evidently incorrect, incomplete, unclear, or imprecise. GoldRepublic is not responsible or liable for any damage resulting from following or not following the orders/instructions referred to here.
You authorize GoldRepublic to (a) accept your order to buy or sell precious metal as an instruction to proceed with settlement immediately once your order can be executed in whole or in part, and (b) to designate a bar or part thereof as your property and (if necessary on a daily basis) to designate another bar (or part thereof) as your property, provided that, with respect to the designation of another bar (or part thereof), such designation does not result in a change in your rights to the quantity, type, and quality of precious metal or in an interruption of those rights.
Before you place an order to purchase precious metal, you must have sufficient balance in your money deposit (see Articles 2 (Stichting Escrow GoldRepublic), 10 (Purchases and Sales via Money Deposit), and 11 (Money Deposit)). After you place a purchase order, it goes through various statuses. You can view the status of your order in your order overview. The various statuses in the purchase process are as follows:
Open
If your order has the status ‘open’, this means that you have placed the order (but it has not yet been executed and has not yet been processed). At that moment, an amount is reserved in your money deposit equal to the estimated purchase price of the precious metal plus the estimated costs and fees payable to GoldRepublic in connection with the purchase.
Executed
If your order has the status ‘executed’, this means that the order is being processed in GoldRepublic’s systems and the price at which the order will be executed has been determined. The reserved amount in your money deposit is updated and finalized based on the price and volume at which the order was executed.
Processed
Once the order reaches the ‘processed’ status, the precious metal is delivered against simultaneous payment to GoldRepublic of the purchase price and the aforementioned costs and fees from your money deposit (the amount reserved in your money deposit is debited). At the moment the precious metal is delivered, you become its owner as set out in Article 13 (Ownership).
You will receive an email notification of every change in the status of your buy order. Once your order has reached the ‘processed’ status, you will receive an order confirmation by email with the details of the processed order.
On the GoldRepublic website, in the Balance management/Ownership verification section, you can then see which specific bar of precious metal (or part of a specific bar) is your property. You can also see this by clicking, within your account, on the vault where your gold is stored. In addition, in this same place on the website, you can download the bar list of the precious metal stored with the Custodian, so that you can verify that the precious metal is actually stored with the Custodian.
GoldRepublic makes every effort to deliver the precious metal for which you have placed a buy order as soon as possible. In principle, delivery takes place by the end of the business day on which the order has reached the ‘executed’ status. Under certain circumstances, however, a delivery time may apply to the precious metal that makes it impossible to deliver within the intended period. As soon as we learn of such a long(er) delivery period, this will be announced on the homepage of our website.
When you want to sell your precious metal, you are guaranteed that GoldRepublic will buy it back at the then-current price as displayed on the GoldRepublic website. Before you place a sell order, you must have sufficient precious metal stored for you with the Custodian. After you place a sell order, the order goes through various statuses. You can check the status of your order in your order overview. The various statuses in the selling process are the following:
Open
If the order has the ‘open’ status, this means that you have placed the order (but it has not yet been executed and not yet been processed). At that moment, the relevant weight and type of precious metal is reserved for the sale. (You retain ownership of it until the moment the order reaches the ‘processed’ status.)
Executed
If the order has the ‘executed’ status, this means that the order is being executed in GoldRepublic’s systems and the price at which the order will be executed has been determined.
Processed
As soon as the order reaches the status ‘processed’, the precious metal to which your sell order relates is delivered to GoldRepublic or a third party against simultaneous payment to you of the sale price minus the costs owed to GoldRepublic in connection with the sale. The relevant balance is credited directly to your money deposit. You can transfer this balance directly to your linked bank account via the Balance management/Withdraw money section on the GoldRepublic website. It then takes approximately 1 business day before the money is back in your linked bank account (depending on your bank).
You will receive an email notification of every change in the status of your sell order. After your order has reached the status ‘processed’, you will receive an order confirmation by email with the details of the processed order.
Every business day, GoldRepublic verifies the presence of precious metal at the Custodian in order to establish that the total quantity of precious metal is at least equal to the total rights to precious metal of GoldRepublic's clients collectively.
GoldRepublic executes many buy and sell orders for precious metal every day. There are also GoldRepublic clients who reserve a bar of precious metal in their own name (see Article 14 (Your right to own an individual bar)) or have it physically delivered (see Article 18 (Right to have your precious metal delivered to you)). As a result, it may happen that during the period in which you hold precious metal at the Custodian, your ownership rights to (part of) a bar are transferred to another bar (or part thereof). GoldRepublic guarantees that in those cases your rights to the quantity, type, and quality of the precious metal you hold at the Custodian continue uninterrupted.
Unless you have deactivated that feature, you will receive daily information by email about the allocation of your precious metal. If your rights to (part of) a bar have been transferred to another bar (or part thereof), this will be shown in that email.
A buy or sell order does not necessarily result in a physical change within the vault. This is because purchases and sales processed by GoldRepublic are delivered from or to GoldRepublic's own stock of precious metals, without GoldRepublic in all cases replenishing that stock or selling it (or part of it).
Payment of money in connection with the purchase or sale of precious metals is effected by a transfer of funds within the GoldRepublic system. Your resulting money balance with SEG (your money deposit) represents your balance of money in SEG's third-party funds account with Rabobank (in Amsterdam). In its capacity as SEG's authorized representative, GoldRepublic instructs the bank with regard to the money held in your money deposit.
The proceeds of your sell order for precious metal are also paid out via your money deposit. In all cases, you sell your precious metal to GoldRepublic. In some cases, GoldRepublic keeps the repurchased precious metal in its own stock, but in general, once your sell order has been executed, GoldRepublic sells your precious metal on to GoldRepublic's supplier (which has issued a repurchase guarantee to GoldRepublic). That supplier pays for the precious metal within two days after your sell order has been executed. In the event that GoldRepublic did not have sufficient liquidity to credit the sale price for your precious metal to your money deposit before then, it would therefore take a maximum of two days before the order moves from the status ‘executed’ to the status ‘processed’. In the meantime, until the moment the status ‘processed’ is reached and the sale amount has been credited to your money deposit, the precious metal remains your property.
If GoldRepublic is unable to collect the costs or fees, other than those you pay from your money deposit, by means of the direct debit authorization because you do not hold any or sufficient balance in your counter account, because the direct debit authorization has been revoked or proves to be invalid, or for any other reason whatsoever, you will receive a warning email. If you have not replenished the balance in your counter account within 10 days, or have not otherwise ensured that GoldRepublic has successfully collected the costs and fees, GoldRepublic has the right to settle the costs and fees referred to here from the sale of (part of) your precious metals at the price applicable at that time. In that case, this sale will be initiated by GoldRepublic, your consent is not required, and GoldRepublic is not required to inform you further about it. By accepting these Terms and Conditions, you authorize GoldRepublic to perform on your behalf all legal acts that are necessary or desirable for the sale and delivery of your precious metals as referred to above. The usual transaction costs will also be charged for this sale (https://www.goldrepublic.com/nl-nl/tarieven).
If and insofar as GoldRepublic's right to settle the aforementioned costs and fees from the sale of (part of) your precious metals would not be legally valid, you undertake to establish a first-ranking right of pledge in favor of GoldRepublic on your precious metals held with the Custodian, including dependent rights and ancillary rights, as security for the payment of said costs and fees. By accepting the Terms and Conditions, you grant GoldRepublic an unconditional power of attorney to pledge your aforementioned precious metals to itself on your behalf and to do everything that is useful or necessary in that regard, as well as in connection with the enforcement of the right of pledge. You warrant that you are authorized to make this pledge and that your precious metals are and will remain otherwise free from rights and claims of third parties. In enforcing its rights over pledged precious metals, GoldRepublic will not go further than is necessary for the payment of the costs and fees referred to here. The costs and risks related to or arising from the enforcement of security rights are for your account. GoldRepublic is not required to give notice as referred to in Articles 3:249 or 3:252 of the Dutch Civil Code. After the right of enforcement has been exercised, GoldRepublic will notify you thereof as soon as possible. Furthermore, you waive all rights to submit a request to the preliminary relief judge of the district court for an alternative method of sale.
If (the establishment or enforcement of) a right of pledge, or a similar security right as referred to above, is governed by a law other than Dutch law, the foregoing applies accordingly insofar as possible. In that case, where reference is made to a pledge, right of pledge, or pledged precious metals, this also includes a pledge or the establishment of a similar security right under the applicable foreign law, a right of pledge or similar security right under that applicable foreign law or its enforcement, or precious metals on which such a right of pledge or similar right under the applicable foreign law has been or will be established. The power of attorney referred to above also includes GoldRepublic's authority, in the event that (the establishment of) the right of pledge or a similar security right is governed by a law other than Dutch law and insofar as permitted under that law, to pledge the goods concerned to itself under the applicable law or to establish a similar right in its own favor, and to do everything that is useful or necessary in that regard, as well as in connection with its enforcement.
SEG is always entitled to pay to GoldRepublic, from your money deposit, any outstanding and/or future but already established (ongoing) costs and fees owed to GoldRepublic, before transferring amounts from your money deposit to your counter account or executing buy orders. You will periodically receive an account statement by email of all transactions that have taken place within your account.
GoldRepublic strives to keep its online order system accessible and available to you during trading hours. Maintenance is therefore, in principle, scheduled and carried out outside trading hours. Due to unforeseen circumstances, however, maintenance, repairs, or other work may still be carried out during trading hours.
You acknowledge and agree that in the event of a planned and announced interruption of our services, your open order(s) will remain in effect after our services have been restored.
You acknowledge and agree that in the event of an unplanned and/or unannounced interruption of our services lasting 10 minutes or longer, your open, not yet executed (parts of) order(s) will be canceled after our services have been restored.
We will do our best to keep you informed by email or via the website of any planned or unplanned interruptions, as well as their consequences. However, please note that this will not be possible (in a timely manner) in all cases.
GoldRepublic is not responsible or liable for any consequences of your account being (temporarily) unavailable or not fully accessible. Any resulting damage is therefore entirely at your own expense and risk, except in cases of intent or gross negligence on the part of GoldRepublic.
If GoldRepublic discovers errors in the records of your data, it is entitled, but not obligated, to correct these errors unilaterally and to notify you only afterwards. You are and remain responsible for ensuring that your data in GoldRepublic's records is complete, accurate, and up to date. Any damage resulting from your failure to take adequate care of this is entirely at your own expense and risk.
Neither GoldRepublic nor you have the right to benefit from errors in the trading system. GoldRepublic and you accept that after an error occurs, reasonable adjustments may be made to restore the situation to what it would have been had the error not occurred.
If, for whatever reason, an order that has already been fully or partially executed is fully or partially reversed, any price differences, whether positive or negative, are always entirely at your own expense and risk, except for damage you suffer due to intent or gross negligence on the part of GoldRepublic.
An investment in physical precious metals at GoldRepublic offers opportunities for attractive returns, but also involves risks and is therefore not suitable for every investor. It is important that you fully understand the characteristics and risks of investing in physical precious metals before making an investment decision. You should also carefully consider whether an investment in physical precious metals is suitable for you, given your experience, investment horizon, other investments, financial position, risk appetite, and other relevant circumstances.
The following paragraphs provide an indication of the risks you face that are relevant in light of their consequences and likelihood.
The price development of precious metals depends on market movements. As a result, the value of precious metals can fluctuate, and the price of your precious metals may be lower than the price at which you purchased them. If the value of your precious metals falls to zero, you could even lose the value of your entire investment.
The price of the precious metal at the moment you enter an order through your account and submit it to GoldRepublic is not necessarily the price at which the order is executed, as delays in execution may occur. This applies in particular, but not exclusively, to orders placed outside business days.
The value of precious metals is expressed and traded worldwide in US dollars. Because you purchase precious metals in euros, the value of your investment is affected by exchange rate movements. An increase in the value of the US dollar against the euro has a positive effect, while a decrease in value results in a negative effect.
Funds you hold in your money deposit are placed via SEG with Rabobank, a well-regarded bank with a high, stable credit rating. Nevertheless, this bank could go bankrupt or run into financial difficulties, as a result of which you could lose some or all of your money. SEG is not a bank and does not participate in the deposit guarantee scheme.
Due to exceptional circumstances, trading may at times not be possible, making it impossible to buy or sell physical precious metals through GoldRepublic. Once trading resumes, prices may differ from the prices quoted before the trading interruption.
GoldRepublic's (computer) systems, the website, the internet, and so on may be (temporarily) unavailable, or your own computer may fail. As a result, you may be unable to execute a transaction at all, or unable to execute it at the time or at the price you want.
This is the risk that, in the settlement of a transaction, one party has met its own obligations while the counterparty fails to meet theirs. If this risk materializes, it means that in a sale transaction you have delivered the precious metal without receiving the sale proceeds (in full), and in a purchase transaction you have paid the purchase price without receiving the precious metal.
GoldRepublic is able to manage this risk to some extent by maintaining its own base inventory of precious metals, allowing the precious metal to be delivered at or shortly after the moment of payment (based on the principle of simultaneous exchange). However, it may happen that GoldRepublic's inventory is completely sold out and GoldRepublic has to purchase the precious metal on the professional market. This can result in delivery times that may increase, which would raise the counterparty risk. GoldRepublic guarantees, however, that the funds you have deposited into your money deposit for an order to purchase precious metal will not be paid to GoldRepublic until the precious metal in question has been delivered to you. If a delivery time applies, GoldRepublic will indicate this on the website. If no delivery time is indicated on the website, the precious metal will be delivered at the end of the business day on which the transaction took place.
This is the risk that, due to a failure in the operation of GoldRepublic's procedures, errors are not detected in time or fraud may even occur. GoldRepublic aims to mitigate this through proper segregation of duties, a well-documented administrative organization, and oversight of compliance with the agreed procedures.
If your password does not remain secret and falls into the hands of a third party, you run the risk that this third party gains access to your account. In principle, this third party can only execute transactions or transfer your money to your linked bank account. After all, it is not possible to transfer money to any other account. The risks you face are therefore: a breach of your privacy and the placement of phantom orders. The first is very unpleasant, but the second can also lead to losses due to price differences.
If you wish to withdraw your precious metal from the vault, you must indicate this via the GoldRepublic website. To carry out a physical withdrawal, you are required to provide two reliable forms of identification, and you may also be required to take out insurance against identity fraud and/or take other measures that GoldRepublic deems necessary.
GoldRepublic ensures that your precious metals are adequately insured against theft and damage. Exclusions apply to every insurance policy. If an exclusion applies and no payout is made as a result, GoldRepublic is not liable for the damage. The coverage provided by the insurance is described in the insurance policies published on the GoldRepublic website.
In exceptional circumstances, GoldRepublic is entitled to, or may be forced to, discontinue its activities. This situation may arise, among other things, if it is no longer possible for GoldRepublic to adequately hedge its risks related to the purchase and sale of physical precious metals; for tax reasons; if the Custodian no longer acts as custodian and no suitable replacement can be found; if GoldRepublic is granted a suspension of payments or declared bankrupt, et cetera.
In the event that GoldRepublic discontinues its activities, the guarantee that GoldRepublic will buy back your precious metals lapses.
Changes may be made to applicable legislation, government measures may be announced, or new interpretations by the investment regulator may be published that could affect the operations of GoldRepublic and may, among other things, lead to an increase in the fees for purchase and sale transactions through GoldRepublic.
Any damage you suffer arising from the aforementioned or other risks is always entirely at your own expense and risk, except in cases of intent or gross negligence on the part of GoldRepublic. Naturally, these exclusions of liability do not release GoldRepublic from its obligation to exercise all possible care in safeguarding the security of your assets at a level deemed commercially acceptable.
Without prejudice to the exclusions included elsewhere in these Terms and Conditions, the following general provisions apply with regard to GoldRepublic's liability:
Except in cases of intent or gross negligence, GoldRepublic is never liable for damage suffered in connection with or arising from the purchase or sale of precious metals on your instructions, the holding of precious metals through GoldRepublic, the reservation or delivery of precious metals, or the making of payments or receipt of funds in connection therewith.
GoldRepublic is never liable for indirect or consequential damage of any kind and however arising, including but not limited to (realized) price losses or the failure to realize price gains.
In the event of loss, theft, and/or the destruction of your precious metal in any other way, and should GoldRepublic be liable for this, GoldRepublic may choose whether to provide compensation in money or in similar and equivalent precious metal.
Except for any liability of GoldRepublic, you indemnify GoldRepublic against all claims by third parties arising from or related to the agreement(s) concluded with you.
GoldRepublic is not liable for any failure to fulfill its obligations (on time) due to force majeure: unforeseeable or unavoidable circumstances over which it cannot reasonably exert any influence. This includes in any case, but is not limited to: earthquakes, labor disputes, business interruptions, lightning strikes, (civil) war, computer failures, embargoes, extreme scarcity of and shortages in precious metals, actions by a government agency or a department thereof, failure of electricity and gas or water supply, natural disasters, government measures or court rulings that (severely) impede GoldRepublic's operations, flooding, rationing, riots, failures resulting from acts or omissions of third parties (or their auxiliary persons) or defective items used by them, strikes, terrorism, delays at suppliers, extreme illness among GoldRepublic employees, or identity theft.
During a period of force majeure, GoldRepublic is entitled to suspend all obligations arising from any agreement for the duration of this period.
Transaction costs for gold orders and gold purchases are exempt from VAT. VAT is charged on the other costs and fees. You are fully responsible for the payment of all taxes due.
If an account holder passes away, we must be notified as soon as possible. As long as we have not been notified of the death, we may (continue to) execute orders given by or on behalf of the account holder. We may (continue to) execute orders given to us before we were notified of the death if we can no longer reasonably prevent this.
If we learn that an account holder has passed away, we will block his/her account until, in our judgment, it has been legally and convincingly demonstrated that he/she has passed away and who is legally entitled to act on his/her behalf. Only once this is sufficiently clear will we settle the account together with this person or legal entity. GoldRepublic is entitled to charge fees for its assistance.
GoldRepublic is not obligated to provide information again about actions and transactions carried out before the time of death.
If an account has been completely inactive for more than 5 years and we are unable to reach you via the contact details known to us, we are entitled, but not obligated, to have you traced at your expense. If an account has been completely inactive for more than 10 years and we have not succeeded in tracing you (or having you traced), your precious metal will be forfeited to GoldRepublic.
You are required to notify us in writing immediately if you have been declared bankrupt, if the Dutch Debt Restructuring (Natural Persons) Act has been declared applicable to you, if you have been granted a (provisional) suspension of payments, if you have been placed under administration or guardianship, or if an application regarding any of the foregoing has been or is being filed.
If an attachment is levied against you with us, SEG and/or the Custodian, and that attachment is effective, we will freeze your balances until the attachment has been lifted.
You may only use GoldRepublic's services if and to the extent that this is (legally) permitted in your country. If one or more of GoldRepublic's services are not permitted in your country, you may not use these services under any circumstances.
It is your own responsibility to determine whether GoldRepublic's services are permitted in your country. GoldRepublic has no obligation to investigate or provide information in this regard. GoldRepublic is entitled to refuse its services if the services are not permitted in your country, but it is not obliged to do so.
If you use GoldRepublic's services while this is not permitted in your country, all adverse effects thereof will be solely and fully at your own expense and risk. If GoldRepublic suffers any damage as a result, you will be liable for it.
GoldRepublic is entitled to unilaterally amend the Terms and Conditions. The following conditions apply in this respect.
GoldRepublic will always announce any amendment to these Terms and Conditions at least two months in advance via its website and by means of a message sent to the email address you have provided.
In the period between the announcement and the actual effective date (that is, no later than the day before the effective date) of the amendment(s) referred to here, you are entitled to unilaterally terminate the relationship with GoldRepublic with immediate effect, subject to the terms in effect at that time. You terminate the relationship by selling your precious metal, transferring the balance in your money deposit to your reference account or having the precious metal physically delivered to you, and confirming the termination of the relationship to GoldRepublic in writing.
If you do not terminate the relationship, you will be deemed to have agreed to the amended Terms and Conditions as of the effective date.
The account holder is not authorized to transfer their rights and obligations under the agreement(s) with GoldRepublic without the prior written consent of GoldRepublic.
By accepting these Terms and Conditions, you agree in advance that GoldRepublic may transfer its rights and obligations under the agreement(s) with you to a third party. If this occurs, you will be notified by email.
All legal relationships with GoldRepublic and SEG are governed exclusively by Dutch law.
For complaints about GoldRepublic, you can contact GoldRepublic Customer Service. Preferably, you can do this via the 'Contact' page on the website and the 'Complaints' option. You can also contact Customer Service at 020 794 6021 or via klantenservice@GoldRepublic.nl (please use the subject line 'Complaint'). You can find GoldRepublic's complaints procedure at https://www.goldrepublic.com/nl-nl/privacy. If you are not satisfied with how your complaint has been handled, you can then turn to the Dutch Financial Services Complaints Institute (Kifid), (http://www.kifid.nl/overkifid).
Any disputes with GoldRepublic will be submitted for resolution to the competent court in Amsterdam, or you can turn to Kifid.
If you use the GoldRepublic savings plan (automatic recurring precious metal purchases), the terms of this article also apply. In the event of any inconsistencies, the provisions of this article prevail.
If desired, you can automatically save in precious metals through GoldRepublic. You authorize GoldRepublic to automatically debit a fixed amount from your counter account each month and transfer it to your money deposit account. From this monthly amount, the costs and fees will be paid first; with the remainder, GoldRepublic will, at a fixed time in the month after the money is received in your money deposit account, purchase the agreed quantity of precious metals at the price applicable at the time of execution (market order). The quantity purchased therefore depends on the amount you save and the current price of the precious metal.
An automatic savings plan can be canceled on a monthly basis. If GoldRepublic receives your cancellation before the 15th of a calendar month, the automatic savings plan will be terminated as of the first day of the following calendar month.
By this article becoming applicable, you grant GoldRepublic a power of attorney, with the right of substitution, to pledge your precious metal to itself on your behalf, if necessary repeatedly, as security for the fulfillment of all your obligations toward GoldRepublic, and to do everything conducive to establishing the pledge. You warrant that you are and will remain authorized to make this pledge.
If you use a Gift account, the provisions of this section also apply to it. In the event of any discrepancies, the provisions of this section prevail.
If you wish to give precious metal as a gift, you can open a Gift account. You then determine the total amount you wish to spend on the gift, including costs and fees. For amounts above $11,500, you are required to provide proof of identity. The purchase order for the precious metal will be executed as soon as possible after your payment has been received, at the price applicable at the time of execution (market order), and credited to the Gift account. The amount of precious metal purchased therefore depends on the amount you spend and the current price of the precious metal, as well as the costs and fees associated with this purchase. The storage costs for the precious metal for the first year are charged at the time of purchase and must be paid in advance.
You will then receive a login name and password in special gift packaging, which you can present to the recipient. Costs for shipping, gift packaging, and any VAT will be charged separately.
The recipient of the gift can log in to our website using their login name and password. They must then enter their details and correctly and fully complete the identification and validation procedure (see Section 5 of these Terms and Conditions).
The Gift account must be released within one year in accordance with the procedure described above. Once this year has passed, the Gift account will be blocked. To unblock the Gift account, you must contact GoldRepublic.
You must handle the login name and password with care and disclose them only to the recipient you have chosen. You must also carefully verify that it is indeed the recipient who has registered with us using the code and password. The recipient must change their login name and password after the transfer of the account. If the above procedure is not (sufficiently) followed, any resulting damage will be entirely at your expense and risk.
You and the recipient are fully responsible for settling any tax consequences of the gift. If we can be held liable for this by the tax authorities, we are entitled to withhold any taxes.
If you activate a savings plan (automatic saving) on your Gift account, the provisions of the previous section also apply to it.
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