Bullion Gold - Our Standard Terms and Conditions of Sale

Bullion or investment gold is normally dealt at quite small margins. Most investors wish to obtain their investment gold at the best possible price. To allow us to deal at fine margins, we need to reduce our risks to a minimum. To achieve this, we necessarily have to impose some fairly strict terms and conditions which do not apply to our sales of other coins or products.

Special Conditions for Bullion Sales

Identification (Except for Export Sales)

We are legally obliged to obtain and retain identification records for every purchaser.

Notification (Except for Export Sales)

We are obliged to report to HM Customs & Excise the first purchase of investment gold by any individual exceeding £5000, or any purchase which takes the individual's purchases within any 12 months period over £10,000.

Payment

We accept payment in cleared funds. We accept personal cheques, company cheques, and bank drafts, which we clear, allowing a full working week if drawn on a UK bank. This is our preferred payment method for small payments (under about £20,000). We also accept bank transfers. Our bank details will be emailed on request. If you pay by bank transfer, we like to have a written order by conventional mail. We accept cash. We will accept payment in any negotiable currency. Payment must be effected the same day the deal is done. Failure to do so will result in a £10 administration fee.

We normally require security before entering into any contract. This may take the form of a deposit or full payment. We may at our discretion waive this requirement for small quantities. Clients ordering by post, telephone, internet or other remote methods may wish to use our order forms. If an agreement is made by telephone, we will require the purchaser's name, address, and telephone number at the point of agreement. We then expect a faxed or e-mailed confirmation immediately, confirming that payment has been effected. If the agreement is to post a cheque, then it must be posted by first class post in time to be collected and postmarked the same day, so that it should be received the next working day. The confirmation should include all identification details necessary. For large transactions, where we hold a deposit, cleared funds should reach us within two working days.

Delivery

We will normally make the goods available for delivery within two working days of receipt of cleared funds. Where we have allowed a full week for cheque clearance we may often reduce this period. At times of heavy demand, we may require an extra day for goods to reach us. Please realise that In most cases, we have already paid in cleared funds before goods are released to us.

Immediate Availability

Subject to stock and market factors, we can often offer immediate availability, but we would usually only offer this at an extra premium except for small quantities.

Variation of Above Terms

Except for small orders at extra premium prices, we will not vary the above terms unless we receive and accept a formal request in writing.

Law

All contracts will be deemed to be entered into at Southall, England, and be dealt with under English Law.

Supplementary Terms and Conditions of Sale

Contract

Where we enter into an oral (often mistakenly called verbal) contract, this is legally binding. We will honour our contract with you, and consider our word is our bond. This applies whether gold has gone up or down since the time the agreement was made.

Customer Identification

In addition to our obligation under anti money laundering laws. When we enter into a contract with you, we need to know who we are dealing with, and we expect to be given your correct full name, address and other contact details. If these are not supplied correctly, we reserve the right to avoid or modify the terms of the contract.

Two Way Trust

Unfortunately, because we are expected to deal with complete strangers and members of the public, we regrettably find we are not able to rely completely on the word of all our customers to keep their side of the contract. This is why we ask for your written confirmation, and payment without delay. If we believe your confirmation and / or payment has been posted to us late, then we reserve the right to avoid or renegotiate the contract. If your order is simply delayed in the post, then we will honour it. This is to avoid unscrupulous individuals who might watch the gold price for a few days before deciding whether to post their order, which would effectively mean we were granting a free option. We also find that a few customers will change their mind, and decide to cancel the contract or stop their cheque. Coincidentally this tends to happen when gold prices have dropped since the deal was agreed. We do not accept unilateral cancellation.

Payment

You will notice that we ask for confirmation of your order, and payment without delay after any agreement. This is to minimise the risks to which we are exposed. Payments should be effected the same day the deal is done, failure to do so will result in a £10 administration charge.

Delivery Time

Our delivery time to you will not be "of the essence" to the contract. Delays can and do occur in us receiving inward deliveries, and checking, packing and despatching orders. If you need delivery by a particular guaranteed date or time, you must state this before completing an agreement with us, and higher prices and / or stricter payment conditions may apply. While we will usually try to meet your reasonable wishes, it is not fair to try to impose post additional agreement terms on us.

Stocks And Deliveries

We do carry substantial stocks of many different types and qualities of gold coins, however most of our bullion deals are done on the basis of stock which may be in transit to us, or which we may have not yet bought. A large part of our job is to manage the flow of each type of coin, balance of sales and purchases, and to manage stocks, inward deliveries and outward shipments, and payments in both directions. In most cases we do not have a single "official" supplier, but act as a marketmaker in a diverse marketplace.

Security and Discretion

Because we carry a large value of stock, and handle high value goods, we have to be constantly aware of our own physical security, and also need to be discreet about deliveries and collections of goods. For this reason we are always reluctant to disclose too many details of our operation, although you will notice that otherwise we try to be very transparent about our pricing structure and supply a large amount of information about our products.

Our Risks

It is difficult for us to explain to non-dealers the risk which we take when transacting deals. Anybody who has any experience as a dealer will fully understand and need no explanation, those who have never done so often fail to understand, we will attempt to list and explain some of these risks. Many of our conditions are aimed at protecting ourselves against or minimising these risks.

Our Confirmation

It is not our normal procedure to send a contract note, order confirmation, or payment receipt except with the goods when despatched. If you wish to receive any of these please let us know.

Buying and Selling

Although we have referred mainly to customers as buyers, these notes should be understood to apply similarly to customers who are selling to us, in which case we expect shipment to us without delay, and we will make payment by return post.

Legal Hearings

Although in a perfect world it should never be necessary to invoke legal proceedings, any hearings should be held at or as near to Southall as possible. We would prefer to blacklist unethical or difficult customers rather than take legal action, but we do reserve the right to do so at our discretion.

Assurance

Some of our terms may appear slightly one-sided, and indeed we publish them here to protect ourselves, mainly from individuals who may have a different understanding, opinion, or other notion of the manner in which we conduct or should conduct business. When we deal with other similar professionals such as banks, we have never experienced any problems which could not be sorted out quickly and amicably, any problems which occur tend to be with non-professionals. As stated near the top of this page, our word is our bond. We are a long established (before 1964) and profitable business, we have substantial assets, and adequate insurance. Any payments you make to us will be properly accounted for, and your goods will be despatched to you in a proper manner in reasonable time. If you wish to wish to take up any references about us, or make any commercial or credit enquires, please feel free to do so before entering into any contract with us.