GoldCore Terms & Conditions

GOLDCORE LIMITED
Terms and Conditions

These terms and conditions govern the terms upon which we, GoldCore Limited (Company Number 377255), trading as GoldCore, and having our registered office at 14 Fitzwilliam Square, Dublin 2 (hereinafter referred to as “we” or “GoldCore”) shall supply you, the customer (hereinafter referred to as “you” or the “Customer”) with services in relation to the sale, purchase and storage of precious metals, to include the purchase and sale by you of precious metals, the storage of precious metals and participation in the Perth Mint Certificate Programme as hereinafter provided (the “Services”).

1. Interpretation

1.1 The following definitions and rules of interpretation apply in these Terms and Conditions:

“Business Hours” means 9:00 to 17.00 (London Time) during a Working Day;

“Client Account” means the current account as defined in Condition 10;

“Conditions” means the terms and conditions herein contained;

“Contract” means, as the case requires, any and each contract that exists between GoldCore and the Customer in relation to the provision of any of the Services and for the avoidance of doubt each transaction concluded with a Customer shall be regarded as giving rise to a separate Contract governed by the Terms and Conditions then in force in accordance with Condition 3;

“Customer” means any person, entity, fund or corporation who becomes a customer of GoldCore in accordance with Condition 3 below;

Daily Product Limit means the maximum value of metals which can in aggregate be purchased online in any one day from GoldCore and which value shall be determined by GoldCore having regard to market conditions then prevailing; This daily product limit will be made available to a Customer upon request.

“GoldCore Chain of Integrity Standard” describes the location of any and all precious metal bought or sold, that said metal holdings must always remain within the custody of GoldCore or a depository approved by GoldCore and where relevant, transported by a transport party approved by GoldCore (an “Integrity Party”), such that the said metal has never been transported to or by or held by any party other than an Integrity Party between the time at which it was sold by GoldCore and the time it is purchased by GoldCore;

“GoldCore Trading Opportunity” means a point in time at which GoldCore can enter a proprietary trade with a third party that allows the offsetting of market risk, which unless GoldCore determines otherwise shall be a time during Business Hours;

Intellectual Property Rights” means all patents, rights to inventions, utility models, copyright and related rights, trademarks, service marks, trade, business and domain names, rights and trade dress or get-up, rights in goodwill or to serve the passing of, unfair competition rights, rights and designs, rights on computer software, database right, typography rights, moral rights, rights on confidential information (including no hand trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all obligation for renewals or extensions of such rights and all similar equivalent rights or forms of protection in any part of the World;

“Physical Bullion” shall mean bullion bars and coins including numismatic coins.

“Spot Metal Price” means the live market price per one troy ounce, or other denomination if stated, of the underlying metal, for immediate delivery as displayed by GoldCore via its website www.goldcore.com;

“Storage Provider” means a storage provider satisfying the requirements specified in Condition 18;

“Unit Price” means the price per one troy ounce, or another denomination if stated, of the underlying metal at which GoldCore will buy or sell such metal, which Unit Price shall be confirmed either in writing, on screen or verbally to Customers before any Contract for sale or purchase is completed;

“Website” means the website currently maintained by GoldCore at www.goldcore.com or such other website as GoldCore may from time to time maintain;

“Working Days” means a day (other than a Saturday, Sunday or public holiday) on which clearing banks are generally open for business in Ireland.

1.2References to statutory provisions in these Conditions shall unless otherwise stated be references to statutes enacted in Ireland and shall be construed as references to those provisions as respectively amended or re-enacted (whether before or after the date hereof) from time to time and shall include any provisions of which they are re-enactments (whether with or without modification) and shall also include any subordinate legislation made from time to time under those provisions.

2. Application of Conditions

The Conditions shall:

(i)apply to and be incorporated into the Contract; and

(ii)Prevail over any inconsistent terms and conditions contained or referred to in your purchase order, confirmation of order, acceptance of quotation, or specification or other document supplied by you or implied by trade, custom, practice or course of dealings.

3. Deemed Acceptance and Prevailing versions

3.1You shall become a Customer of GoldCore by doing any or all of the following:

(i)registering for an account either by posting the required documentation for the Perth Mint Certificate Programme and/or Anti Money Laundering (AML); or

(ii)placing an order or transferring the funds required to make a purchase of precious metals.

3.2 As of 15-Oct-2009 (the “Effective Date”) these are the Conditions for new Customers. In respect of existing Customers, these Conditions shall govern the business relationship with GoldCore in respect of any Contract entered into between the Customer and GoldCore on or after the date falling on the earlier of:

(i)the date on which these Conditions are deemed received by you in accordance with Condition 9; and

(ii)the date falling 30 days after the Effective Date.

3.3 We may from time to time modify the Conditions. Conditions as modified shall take effect as regards new Customers, on the date on which such persons become a Customer of GoldCore and as regards existing Customers, on or after the date (the “Relevant Date”) falling on the earlier of:

(i)the date on which the modified Conditions are deemed received by the Customer in accordance with Condition 9; and

(ii)the date falling 30 days after the date stated as the Effective Date in the modified Conditions;

in respect of any Contract entered into between the Customer and GoldCore on or after the Relevant Date.

4. The purpose of our business relationship

You have chosen to become a Customer in order to benefit from GoldCore’ terms for trading in and storing of precious metals. This service is provided as execution only. We do not give guidance on price performance. Any opinion or information given by GoldCore concerning any market dynamic including, but not limited to price, possible investment performance or trading conditions whether posted on the Website or otherwise disclosed to a Customer shall not be construed as advice in any respect and the Customer’s attention is specifically drawn to Condition 5 .

5. Investment Disclaimer

Precious metals markets are volatile and the value of precious metals may go down as well as up.

Accordingly, investments in precious metals involve a degree of risk which may make them unsuitable for certain individuals. You should carefully consider the suitability of an investment in precious metals as a personal investment and if needs be should consider seeking independent professional advice before proceeding.

IMPORTANT NOTE: THE PRECIOUS METAL BULLION MARKETS, WORLDWIDE, ARE UNREGULATED. THERE IS NO GUARANTEE, EXPLICIT OR IMPLIED, OF THE FUTURE VALUE OF ANY OF THE PRECIOUS METAL PRODUCTS THAT WE SELL.

6. Identifying Yourself

All Customers are required to comply with the Criminal Justice Act, 1994. Pursuant to this Act, we are obliged to carry out sufficient checks to verify the identity of our customers. In this regard, before accepting orders, we will require certain identification. Please review Schedule 1.0 Identification of Customers.

GoldCore reserves the right to request additional identity verification information if it believes it necessary or appropriate to do so in order to comply with its obligations under the Criminal Justice Act, 1994.

You undertake to identify yourself according to the identity verification procedures required by GoldCore. You authorise GoldCore to make such enquiries as it may feel necessary to satisfy itself about the validity of your identity.

You accept that your failure to identify yourself promptly and correctly may negate some of the protections you seek from GoldCore. You hereby indemnify and keep indemnified GoldCore against losses which arise out of your failure to identify yourself promptly and correctly.

7. Data About You

7.1To provide the service GoldCore needs to record and process information about you and you permit GoldCore to do so. GoldCore does not disclose data about you to third parties except where required either:

(i)in the ordinary administrative course of verifying identity and sources of bank funding and completing your GoldCore transaction(s); and/or

(ii)where you specifically request us to use your data for the purposes of supplying other services;

(ii) where required by law.

7.2GoldCore provides other services other than the Services. We may from time to time send you details of such additional services. However, your data will not be given to or used by employees providing such additional services unless you specifically request or instruct GoldCore to do so. If you do not wish to receive unsolicited information in relation to additional services offered by GoldCore, please indicate this when signing these Terms and Conditions.

7.3Save as provided above, we do not share customer details or details of customer purchases with any third party nor do we currently have any general reporting requirements to any third parties including governmental agencies.

8. Contact Details

GoldCore will maintain the following contact details for you:

4 an email address;

5 a mobile telephone;

6 a home telephone; and

7 a home address.

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

You agree to notify GoldCore within 30 days of any changes to your contact details .

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

9. Communication Between Us

9.1Your primary means of communication with GoldCore will be via email / telephone or in person. You may also submit questions and access responses and general information and carry out certain transactions using the client query tool located on the Website.

9.2Email

GoldCore will, from time to time, send off-line information to you by email including , but not limited to, acknowledgements of changes to your key account settings, order confirmations, execution advices, contracts and changes to these Conditions. The GoldCore system records all outward email transmissions.

It is your responsibility to ensure that any nuisance email filters in use by you or your email service providers are not configured to block email from GoldCore.

You understand and accept that GoldCore shall be deemed to have been duly given or transmitted an email to you when it places onto the public part of the Internet an email correctly addressed to your email contact address as notified to GoldCore.

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

9.3Post

GoldCore may send information to you by post to your address as notified to GoldCore. Any information so posted shall be deemed to have been served or given 48 hours after posting and proof that an envelope containing such information was properly addressed prepaid and posted will be sufficient evidence that the information has been duly served or given.

9.4Telephone

GoldCore may contact you by telephone on the telephone numbers advised to us for the purposes of confirming any orders for any Services and in particular to confirm the applicable Unit Price prior to concluding a sale or purchase of precious metals with you or on your behalf. Calls may be recorded without the use of any warning, in order to assist with our monitoring and compliance procedures, and to avoid misunderstandings. Such records will be our property and will be accepted by you as evidence of your orders or instructions. We may use the recordings and /or transcripts for any purpose which we deem desirable and the recording of any such telephone calls shall be admissible as proof of the matters discussed therein.

9.5Website Usage

Access to and use of the Website for information purposes and to avail of any Services shall be subject to all usage terms and conditions, policies and procedures specified from time to time on the Website. When you register on the Website, you will be asked to provide a username and password which may be changed by you from time to time. You shall be responsible for protecting the confidentiality of your username and password. You shall notify GoldCore immediately should you suspect or become aware that your username or password has become known or available to any unauthorised person. GoldCore shall have no liability or responsibility to you for acting on instructions purporting to be given by you via the website (whether or not you in fact gave such instructions) where your username and password have been correctly input in connection with such instructions. In accessing the Website and availing of any of the Services or information available on or via the Website, you accept and are deemed to accept that electronic mail messaging and internet communication may not be free from interference by third parties and may not remain confidential. The use of the Website is at your sole risk.

10. Client Accounts

You acknowledge and agree that any payments, pre-payments or payment on account (collectively “Payments”) made by you to GoldCore shall be lodged in a segregated client account known as GoldCore Client Funds Accounts maintained by us at our banks for the express purpose of pooling un-invested Customer monies (the “Client Account”). GoldCore shall maintain separate client accounts for each Customer in respect of monies held in the said pooled bank accounts.

GoldCore may withdraw monies held to the credit of the Client Account on behalf of a Customer for the following purposes:

(i)to pay for purchases of precious metals and/or any of the other Services ordered by the Customer;

(ii)to transfer monies to the GoldCore Perth Mint Client Funds Account to be held on behalf of such customer for satisfying payments to the Perth Mint;

(iii)to transfer monies belonging to the Customer to that Customer;

(iv)to pay GoldCore in respect of any fees, charges and commissions earned according to a Contract and these Conditions.

11. Acceptable Ways of Making Pre-payments

GoldCore shall not be obliged to accept any orders for transactions, pre-payments or monies on account sufficient to cover the value of the transaction must be received in cleared funds in our Client Account. Pre-payments may be made by electronic transfer, debit card, bank draft or cheque made payable to GoldCore Client Fund Account. Cheques and bank drafts received by us will be lodged to the Client Account by the next Working Day and we will not be obliged to accept or process any orders until such time as they have cleared for use. If making pre-payments by debit card or electronic transfer, you understand that your bank will be expected to identify standard banking data on each incoming payment to the Client Account, including:

(i)your bank name;

(ii)your branch identifying code;

(iii)your account name;

(iv)your bank account number; and

(v)your GoldCore user name or quotation reference number (as the payment reference).

GoldCore retains the right at its absolute discretion to accept an order without receipt of cleared funds. In such circumstances GoldCore will retain the right not to make delivery of the ordered metals until cleared funds have been received. In the event that funds do not clear, GoldCore shall retain the right to seek full payment from the Customer for the order or cancel the order. In the event that the order is cancelled on such basis, the Customer shall be fully liable to pay any and all losses and or administration expenses relating to said order.

You accept that a failure by your bank to identify the source of your money may delay the Client Account being credited or the funds in the Client Account being allocated and credited to your client account with GoldCore. In such circumstances, GoldCore may place your money in a suspense account until such time as the correct remittance details are established to GoldCore’s satisfaction.

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

12. Unacceptable ways of making pre-payments

12.1 You understand that you may not merge funds belonging to different parties within a single GoldCore account. You understand that where deposits from differently owned sources merge, or appear to merge, GoldCore is entitled to return the funds to the source having deducted a reasonable processing fee.

12.2 You represent confirm and warrant that you are the legal and beneficial owner of any monies transferred or paid to the Client Account and no other person has any right or entitlement thereto.

12.3 We do not accept banknotes or coins for credit to the GoldCore Client Account.

12.4GoldCore reserve the right to hold final delivery of any metals purchased by the Customer until a time that all outstanding balances owed by the Customer to GoldCore have been dispatched and settled.

12.5The Customer unequivocally states and guarantees that any and all monies or assets used to make purchases and any and all proceeds or derived benefits from or as a result of any transaction entered into with GoldCore shall be compliant with international law, Irish Law and US Law with regard to the financing of terrorist activities.

13. Prices and Quotations

Unless stated otherwise all Unit Price quotations given by GoldCore for the purchase and sale of bullion are indicative only and subject to movement in accordance with the Metal Price of the precious metal concerned.

Where quotations will hold good for a specified period, this will be stated. However, in the event of a sudden or material change in the underlying Spot Metal Price between the time such quotation is given and the order is placed, we reserve the right to withdraw the quotation. In such circumstances a new Unit Price will be quoted, prior to accepting a Customer’s order for a trade.

Quotations will include provision for any VAT that applies and for which Goldcore is required to account. In most cases, there should be no VAT chargeable as investment gold and currency is exempt from VAT. However, in certain cases, it may be that because of the nature of the product, or the Customer’s location, Goldcore has an obligation to account for VAT, which it is not aware of at the time of giving the quotation. In such cases, Goldcore reserves the right to revise its quoted price to include such VAT prior to accepting an order.

Goldcore shall not be responsible for any VAT or customs charges imposed on the Customer by the revenue authorities of that Customer’s jurisdiction (other than Ireland). The Customer shall be responsible for and shall discharge all customs and excise charges and VAT payable by it on importation by the Customer of metal products into a jurisdiction other than Ireland.

14. How Your Orders are Processed

14.1PURCHASES AND SALES WITH THE PERTH MINT CERTIFICATE PROGRAMME:

GoldCore is an authorised dealer for the Perth Mint Certificate Programme. If you wish to transact business with the Perth Mint, You must complete the PMCP Application Form for international clients. Dealings with the Perth Mint shall be governed by the Perth Mint Certificate Programme Operating Procedures and Condition of Application for international clients (the “Perth Mint Terms”). The Perth Mint Terms govern all transactions with or concerning the Perth Mint and where inconsistent with these terms and conditions, the Perth Mint Terms shall prevail. A copy of the Perth Mint Terms and the PMCP Application Form for international clients are attached at Appendix 1. By signing and returning to us a PMCP Application Form, You agree and represent that you have read and understood and agree to be bound by the Perth Mint Terms.

The following summarises how purchases and sales through the Perth Mint Certificate Programme are dealt with via GoldCore. In the case of any conflict between this summary and the Perth Mint Terms, the Perth Mint Terms shall prevail:

Purchase

* By telephone or email

Subject to the Customer having cleared funds in the Client Account, sufficient to cover the cost of the transaction, GoldCore will seek verbal confirmation of the Customer’s wish to proceed to execute the order and once received will then execute the order as per the instruction at the next available GoldCore Trading Opportunity at the Unit Price. Following confirmation of execution GoldCore will issue a confirmation directly to the Customer.

* Online

Subject to the Customer having cleared funds in the Client Account sufficient to cover the cost of the transaction, a Customer may confirm a trade online via the Website during Business Hours, in respect of transactions having a value not exceeding the Daily Product Limit. The Unit Price will remain live for at least 10 seconds, after which time the Unit Price may update.

Online trades will be treated as offers to trade by the Customer subject to acceptance by GoldCore. Confirmation of acceptance shall be given by email or a confirmation letter within 24 hours of placement. A Customer’s order will not be deemed completed or confirmed until an acceptance of the order has been sent by GoldCore to the Customer.

Certain orders of a product type or valuation may be referred to the trading desk for confirmation.

Sale & encashment

When a Customer wishes to en-cash all or part of their Perth Mint Certificate holding, the Customer must return to GoldCore the original Certificate with the reverse of the Certificate appropriately completed. This will include:

* Name of Transferee – GoldCore;

* Name of Owner – Customer’s Name;

* Signature of Owner;

* Date;

* Bank payment details

GoldCore will transmit the Certificate to the Perth Mint. No funds will be returned until the original Certificate is received by The Perth Mint via GoldCore and confirmed as being authentic.

To execute the sale GoldCore must receive a signed letter requesting the sale of the required amount of precious metal. This letter should also include the bank details where the funds are to be transferred, unless already specified by the Customer upon opening the account.. Please note that the funds can only be returned to the beneficial owner of the Certificate.

Upon receipt of the instruction to sell, GoldCore will place an order to sell the requested amount of precious metals at the next available GoldCore Trading Opportunity, subject to instructions from the Customer.

Customers can expect to receive the proceeds of the sale within 10 working days of GoldCore receipt of the completed Certificate. A confirmation of the sale will be issued directly to the Customer upon receipt of the confirmation of the executed sale from The Perth Mint. This should be expected within one working day of receipt of the completed Certificate. Customers shall be charged any and all bank transfer charges associated with the return of sale proceeds.

FROM TIME TO TIME, PAYMENTS MAY BE DELAYED DUE TO INTERMEDIARY SYSTEM OUTAGES, LOST POST, FORCE MAJEURE.

14.2OTHER PURCHASES AND SALES:

Purchases of Coins and Physical Bullion

* By telephone or email

Subject to the Customer having cleared funds in the Client Account sufficient to cover the cost of the transaction, GoldCore will seek verbal or written confirmation of the Customer’s wish to proceed to execute the order and once received will execute your coin or physical bullion order at the price quoted for the coins or the Unit Price (as the case may be) at the next GoldCore Trading Opportunity.

* Online Trading

Certain orders of a product type or valuation may be referred to the trading desk for confirmation.

Sales of Physical Bullion (including investment grade coins and numismatic coins)

If you wish to sell physical bullion to GoldCore, please contact our offices. GoldCore will indicate whether it is interested in principle in purchasing such physical bullion subject to quality and agreed price. In such circumstances, GoldCore will arrange on behalf of the Customer, at the Customer’s cost and risk, for the physical bullion to be collected and shipped to a GoldCore approved depository for assay and / or authentication purposes unless said bullion has remained within the GoldCore Chain of Integrity. Subject to such assay and / or authentication being acceptable to GoldCore (at its absolute discretion), GoldCore shall make the Customer an offer to purchase the physical bullion. A Customer may accept such offer by telephone or by email or online for at least 20 seconds after such offer is made, after which it shall be deemed withdrawn. In addition during such period, GoldCore reserves the right to withdraw such offer in the event that there is a market movement in the price of the underlying asset which in the sole opinion of GoldCore is significant, either in percentage terms or having regard to the size of the trade. The Contract in respect of such purchase shall be formed as of and on the date on which the Customer accepts an offer which has not been withdrawn in accordance with this condition, provided that if the Customer purports to accept an offer (the “Original Offer”) which has been deemed withdrawn, such acceptance shall constitute a new offer by the Customer to sell on the terms contained in the Original Offer which may be accepted by GoldCore issuing a confirmation of purchase in writing or by telephone, in which case the Contract shall be formed as of and on the date on which GoldCore issues such confirmation (the “Contract Date”).

The Customer can expect to receive the proceeds of sale within ten Working Days of the Contract Date.

FROM TIME TO TIME PAYMENTS MAY BE DELAYED DUE TO PUBLIC HOLIDAYS, INTERMEDIARY SYSTEM OUTAGES, LOST POST, FORCE MAJEURE.

If you do not accept our offer to purchase, GoldCore shall arrange on behalf of the Customer and at the Customer’s cost and risk to ship the coins back to the address from which they were collected. The cost of shipping to and from the depository and the assay and / or authentication costs of the depository shall in such circumstances be paid by the Customer. The risk in the coins from the time at which they are picked up and shipped to the depository, held at the depository and until sale to GoldCore or delivered back to the original location shall remain with the Customer and GoldCore shall not have any responsibility for any loss or damage to the goods unless same arises directly as a result of the wilful misconduct or gross negligence of GoldCore.

UNDER NO CIRCUMSTANCES WILL WE ACCEPT PHYSICAL BULLION DELIVERIES AT ANY OF OUR OFFICES.

* Johnson Matthey Pooled Accounts

GoldCore maintains pooled metal holding accounts with Johnson Matthey plc on trust and on behalf of Customers in respect of the deposit of unallocated precious metals such as platinum, palladium, iridium, rhodium and ruthenium (“Precious Metal Accounts”).

Customers may purchase unallocated holdings of such metals to be held as part of the relevant Precious Metal Account. This facilitates a Customer to purchase and deposit holdings of precious metals in quantities which such Customer might not otherwise be permitted to purchase and deposit directly with Johnson Matthey plc.

GoldCore maintains such Precious Metals Accounts as a pooled account for and on behalf of all Customers purchasing and depositing such precious metals and will maintain adequate ownership records to identify the precious metal owned by each Customer and comprised in each such Precious Metal Account.

The Customer accepts and acknowledges however that the safety of that Customer’s ownership of the relevant precious metal holding comprised in the relevant Precious Metal Account is dependent on the ongoing performance by Johnson Matthey plc of its obligations to GoldCore in respect of such Precious Metal Account.

In the highly unlikely event that Johnson Matthey plc was to be liquidated or wound up in circumstances where it was unable to pay its debts, the Customer accepts that GoldCore’s liability to the Customer in respect of that Customers ownership of precious metal comprised in the relevant Precious Metal Account would be limited to that Customer’s pro rata share of such amount (if any) as GoldCore was able to prove for, or recover in respect of the total holding comprised in such Precious Metal Account.

15. Gold Saver Account

15.1 Description

The Gold Saver account allows investors to allocate a fixed monthly investment sum for the purpose of purchasing gold bullion.

15.2 Availability

This programme will only be available to residents of the UK and the Republic of Ireland

15.3 Term

Initial contract term will be for a minimum of 12 months consisting of 12 equal monthly payments. The monthly investment sum will be nominated prior to the initiation of the contract by the investor. The monthly investment sum will be not less then £150 for UK residents or €150 for Irish residents.

15.4 Charges and payment of fees

Credit Cards will be charged a 2.500% processing fee.
All Buy trades will be charged at 5.000% over the USD London AM Fix on the day of trading
All Sell trades will be charged at 1.000% below the USD London AM Fix on the day of trading
Local currencies will be converted to US Dollars at the prevailing retail rate prior to the day of trading
An Annual Storage Charge of 1.000% will be charged on all stored balances.
Early Termination charge will be 10% of the accumulated investment sum or a fixed penalty charge of €100 / £100, which ever is the greater.

15.5 Operation

The programme will deduct an agreed investment sum each month from your nominated bank account via a Direct Debit mandate or credit card or Debit card. The monthly investment sum will be processed no later then the 2nd day of the month. The investment will be made on a date selected by GoldCore which falls between the 4th and the 8th days of the month (the Gold Saver Trade Date). The order will be placed at the US Dollar Gold AM Fix price, as defined by the London Bullion Market Association. Your order will be processed and confirmed to you no later then 48 hours after the trade has taken place. You will be notified of the number of ounces that you have purchased. Ounces will be rounded down to three decimal places.

15.6 Valuations and reporting

Within 48 hours of any Gold Saver trade we will notify you via email that a trade has been made. You must login in to your online account in order to view the actual trade details.

15.7 Cancellation

You may cancel the contract at any time by giving two months written notice. If the contract is cancelled before the initial contract term is complete you will incur an early termination charge of 10% of the investment sum or a fixed penalty charge of €100 / £100, which ever is the greater.

GoldCore offer all clients a “Cooling Off Period”. As such you may cancel your account within 15 days of account opening date. If you have transacted within that period of time, early cancelation charges may apply.

15.8 Conversion options

You may convert any Gold Saver Gold bullion balance to a deliverable formatted product once the total ounces held in your account is not less then 10 Troy ounces. In the event that your balance is less then 10 Troy ounces you may only opt for cash value settlement. The value of the cash settlement will be based upon the US Dollar Gold Am fix on the day of the next Gold Saver Trade Date. Settlement proceeds will be remitted to the nominated bank account. In the event that a conversion to a different format, such as gold bullion coins, is chosen any and all costs associated with a purchase of said bullion formatted product will be paid by the Customer.

16. Delivery

16.1Save as provided below, all physical bullion will be delivered to the Customer’s home or business address, or authorised depository (as specified by the Customer) within 30 days of the sale. Delivery shall take place when the goods are made available at the address specified by the Customer. Provided always, that in the event that the Customer is liable to and fails to discharge any importation taxes, payable by it, delivery shall be deemed have occurred one Working Day after the date on which the customs authority in the relevant jurisdiction or the carriers, shippers or agents (as the case may be) notifies the Customer that the goods are available for collection subject to the payment of such taxes.

16.2 For rare or unusual coins or where there are known shortages in the market, delivery may take longer than 30 days and in such circumstances, the Customer’s express agreement to a longer delivery time will be sought in respect of the relevant Contract.

16.3 It shall be the Customer’s responsibility to ensure that the Customer or a trustworthy person authorised by the Customer to receive the goods (an “Authorised Person”) is available at such specified address to take delivery and GoldCore and its carriers, shippers and agents shall be entitled to assume that any person taking delivery of the goods at the address specified by the Customer is an Authorised Person.

16.4 The Customer or Authorised Person must sign for receipt of the goods and such act, without reservation, shall amount to prima facie evidence that the goods have been received in good condition. If at the time of delivery the Customer or Authorised Person contends that the packaging has been opened or damaged or that seals have been broken or removed or that unpacked items are damaged, then the Customer or Authorised Person must record any such irregularities on the receipt from the carrier and notify GoldCore immediately. If the Customer or Authorised Person refuses or is unavailable to take delivery of the goods or if the goods cannot be handed over for any reason not due to the negligence of the GoldCore or its carriers, then GoldCore may arrange for the goods to be placed in storage. All costs of this will be borne by the Customer and GoldCore shall assume no liability whatsoever (whether for negligence, loss, non-delivery, mis-delivery, theft or otherwise) to the Customer in such circumstances except if there has been wilful misconduct by GoldCore in the storage arrangements.

16.5 Risk in the goods shall pass to the Customer on delivery.

17. No Right of Cancellation

As the price for the supply of precious metals is dependent on price movements in the financial market, which GoldCore cannot control, you do not have any right of cancellation in respect of orders placed and Contracts formed for the purchase of precious metals. However, where practicable, GoldCore will use reasonable endeavours to assist Customers to cancel orders, where such cancellation is sought prior to GoldCore fulfilling the order by purchasing bullion for resale to the Customer on the financial markets. Customers who wish to cancel any order for the purchase of bullion should contact GoldCore immediately by telephone to see whether it is possible for such orders to be cancelled.

18. Storage Services

18.1 GoldCore will store precious metals, bullion or coins (hereinafter referred to as metals) on the Customer’s behalf subject to Schedule 2.0: Storage Policy and Procedures. GoldCore shall retain responsibility to you for record keeping and administration but shall sub-contract the physical storage of metals and coins to a custodian or provider of secure storage facilities (a “Storage Provider”).

18.2 GoldCore will be deemed to take delivery of metals for the purposes of providing storage services at the following times and locations:

(a) where a Customer requests prior to or at the time of purchase of metals from GoldCore that GoldCore will following such purchase, store such metals on the Customer’s behalf and GoldCore has accepted such request, at the time on which such Contract for purchase is concluded and at the location of the metals at the time such Contract is concluded;

(b) in all other circumstances, GoldCore shall take delivery of metals for storage at the location of the Storage Provider on the date on which the metals are accepted by the Storage Provider for storage.

18.3 At Customer's written request, GoldCore will ship stored metals within seven (7) Working Days of Customer's request for delivery and payment of shipping charges and administrative charges as outlined in the schedule. This delivery period may be extended due to circumstances beyond GoldCore’s control – such as delays due to the depository or shipper.

18.4 Storage fees

Storage fees shall be charged in accordance with the Schedule of Charges.

18.5 Lien

GoldCore shall have a general lien on all metals it possesses or controls in respect of unpaid storage fees whether or not relating to goods over which the lien is exercised. GoldCore shall have the right and shall be authorised to sell the metals or any part thereof if after a period of fourteen (14) Working Days written notice of the exercise of its lien, if payment in full has not by then been made. Such sale will be as agent of the Customer. GoldCore will apply the sale proceeds first to the sums due to it under this Condition and the costs of sale and will account to the Customer for the balance with fourteen (14) Working Days of receiving the sale proceeds.

18.6 Limitation of Liability

The Customer’s attention is specifically drawn to this Condition. GoldCore shall exercise due skill, diligence and care in the selection and appointing any Storage Provider and shall ensure that the Storage Provider is a reputable storage provided with appropriate expertise in the business of managing the receipt, storage and re-delivery of precious metals according to best industry practice. GoldCore shall not otherwise be liable for the acts of the Storage Provider unless the selection of such Storage Provider was made negligently or in bad faith. The Storage Provider’s liability to GoldCore in respect of storage services may be limited under its terms and conditions and a copy of such terms and conditions will be given to a Customer on request.

GoldCore undertakes to ensure that your precious metals are insured against theft or damage according to accepted industry standards. The Customer acknowledges that such insurance will be subject to exclusions in line with insurance industry practice. Save as aforesaid, all metals are stored or otherwise dealt with at the sole risk and peril of the Customer.

18.8 Ownership

All precious metals and coins stored by GoldCore are held on bailment for the Customer and this means that they shall remain the absolute property of the Customer whilst in storage. Provided however that the Storage Provider will have a lien over all metals stored by GoldCore in respect of storage fees payable by GoldCore. GoldCore undertakes to pay all such storage fees promptly when due. In this regard, save as specified above, the insolvency of GoldCore or the Storage Provider would not affect your property rights in respect of metals or coins stored on your behalf, albeit that such circumstances could result in delay and inconvenience in retaking of custody of your property.

19. Intellectual Property Rights

All Intellectual Property Rights used or embodied by GoldCore in or on its website, or in its documentation or in or concerned with the sale of precious metals or supply of services herein contained are and shall remain the sole property of GoldCore.

20. Force Majeure

GoldCore shall have no liability to a Customer under these Conditions or under any Contract if it is prevented from, or delayed in performing, its obligations under the said Contract or these Conditions, or from carrying on its business, by acts, events, omissions or accidents beyond its reasonable control, including (but without limitation) strikes, lock-outs or other industrial dispute (whether involving the workforce of GoldCore or any other party) or failure of a utility service or transport network, system failures, intermediary system outages, postal failure or losses (either of GoldCore or of any other party), act of God, war, riot, civil commotion, malicious damage, compliance with any law of Governmental order, rule, regulation or direction, accident, breakdown of equipment, plant or machinery, fire, flood, storm or default of suppliers or sub-contractors.

21. Limitation of Liability

The Customer’s attention is particularly drawn to this condition. This Condition sets out the entire financial ability of GoldCore (including any liability for the acts or omissions of its employees, agents, consultants and sub-contractors) to the Customer in respect of:

(a)any breach of a Contract;

(b)any failure to supply any service or fulfil any order hereunder;

(c)any representation, statement or tortuous act, or omission (including negligence) arising under or in connection with a Contract.

Nothing in these Conditions limits or excludes the liability of GoldCore:

(a)for death or personal injury resulting from negligence; or

(b)for any damage or liability incurred by the Customer as a result of fraud or fraudulent misrepresentation by GoldCore;

(c)for any liability incurred by the Customer as a result of any breach by GoldCore of the condition as to title implied by Section 12 of the Sale of Goods Act, 1893.

All warranties, conditions and other terms implied by statute or common law and all non –contractual obligations, are to the fullest extent, permitted by law excluded from these Conditions and any Contract.

Save as aforesaid, GoldCore shall under no circumstances be liable for loss of profits, loss of business, depletion of goodwill or other similar losses, or any other special, indirect consequential or pure economic loss, cost damages, charges or expenses or fall in the value of any precious metal or currency which arise out of, or in connection with, any Contract or these Conditions.

Without prejudice to any other provisions of this Agreement, GoldCore’s total liability in contract, tort (including negligence or breach of statutory issue), misrepresentation, restitution or otherwise arising or in connection with the performance of any contract or contemplated performances of any contract and/or these Conditions shall be limited to the value of the Customer’s precious metal from time to time deposited with or by GoldCore together with the value of any cash balance held to the credit of the Client Account on behalf of such Customer.

22. Complaints Resolution

22.1 If you have any complaints in relation to the service being provided by GoldCore, you should contact this office immediately. In particular, if you dispute, disagree with or have any issue with the content of any communication sent to you by email or by post in accordance with Condition 9 you must contact GoldCore immediately. GoldCore shall be entitled to assume your acceptance of the content of an email or postal communication if within three calendar days of the date of transmission to the correct email address or the date of service of such postal communication (as the case may be), no response from you has been received by GoldCore.

22.2 GoldCore shall use all reasonable endeavours to resolve any issues communicated to it by you, but you acknowledge that any delay in communicating such dispute, disagreement or issue may prevent or reduce the value of any resolution of such matter.

23. Your Status

By placing an order with us in respect of any of the Services and entering into a Contract in respect of any of the Services, you warrant, undertake and represent to us that:

(a) you are legally capable of entering into binding contracts;

(b) you are at least 18 years old;

(c) you are and shall comply with the laws of the territory from which you make any order or access the GoldCore website (including without limitation the laws of Ireland);

(d) you shall at all times be solely responsible for obtaining any authorisation required by any authoritative body in the territory in which you are based.

We reserve the right at our discretion to refuse orders from any person whom we believe may be prevented under the laws of any jurisdiction from transacting for the Services or whom we believe that GoldCore may not supply under the law of that jurisdiction, whether or not such law or impediment actually exists or might be enforceable or otherwise have extra-territorial effect.

24. Governing Law

These Conditions (including all schedules and appendices hereto) and any Contract between GoldCore and a Customer and any dispute or claim arising out of or in connection with it or its subject matter or information (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of Ireland and the parties irrevocably agree that the Courts of Ireland shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with these Conditions or any Contract or its subject matter or information (including non-contractual disputes or claims).

I acknowledge and agree to be bound by the above Conditions by virtue of my signature here given or my acceptance online in passing trough the resistration screen.

Schedule 1.0 – Identification of Customer

(a)Personal Accounts

One item from List 1 and one item from List 2

List 1 Proof of Identity
Certified copies of official state identification, which can be either:
* A Current Passport OR A Drivers License
* An Original Birth Certificate

List 2 Proof of Address
Certified copy of the following:
* 2 X Recent utility bills / Bank Statements / Tax certificate
In each case showing Your residential address and dated within the last three months.

Certification of documents can be carried out by a member of GoldCore staff, the Police, your bank or building society manager, a chartered or certified public accountant, notaries public or practising solicitor or a manager with the Post Office or embassy or consulate staff.

(b)Company Accounts

* Certified copy of the Memorandum and Articles of Association;

* a list of the directors, with full names,

a list of any shareholders holding more than 10% of the share capital, stating names and addresses.

In order to allow a SASS or SIPP beneficiary to open an account we will need to establish the identity of all entities associated with the account, including the beneficiary and the operating authority. Establishing the identity of the Pensioner Trustee Company need only be done once by the trustee and will apply to all accounts opened their after, (subject to updates and material changes). In order to proceed please complete the following tasks:

1.The Pension Trustee Company must establish its identity (once only)

The Pensioner Trustee Company must establish its identity by providing the following:

* Certified copies of Memorandum and Articles of Association
* Certified copies of the share certificate and certificate of incorporation
* A list of Directors
* An official letter appointing a list of operating authorities and signatories.
* Certified copies of the nominated operating authorities’ identity documents; a passport, driver’s license and a recent utility bill for each authority.

2. The Pension Trust Scheme incorporating documents, (for each account)

* Provide a copy of the incorporating documents that establish the scheme and its operating rules and operating authorities.

* One completed application form. The account name should be stated as the full legal title of the pension trust i.e. “John Smith, Pension Trust” the operating authority should clearly state the name and signature of the operating authority /nominated pensioner trustee. The joint signatures box should be ticked.

3. The Beneficial owner of the Pension Trust must establish their identity, (for each account)

* Certified copies of the beneficial owner’s identity documents; a Passport, Drivers License and a recent utility bill.
* One completed application form. The account name should be stated as the full legal title of the pension trust i.e. “John Smith, Pension Trust” the operating authority should clearly state the name and signature of the operating authority /beneficial owner. The joint signatures box should be ticked.

Schedule 2.0 - Storage Policy and Procedures

Receipt of metals

The contract for storage shall begin from the first date that a Customer’s metal is received at any of the storage facilities that are used by GoldCore. The contract for storage shall cease from the date that a Customer’s metal leaves any of the storage facilities used by GoldCore not bound for another storage facility used by GoldCore.

Unique Storage Account Numbers and Passwords:

GoldCore will issue each Customer availing of storage services with a unique storage account number.

Transferring of metal positions:

Upon request GoldCore will arrange for the transfer or delivery of Customer’s metal. A signed transfer request form is required to be completed prior to any transfer or delivery being entertained. Upon verification of identity GoldCore will make the necessary arrangements and advise the Customer of the charges incurred. No transfer or delivery will be affected until all outstanding storage charges and delivery charges have been paid.

Charges and payment of fees

Annual Storage Charge will be agreed in advance with the Customer. Fees will be charged in arrears. Fees will be calculated on the basis of the average daily stored ounces multiplied by the average daily gold price for the period as determined by the London AM Fix published by the LBMA multiplied by the daily storage rate.

Appendix 1

The Perth Mint Terms and Application Form

The Program
The Perth Mint Certificate Program (PMCP) is operated by Gold Corporation, an international precious metals refining, minting and trading group wholly owned by the Government of Western Australia.
The Program offers investors a unique range of precious metal storage options on attractive terms, under Government Guarantee. The PMCP is the only Government Guaranteed certificate program in the world.

The Perth Mint Certificate gives you legal title to precious metals deposited on either an Allocated (segregated) or an Unallocated (unsegregated) basis with The Perth Mint. The Certificate is in your name and identified by a Certificate number. The Perth Mint also assigns a client code to ensure the confidentiality and security of your storage account.

The PMCP is especially suitable for investors seeking confidentiality, flexibility and low cost secure storage for their precious metal assets. No GST is levied on purchases and sales of precious metals in Australia. A comprehensive range of internationally recognised Perth Mint bars and coins is available.

Approved Dealers
The Perth Mint has appointed independent Approved Dealers around the globe to provide an efficient international network for its PMCP clients.

Your Approved Dealer is one of the select few appointed by The Perth Mint.

GoldCore Limited

14 Fitzwilliam Square
Dublin 2
Ireland

tel: +353 1 6325010
web: www.goldcore.com

If you have any questions on the PMCP, please contact:
Client Relations Executive
Perth Mint Depository GPO Bax M924, Perth, Western Australia 6843
Ph: (61 8) 9421 7280
Fax: (61 8) 9221 7074
Email: pmds@perthmint.com.au
Web: www.perthmint.com.au

Office hours: 8.00am to 5.00pm (Perth time)
Your Approved Dealer looks forward to helping you with your precious metal requirements.

Storage Options
Gold, silver, and platinum products can be stored in the following ways:
* Allocated (segregated) Coins or Bars – You have title to specific coins and/or bars, which are placed in a physical form in the PMCP storage facility. You pay the quoted precious metal cost, fabrication charges and storage fees at the time of your purchase.
* Unallocated (unsegregated) Bullion – You have title to precious metal deposited in a storage account. You pay only the precious metal cost at the time of your purchase. You pay NO storage fees on this option. Unallocated metal can be converted to Allocated metal on your instruction. In the case of Allocated storage, an annual storage and insurance fee is payable. Contact your Approved Dealer for a list of current storage fees.
* Calculation of your storage fees is based on the purchase value of your precious metal and is fixed at the time of purchase. Accordingly, future storage fees are not affected by changes to precious metal spot prices or the storage fee schedule.
* Annual storage fees are collected every three years in arrears, with one year’s storage payable at the time of purchase.
* The Perth Mint reserves the right to close your storage facility and/or liquidate your precious metal to recover unpaid storage fees.
* Storage fees are not refundable on collection of metal.

Government Guarantee
All precious metal held under the PMCP in both allocated or unallocated storage accounts is covered by a Western Australian Government guarantee under Section 22(1) of the Gold Corporation Act 1987.
The Mint undertakes to fulfill its client physical precious metal delivery obligations at all times. Under the PMCP Terms and Conditions Clause 7, The Perth Mint has a legal obligation to ensure client precious metal is available for collection within a specific period from the date of receiving a client’s instructions. Hence any use by the Mint of unallocated metal under Clause 3 does not affect a client’s right at any time to sell or request delivery of metal in a physical allocated form.

Gold Corporation, the owner and operator of The Perth Mint, does not use client metal for short selling transactions or any derivative activities. The Mint’s business mission is to provide its many domestic and international investors with one of the world’s safest locations for storing their precious metal assets, and specifically excludes such activities.

The Corporation has a Board of Directors that includes the Under Treasurer of the State of Western Australia or his representative. The Corporation is audited annually by the State Auditor General to ensure compliance with the Financial Administration & Audit Act 1985 and the Gold Corporation Act 1987.

Operating Procedures
Opening a Storage Account
A minimum precious metal purchase of AUD 5,000 is required to open your PMCP storage account. This amount can be held in multiple Perth Mint Certificates. You must maintain a minimum balance of precious metals worth AUD 5,000.

To open a PMCP storage account, you must provide your Approved Dealer with the following documents:
* a properly completed and authenticated Application Form; and
* acceptable identification documentation.
Acceptable identification endorsed by a Notary Public or an equivalent agency is required to ensure the confidentiality and security of your storage account.
Perth Mint Certificates may be held either individually or jointly. For each individual, notarized copies of a birth certificate and any license issued by Australian law (e.g. driver’s license) is acceptable. If you do not have these documents, your Approved Dealer can advise you of other acceptable personal identification documents on request.

A Certificate may also be issued in the name of a trust, superannuation fund or corporation by providing notarised copies of the entity’s relevant documentation. Additional personal identification documents for authorised signatories are recommended where there may be physical collection of metal.

Once your Approved Dealer has accepted your Application Form and received funds, you may purchase any listed precious metal products.

Purchases
Contact your Approved Dealer for a list of available precious metal coin and bar products. The cost of purchasing precious metal products may have up to four components, depending on the type of storage.

Precious Metal Value
The precious metal value is calculated by multiplying the total fine ounces of metal purchased by the Mint’s selling price per ounce. Precious metal prices change constantly, your Approved Dealer shall inform you of the selling price at the time of your purchase.

Fabrication Fee
If you chose a coin or bar product, a fabrication fee shall be payable. Unallocated Bullion currently attracts no fabrication fee. Contact your Approved Dealer for a product list with current fabrication fees.
Storage Fee

If you chose Allocated storage, an annual storage fee shall be payable (see Storage Options for further details). Unallocated storage currently attracts no storage fee.

Certificate/Administration Fee
There is a Certificate/administration fee for each Perth Mint Certificate. Contact your Approved Dealer for details of this fee in your region. Only one product is permitted on each Certificate. There is no limit on product quantity.

Perth Mint Certificates are purchased directly from your Approved Dealer. You may purchase precious metal at the London AM or PM Fix, or at the Perth Mint Spot ask price (the price at which The Perth Mint is currently selling precious metal). The Perth Mint shall issue a Certificate to you and send it to your Approved Dealer, who will forward your Certificate to you, together with the transaction details.

Sales
Perth Mint Certificates can be sold directly through your Approved Dealer. You may sell precious metal at the London AM or PM Fix, or the Perth Mint Spot bid price (the price at which the Perth Mint is currently purchasing precious metal).

You should complete the “To be completed by Owner” section of the Transfer block on the reverse of the Certificate, inserting your Approved Dealer's name as the Transferee, and mail the Certificate to them. Once your Certificate is received and verified by The Perth Mint, it will deposit the sale funds into your Approved Dealer's bank account, who will then forward the funds to you, together with the transaction details.

If you liquidate The Perth Mint will issue you a new Certificate indicating your reduced holding.
Collections

You may arrange collection or delivery of precious metal held on your Perth Mint Certificate at any time. The Perth Mint requires a minimum of ten business days’ notice, depending on the product type for collecting Unallocated holdings and two business days’ notice for Allocated holdings.
Depending on the type of storage you originally selected and the method of delivery, outstanding storage fees, fabrication charges, delivery fees or Certificate fees may be payable. Your Approved Dealer can facilitate the process and ensure it proceeds smoothly.

Lost Certificates
Lost Perth Mint Certificates shall be replaced by The Perth Mint. If you lose your Perth Mint Certificate you must complete an Application for a Replacement Perth Mint Certificate form, which shall be provided by your Approved Dealer on request.

The Perth Mint shall cancel your original Certificate number and issue a new one to you after verifying your Application and receiving payment for a new Certificate fee.

Disclaimers
Investment Advice
Precious metal markets are volatile. Investments in precious metals involve a high degree of risk and are not suitable for all persons. Losses may be incurred both as a result of precious metal price diminution and if any price gains do not exceed applicable storage, handling, delivery and related fees. Investment in precious metals provides no guarantee of interest or yield.

The Perth Mint has not offered or given and shall not provide a Perth Mint Certificate Program subscriber any investment advice in connection with a subscriber’s purchase or sale of precious metals or precious metal products under the Program. If you are in any doubt as to the suitability of precious metals as an investment you should contact your legal and financial adviser before entering the Program.

Jurisdiction
This document does not constitute an invitation to buy or the solicitation of an offer to sell services or products to any person or entity in any state, country or jurisdiction where such an offer or solicitation is unlawful.

Fraud
The Perth Mint shall not be liable for any loss or damage resulting from The Perth Mint acting reasonably in response to a fraudulent instruction where The Perth Mint has no actual knowledge of the fraud.

Conditions of Application
1. Definitions
“Approved Dealer” means an entity to which The Perth Mint has granted the authority to promote the PMCP and liaise with potential Owners; “Business Day” means a day on which banks are open for business in Perth, Western Australia and the United Kingdom and the United States of America, excluding a Saturday, Sunday or public holiday;
“Certificate” means the precious metals certificate issued to Owners by The Perth Mint in accordance with PMCP Operating Procedures;
“Commodity” means gold, silver or platinum held on behalf of an Owner under the PMCP;
“Gold Corporation Act 1987” means the Act of Parliament of the State of Western Australia, being an Act to constitute the Gold Corporation and provide for its functions and the conduct of its business;
“Governmental Agency” means any government or any governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or other entity;
“Operating Procedures” means the Perth Mint Certificate Program procedures published and varied by The Perth Mint from time to time;
“Owner” means any person or entity who applies for a Certificate with respect to the PMCP and is entered on the PMCP register maintained by The Perth Mint;
“PMCP” means the Perth Mint Certificate Program, a program designed and operated by The Perth Mint to service demand for a Commodity;
“Storage Account” means the record of an Owner’s Commodity transactions and balances and cash balances with PMCP;
“Storage Facility” means the safe storage facilities insured, owned and operated by The Perth Mint at its principal office in Perth, Western Australia, or any alternative safe storage facility approved by The Perth Mint;
“The Perth Mint” means Gold Corporation, a body corporate created by the Gold Corporation Act 1987 and trading as The Perth Mint or Perth Mint Depository.

2. Allocated Commodity
2.1 An allocated Commodity will be stored by The Perth Mint at the Storage Facility on the following basis:
a) an allocated Commodity will be recorded:
1. on the Certificate issued in the Owner’s name; and
2. on the PMCP Owner register maintained by The Perth Mint;
b) the Owner will own the allocated Commodity referenced on the Certificate and lodged in the Storage Facility;
c) the Owner’s allocated Commodity will be segregated from the allocated Commodities of other Owners in the Storage Facility;
d) the Owner’s allocated Commodity may not be used by The Perth Mint during storage;
e) the Owner’s allocated Commodity shall be covered at all times by the Government Guarantee described in Clause 5 of the PMCP Terms and Conditions; and
f) the annual storage fee indicated on the Certificate will be payable by the Owner and collected every three years in arrears. A minimum of one year’s storage fees must be paid on initial purchase of an allocated Commodity, which will not be refunded upon conversion to unallocated, liquidation or delivery.

3. Unallocated Commodity
3.1 An unallocated Commodity will be stored by The Perth Mint at the Storage Facility on the following basis:
a) an unallocated Commodity will be recorded:
1. on the Certificate issued in the Owner’s name; and
2. on the PMCP Owner register maintained by The Perth Mint;
b) the Owner will own, as an owner in common, an undivided interest in a pool of Commodities, which need not be stored separately so as to permit identification to the Owner and may be maintained in bulk storage on a fungible basis with the Commodities of other Owners;
c) The Perth Mint may use all or part of an Owner’s unallocated Commodity for its own account as if it were the owner;
d) any gain or loss arising from any use of an Owner’s unallocated Commodity under 3.1(c) will be attributed to The Perth Mint’s account;
e) any use of or dealing in the unallocated Commodity by The Perth Mint shall be without prejudice to an Owner’s right at any time to sell the unallocated Commodity, or to take delivery of the unallocated Commodity in a physical form under Clause 7 of the PMCP Terms and Conditions; and
f) the unallocated Commodity shall be covered at all times by the Government Guarantee described in Clause 5 of the PMCP Terms and Conditions.

4. Delivery
4.1 The Owner or its authorised agent may at any time request The Perth Mint to deliver all or part of the Commodity evidenced by the Certificate to a place nominated by the Owner. The Perth Mint shall not be obliged to comply with delivery instructions unless:
a) the delivery instructions comply with the PMCP Operating Procedures; and
b) the Owner has paid all fees payable to The Perth Mint.
4.2 The Owner will incur a fabrication fee for delivery of an unallocated Commodity if no fabrication fee was paid at the time that it was purchased on behalf of the Owner.
4.3 The Perth Mint may require full payment of all delivery, handling and fabrication fees, in addition to any outstanding storage fees, from the Owner prior to complying with delivery instructions.

5. Purchase and sale of Commodities
5.1 Prompt Payment Required
a) The total purchase cost for a Commodity purchased from The Perth Mint is payable immediately via an Approved Dealer and must be received by The Perth Mint within two business days of the pricing date.
b) If the Owner or Approved Dealer fails to make any payment when due, The Perth Mint will be relieved of all obligations in the transaction and may recover from the Owner or the Approved Dealer as liquidated damages the difference between the purchase price agreed to by the Owner and the price at which The Perth Mint is then offering to buy the Commodity the Owner committed to purchase through the Approved Dealer.
c) The Approved Dealer’s receipt and acceptance of the Owner’s funds after the due date for their receipt shall not constitute a waiver of or limit The Perth Mint’s or the Approved Dealer’s remedies for the Owner’s default and the Owner shall not be entitled to the benefit of any appreciation in the value of the Commodity the Owner committed to purchase but failed to pay for by the due date.
5.2 Title
a) While a Commodity is held on behalf of the Owner in the Storage Facility, title shall at all times remain with the Owner.
b) Title to a Commodity purchased by the Owner via an Approved Dealer from The Perth Mint shall pass to the Owner upon The Perth Mint’s receipt of the purchase cost from the Approved Dealer.
c) Title to a Commodity sold by the Owner to The Perth Mint by the Owner’s transfer of a Certificate to an Approved Dealer, shall pass to The Perth Mint upon payment of the sale proceeds from the transaction to the Approved Dealer.
5.3 Pricing.
The Owner acknowledges that:
a) the prices at which The Perth Mint buys and sells a Commodity are based on international precious metal market prices;
b) The Perth Mint reserves the right to sell to and buy from the Owner on its own behalf; and
c) while The Perth Mint buys and sells precious metals for its own account and for the accounts of its clients, it is not an exchange.
5.4 Default.
If the Owner owes The Perth Mint money, the Owner agrees to pay any amount so owed upon demand by The Perth Mint. If the Owner fails to pay any sum owed to The Perth Mint by the due date, The Perth Mint may at its sole discretion:
a) close the Storage Facility held by the Owner; and/or
b) liquidate assets in the Storage Facility in an amount sufficient to pay any amount owed by the Owner, in which case the Owner hereby irrevocably appoints The Perth Mint as its attorney with full power to sell or otherwise deal with assets in the Storage Facility for that purpose; and/or
c) deduct the amount owed from any sum due to be paid by The Perth Mint to the Owner through the Owner’s Approved Dealer.

6. Joint Account
6.1 If there are two or more Owners as parties to this Agreement, each Owner hereby declares they are the joint owner with each other Owner of rights to the Commodity lodged in the Storage Facility opened in the names of the Owners as joint tenants with rights of survivorship and not as tenants in common.

6.2 Each Owner shall have full power, either before or after the death of any other Owner, to make withdrawals from the Storage Facility and upon the death of any Owner the balance then remaining in the Storage Facility shall be the absolute property of the survivor or survivors as the sole and absolute owner or owners thereof.

6.3 All obligations of Owners under this Agreement are joint and several. This clause shall apply to all Commodities in the Storage Facility and all cheques and drafts payable to the order of any or all Owners, irrespective of whether or not any such cheque or draft shall bear the endorsement of any or all of them.

6.4 Each Owner hereby jointly and severally on behalf of themselves and their respective heirs, executors, administrators and assigns, agrees to indemnify and save The Perth Mint forever harmless from any and all liability, loss or damage, howsoever arising, for relying on the instructions of any such Owner or by reason of delivery or payment to the survivor or survivors of the balance remaining in the Storage Facility at the time of death of any of the Owners.

7. Nature of Terms and Conditions

These Application Conditions and the PMCP Terms and Conditions shall apply to all transactions between the Owner and The Perth Mint, including not only storage but also all purchases from and sales to The Perth Mint of a Commodity.

8. Amendment

8.1 The Perth Mint reserves the right to change the terms and conditions of storage and delivery specified on issuance of the Certificate upon mailed notification to the Owner, and continued use of The Perth Mint’s services by the Owner after receipt of such notice will constitute acceptance of those changes.

8.2 These Application Conditions may be amended by The Perth Mint upon 30 day’s prior notice to the Owner. Continued participation by the Owner in the PMCP constitutes acceptance of the new terms and conditions.

9. Termination

The Perth Mint may terminate the Owner’s participation in the PMCP at any time upon 30 day’s written notice. Upon termination the Owner shall arrange, unless otherwise agreed to by the parties, to transfer the Certificate to an Approved Dealer for liquidation or accept delivery of a Commodity pursuant to these Application Conditions and the PMCP Terms and Conditions.

10. Force Majeure

10.1 Definition

Under this Agreement, Force Majeure means any act, event or cause that is beyond the reasonable control of The Perth Mint, including but not limited to: an act of God, accident of navigation, war (whether declared or not), sabotage, riot, insurrection, civil commotion, national emergency (whether in fact or law), martial law, fire, lightning, flood, earthquake, landslide, storm or other severe adverse weather conditions, explosion, power shortage, strike or other labour difficulty (whether or not involving employees of the party concerned), epidemic, quarantine, radiation or radioactive contamination.

10.2 Scope

If The Perth Mint is unable, wholly or in part, to perform any of its obligations under this Agreement as a result of Force Majeure, then:

a) The Perth Mint shall give to the Client prompt notice of the Force Majeure and, insofar as known to it, the probable extent to which it shall be unable to perform, or be delayed in performing its obligations;

b) these obligations shall be suspended, but only so far and for so long as The Perth Mint is affected by the Force Majeure;

c) The Perth Mint shall resume performance of its obligations under this Agreement as soon as it is no longer affected by the Force Majeure.

11. General

11.1 The Perth Mint reserves the right to reject any application for participation in the PMCP.

11.2 On acceptance of an application to participate in the PMCP by The Perth Mint, The Perth Mint shall send to the Owner’s Approved Dealer, for delivery to the Owner, a Certificate clearly delineating the Commodity stored on behalf of the Owner, as well as the name of the Owner. Such a Certificate shall be considered correct unless the Owner or the Owner’s authorised agent notifies The Perth Mint no later than ten days after receipt of the Certificate.

11.3 If the Owner has authorised an agent (which may include the Owner’s Approved Dealer) to provide directions to The Perth Mint on behalf of the Owner in accordance with an operating authority:

a) a the Owner represents and warrants that such agent shall not have independent or discretionary authority to give directions on behalf of the Owner to The Perth Mint, and that all directions given to The Perth Mint by the agent are only at the specific instruction of the Owner;

b) The Perth Mint shall be entitled to rely on all directions provided by such agent as directions authorised by and given on behalf of the Owner until The Perth Mint is notified in writing by the Owner that such authority has been withdrawn;

c) The Owner shall hold The Perth Mint harmless for following the directions of such agent until written notice of withdrawal of the agent’s authority is received from the Owner by The Perth Mint; and

d) the Owner acknowledges that The Perth Mint is not liable for any loss or damage resulting from The Perth Mint acting reasonably in response to a fraudulent instruction where The Perth Mint has no actual knowledge of the fraud.

11.4 The Owner agrees to pay, indemnify and save harmless The Perth Mint from and against any tax or other levy, including any goods or services tax, imposed by any Governmental Agency, now or in the future, in respect of ownership, transfer, liquidation or delivery of the Owner’s Commodity or any dealing on any Storage Account relating to the Owner’s participation in the PMCP.

11.5 A schedule of fees may be published by The Perth Mint from time to time, which will include handling and storage and fabrication fees. Any costs incurred in respect of special arrangements requested by the Owner for the delivery or storage of a Commodity must be paid in full by the Owner. Fees may be subject to variation from time to time, and notice of any variation will be forwarded to the Owner.

11.6 The Owner acknowledges and agrees that:

a) The Perth Mint has not offered or given and will not provide any investment advice in connection with a Commodity and has not offered or given any opinion with respect to the suitability of any Commodity transaction made or which might be made by the Owner;

b) Commodity markets are volatile. Investments in Commodities involve a high degree of risk and are not suitable for all persons. Losses may be incurred both as a result of Commodity price diminution and if price gains do not exceed applicable storage, handling, delivery and related fees. The Owner has read and understands the terms of these Application Conditions and the PMCP Terms and Conditions and acknowledges that all risk of decline in the market value of a Commodity is the Owner’s risk and not that of The Perth Mint. If a client is in any doubt as to the suitability of a Commodity as an investment he should contact his legal or financial adviser before commencing trading; and

c) investment in a Commodity provides no guarantee of interest or yield.

11.7 The terms of the Owner’s involvement in the PMCP, including details provided by the Owner for the purposes of identification, must remain confidential between the parties and their authorised agents (including the Owner’s Approved Dealer), subject to any applicable laws, statutes or regulations and the obligations of each party.

11.8 If a Certificate is lost or destroyed, the Owner must notify The Perth Mint immediately on becoming aware of the loss or destruction by sending The Perth Mint a duly executed Lost Certificate Form in the format required under the PMCP Operating Procedures. Upon receipt of a correctly executed Lost Certificate Form, The Perth Mint will cancel the lost certificate and issue a replacement Certificate in the name of the Owner to the Owner or the Owner’s authorised agent (which may be the Owner’s Approved Dealer) in accordance with PMCP Operating Procedures.

11.9 These application conditions and the PMCP Terms and Conditions shall supersede any oral agreements or representations made on behalf of the Perth Mint.

11.10 The Owner represents and warrants to The Perth Mint that:

a) all representations made by the Owner to The Perth Mint pursuant to this application are true and correct; and

b) performance by the Owner of these Application Conditions and the PMCP Terms and Conditions will comply with all applicable laws.

Terms and Conditions

The Terms and Conditions below appear on the front of each Perth Mint Certificate.

1. The Perth Mint, being the trading name of Gold Corporation, a statutory body corporate existing under the Gold Corporation Act 1987 of Western Australia (“The Perth Mint”) acknowledges insured storage of the commodity described on the Certificate (the “Commodity”) on behalf of the persons identified as the owner on the Certificate (the “Owner”) and agrees to comply with the instructions by the Owner regarding transfer or delivery of the stated Commodity. Delivery to or upon the instructions of any one person who is an Owner identified on the Certificate shall satisfy The Perth Mint’s obligations hereunder.

2. The Perth Mint and the Owner both acknowledge that the Certificate is non-negotiable and that the Commodity described on it is transferable to a new Owner only by executing the Transfer Form on the Certificate and returning it to The Perth Mint, which will amend the register and issue a Certificate in the name of the new Owner. The new Owner agrees to be bound by the Terms and Conditions expressed on the Certificate. Transfer of a Commodity is not complete unless and until entered in the register of The Perth Mint.

3. The Owner acknowledges that it holds at its election either an unallocated Commodity as an owner in common, or an allocated Commodity. An unallocated Commodity need not be stored separately so as to permit its identification to the Owner and may be maintained in bulk storage on a fungible basis with the Commodities of other clients of The Perth Mint. The Owner authorises The Perth Mint to deal with all or part of the unallocated Commodity as if it were the owner, subject to its obligations under the Certificate. The Owner acknowledges that The Perth Mint may be the owner of the Commodity at the time the Certificate is issued.

4. The Owner acknowledges that The Perth Mint is not bound to recognise any security interest in the Commodity described on a Certificate granted by the Owner to any third party. However, if a third party purporting to be a security holder presents the Certificate for transfer by the Owner in accordance with the Terms and Conditions of the Certificate including the signature guarantee of the Owner itself or by attorney, then The Perth Mint will comply with that instruction by the Owner, amend the register and issue a Certificate in the name of that third party as the new Owner in accordance with the Certificate.

5. Subject to these terms and conditions, payment of the cash equivalent of a Commodity due, payable and deliverable by The Perth Mint to the Owner is guaranteed by the Government of the State of Western Australia.

6. The Perth Mint and the Owner both acknowledge that the liability to deliver the Commodity specified on this Certificate will be discharged by delivering it in accordance with the instructions of the Owner, subject to The Perth Mint’s right to deduct all associated charges including, but not limited to, shipping, insurance, accrued storage and fabrication fees as applicable, which shall be at the Owner’s cost. The Perth Mint shall have a lien on the Commodity stored with it and on the proceeds from the sale thereof to secure the payment of such associated charges and for all of its costs in collecting such charges.

7. The Perth Mint and the Owner acknowledge that the Owner’s unallocated Commodity may be converted to an allocated Commodity at any time, which will be available for collection and/or shipment from The Perth Mint no later than ten business days from the date of receiving an Owner’s instruction for conversion. An allocated Commodity will be available for collection and/or shipment from The Perth Mint no later than two business days from the date of receiving an Owner’s instruction. The Perth Mint will not be liable or responsible for delivery delays due to causes beyond its control.

8. The Owner acknowledges that The Perth Mint will charge the annual storage fee indicated on the Certificate for allocated storage of a Commodity, which will be collected every three years in arrears. A minimum of one year’s storage fees must be paid on initial purchase of a Commodity, which will not be refunded upon transfer, liquidation or delivery. The Perth Mint reserves the right to close the Owner’s storage facility and/or sell any or all of the Owner’s Commodity and use the proceeds to recover unpaid storage fees and any other overdue charges.

9. The Perth Mint reserves the right to change the Terms and Conditions of storage and delivery specified on issuance of the Certificate upon mailed notification to the Owner, and continued use of The Perth Mint’s services by the Owner after receipt of such notice will constitute acceptance of those changes.

10. The Owner acknowledges that The Perth Mint is not liable for any loss or damage resulting from The Perth Mint acting reasonably in response to a fraudulent instruction where The Perth Mint has no actual knowledge of the fraud.

11. The Owner acknowledges it is the Owner’s responsibility to safeguard the Certificate and agrees to notify The Perth Mint immediately on becoming aware of the loss or theft of a Certificate. In the event of conflicting claims to a Certificate or the Commodity described on a Certificate, The Perth Mint shall not be required to determine the controversy or to take any action regarding it, but may instead file an action in interpleader in a court of appropriate jurisdiction, which shall include the Unites States Federal District Court for the Central District of California. The Perth Mint is authorised to deposit with the clerk of the court the Commodity described on the Certificate. Upon initiating such action, The Perth Mint shall be fully released and discharged of and from all liabilities under the Certificate, except such liabilities as may be occasioned by The Perth Mint’s bad faith, gross negligence or willful misconduct.

12. The Owner and The Perth Mint both acknowledge that the Owner can only sell the Commodity described on the Certificate other than after delivery by transferring the Certificate to an Approved Dealer in accordance with the transfer and liquidation instructions below. On surrender of a Certificate in this manner The Perth Mint is not bound to enquire as to the satisfaction of any payment to the former Owner.

13. The Owner acknowledges and agrees that The Perth Mint’s maximum liability to the Owner if it fails to make available for delivery the Commodity described on the Certificate pursuant to proper instructions from the Owner shall be the London AM fix price of the Commodity on the delivery date as specified by the Owner’s instructions, subject to clause 7.

14. The Owner acknowledges it must pay, indemnify, and save harmless The Perth Mint from and against any tax or other levy imposed by any governmental agency, now or in the future, in respect of ownership, transfer, liquidation or delivery of the Commodity.

15. The Owner warrants that all identification material provided to The Perth Mint for the purposes of verifying the Owner’s identity is valid and correct.

16. The Owner acknowledges that the Certificate is issued to the Owner in accordance with the Conditions of Application and Terms and Conditions provided by The Perth Mint to the Owner, and the Owner confirms that it acknowledges and is bound by these Terms and Conditions.

17. The Owner acknowledges that the provisions of the Certificate are subject to the substantive laws of Western Australia.