Terms and Conditions

Please make sure to read the terms and conditions before using the Gold Bullion Australia website or engaging our services.

At the time that an invoice or purchase order is created you enter a binding contract with Gold Bullion Australia Operations Pty Ltd and you agree to be bound by these terms. Should you require any clarification or additional information please contact the Gold Bullion Australia office on 1300 754 602 or (international) +61 75538 9200.

Interpretation

1. In these terms and conditions unless context otherwise requires:

Account – means an account held by GBA on your behalf for the purpose of facilitating any transaction, product or service, including storing, holding or trading on your behalf.

ACL – Means the Australian Consumer Law schedule of the Competition and Consumer Act.

Agreement – means this agreement comprising these terms and conditions and any other document incorporated into this agreement by express reference.

AML/CTF Act – means the Anti-Money Laundering and Counter-Terrorism Financing Act (2006).

AML/CTF Rules – means the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1).

Authorized Agent – means any person you have properly authorized to give trading or funding instructions to GBA on your behalf in connection with your account including Collection Authority.

Available funds – means cleared funds, including funds which have been made available by means of direct debit.

Business day – means a day that Australian banks and foreign exchange markets are open for business in Brisbane, Australia.

Contract – means the contract evidenced by and created when we issue and invoice or purchase order.

CRA – Credit Reporting Agency

GBA – means Gold Bullion Australia Operations Pty Ltd or any of its related or associated entities.

Precious Metal – means Gold, Silver, Platinum, Palladium and Rhodium.

Product – means precious metals and any other products sold or purchased by GBA from time to time.

Secured Moneys – means all purchase moneys, storage fees, interest fees, administrative fees, commission, costs, taxes, charges or other moneys owing by you to GBA pursuant to this agreement.

Service – means any services provided by GBA, including holding or trading, storage, insurance and delivery.

Terms – means these terms and conditions.

Website – means the website or websites operated by GBA or any associated or affiliated company.

Your Information – means relevant information about you or your entity such as your full name, date of birth, business name. residential address, business address, ABN and your interactions with us, inclusive of trades, copies of personal identification documents such as your driver’s licence, passport, Medicare card, bank statements, rates notice or any other documents that prove your identity or information about you that is publicly available, for example from social media and public registers.

General

These terms and conditions apply to all transactions and dealings between the customer (hereafter referred to as “you” or “your”) and GBA (hereafter referred to as “GBA”, “we” or “us”) regardless of the method of transaction used.

3. GBA is not responsible for any loss or liability incurred by you that is in connection with any dealing or transaction with us, contemplated or actual, except to the extent of liability imposed on GBA by the ACL.

4. Any information provided by GBA including but not limited to any information posted on our website is general in nature and not advice. GBA does not warrant the accuracy of that information and the information should not be relied upon by you.

5. These terms and conditions supersede any previous terms and conditions you may have entered with us. Any previous obligations entered with the company will be treated as if the present terms and conditions apply. GBA reserves the right to alter the terms and conditions and will publish any amendments on the GBA website.

6. You acknowledge that you evidence your acceptance of these terms by:

a. Creating an Account; or

b. Placing an offer to buy a product; or

c. Placing an offer to purchase a service; or

d. Placing an offer to sell a product to GBA or its associated companies; or

e. Use of our website or any other service provided by GBA.

7. You may submit an offer to buy or sell a product or service from GBA; however, we are not bound to accept any offer, order or enquiry received from you.

8. You may submit an offer to buy a product from GBA (including the deposit of available funds). If your offer is accepted by GBA we will raise an invoice for the price of the product quoted by GBA and accepted by you at the time the offer was made.

9. You may submit an offer to purchase a service from GBA. If your offer is accepted by GBA we will raise an invoice for the service fee as agreed with you at the time the offer was made.

10. You may submit an offer to sell a product to GBA. If your offer is accepted by GBA we will raise an invoice for the price of the product quoted by GBA and accepted by you at the time the offer was made,

Agreement

11. You enter a binding contract with us, that is irrevocable, at the time that an offer is accepted, whether placed over the counter at our offices, by phone, email or through our website, and that any loss suffered by GBA will be charged to the customer if they purport to withdraw the offer.

12. Payment terms of the contract for purchase of products by you are within one business day from the time of processing unless otherwise agreed by us in writing. Non-payment within the specified period will result in a default by the customer and you will also be liable to a default fee of $150 and any other losses or damages that GBA suffers as a result of reliance on the offer.

13. Payment terms for services provided by GBA are in accordance with the schedule of service fees provided by GBA at the time the offer is accepted.

14. The price quoted by us at the time of the submission of your application is indicative only and is subject to confirmation with the tax invoice sent to you. Further GBA reserves the right to correct any errors which are shown on the invoice at any time subject to giving you notice. You agree to accept without limitation the price on the corrected invoice.

15. Our invoice will stipulate the time of delivery of product to you and this will be based on the availability of product at that time. This is indicative only, and does not form part of our contractual obligation to you.

16. In contracting a storage service from GBA you acknowledge, understand, and accept that:

17. GBA storage services inventory is represented by physical inventory of precious metal on hand and metal receivable positions held with any related company (in the case of the GBA Pool Allocated product);

18. Annually an independent auditor verifies the existence of, and reports on, the physical inventory of precious metals in GBA storage services records. The report can be made available upon request;

19. GBA is also subject to an annual statutory audit undertaken by an independent auditor which includes standard audit procedures.

20. Where GBA stores your product, and you offer to sell that product to GBA, we will only purchase product that has been verified as being held by GBA.

GBA Pool Allocated Program:

21. GBA’s Pool Allocated Program allows GBA customers to apply to open an account and purchase unallocated precious metals from GBA automatically via direct deposit.

22. Applications to GBA’s Pool Allocated Product require you to establish a direct deposit with your financial institution to make payments to the Pool Allocated Program. Deposit amounts will be allocated to your account in line with the instructions provided to GBA by you at the time of your application, unless you have subsequently instructed us otherwise in writing.

23. GBA will never action a debit to your account for the purchase of Pool Allocated products.

24. Precious metals purchased as part of GBA’s Pool Allocated Program are subject to the same terms as set out in these terms and conditions, with the exception that:

a. GBA will issue an invoice for payment amounts received from you for the price of allocated products (or part thereof) at the time of processing on the business day when the funds were received as available by GBA.

b. GBA will not charge a vaulting or storage fee on products held as part of the Pool Allocated Program.

Warranties, Representations and Acknowledgements

25. You warrant and represent that;

a. You confirm that all information provided by you in the course of your dealing with GBA is complete, accurate, correct and is not misleading. We may rely on the information provided by you until we receive written notification that your information has changed. Any such variation to your information will be covered by this confirmation.

b. You have sufficient knowledge and experience to make informed decisions about your transaction with us and if not, that you have received independent professional advice from a party qualified to provide such advice,

c. You are making your own decision in connection with the transaction with us and that GBA has not provided any recommendation in relation to the transaction. GBA does not provide personalised advice and has not considered your personal circumstances in relation to any dealings you have with us

d. You confirm that you are not intoxicated, under the effects of prescription or illicit drugs and have full capacity and authority to enter into contractual relationships at the time of your transaction with GBA.

e. If you are the trustee of a trust or a Self-Managed Superannuation fund you confirm that any transaction is for the benefit of the trust or superannuation fund, and that you have the right to be fully indemnified out of trust assets or the superannuation fund for any obligations whatsoever arising from your dealings with us,

f. That at all times during your business dealings with GBA you are and will be in a position to meet all your commitments and obligations that relate to these dealings.

26. You acknowledge that;

a. For any purchase or sale of product using GBA that you have sufficient experience and knowledge to make informed decisions about that purchase.

b. That you are aware that investment in precious metals is a risk and that it does not necessarily guarantee a profit or yield, and that in some instances the value of your investment may decline. You have assessed these risks with regard to your personal circumstances prior to entering a contact with GBA

c. We are not responsible for the reliability of any third-party information that has been made available to you.

d. That when we agree and arrange delivery, transport, insurance, and storage of product for you, we do so as agent, and to the maximum extent permitted by law, without liability,

e. GBA is entitled to rely on instructions from an Authorised Agent that you appoint until you have notified us in writing that this appointment has been revoked.

f. GBA has the right to correct any trading or administrative errors including but not limited to reversing or cancelling an invoice or purchase order without your consent and without liability or recourse against GBA.

g. Title in any product passes to only you when we receive the available funds, risk of any product purchased by you passes you once an offer has been accepted or as far as permitted by the ACL.

h. That we use our best endeavours to supply the product within the timeframe permitted by the invoice; however, GBA is not liable for any loss, damage or inconvenience suffered by you or any third party for a failure to meet any estimated date.

i. Any period or date for delivery of product or provision of service advised by us is an estimate only and not a contractual commitment.

j. That you will notify GBA immediately of any errors or omissions in our records with respect to your details or account. Noting all requests to amend your details or account must be received by us in writing. That prices published by GBA either on our website, by email or other means of communication are indicative only and subject to these terms and conditions, the pricing of your particular order will be fixed at the time of tax invoice and is based on a premium over the spot price for purchased and a premium below the spot price for sales.

k. That we do not offer refund or exchange of products once purchased for any reason whatsoever.

27. We offer a fully insured vaulting service for which storage fees are agreed with the customer. We hold a purchase that is not nominated for vaulting for a short time only free of charge. You will need to arrange to take delivery of the product in a within 30 days otherwise an automatic vaulting and storage fee will have to be paid before you can take delivery of the product.

28. GBA acknowledge that;

a. At all times we will endeavour to deal fairly and in due turn with all orders to buy and sell products,

b. It’s the practice for GBA to deal with all orders in sequence of their receipt or otherwise as expeditiously as possible, however we reserve the right to suspend trading, or immediate fulfilment of orders in times of high market volatility or fast moving market conditions,

c. If a particular brand of product is not available at the time you enter into a storage agreement with GBA, that product may, at GBA’s discretion, be replaced with an equivalent weight of an alternative brand of metal until such time as the branded product ordered by you is received by GBA.

d. We have the sole discretion to introduce or amend storage fees or storage conditions, however, we will endeavour to notify you of such an amendment,

e. We may from time to time engage third parties to perform services on behalf of GBA and that these third parties are entitled to the full benefit of these conditions including any exclusions of liability to the same extent as GBA or as stipulated by the ACL.

Orders and Instructions

29. All orders and instructions are subject to these terms and conditions.

30. It is your responsibility to make sure that any instructions given to GBA, by you or your authorised agent, are in accordance with the law.

31. If GBA or a third party acting on behalf of GBA considers that it is in our reasonable interest to do so we may decline to act on your behalf in relation to any dealing, without explanation or advance notice.

32. GBA may decline to act on your behalf where:

a. We believe the transaction would not result in a change of beneficial ownership;

b. We believe the instructions are ambiguous, incomplete, or unclear; or

c. Your account with us has been suspended due to unpaid or overdue amounts owing.

33. That GBA has the absolute discretion and right to correct any trading, incorrect pricing or administrative errors. This includes but is not limited to reversing orders, cancelling orders or correcting a mistaken price calculation without your consent or explanation.

34. If more than one person constitutes a customer, then they are jointly and severally bound by these Terms and Conditions and GBA is able to act upon the instructions of any one of those people unless specified otherwise in writing by the customers.

Payment, Shipment, Insurance and Default

35. The currency, unless otherwise stated, for any transaction is Australian Dollars (AUD).

36. The full purchase price for any product, commissions, fees and charges in connection with your account must be paid by the settlement date or at an earlier time as required by GBA.

37. GBA accept payment in the form of cash, cash deposited to our bank account, electronic funds transfer (EFT) or direct deposit and bank cheque.

38. Any order must be paid for within 24 hours (or one business day) of the order being placed. In the event payment is not made within the above you agree that GBA may amend the price of the product to reflect market pricing, although we are not obligated to do so, or cancel the order.

39. Any costs incurred by GBA relating to the recovery of any final amounts owing and any other third party charges, taxes or fees levied on us in connection with our transaction with you will be reimbursed in full by you.

40. You must compensate and indemnify us in respect of any or all losses, claims and expenses incurred by us as a result of your defaulting on your contractual obligations, including any losses incurred by exiting any hedging positions taken by us as a result of your contract.

41. GBA may refuse to accept or fulfill any further orders from you for our products or services in the event of your default.

42. Freight and Insurance is optional and this service is provided by GBA through recommended third party contractors. We reserve the right to choose the most appropriate method of delivery, if a method of delivery is not specified by you at the time of the order.

43. All GBA orders for delivery require insurance which will be calculated as a percentage of the total order value and will be clearly stated on the invoice. Please note that the insurance only covers transit from despatch until first arrival at the nominated delivery address. Insurance does not cover incorrect or incomplete delivery address or third parties signing for the delivery, unless specifically authorised.

Storage/Vaulting (allocated and unallocated bullion)

44. GBA via its subsidiary GBA Treasury Reserve offers secured in-house vaulting services for both allocated and unallocated storage.

45. Storage charges for allocated bullion are incurred quarterly and apply from the date that your order for storage is accepted by GBA. GBA will issue invoices each quarter, specifically on the last business day of each quarter. These invoices are to be paid within 7 days of the date of the invoice.

46. GBA offers its customers the option of purchasing bullion by way of an unallocated “pool” system. Product purchased this way is stored as unallocated bullion. If bullion is purchased this way, then GBA will arrange to store bullion on behalf of the customer until the customer calls for delivery of the unallocated bullion. All unallocated bullion will be subject to the same terms and conditions (except for storage costs which will, unless otherwise notified, be free of charge) as any other customer with allocated storage.

47. The customer agrees to pay any freight, handling, barring or other expenses in relation to the redelivery of the product.

48. GBA will only accept an offer for allocated or unallocated storage where GBAs facilities permit and we may refuse to provide these services at our discretion. Products in the custody of Treasury Reserve Vault are covered against theft or loss under a general insurance policy for bullion replacement value. Items that may be considered “Collectable” will be limited to their bullion replacement value only, regardless of brand or design.

49. GBA will have a general lien on any stored or vaulted bullion that you have provided to GBA or purchased through GBA for any charges or expenses due or which will become due to GBA. This includes any charges and expenses arising out of any contract you may have with us. If any charges or amounts owing are not paid in full or the bullion is not collected GBA may remove any of the bullion at your risk and expense and sell all or any of the bullion that GBA thinks fit and apply the proceeds to discharge the lien and costs of sale without being liable to any person for any loss or damage caused.

Liability

50. Except in these terms and conditions any contract with GBA does not include any other term, condition or warranty with respect to the quality, fitness for purpose, condition or merchantability of the bullion or any contract for remedy for their failure.

51. As a consumer there is nothing contained in these terms and conditions that modifies or limits your rights and remedies against GBA for failure of statutory guarantee under the ACL.

52. If you on-supply any bullion sold by GBA to another consumer the goods are not for personal domestic or household use or consumption. and the amount specified in 276A(1) of the ACL will be the absolute limit of our liability to you or any third party., Otherwise payment of an amount required under 274 of the ACL will be the absolute limit of our liability to you or any third party.

Force Majeure

53. If GBA is not able to perform, wholly or in part, any obligations under this agreement as a result of any event that is out of its control, including but not limited to, acts of nature, government intervention, military activity, strike action , terrorism, financial crisis, derivative meltdown, failure of a suppler or storage partner that may delay delivery GBA shall not be liable for any damages as a result or in connection with such a delay or such failure.

Termination

55. Subject to the completion of any outstanding obligations, these arrangements may be terminated by either party giving no less than seven days’ notice to the other party.

Assignment

56. You must not assign any agreement without prior written consent of GBA. GBA reserves the right to assign any agreement without notice to you.

Severance

57. If the whole or any part of a provision of any agreement is or shall become void, unenforceable, or illegal, the remainder of any agreement shall have full force and effect. The parties agree that in such a case, the provision held void, unenforceable or illegal shall be replaced by such provision that in its commercial and legal context is most similar to the provision held void, unenforceable or illegal.

Jurisdiction

58. This Agreement shall be governed by and construed in accordance with the laws of Queensland and the Parties hereby submit to the exclusive jurisdiction of the courts of Queensland.

Regulatory Obligations

59. GBA are required under the AML/CTF Act to verify and confirm your identity for purchases or sales when the retail value of the transaction is AUD$5,000 or more, or the foreign currency equivalent. It is an offence under the AML/CTF Act to provide false or misleading information about your identity.

60. GBA are not required to carry out applicable customer identification procedures for purchases or sales when the retail value of the transaction is less than AUD$5,000, or the foreign currency equivalent. We may however, at our discretion, request identification from you regardless of the transaction amount if we determine it to be reasonably necessary.

61. Transactions with a value of AUD$10,000 or more which are settled in cash trigger our obligation to submit a report to AUSTRAC under the AML/CTF Act.

62. GBA have a regulatory obligation to make any reasonable enquires necessary to ensure the legitimacy of customers and transactions. On occasion we may ask you to confirm additional details as they relate to your identification, source of funds or any other information we deem reasonably necessary.

63. We reserve the right to decline any transaction without explanation where we determine an unacceptable exposure to risk for GBA.

64. GBA may share your personal information with the regulator or other enforcement body to the extent that we are required to do so by the law.

Disclaimer

65. The information contained on or linked to the website is general information only and is not legal or financial advice. Before you make a decision to take a particular action based on the content on or linked to this website you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.

66. While every effort is made to ensure the information and links on the website are accurate, the information and links may not always be up to date. Any content, including publications and email newsletters, on this website is intended only to provide a summary or general overview only. This information is not intended to be comprehensive and should not be relied upon. We attempt to ensure that the content is current but we do not guarantee its currency.

Website Liability

67. GBA is not responsible to you or anyone else for any loss suffered in connection with the use of the website or any of its content. This includes, but is not limited to, the transmission of any computer virus. GBA makes no warranties or representations about the website or any of the content. We exclude, to the maximum extent permitted by law, any liability which may arise as a result of the use of this website, its content or the information on it. Where liability cannot be excluded, any liability incurred by us in relation to the use of the website or the content is limited as provided under the ACL. We will never be liable for any indirect, incidental, special or consequential loss arising out of the use of the website, including loss of business profits.

Privacy

68. GBA and its associated entities are bound by the obligations set out under the Australian Privacy Principles (or APPs) and the Privacy Act (1988).

69. The GBA Privacy Policy is available on our website or on request from GBA and should be read in conjunction with these terms. It contains further details about how we collect and handle your information, how you can update your information with us and how to make a complaint about a breach of your privacy rights.