GoldMoney is a very risky way to play metals. They are offshore. They are subject to the internet which can fail when you need it the most. For the life of me I have never understood why anyone would invest in GoldMoney. I cannot see any reasons for doing so.
Consider this:
I can go to a coin shop or Scotia Bank and buy bullion and its a simple transaction and I have the metal in my possession
![](http://www.99999mapleleaf.com/images/08-maple-reverse.jpg' width=300><br><br>OR.......well for those who like to read....have fun sorting this mess out:<br><br>"GoldMoney User Agreement<br> <br><br>GoldMoney User Agreement in PDF Format<br><br>Please Print This Agreement for Future Reference<br><br>Effective Date: 30 August 2008 (29 September 2008 for Holdings created before 30 August 2008)<br><br>Please note these important points in regard to the GoldMoney payment and precious metals<br>purchase and sale system:<br>1. Every Holding records the goldgrams (grams of gold) and silver ounces you own.<br>The value of your goldgrams and silver ounces can rise or fall when measured<br>against a national currency. You assume this exchange rate risk.<br>2. All goldgram payments and instructions to buy or sell goldgrams, silver ounces and<br>other products are final (irreversible).<br>3. You are responsible for the safety of your goldgrams, silver ounces and money by<br>protecting your Passphrase and computing securely. Please read our Security FAQ<br>at: <a class=) support.goldmoney.com
4. All users must identify themselves, and GoldMoney verifies the information you
provide.
5. Restrictions are placed on your Holding until you have provided and GoldMoney has
verified and accepted your personal information. Please read our Customer
Acceptance Policy at: goldmoney.com
_______________________________________________________________________
This Agreement sets out the basis upon which the User is entitled to make use of the GoldMoney
payment and precious metals purchase system and to benefit from the associated GoldMoney
services. By establishing a Holding with GoldMoney the User:
- Agrees that this Agreement documents the contractual relationship between the User and
GoldMoney and that a printed copy of this Agreement shall constitute proof and/or
evidence in a court of law of the commercial and other terms applicable to this
contractual relationship;
- Agrees that in the event of a conflict between the terms of this Agreement and the
contents of the GoldMoney Website, the Disclaimer, the Customer Acceptance Policy or
the Privacy Policy, the provisions of this Agreement will take precedence;
- Confirms that he has read and completely understands the provisions of this Agreement;
- Agrees to be bound by the provisions of this Agreement, and by the rights and obligations
created in terms of this Agreement;
- Agrees to use the GoldMoney payment and precious metals purchase system and to
benefit from the associated GoldMoney services, solely as is provided for in this
Agreement.
I. INTERPRETATION
A. Unless otherwise expressly stated, or the context otherwise requires, the words and
expressions listed below shall, when used in this Agreement, bear the meanings ascribed
to them:
i. "Agreement" means this agreement between GoldMoney and the User,
and specifically excludes the content of the GoldMoney Website except as
provided herein;
ii. "Applicant" means a person who wishes to establish a Holding;
iii. "ATC" means Andium Trust Company Limited, a limited liability company
incorporated in accordance with the laws of Jersey, British Channel Islands and
regulated under the Financial Services (Jersey) Law 1998 by the Jersey
Financial Services Commission to conduct trust company business in Jersey,
which provides administration services to GoldMoney;
iv. "Chain of Integrity Standard" means the minimum standard which physical
gold must meet before it will be accepted for use within GoldMoney, which
standard at present is the London Good Delivery Standard established by the
London Bullion Market Association, details of which can be obtained at
lbma.org.uk;
v. "Customer Acceptance Policy" means the customer acceptance policy that
appears on the GoldMoney Website as amended from time to time, which policy
forms part of this Agreement;
vi. "Customer Money" means all and any money in whatever currency held by
Net Gold as customer or client money for and on behalf of a customer of
GoldMoney and/or Net Gold as the case may be whether or not such Customer
Money is held in a Customer Segregated Funds Account;
vii. "Customer Segregated Funds Account" means the several accounts
GoldMoney's associated company, Net-Gold, maintains at its banks in which
customer money is kept until the customer uses it to purchase metal or remit to
his bank account;
viii. "Customer Support" means the dedicated customer support service
provided by GoldMoney and whose contact details are provided on the website
at: goldmoney.com;
ix. "Disclaimer" means the general disclaimer of liability that appears on the
GoldMoney Website, which disclaimer forms part of this Agreement;
x. "Exchange Provider" means a party, including GoldMoney's associated
company, Net-Gold, that provides the service of exchanging currencies, physical
gold, goldgrams, and/or silver;
xi. "Funds" means any national currency accepted by GoldMoney;
xii. "gg" is an abbreviation for goldgram (as defined below);
xiii. "GoldGram" means the unit of exchange used in GoldMoney, which unit is
equivalent to one (1) gram of gold;
xiv. "GoldMoney" means Net Transactions Limited, a limited liability company
incorporated in accordance with the laws of Jersey, British Channel Islands;
xv. "GoldMoney Website" means the web pages and information contained
thereon, accessible on the World Wide Web at goldmoney.com;
xvi. "Holding" means the electronic record of:
a) The quantity of grams of gold held at a Vault by a User, which
quantity is expressed as goldgrams and mils;
b) The quantity of ounces of silver held at a Vault by a User, which
quantity is expressed as ounces and fractions thereof up to one
thousandth of an ounce;
c) A User's transactions within GoldMoney;
d) The fees levied for services provided to the User.
xvii. "JFSC" means the Jersey Financial Services Commission, which is the
regulatory body in Jersey, British Channel Islands that has responsibility for the
supervision of financial services business including that conducted by
GoldMoney;
xviii. "Joint Holding" means a Holding held by two or more Users jointly and
which Holding is subject to the normal rules relating to rights in the property held
jointly and rights of survivorship save as set out in III.F and XXIII herein;
xix. "Message Box" means the secure electronic communication tool available
for use in the Holding of each User;
xx. "mil" means one thousandth of a goldgram;
xxi. "Net-Gold" means Net-Gold Services Limited, a limited liability company
incorporated in accordance with the laws of Jersey, British Channel Islands, that
operates as an Exchange Provider associated with GoldMoney;
xxii. "Passphrase" means the alphanumeric string of at least eight characters in
length with at least one number and one letter that is used to access a Holding;
xxiii. "Privacy Policy" means the privacy policy disclosed on the GoldMoney
Website;
xxiv. "Secondary User" means any person who is given or allowed access to a
User's Holding by the relevant User or who accesses the User's Holding using
the User's Passphrase;
xxv. "Silver ounce" means the weight of silver equal to one troy ounce;
xxvi. "User" means a person who has opened a Holding with GoldMoney;
xxvii. "Vault" means precious metals storage facilities in which physical gold and
silver are placed for safekeeping, which gold and silver are used in their
electronic form in GoldMoney;
xxviii. "World Wide Web" means a collection of inter-linked data that work
together using the HTTP internet protocol and which forms a sub-set of the
internet.
B. Clause and paragraph headings are for purposes of reference only and shall not be
used in interpretation.
C. Unless the context clearly indicates a contrary intention, any word connoting:
i. Any gender includes all genders;
ii. The singular includes the plural and vice versa;
iii. Natural persons include artificial persons and vice versa.
II. INTRODUCTION
A. The GoldMoney payment and precious metals purchase and sale system is an
internet based facility operating on the World Wide Web, which facilitates the conversion
of physical gold into goldgrams that are then capable of being exchanged electronically
between Users of the payment system, for the purpose of making or receiving payments.
The GoldMoney system is also used to facilitate buying and/or selling goldgrams, silver
ounces and other products in exchange for specified national currencies.
B. It is recorded that:
i. GoldMoney is not a bank, and is not subject to any form of banking
regulations and is not, accordingly, regulated under the Banking Business
(Jersey) Law 1991 as a deposit taker;
ii. GoldMoney is regulated by the JFSC as a Money Services Business;
iii. While the total physical gold and silver ounces held at Vaults on behalf of all
Users is insured to the extent provided in clause VIII.C.vi, individual Holdings are
not separately insured.
III. ESTABLISHING A HOLDING
A. An Applicant may establish a Holding by completing and submitting the online
application form available on the GoldMoney Website. The Applicant must comply with
the Customer Acceptance Policy including, without limitation, any requests made
thereunder by GoldMoney at any time for relevant information and/or documentation.
GoldMoney may at its discretion lock and/or suspend a Holding and/or terminate the User
Agreement in the event of any failure or suspected failure to comply with the Customer
Acceptance Policy and/or the terms of this Agreement. Locking will prevent the User
accessing his Holding. Suspension will prevent the User making or receiving payments
and/or purchasing or selling goldgrams and silver ounces.
B. A Holding will only be established when the Applicant receives notification by e-mail
that GoldMoney has accepted his application.
C. It is recorded that GoldMoney relies on the information submitted by an Applicant in
deciding whether or not to accept an application and the User warrants that all
information provided on the application form is true and correct. The User shall
immediately notify GoldMoney of all changes to any information previously submitted by
him.
D. The User agrees that this Agreement binds all persons having an interest in a
Holding and that he shall, together with any Secondary Users and any other party having
an interest in a Holding, be jointly and severally liable for any User obligations in terms of
this Agreement.
E. It is recorded that the User must:
i. Deal with his Holding in accordance with the provisions of this Agreement;
ii. Comply with any instructions pertaining to the maintenance of a Holding
contained on the GoldMoney Website.
F. Two or more Applicants may establish a Joint Holding and each and any User who
has any interest in a Joint Holding (each a "Joint Holder") agrees to guarantee
GoldMoney and NetGold in respect of the obligations or liabilities of any other Joint
Holder to GoldMoney and NetGold.
IV. PLACING OR REMOVING GOLDGRAMS AND SILVER OUNCES IN OR FROM A
HOLDING
A. A User may buy goldgrams and silver ounces and place goldgrams and silver ounces
into his Holding as follows:
i. The User, by providing GoldMoney with instructions that are in all respects
satisfactory to the Vault, may cause to be delivered to said Vault, grams of gold
or ounces of silver, which meet the Chain of Integrity Standard;
ii. The User may transfer funds or gold and/or silver coins and bars to an
Exchange Provider in exchange for goldgrams and/or silver ounces, which
goldgrams and/or silver ounces will then be paid by the Exchange Provider to the
User's Holding;
iii. The User may transfer funds to Net-Gold in exchange for goldgrams and /or
silver ounces, which goldgrams and/or silver ounces will then be transferred by
Net-Gold to the User's Holding;
iv. The User accepts goldgrams or silver ounces from another User.
B. A User may sell goldgrams and remove goldgrams from his Holding in exchange for
national currencies by arrangement with an Exchange Provider or Net-Gold, or sell silver
ounces and remove silver ounces from his Holding in exchange for national currencies or
goldgrams by arrangement with an Exchange Provider or Net-Gold.
C. The purchase and/or sale of goldgrams, silver ounces and other products by a User
is governed by the terms and conditions of the Exchange Provider and GoldMoney
accepts no responsibility in respect thereof. Net-Gold's terms and conditions for the
purchase and/or sale of goldgrams, silver ounces and other products are set out below.
i. By submitting Net-Gold's order form on the GoldMoney Website for the
purchase and/or sale of goldgrams, silver ounces and other products, the User
accepts these terms and agrees that these terms document the contractual
relationship between the User and Net-Gold and that a printed copy of these
terms shall constitute proof and/or evidence in a court of law of the contractual
and other terms applicable to the relationship.
ii. Net-Gold's order form contains and refers to information on price and fees
together with a description of the products and services which are available and
an explanation of methods of payment and, where applicable, delivery which is
hereby incorporated into these terms. On completing the order form, the User
will be given the opportunity to submit an order to Net-Gold by clicking on the
button which appears at the end of the form. On receipt, Net-Gold will send to
the User notification in the Message Box that the User's order has been accepted
and is being processed. Upon Net-Gold sending to the User such notification, a
legally binding contract will have been formed between the User and Net-Gold.
Net-Gold reserves the right not to process the User's order and accordingly it will
notify the User if that is the case. Please note that whilst Net-Gold will send to
the User a notification of every valid order received, Net-Gold cannot guarantee
that the notification it sends will be received by the User, nor that, if it is received
by the User, it is legible and uncorrupted.
iii. Net-Gold will provide instructions to the User for wiring funds to facilitate the
purchase of goldgrams, silver ounces and other products.
iv. Net-Gold reserves the right to restrict the transfer out of funds, whether by
bank wire or other means, until it is reasonably certain that the funds have
passed any repudiation period based on the payment method used to transfer
them to Net-Gold.
v. All orders to buy or to sell goldgrams, silver ounces and other products
placed through Net-Gold's online order system are only accepted by Net-Gold on
a best efforts basis. Net-Gold shall not be responsible for errors, negligence or
inability to execute orders, nor shall Net-Gold be responsible for any delays in the
transmission, delivery or execution of the User's order due to breakdown or
failure of transmission or communication facilities, or to any other cause or
causes beyond Net-Gold's reasonable control or anticipation including (without
limitation) volatile markets or trading disruptions.
D. Subject to the foregoing provisions of this clause IV.C, all other provisions of this
Agreement shall apply to the purchase and/or sale of goldgrams, silver ounces and other
products by the User from or to Net-Gold as if such provisions were set out in full herein
mutatis mutandis, substituting the words "Net-Gold and GoldMoney" for the words
"GoldMoney" therein unless the context otherwise requires.
V. WEBSITE FUNCTIONALITY
A. The GoldMoney Website offers Users the following functionality and services:
i. A User may open or close one or more Holdings;
ii. A User may make goldgram payments to any other Holding;
iii. A User may receive goldgram payments from any other Holding;
iv. When logged into his Holding, a User may purchase goldgrams, silver
ounces and other products through Net-Gold;
v. When logged into his Holding, a User may sell goldgrams, silver ounces and
other products through Net-Gold;
vi. When logged into his Holding, a User may notify Net-Gold of his intention to
send funds, which upon receipt by Net-Gold are placed in Customer Segregated
Funds Accounts at Net-Gold's discretion at a bank of Net-Gold's choosing;
vii. When logged into his Holding, a User may instruct Net-Gold to remit funds
from his Holding to his bank account;
viii. A User may access the electronic records that comprise his Holding;
ix. A User may undertake administrative tasks related to his Holding;
x. A User may securely communicate electronically via the Message Box with
GoldMoney administrators.
VI. ACCESS AND INSTRUCTIONS
A. In order to access a Holding a person must be in possession of a Holding number
and a Passphrase, which Passphrase is established by the User and may be changed at
any time by the User. The User must not disclose the Passphrase for his Holding to any
third party or allow any third party access to the Passphrase unless he wishes such third
party to be a Secondary User.
B. The User shall be responsible for protecting the confidentiality of his Passphrase and
shall change the Passphrase, as soon as is possible in the circumstances, should the
confidentiality of the Passphrase become compromised in any way.
C. In the event that the User loses or forgets his Passphrase, a new Passphrase may be
requested by submitting a Lost Passphrase Request on the GoldMoney Website. The
User must answer one or more of the security questions that were provided when the
Holding was opened. If these questions are answered accurately, a new Passphrase will
be issued in the following manner:
i. If the total value of the Holding is less than or equal to the value as it may be
from time to time of 25gg, a new Passphrase will be sent by e-mail to the e-mail
address associated with the Holding. No service fee will be charged.
ii. If the total value of the Holding is greater than the value as it may be from
time to time of 25gg, a new Passphrase will be communicated to the user by
telephone at one of the contact numbers provided by the User when the Holding
was created. A service fee will be charged to the Holding.
D. Whilst GoldMoney makes its best efforts to prevent unauthorised or fraudulent use of
its system, GoldMoney disclaims itself from all liability for loss or damage, of whatever
nature, caused as a result of the unauthorised or fraudulent use of a User's Holding
number and Passphrase to the fullest extent permitted by law but excluding unauthorised
or fraudulent use by GoldMoney and Net-Gold. Subject to the provisions of clause VI.F,
the User indemnifies and holds GoldMoney harmless for acting on any and all
unauthorised and/or fraudulent instructions received to the fullest extent permitted by law
but excluding unauthorised or fraudulent use by GoldMoney and Net-Gold.
E. Should a User provide or allow a Secondary User with or to access to his Holding,
the User agrees that any instruction relating to the User's Holding given by the
Secondary User shall be deemed to be an instruction from the User.
F. If it is proven, to the entire satisfaction of GoldMoney, that goldgrams have been paid
out of a User's Holding and that said payment was unauthorised or fraudulent and was as
a result of a breach of security at GoldMoney, GoldMoney will restore the User's Holding
to the position it was in prior to the said breach of security provided that the User
complies with its obligations to notify GoldMoney in accordance with clause XVI.
G. The User agrees that GoldMoney is, in respect of any instruction received by it from a
person using the User's Holding number and Passphrase, entitled to assume that the
person is the User.
H. All instructions and inquiries received from the User shall be deemed to be:
i. In writing; and
ii. Signed by the User.
I. The User must inform GoldMoney of any changes to his contact address and other
information provided to GoldMoney. GoldMoney may periodically contact the User to
validate information. If the User does not respond, the User's Holding may be locked
until GoldMoney can verify the User's current contact information.
J. The User must at all times provide GoldMoney with an active e-mail address in order
to receive notification e-mails from GoldMoney and to initiate the process of issuing a
new Passphrase should the User lose or forget his Passphrase. To change e-mail
addresses, the User must keep the old e-mail address active so that he can receive a
validation code from GoldMoney before the new e-mail address is registered to the
User's Holding. This step is necessary to ensure that the e-mail address change is a
legitimate request from the User. If the e-mail address registered to a Holding becomes
inactive and the User is unable to complete the automated process of changing e-mail
addresses, the User will be required to re-submit his CAP documents to GoldMoney and
will be charged an e-mail address change fee.
VII. PAYMENTS
A. In respect of any payment instruction, the User authorises GoldMoney to record a
decrease of goldgrams in the User's Holding and to record an increase of goldgrams in
the User's nominated Holding.
B. The User agrees that it shall only instruct GoldMoney to make a payment when there
are sufficient goldgrams in the User's Holding to enable GoldMoney to act on the
payment instruction and to deduct any amount due in respect of fees. GoldMoney will
not act on any payment instruction from the User if sufficient goldgrams are not available
in the User's Holding. In the event that there are insufficient goldgrams in a User's
Holding, GoldMoney will repudiate the payment instruction and shall notify the User of
such repudiation. No service fee will be charged to a User's Holding for providing this
notification.
C. A valid payment instruction received from a User or a Secondary User shall be
actioned by GoldMoney immediately on receipt of the instruction.
D. A User may subsequent to giving a payment instruction view his Holding to confirm
whether payment was made in accordance with his instructions. All payments
instructions carried out by GoldMoney are displayed in the transaction summary record in
a User's Holding.
E. A User may make payment of any amount that is equal to or greater than one (1) mil.
F. While GoldMoney will strive to ensure that the GoldMoney Website and the User's
Holding is accessible to the User at all times, it makes no representation that a User will
always be able to access the GoldMoney Website or his Holding and the User agrees
that GoldMoney may not be held liable for any loss or damage, of whatever nature,
caused as a result of the GoldMoney Website or the User's Holding being inaccessible.
G. The User agrees that, except as is otherwise provided in this Agreement, all
payments made by GoldMoney, on instructions from the User and/or any Secondary
User, are irrevocable and irreversible.
VIII. STORAGE
A. For every goldgram and silver ounce within GoldMoney, there is an identical quantity
of grams of gold and ounces of silver, as measured by fine weight, in allocated storage at
a Vault. Allocated storage means that the grams of gold and ounces of silver are
contained within discrete and identifiable forms of physical bullion that meet the Chain of
Integrity Standard, which bullion is held free and clear from any claim which GoldMoney
or the operators of a Vault may have against the User, except where such claim arises
from fees owing to GoldMoney, Net-Gold and/or the Vault in terms of this Agreement.
B. The goldgrams and silver ounces in a User's Holding quantifies that User's undivided
interest in the bars of allocated gold and silver stored at a Vault on behalf of all
GoldMoney Users. An undivided interest means that a User's grams of gold and ounces
of silver are combined with the gold and silver of other GoldMoney Users in the bars of
gold and silver in allocated storage at a Vault.
C. It is recorded that:
i. Title to the weight of gold in allocated storage at a Vault shall at all times vest
in the various GoldMoney Users;
ii. The extent to which a User is entitled to a share of the bars of gold and silver
in allocated storage at a Vault shall be recorded in the User's Holding;
iii. GoldMoney has no proprietary interest in the bars of gold and silver except
where such claim arises from fees owing to GoldMoney, Net-Gold and/or the
Vault;
iv. On the winding up or bankruptcy of GoldMoney, GoldMoney will instruct ATC
to promptly arrange distribution from the Vault of the bars of gold in units of gold
bars (each weighing approximately 12,500 goldgrams) and silver bars (each
weighing approximately 1,000 ounces) and to distribute the balance in the
equivalent value in national currency, less any outstanding fees, to the various
GoldMoney Users;
v. The User agrees to keep his undivided interest in the bars of gold and silver
held in allocated storage at a Vault free from any liens, encumbrances, charges
or claims;
vi. The operator of the Vault maintains insurance at least equal to one hundred
percent (100%) of the value of the bars of gold and silver owned by Users. This
evidence of insurance may be viewed at
goldmoney.com.
D. The User hereby authorises GoldMoney to arrange for the storage and transportation
of the User's grams of gold and ounces of silver, as may be necessary in the
circumstances. This authority shall be deemed to include an authority to enter into
contracts on behalf of the User in respect of the storage or transportation of the Users
grams of gold and ounces of silver.
E. A User may, by providing GoldMoney with delivery instructions, which instructions
must be in the form prescribed from time to time by GoldMoney and the Vault, at any time
request GoldMoney to change the goldgrams and silver ounces in his Holding into grams
of gold or ounces of silver that are available for physical delivery to the User, provided
that there are sufficient goldgrams and silver ounces to take delivery of a London Good
Delivery bar of gold, which bar weighs approximately twelve thousand five hundred
(12,500) grams, or bar of silver, which bar weighs approximately one thousand (1,000)
ounces. GoldMoney will not charge a fee for its service, but fees may be charged by the
Vault for acting on the delivery instructions.
F. The User must, in respect of any request contemplated in clause VIII.E, provide
GoldMoney with instructions that are in all respects satisfactory to GoldMoney and the
Vault for the handling, management and subsequent disposition of the physical gold and
silver made available for delivery in terms of the request, and the Vault may charge the
User a fee for this service. A User may also use an Exchange Provider should he wish to
exchange goldgrams and silver ounces for grams of gold and ounces of silver fabricated
into either bars or coins. An Exchange Provider may charge the User a fee for this
service. If any gold or silver delivered to a User is not in conformity with the description
provided to the User by the Exchange Provider or the Vault, the User's sole remedy shall
be against that Exchange Provider or Vault, and in no event will GoldMoney be liable to
correct such non-conformity.
G. As User information is maintained by GoldMoney rather than the Vault, all
communication concerning the User's Holding must be through GoldMoney as referred to
in clause XV. Any communications from the User and/or any Secondary User to the
Vault will be ineffectual and may lead to additional charges being levied.
IX. FEES
A. A User only pays a fee if he benefits from a GoldMoney service. No fees are payable
by a User for accessing his Holding or if he performs administrative tasks in respect of his
Holding that does not require any assistance from GoldMoney.
B. The User hereby authorises GoldMoney to deduct from his Holding, any payment
fees, account fees, storage fees and service fees that the User incurs.
C. In respect of any payment instruction, a payment fee is due by the User to
GoldMoney and shall be deducted from the User's Holding at the time of the payment.
For further information on fees, please see: goldmoney.com
D. The Holding of a User's goldgrams and silver ounces incurs a storage fee. The
Holding of a User's money as customer money in a Customer Segregated Funds
Account in such currency as it may from time to time be held incurs a management fee.
For further information on fees, please see: goldmoney.com
E. GoldMoney may in its entire discretion and at any time, change the fee structure for
any User, which discretion shall be exercised with due consideration to the number and
size of payments made from a User's Holding, the quantity of goldgrams and silver
ounces in the User's Holding and/or any other factors that GoldMoney may deem
relevant from time to time. A User will be notified in advance if any fee is to be changed.
The notice period will be thirty (30) days, excluding changes to exchange fees for the
purchase and sale of goldgrams, silver ounces and other products which may vary based
on market volatility and other factors and are therefore subject to change without
advance notice.
F. GoldMoney may levy separate charges for additional services rendered by
GoldMoney at the request of the User. The cost of these additional services shall be
posted from time to time on the GoldMoney Website. Alternatively, the User will be
advised of the cost of additional services when such services are requested, or if the
service is automatic, he will be advised of the cost of the service when it is provided.
G. Each fee that a User pays to GoldMoney shall be recorded in the User's Holding,
which shall contain details of the fee charged and how the fee was incurred.
H. The User shall be responsible for all telephone, cable, line and/or internet service
provider charges incurred when using GoldMoney, if any.
X. CHANGES IN TERMS AND FEE STRUCTURE
A. GoldMoney may on advance notice to the User as provided in clauses IX.E, which
notice, if posted to the User's Message Box or e-mail address, shall be deemed to have
been received by the User on the day it was posted, vary the GoldMoney fee structure.
Continued use of GoldMoney after proper notification of a change in the fee structure
shall be deemed to be agreement by the User to be charged in accordance with the new
fee structure.
B. GoldMoney may from time to time vary the terms of this Agreement. The User will
receive thirty (30) days notice, which notice, if posted to the User's Message Box or e-
mail address, shall be deemed to have been received by the User on the day it was
posted, of any change to the terms of this Agreement. Continued use of GoldMoney after
proper notification of a change in the terms shall be deemed to be agreement by the User
to have the new terms apply.
XI. TERMINATION
A. This Agreement will remain in effect and will bind both the User and GoldMoney until
such time as the User's Holding is closed. GoldMoney may in its entire discretion
terminate this Agreement for any reason whatsoever, including, without limiting the extent
of the foregoing, any breach of this Agreement by the User. The termination of this
Agreement does not relieve GoldMoney of its obligations to account to the User for the
value of the User's Holding. In such circumstances of termination, the value of the
Holding will be calculated as the value attributable to the Holding at the date and time of
termination. GoldMoney will remit funds to such account of the User as has been notified
to GoldMoney. If no account details are held or if GoldMoney is not able to make an
electronic transfer for whatever reason, then GoldMoney's obligations hereunder will be
satisfied by GoldMoney sending a cheque to the last known address of the User.
B. The rights and obligations of the parties to this Agreement in terms of clauses IV.C,
IV.D, VI.D, VII.F, XII, XIII, XIV, XVI.E, XIX, XX, XXI, XXII and XXIV shall survive the
termination of the Agreement.
XII. CONFIDENTIALITY AND PRIVACY
A. GoldMoney recognises the User's right to confidentiality and privacy and agrees that,
except when required to provide information pertaining to the User to comply with any
form of legal process, access to information pertaining to the User is only provided to
GoldMoney staff and agents and associated service providers, and then only on a need-
to-know basis.
B. GoldMoney warrants that it shall at all times be bound by the principles set out in its
Privacy Policy, which policy shall be deemed to form part of this Agreement.
XIII. LIMITATION OF LIABILITY
A. Unless otherwise expressly provided, GoldMoney will not be liable for any loss or
damage, whether direct or indirect, resulting from the use, operation or performance of
GoldMoney and/or the GoldMoney Website.
B. GoldMoney shall under no circumstances be liable to the User for:
i. Any special, general, direct, indirect, incidental or consequential damages,
even if it had been advised of the possibility thereof;
ii. Any damages resulting from latent defect, loss of data or profits.
C. The limitations and exclusions in this clause XIII and in the Disclaimer shall apply to
all claims of whatsoever nature, kind and description save that, and for the avoidance of
doubt, the User shall not be liable for any loss or damage caused by unauthorised or
fraudulent payments or withdrawals made by GoldMoney and/or Net-Gold nor if
GoldMoney and/or Net-Gold has committed acts of gross negligence in which
circumstances liability, without more, would fall on GoldMoney and/or Net-Gold as the
case may be.
D. GoldMoney shall be relieved from its obligations under this Agreement if and to the
extent that it is unable to carry out all or any of its obligations hereunder owing to:
i. Wars, civil commotion, vis major, act of God, strikes, riots, lockouts,
governmental controls or restrictions, non-availability of any equipment or
telecommunications or computer systems or any other causes beyond the
reasonable control of GoldMoney;
ii. Neglect, serious fault or wilful misconduct on the part of the User or any
Secondary User.
XIV. INTELLECTUAL PROPERTY RIGHTS
A. The User acknowledges that any and all of the intellectual property rights including
trademarks, service marks, trade names, copyright and other rights used or embodied
within GoldMoney or the GoldMoney Website are and will remain the sole property of
GoldMoney.
B. All information and material supplied by GoldMoney to a User, excluding the User's
Holding balances and other information specific to the User's Holding, constitutes part of
GoldMoney's confidential and proprietary information except for any such information or
material in the public domain through no fault of the User. The User may not reproduce,
copy or disclose such confidential and proprietary information without the prior written
consent of GoldMoney.
C. The User warrants that he will not, nor shall he attempt to, tamper with, modify,
reverse engineer, gain unauthorised access to, or in any way alter any software
comprising GoldMoney or the GoldMoney Website. The User understands that
GoldMoney will close his Holding immediately, and may take legal action against the
User if he breaches, or GoldMoney reasonably suspects that he may have breached, this
warranty.
XV. ELECTRONIC MESSAGES
A. E-mail messages may be sent by GoldMoney to the User's e-mail address from time
to time. The User shall be deemed to have received the email message on the day that it
was posted.
B. The User agrees that in respect of any matter concerning the User's Holding, the
User may only contact GoldMoney securely via the Message Box. The User agrees to
receive secure communications from GoldMoney in the same way and warrants that he
will not attempt to circumvent the receipt of any message.
C. A User will be notified of any message received from GoldMoney when he logs into
his Holding through the GoldMoney Website. The User shall be deemed to have
received a message posted in his Message Box on the day that it was posted. An e-mail
notification is also sent to the User each time a message is posted in the User's Message
Box.
D. In the event that the User has difficulty accessing the GoldMoney Website or
receiving or sending electronic messages through the GoldMoney Website, the User may
contact Customer Support by telephone.
XVI. INCORRECT INFORMATION
A. The User is encouraged to access his Holding on a regular basis and is strongly
advised to access his Holding at least once every thirty (30) days in order to
benefit from the protections outlined further in this clause XVI.
B. If a User believes that any item reported in his Holding is incorrect, or that any
unauthorised or fraudulent activity has taken place, the User must contact GoldMoney
immediately.
C. GoldMoney must be notified within thirty (30) days of the date on which the
suspected problem comes to the attention of the User. The User shall be deemed to be
aware of a problem with his Holding if the problem can reasonably be detected when
accessing the Holding and a period of thirty (30) days has elapsed since the suspected
problem arose.
D. If GoldMoney is alerted of a potential problem within the thirty (30) day period and
such problem was a result of a breach of security at GoldMoney, the User will not be held
liable for unauthorised or fraudulent payments or withdrawals that occurred during this
thirty (30) day period, except where such payments or withdrawals resulted from the
misuse of the User's Holding number and Passphrase.
E. If the User fails to contact GoldMoney within the thirty (30) day period, he will be held
responsible for all unauthorised or fraudulent payments or withdrawals but excluding
unauthorised or fraudulent payments or withdrawals made by GoldMoney and Net-Gold.
XVII. ACTIONS FOR DORMANT HOLDINGS
A. If the User fails to access his Holding for a period of seven (7) years, the Holding will
be deemed to be dormant. We will then seek to locate the User by such means as are
available to us and we will try each method of communication which we can to locate the
User from the information we hold until such time as we have tried every method
available to us. At that stage we will act on a presumption that the User is deceased
and/or dissolved (or equivalent) and we will then seek to contact such next of kin or
alternative contact person or entity as has been notified to us. Only if we have been
unable to trace either the User or any next of kin or alternative contact person will we
then deem the Holding abandoned and the Holding will be closed with all and any
goldgrams, silver ounces or funds in the Holding being forfeited and paid to GoldMoney.
We will levy our reasonable charges in respect of actions we take to locate either a User
or next of kin or equivalent.
XVIII. DUTIES OF GOLDMONEY
A. GoldMoney shall complete any transaction that the User requests and shall correct
any transaction that it at its absolute discretion determines to have been made in error
because of a malfunction of GoldMoney.
B. GoldMoney shall take all reasonable steps to ensure that the Chain of Integrity
Standard is met by all gold and silver within GoldMoney.
C. GoldMoney represents and warrants that the allocated gold at the Vault shall at all
times be of a weight at least equal to the total quantity of goldgrams owned by
GoldMoney Users, and further, that the allocated silver at the Vault shall at all times be of
a weight at least equal to the total quantity of silver ounces owned by GoldMoney Users.
XIX. SEVERABILITY
A. In the event any one or more of the provisions of this Agreement shall for any reason
be held to be invalid, illegal or unenforceable, the remaining provisions shall remain valid
and enforceable.
XX. GOVERNING LAW
A. This Agreement shall be governed by the laws of Jersey, British Channel Islands,
and the parties agree to be subject to the exclusive jurisdiction of the Royal Court of
Jersey.
XXI. CONFORMING TO LAWS
A. The User is responsible for complying and shall comply with all laws of the territory
from which the User accesses the GoldMoney Website (including without limitation those
of Jersey). The User shall at all times be solely responsible for obtaining any
authorisations required by any authoritative body in this territory. The User's obligations
under this provision shall remain in effect after termination of this Agreement.
XXII. CURRENCY FLUCTUATIONS
A. The User acknowledges that GoldMoney and Net-Gold provide no advice or opinion
regarding the User's decision to use the GoldMoney payment system or to buy and/or
sell goldgrams, silver ounces and other products in exchange for national currency.
B. The User relies on information contained on the GoldMoney Website at his own risk.
The User acknowledges that exchange rate fluctuations between goldgrams and silver
ounces and other currencies are inherent to, and are a normal part of, the global currency
exchange market, and that the rate of goldgrams and silver ounces to national currencies
is subject to wide, and at times, volatile fluctuations. Consequently, goldgrams and silver
ounces may be worth more or less in terms of national currencies at the time of spending
than at the time of acquisition, and a User may gain or lose purchasing power by owning
goldgrams or silver ounces instead of another currency. The User understands,
acknowledges and is willing to accept the risks and consequences of these fluctuations.
XXIII. RIGHT OF SET-OFF
A. The User agrees that GoldMoney and Net-Gold may, at their sole discretion and
without notice to the User, convert any Holding into cash and use the proceeds of that
conversion together with any Customer Money the User holds with Net-Gold to set-off
any of the User's liabilities or obligations to GoldMoney and/or Net-Gold.
B. The User agrees that GoldMoney or Net-Gold may, at their sole discretion and
without further notice to any Joint Holder, convert any Joint Holding into cash and use the
proceeds of that conversion together with any Customer Money that may be held with
Net-Gold on a joint basis to set-off any liabilities or obligations to GoldMoney and/or Net-
Gold.
C. The User agrees that GoldMoney or Net-Gold may without notice:
i. treat any outstanding transaction as having been cancelled and terminated;
ii. arrange the sale of goldgrams or silver ounces to realise funds to cover any
outstanding amount, obligation or liability owed to GoldMoney or Net Gold by the
User;
iii. close out, replace or reverse any transaction in such manner as GoldMoney
or Net-Gold considers necessary to reduce or eliminate loss or liability in respect
of any outstanding contract or commitment;
iv. combine or merge any of the User's Holdings in order to set-off any sums
standing to the credit of these Holdings with any outstanding amount, obligation
or liability owed to GoldMoney or Net-Gold by the User.
XXIV. GENERAL
A. This Agreement, together with the Customer Acceptance Policy, Disclaimer and the
Privacy Policy to the extent incorporated herein constitutes the sole record of the
agreement between the parties with regard to the subject matter hereof. No party shall
be bound by any express or implied term, representation, warranty, promise or the like
not recorded herein.
B. No addition to, variation of, or agreed cancellation of this Agreement shall be of any
force or effect unless the proper notification is given to the other party.
C. No relaxation or indulgence which any party may grant to any other party shall
constitute a waiver of the rights of that party and shall not preclude that party from
exercising any rights which may have arisen in the past or which might arise in future.
D. Any provision of this Agreement which contemplates performance or observance
subsequent to any termination or expiration of this Agreement shall survive any " |
