gpmt terms & conditions

8/4/2019 GPMT Terms & Conditions

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GPMT: Terms and Conditions Privacy Policy Acceptable Use Policy

Table of Contents:

1. GPMT UK's legal identity2. Deemed Acceptance and Prevailing versions3. Our business relationship4. Required information about you5. Identity Verification6. Validation of your GPMT account7. Change and modification of your personal details8. Your contact details9. Privacy of your account

10. Your account Security and Passwords11. Means of communication between us12. Banks

13. Currency of the GPMT Clients Account14. Methods of sending funds to GPMT clients account15. Methods of withdrawing funds from your GPMT account16. Minimum Account Balance17. Trading procedures18. Settlement of the unpaid charges

19. Prevention of money laundering20. Safety and location of your precious metals21. Form, Purity, Status and Origin of your precious metals22. Entrustment of your precious metals23.Processing procedures of your order

24.Risk Disclosure25. Risks which are not a GPMT UK responsibility26. Risks which are a GPMT UK responsibility27. Death and Inheritance issues28. Commission29. Interruption to online trading30. System availability and downtime31. UK Regulatory Authorities32. Corrections of Mistakes33. Limitation of Liability
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34. Termination35. Representations and Warranties36. Taxation37. Market Disruption and Events beyond the control of GPMT37. Assignment39. Language40. General

41. Applicable Law

1. GPMT UK's Legal Identity

Global Precious Metals Trading Company (UK) Ltd, (GPMT) is a limited liability company registeredin England and Wales with registered company number 6869517. Our registered office is at WenhamManor, Rogate, Petersfield, Hampshire GU31 5AY. The operating and administrative offices of GPMT is315, Regents Park Road,Finchley, London N3 1DP. The following

websiteswww.gpmt.com, www.gpmt.com, andwww.gpmt.net are and all rights in, arising from orrelating to it are owned, provided to and controlled by GPMT.

Please address all your correspondence, queries and any complaints to the contacts as listed inourcontact page.

In these Terms and Conditions (Conditions) and all other documents as well as the GPMT websitesatwww.gpmt.com, www.gpmt.com,andwww.gpmt.net(Websites) and other written communications,references to GPMT mean for those customers based in any country other than the United States ofAmerica: Global Precious Metals Trading Company (UK) Ltd and for those customers based in theUnited States of America Global Precious Metals Trading LLC.

2. Deemed Acceptance, Application of Conditions and Prevailing Versions

2.1 Please read these Conditions carefully and discuss with us anything which you do notunderstand. Unless you raise any specific issue or we have agreed in writing that any part of theConditions is not to apply, we will regard the Conditions as setting out the relevant terms concerningour trading services. Transactions that we enter into with you under these Conditions are legallybinding and enforceable.

2.2 After online confirmation of your online registration with GPMT on the Website, you become anew client and Account Holder of GPMT and deemed to accept that these Conditions, and any ordersubmitted by you for the purchase or sale of precious Metals in accordance with Condition 2.4 below

(a Transaction), form an enforceable and binding contract between you and GPMT which governs ourtrading services and all transactions we conduct with you (the Agreement).

2.3 These Conditions shall apply to and be incorporated into any Transaction and prevail over anyinconsistent terms or conditions contained, or referred to, in your purchase order, confirmation oforder or specification or other document supplied by you, or implied by law, trade custom, practice orcourse of dealing.

2.4 Your online Transaction constitutes an offer by you to purchase or sell precious Metals subjectto these Conditions. No offer placed by you shall be accepted by GPMT other than:
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(a) by a written email acknowledgement issued by GPMT; or

(b) (if earlier) by GPMT executing the precious Metals purchase,

when a contract for the supply and purchase of the precious Metals on these Conditions will beestablished. Your standard terms and conditions (if any) referred to in any Transaction shall not

govern the Agreement.

You accept that an offer to enter into a Transaction, once made, shall be irrevocable and binding uponyou. GPMT shall at all times remain free, in its absolute discretion, to refuse to accept such offer and

not enter into any Transaction.

2.5 As of 1 January 2010 until further notice, these Conditions represent the terms of business forall GPMT clients. GPMT may from time to time, by giving 30 days notice of modifications change theConditions. The changed Conditions shall become effective only when they are published on the GPMTwebsite and also emailed to you. During the 30 days notice period, you have the right to terminatethe Agreement under the old Conditions. You can terminate the Agreement by selling your Metals andwithdrawing your funds subject to deduction of any outstanding commission payable to GPMT. If youdo not terminate the Agreement in this way you are deemed to accept the modifications after 30days.

2.6 You acknowledge that due to the nature of the services offered by GPMT any instructionreceived by GPMT from you in respect of a Transaction, once given, shall be irrevocable except withthe prior written consent of GPMT. Provided that the correct security procedures are followed, GPMTshall be entitled to rely on its belief in good faith that any such instruction, given by whatever means,emanates from you. Other than following the security procedures for the relevant account GPMT shallhave no obligation to verify the identity or authority of the person giving such instruction or theauthenticity of such instruction. You recognize and accept the risk of any error or misunderstandingand the risk of any instruction being unauthorized or given by an unauthorized person and you agreethat you will put in place sufficient and reasonable security measures to avoid the same. Accordingly,

you agree to be bound by all instructions which GPMT receives via your account using the relevantsecurity procedures which GPMT believes in good faith to have been given by you.

3. Our business relationship

3.1 The business of GPMT is, with the tier one banks and regulated industries in the United Statesof America and via its own sister company Global Precious Metals Trading LLC, to facilitate trade andinvestment in precious Metals for clients (Metals). GPMT acts as broker between you and the aboveentities (or such others who are engaged by GPMT and notified to you in accordance with theseConditions). The clients of GPMT benefit from low commission charges, efficient and safe onlinetrading facilities via the Website as well as personal one to one account managerial services. You haveopened an account and become a GPMT client in order to benefit from GPMT trading services.

3.2 Our trading service is an on-line service and you specifically consent to the receipt ofdocuments in electronic form via email, Website or other electronic means. Any communication sent toyou may not in addition be sent in a paper form other than on your request. We reserve the right to

charge a reasonable fee for documents supplied in a paper form.

3.3 You confirm that you have regular access to the Internet and agree to GPMT providing youwith information about us and our services, our costs and charges and our notices and policies byemail or by posting such information on our Website.

3.4 GPMT shall use reasonable endeavors to provide the trading services to you, in accordance inall material respects with these Conditions.

3.5 GPMT will use reasonable endeavors to meet any performance dates specified in a


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Transaction, but any such dates shall be estimates only and time shall not be of the essence forperformance of the trading services or Transactions.

3.6 GPMT will not provide advice to you on the merits of any Transaction and shall deal with youon an execution-only basis. None of our staff are authorized by us or permitted under FSA Rules togive you investment advice. Accordingly, you should not regard any transaction proposal, suggestedtrading strategies or other written or oral communications from us as investment recommendations or

advice or as expressing our view as to whether a particular transaction is suitable for you or meetsyour financial objectives. You must rely on your own judgment for any investment decision you makein relation to your GPMT account. If you require investment advice, please contact an independentinvestment adviser.

4. Required information about you

By law and in order to make its services available to you, GPMT has to retain your data includinginformation concerning the source of your funds. This is with your knowledge and consent. Your datawill be stored for the purposes of GPMT performing services to you under this Agreement andprocessed in accordance with our Privacy Policy.

GPMT shall not disclose your data to third parties except in normal administrative procedures for

completing your transactions or when required by law. Please refer specifically to our Privacy Policy -Privacy Policy-

5. Identity Verification

Initially you are able to register with GPMT by providing limited identity information. This initial simpleregistration enables you to open a practice trading account. This is of course only a simulation accountto help you practice and learn. You shall only be required to provide detailed identity information whenyou decide to transfer funds to your GPMT account for real transactions in precious Metals.

The required identity documents for completing yourfull registrationand alsofull registrationyourreal trading account are:

Copy of your valid passport or driving license showing your photograph Two copies of your recent utility bills showing your residential address (not older than three

months old) Copy of a bank statement or document received in relation to your bank account from which

you intend to transact with GPMT (send funds from and receive funds into)

Your bank account document should clearly show:

Bank name Branch name and address Branch Sort Code, or Transit Code or Routing Code or Swift Number Account name

Account number

Where documents have been translated into English, translated transcripts must be signed, stamped,and dated by an official independent translation service provider and accompanied by a copy of theofficial foreign language document (certified as above). The name and contact details of theperson/company translating the documents must be clear and in English.

All copy documents should be sent by email to the address specified on the registration form andGPMT reserves the right to require any customer to provide certified copies of originals wherenecessary. You confirm that the documents and information you provide are true and give your
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consent to GPMT for making enquiries as to the verification of your identity.

When you intend to open and validate your account with GPMT in the name of a corporation or a trust,in addition to the above we also require:

Photographic identity for any individual with a 25% or greater beneficial interest

Company Certificate of Incorporation or a copy of trust deeds, as appropriate Board resolution authorizing you to open a trading account with GPMT on or attached to a

company letterhead List of company directors

GPMT accepts your documents in English, Spanish, French, German, Portages, Italian, Russian,Chinese, Japanese, Korean, Arabic and Farsi. Documents in other languages must be accompanied bycertified English translation.

6. Validation of your GPMT account

After careful consideration of your documents, GPMT shall inform you by email whether your accountis validated, or further documents are required or your application is refused. If your application is

refused, GPMT shall not be obliged to provide reasons.

When validated, you can then transfer funds to your GPMT account.

GPMT shall only transact with the same bank, details of which you have submitted with the otherrequired documents. Should you want to use another bank, you agree to first submit fresh documentsrelated to your new bank account and accept that the account name should be exactly the same asyour account in the old bank. GPMT shall not be obliged to accept any new account applications.

For security reasons, any new documents must only be submitted and shall only be accepted whenyou are securely logged into your own account.

By requesting a change to your bank account details, you accept that GPMT may require further

verification from your new bank. When your new bank account is confirmed, GPMT shall email you theaccount details and ask you to confirm that the details are correct and you will use the new bank totransact with GPMT. You are responsible for checking the details, and notifying GPMT immediately ifthe details are incorrect.

Once the identification and registration process set out in these Conditions has been followed and therelevant security information (Login Name and password) has been allocated to you GPMT shall beentitled to rely on its belief that any offer in relation to a Transaction received from your accountemanates from you without any further obligation to verify the identity of the person making suchoffer, and you agree to be bound by all offers which GPMT believes to have been made by you.

7. Change and modification of your personal details

When it becomes necessary to change your personal details, name and residential address, you acceptto re-validate your account by providing:

Change of name - Supporting legal documents stating both the new and the old names suchas marriage certificate, new passport / driving license with affixed photographs

Change of residential Address: Two copies of your recent utility bills showing your newresidential address (no longer than three months old)

Copy of your bank account from which you intend to transact with GPMT showing your new


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address

You accept that the above procedures are for reasons of protecting yourself from identity fraud andsafeguarding your transactions with GPMT. Accordingly, by following the above procedures, youconfirm that GPMT has fulfil led its duty of care with regard to your request for any amendment and isentitled to charge reasonable administrative costs.

Should it not be possible to comply with the above procedures for whatever reason and funds in yourGPMT cannot be remitted to your original bank account, you authorize GPMT to take legal advice,follow legal procedures and/or take out appropriate insurance cover against any loss, all at your costprior to refunding any funds to you.

8. Your contact details

You confirm that GPMT is authorized to keep a record of:

Your email address Your mobile telephone number Your home telephone number Your home address

It is your responsibility to keep your contact details up to date via the GPMT website and GPMT isentitled to rely on the accuracy of the information that you have provided. Any time you provideGPMT with new contact details, GPMT shall notify you by email or if your email itself has beenchanged, emails to both your old and new emails and request you to confirm the changes. Failure tomaintain your contact details correctly may result in loss or costs to your account or GPMT. You

therefore accept to indemnify and keep indemnified GPMT against losses which may arise out of notmaintaining your correct contact details with GPMT.

9. Privacy of your account

Exactly as your personal bank account is a private matter and known only to yourself and your

account managers, your account with GPMT, your cash and/or Metal holdings are also private andshall only remain known to yourself, your authorized GPMT account managers and the GPMT auditors.However, in complying with money laundering regulations, GPMT is obliged by law to report suspiciousactivities to the appropriate government agencies.

10. Your account Security and Passwords

Your personal information and financial data held at GPMT are protected by password as well as yourunique pin number and also other key access information. It is your responsibility to safeguard thesecrecy of your password, pin number and other access information.

Should you forget your password, pin number or login name, by following the online recoveryprocedures on GPMT site, you will be able to set a new password and pin number. In case you are not

able to do so, you must contact GPMT by telephone.

Whenever you reset your password GPMT shall send you an email notifying you that you havechanged your account password.

By using advanced encryption technology GPMT computers are not able to store your password indecipherable form. Therefore GPMT UK staff cannot know your chosen passwords.


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11. Means of communication between us

The primary means of communication between you and GPMT are:

Online connection while you are logged into your account, conducting trade posting andreceiving messages via the Website.

You confirm that while you are logged-in to your GPMT account, you will only use very reliable internetcommunication technology that is generally accepted to offer high level of reliability, security, privacyand accuracy in modern electronic data transmission.

Email. GPMT shall communicate with you by email and will keep a record of all emails sent andreceived. You also agree to keep copies of all email communication with GPMT for your ownrecords and as back up.

When GPMT sends an email to you that is not bounced back within 30 minutes, we shall regard thatemail as delivered. It is therefore your responsibility to have opened and acted in accordance with theemail content.

You accept that if within 48 hours of the email transmission, you have not replied to the message byemail, GPMT is entitled to regard your no response as your acknowledgment of the receipt andacceptance the content of the email.

In the event that you respond to a GPMT email after 48 hours and raise an issue with regard to thecontent of the GPMT email, you consent that the GPMT management has sole discretion to propose abinding resolution.

You accept and confirm that although you know emails are subject to interception, they are howeverthe appropriate means of communicating between you and GPMT.

Telephone. GPMT may also communicate with you by telephone or sending SMS messages toyour mobile phone.

SMS messages are deemed delivered when delivery is confirmed by the record of the relevant mobilephone company.

Post. GPMT may send document and information to you by post. You accept that if you did notreply within 10 days, GPMT is entitled to regard your receipt of, acceptance of andagreement with the content of the posted document.

12. Banks

Bankersto GPMT accounts are:

UK. The Royal Bank Of Scotland Current and Client accounts

QIB Client accounts

USA. BBT Bank

You accept that the above banks selected by GPMT for handling your funds and Metals are of adequatestanding for your required transactions. You also accept that GPMT may at any time on giving you 30days notice (in accordance with condition 2), engage other banks with adequate standing.
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13. Currency and Operation of the GPMT Client Account

US Dollar ($) is the international currency used for quoting and trading precious Metals. Therefore theclient account of GPMT is a US Dollar current account. You agree that:

1. All funds that you send to this account shall be in US Dollars

2. All funds that you send shall be referable to specific Metals purchases and be in order to:

a. complete your specific purchase orders

b. comply with any required margin calls; and

c. settle any commission or costs that may be due to GPMT

3. No interest shall be paid to your funds held in the GPMT client account

4. All funds that you instruct GPMT to send back to you, shall be converted at the prevailingexchange rate and sent to the currency of your own bank account

You confirm that you shall not send funds to, or keep funds in the GPMT client account without beingreferable to a specific purchase order. Should funds belonging to you remain with GPMT for more than30 days without any purchase order from you, GPMT shall send the funds back to your own bankaccount.

All trading funds received from you or due to you shall be placed in the GPMT segregated ClientAccount for the appropriate actions in accordance with your instructions and subject to theseConditions. The segregated GPMT client account is a ring fenced account that cannot be utilized forany other purpose except instructions related to your trading of Metals.

Furthermore, this account is ring fenced in such a way that:

1. No creditor of GPMT except our registered clients with account for trading precious Metals canhave any claim against funds in this account

2. The eligible claims of registered clients are limited to the extent of their own confirmed amountof deposits

You confirm that GPMT is permitted on your behalf to utilize your funds in the segregated ClientAccount exclusively for the following purposes:

1. To purchase physical Metals in accordance with this Agreement and your confirmedpurchase order placed on the GPMT website or by written instructions

2. To send funds back to you

3. To pay any commission or other charges due to GPMT

GPMT hereby confirms that your cash balance within the segregated Client Account shall, subject topayment of any outstanding commission or charges to GPMT, be held on call for return to yourselfwithin five business days.


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14. Methods of sending funds to GPMT clients account

You agree that any financial transactions with GPMT shall only be conducted through recognizedbanking methods. You hereby agree to only send funds to GPMT in the following ways:

a. Online transfer, by chaps or telegraphic transfer from your bank account, details of which you

have first registered with GPMT

b. Online transfer, by chaps or telegraphic transfer via any other bank account belonging to yourselfwhere your account name is exactly the same as your submitted identity documents

c. Your own debit or credit cards linked to your own bank account with your name on the cardbeing exactly the same as your submitted identity documents

c.1 When credit or debit cards are used, you pay an additional processing fee of 1.5% of the totalamount

d. Your personal check with your name being exactly the same as your submitted identitydocuments

e. Cashiers check where your full name is printed as reference and is exactly the same as yoursubmitted identity documents

f. Cash under USD $10,000 paid by yourself into GPMT bank account and reference is made to yourfull name which must be exactly the same as your submitted identity documents

You accept that if your funds are received by GPMT and we discover discrepancy in your names as thesender in comparison with your identity documents, your trading activities shall be suspended pendingclarification. In this instance you shall be asked to submit further documents proving that the fundsbelong to you and were sent by yourself. Subject to GPMT being satisfied with your documents, thefunds shall be applied to your account and suspension will be removed.>

You accept that where GPMT is not satisfied with your clarifications, the funds less any administrativecosts shall be returned by a check and such check sha ll be issued to the exact spelling of the sendersfull name.

15. Methods of withdrawing funds from your GPMT account

You accept and agree to adhere to the following procedures with regard to withdrawing funds fromyour account:

1. Provide a verifiable transfer request either online when you are logged in to your GPMT accountor by email toadmin(at)gpmt.com

2. Your receiving bank and account can only be the bank and account number that you have named

and validated on your registration records

3. The maximum requested amount to be transferred shall not exceed the available cash in youraccount

4. If there is not enough cash in your account for you to withdraw the requested amount, you shallfirst sell sufficient precious Metals, or if possible, increase your borrowing to cover your request

5. Your transfer request shall be implemented when checked and approved by two authorized
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officers of GPMT

6. When authorized, your requested amount less transfer charges and any outstandingcommissions or charges shall be sent by bank transfer to your named and validated bank accountwithin 5 working days

16. Minimum Account Balance

The minimum amount for opening a trading account with GPMT is USD $25,000.00. If the balance inyour account is reduced to less than 20% of your net equity, due to trading loss or cash withdrawal,you agree that your account shall be suspended pending further injections of funds or closure. Youaccept that if you do not bring your account to the minimum trading level within 30 days, GPMT shallbe entitled to send the balance less banking charges and any commissions back to your named andvalidated bank account. In this case, your account shall not be closed and provided you do not change

your validated records, your account can be reactivated to the trading level by the minimum depositof USD $10,000.00

17. Trading procedures

To open an account please follow these procedures:

a. Click Register and complete the simple registration form (click submit once complete);

b. An email will be sent to you immediately (check your spam mail or similar and ensure thatfuture emails fromadmin(at)gpmt.com ,admin(at)gpmt.net, admin(at)gpmt.comare designatedsafe to receive);

c. From the email in 17b you will be asked to confirm your registration and you will then be able tologin to your virtual account with $100,000 virtual credit;

d. We strongly recommend that you use your $100,000 of virtual credit to familiarize yourself withthe procedures for Transactions and GPMTs systems - for more information on see the online Help

topic:Explain GPMT;

e. When you have completed the above steps you may validate your account by submitting therequired documents;

f. Once GPMT has received your documents and completed its verification process we shall sendyou an email and/or a message via our secure on-line message facility confirming the same. Youraccount will then be ready for the deposit of funds and Transactions;

g. Your new account page will appear without the details of your virtual trading activities. Click onDeposit Funds choose the method for making your deposit and proceed to deposit funds into yourGPMT account. Please note the minimum initial sum is USD $25,000;

h. As you will have learned using your virtual account, the panel on the left-hand-side of the homepage is where you may place orders for Transactions. The procedures are the same as you practicedfor your virtual account. Use the drop-down menus to choose the details of your trade. Then clickcalculate and review the details.

i. To place your order, you will need to confirm your agreement to these Conditions by ticking thebox entitled I agree to GPMTs Terms and Conditions. Please also insert your 4 digit pin number andclick BUY/SELL.

j. A summary page will appear setting out the details of your intended Transaction with the
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following message:

Please check the above details. At this stage you are able to change the details of your Transactionor cancel your order. By clicking Accept you acknowledge that: (1) Your order is correct, bindingand irrevocable and you agree to waive any cancellation period under the Consumer Protection(Distance Selling) Regulations 2000 (if applicable), (2) Execution of your order may take up to 24hours, (3) Your Transaction shall be executed at the spot market price within +/- 2.5% of the stated

price at the time of your instruction received by GPMT. After you click Accept you will receive anemail confirming your Transaction; if you do not receive an email from us please contact usonadmin(at)gpmt.comor Telephone:+44 (0)208 349 2287, Fax:+44(0)208 349 6097

k. Following the above steps your Transaction will be checked and verified by your GPMT accountmanager and shall appear in the Pending section of your account until such steps are complete (seeList Trading Activities Pending);

l. Execution of your Transaction may take up to 24 hours. It is only after execution that the detailof your trade will be reflected in your account. We will send you an email confirming when yourTransaction has been completed.

m. If for any reason whatsoever your Transaction cannot be completed within 24 hours of receipt of

your order, we shall inform you by email that your Transaction has been cancelled. You may wish torepeat the order or place a new order.

18. Settlement of the unpaid charges

It is possible that at some point, you may have Metals credited to your GPMT account but notsufficient available cash balances or remaining credit to settle your various charges including, but notlimited to, commissions, interest, custody banking, and insurance. In this case we shall inform you ofthe shortfall and request remittance of sufficient funds within 7 days. If you do not send the requiredfunds via account with GPMT, you agree that GPMT shall be entitled to settle unpaid charges by sellingsufficient quantity of your Metals at the then prevailing spot price.

19. Prevention of money laundering

GPMT is committed to complying in full with both national and international legislation related toprevention of money laundering. For this reason and also for safety and security of financialtransactions between us and our clients, GPMT shall at all times adhere to the following principles:

a. Applications shall only be accepted from individuals and corporations when supported byverifiable identity documents

b. Funds to be deposited to an account with GPMT must be sent via banking channels and by theowner of that account

c. GPMT, shall only remit funds back to a client via bank transfer and to the pre-validated bankaccount of that client

d. GPMT UK respects your rights to confidentiality and shall always comply with appropriate lawsrelated to data protection.

20. Safety and location of your precious Metals

Our clearing institutions are the sourcing, clearing, financing and vaulting of GPMT in relation to ourMetals Transactions. Therefore, the integrity, safety, vault cation, delivery and insurance of our clients
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Metals are entrusted to these insinuations.

You accept that clearings institutions selected by GPMT for handling your Metals are of adequatestanding for your required transactions. You also accept that GPMT may at any time, engage otherbanks with adequate standing and you have the right to be informed in accordance with theseConditions of any such change.

Please note that your Metals will be held offshore (outside the UK) unless you wish to take physicaldelivery of your Metals to the UK. Please note however, that taking delivery of your Metals inthe UK may have taxation implications.

If you wish to take delivery of your Metals please notify us in writing so that we may give you furtherdetails of how to arrange delivery in accordance with condition 22 below.

21. Form, Purity, Status and Origin of your precious metals

GPMT, warrants that any Metals that you purchase via your GPMT account and as long as they remainin the custody of selected clearins institutions , shall be:

Form Purity Status QualityBar 99.95% Un-

AllocatedLondon

Good

Delivery

and tradable at the prevailing spot price. You accept that if you choose to take delivery or removeyour Metals from the custody of our clearing institutions this warranty shall be deemed as expired.

22. Entrustment of your precious Metals

You agree that upon confirmation of purchase, your Metals shall become your entrustment propertyunder custodianship of our clearing institutions. The custodianship of all or parts of your Metals shallbe terminated when you sell, take delivery or entrust custodianship to another organization.

You agree that your instruction for change of custodianship can only be implemented via GPMT and issubject to:

a. Full payments of all outstanding amounts in your GPMT account

b. Minimum deliverable quantity

c. Payment of delivery and insurance charges

23. Processing procedures of your order

Your online orders for the sale or purchase of Metals shall be implemented as follows:

1. Your account administrator shall first review your order to make sure your order has beencorrectly placed via a valid and active account using the correct security information and that youhave sufficient funds or Metals available to carry out your request;

2. Subject to 23.1 above, your account administrator shall execute your order and your account willbe adjusted accordingly. This shall be confirmed by email and via our secure on-line messaging


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system.

3. The confirmation message shall contain the following information:

a. prevailing spot market price at the time of the execution of your order

b. exact date and time when your order was executed

c. exact price of your deal

d. exact quantity of your deal

e. GPMT commission amount

f. finance (if any) and the rate of interest

Due to the necessity of your orders being reviewed by our account administrators there shall alwaysbe a delay in execution of your orders. In the intervening times, the spot market price may havemoved from the price on which any of your orders were placed. You acknowledge the inevitability ofthese delays, and authorize GPMT to execute your orders within and no longer than 24 hours from thetime that the order is placed.

You agree and authorize GPMT to execute your order at the spot market price provided that at thetime of execution:

a. the spot market price is within and no more or less than 2.5% of the price of your order;

b. there are sufficient funds, credit or Metals available in your account to cover any possibleadditional purchasing costs within 2.5% above your stated order price.

24. Risk Disclosure

1. You acknowledge that you have read and understood both the Risk Disclosure Statement as wellas these Conditions

2. You acknowledge that you have read and understood the help sections of GPMT and having

utilized your initial Practice Account (made available to you at the time of your registration), you arecompetent to utilize the online trading facilities of GPMT

3. You agree that when you place online orders to buy any Metals at the spot price with immediateeffect, by the time that your order is implemented, the spot price of that Metal may have movedabove or below the price at the time of your order. Nevertheless, you acknowledge that you haveauthorized GPMT to implement your order up to 2% increased in the spot price of such Metals

4. You agree that when you place online orders to sell any Metals at the spot price with immediateeffect, by the time that your order is implemented, the spot price of that Metal may have movedabove or below the price at the time of your order. Nevertheless, you acknowledge that you haveauthorized GPMT to implement your order up to 2% decreased in the spot price of that Metal

Furthermore, you acknowledge that you have read, understood and accepted the risks outlined incondition 25 which GPMT considers to be some, but not all, of the material risks in the business oftrading Metals. You acknowledge and assume these risks as part of entering into Transactions.


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25. Risks which are not a GPMT UK responsibility

1. Price movements. Precious Metals like all other commodities are exposed to rapid pricemovements. Therefore, at the time of sale, you are exposed to a potential loss arising from fallingprice of the Metal that you may have purchased.

2. Policy legislation. Governments for many reasons including taxation and currency stabilitymight introduce laws affecting value, trade and ownership of your Metals.

3. Bank insolvency. GPMT operates a segregated clients bank account with the Royal Bank of Scotland(RBS). RBS is a highly rated state owned bank that is currently owned by the British government.However all banks are subject to possible failure.

4. Identity theft. GPMT has implemented the following security measures to protect against identitytheft and prevent unauthorized access to your account:

a. Login name. At time of registration, you can choose your Login name to be different from your realname and change it as you wish. It is your responsibility to keep your Login name confidential toyourself;

b. Password. You have to choose a secret Password with a minimum of 6 letters and change it as youwish. It is your responsibility to keep your Password confidential and not disclose it to third parties;

c. Initial access to your account is only possible by insertion of the correct combination of both yourLogin name as well as your Password;

d. Secret question. At the time of registration, you have chosen a secret question, the answer towhich should only remain known to yourself. By correct answer to this question, you are able tochange or recover your forgotten Password or Login name;

e. Pin number. In addition to the above measures, your identity and account is also protected by a 4digit Pin number that you can choose, change and are responsible to protect. Without the insertion of

the correct Pin number, is not possible to change your profile or execute any transaction in youraccount;

f. Limited transactions. Transactions on your account are limited to the following three activities: 1.

Order to Purchase. 2. Order to sell. 3. Order to transfer your funds back to your registered bankaccount. Orders to purchase or to sell can only be placed by you or someone who not only hasaccessed your account, but also knows your Login, Password and pin number. Although this possibilityis rare, it may happen, but loss to your account may only be limited to:

In the case of fraudulent order to purchase: As soon as the falsified order is discovered, thepurchased precious Metals can be sold. Therefore your loss shall be limited to the possible fall in theprice of the purchase Metal

In the case of fraudulent order to sell: As soon as the falsified order is discovered, the soldprecious Metals can be repurchased. Therefore your loss shall be limited to the possible rise in theprice of the purchase Metal

The above two possible losses may be recoverable from your own insurance policies which werecommend that you arrange. .

In the case of Order to transfer funds: Transfer of your funds from GPMT can only be made toyour own registered bank account. Therefore, except for the bank transfer or exchange of currency


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charges, you shall not suffer any other loss.

5. Communication failure. GPMT uses up to date computer and communication systems, but there isalways a risk that due to a variety of reasons, including, but not limited to, internet or telephoneinterruptions, computer and server breakdowns, you are unable to access your account and place yourorder for periods of time. You accept that any loss due to not being able to place and execute yourorder is not a GPMT responsibility.

26. Risks which are a GPMT UK responsibility

GPMT accepts its duty of care with regard to the following risks in relation to your Metals andundertakes to use best efforts to contain them at minimal levels.

Theft of your precious Metals GPMT undertakes to make sure that while your physical preciousMetals are in the custody of our clearing institutions, they are covered by sufficient insurance.

Theft of your funds All outward transactions related to your funds in the GPMT client accountrequire approval of two senior officers of GPMT. GPMT undertakes to make sure that this requirementis always enforced and accept liability if you suffer any loss due to theft from your account with GPMT.

Prevention of data loss GPMT undertakes to use the best customary business practices, methodsand machinery in relation to safeguarding you data in electronic form. However it is conceivable thatdespite all protection and prevention measures, all or part of your data may be lost. For this reason,GPMT undertakes to forward copies of all your trading and communication data by email and also bythe messaging system of the GPMT site to you for safe keeping. You hereby agree to keep these datain both electronic as well as paper form and if required, forward a copy to GPMT.

27. Death and Inheritance issues

In the event of your death, GPMT undertakes to process your account in accordance with your will, the

due process of law under the appropriate jurisdiction and instructions of the legally appointedexecutors of your estate.

28. Commission

GPMT charges 1.5% (exclusive of Value Added Tax or any other applicable taxes or charges)

commission on the total value of each Transaction. This amount shall normally be added to youroutstanding finance or deducted from your cash reserve. In the event that neither is possible, you willbe notified and asked to settle GPMT commission within 7 working days by injection of cash ordisposal of sufficient amount of your Metals. Should the commission remain outstanding after thenotice period, GPMT has the right to sell sufficient amount of your holding to settle any outstandingamounts owed to it by you. In addition, should any amount remain outstanding for longer than 7working days GPMT reserves the right to charge interest on such amount at the rate of 4% above the

base rate of Royal Bank of Scotland calculated from the date payment fell due until the date of actualpayment (or such lesser amount as is the maximum rate permissible by law).

If you are a business and registered in the UK for VAT purposes we will charge you VAT on ourcommission charges.

If you are a business registered elsewhere or a consumer, we will not charge you VAT on ourcommission charges, however you may be subject to other taxes in your country of residence or inthe UK and GPMT expressly excludes all liability in this regard.

29. Interruption to online trading


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The GPMT online trading system is programmed to accept round the clock orders for purchasing orselling precious Metals. However, the orders shall only be executed Monday to Friday from 09.00 to21.00 (UK time).

30. System availability and downtime

You accept that from time to time, there may also be planned or unplanned service interruptions formaintenance or other urgent actions. GPMT shall endeavor, if possible, to keep you informed via emailor other means of these interruptions. However, due to the kind of system interruption or shortage oftime, it may not be possible to keep you informed.

You accept that these types of interruptions are unavoidable and GPMT is not liable for any loss youmay suffer during these interruptions.

31. UK Regulatory Authorities

GPMT, is a UK registered limited liability company and subject to English Law., GPMTs deposit takingactivities do not require it to be registered with the Financial Services Authority as any cash advancesreceived from GPMT clients are solely referable to clients Metals purchases. GPMTs services are not

classed as regulated pursuant to the Financial Services and Markets Act 2000 (Regulated Activities)Order 2001.

GPMT is not authorized by the FSA to take deposits from clients if their deposits are not referable tospecific Metals purchases.

32. Correction of Trading Errors

In the event of any administrative errors in your account GPMT is entitled to and shall make anynecessary corrections after the event without any time limitation and including once your account hasbeen closed.

You accept that neither GPMT nor you have the right to make profits from GPMT trading system

failures. The GPMT trading procedures are in place to prevent clear trading errors. However theeffectiveness of our procedures in some respects such as, but not limited to, accuracy of spot pricesand currency data is out of GPMT reasonable control. In the event of any resulting mistakes in thisway, you accept that GPMT is entitled to make corrective and reasonable adjustments after the erroris discovered and without limitation in time.

33. Limitation of Liability Clients Attention in particular is drawn to this Condition

33.1 Please note that conditions 33.2 and 33.4 only apply to you if you are contracting with GPMTin the course of a business and condition 33.5 only applies to you if you are contracting with GPMT asa consumer. Subject to the afore-going this clause 33 sets out the entire financial liability of GPMT(including any liability for the acts or omissions of its employees, agents, consultants, andsubcontractors) to you in respect of:

(a) any breach of contract including any deliberate breach of contract by GPMT, or its employees,agents or subcontractors or otherwise any breach of these Conditions;

(b) any use made by you of the services offered by GPMT; and

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

33.2 Please note that this clause 33.2 only applies to you if you are dealing with us in the course of


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a business. All warranties, conditions and other terms implied by statute or common law are, to thefullest extent permitted by law, excluded from the Agreement.

33.3 Nothing in these Conditions limits or excludes the liability of GPMT (whether dealing with youin the course of a business or as a consumer):

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

(b) for any damage or liability incurred by you as a result of fraud or fraudulent misrepresentation byGPMT; or

(c) for anything that may not be lawfully excluded by law

33.4 Please note that this clause 33.4 only applies to you if you are dealing with us in the course ofa business. Subject to condition 33.3:

(a) GPMT shall not be liable for:

(i) loss of profits; or

(ii) loss of business; or

(iii) depletion of goodwill and/or similar losses; or

(iv) loss of anticipated savings; or

(v) a fall in value of your Metals, currency depreciation or otherwise loss of goods; or

(vi) loss of contract; or

(vii) loss of use; or

(viii) loss of corruption of data or information; or

(ix) any special, indirect, consequential or pure economic loss, costs, damages, charges or expenses.

(b) GPMT's total liability in contract, tort (including negligence or breach of statutory duty),misrepresentation, restitution or otherwise arising in connection with the performance, orcontemplated performance, of a Contract shall be limited to the value of the commission received byGPMT in relation to the relevant Contract.

33.5 Please note that this clause 33.5 only applies to you if you are dealing with GPMT other than inthe course of a business (i.e.: as a consumer). You hereby acknowledge and agree that subject tocondition 33.3:

(a) due to the nature of the services offered by GPMT, subject to these Conditions, the services maybe commenced as soon as we receive instruction regarding a Transaction and in any event will becommenced within 24 hours of your order. Therefore, you hereby acknowledge and agree to waivethe right you may have as a consumer under the Consumer Protection (Distance Selling) Regulations2000 to cancel the contract formed between us up to seven days after contract formation;

(b) your engaging in Transactions requires particular expertise and knowledge and entails certainrisks of loss (some of which are specifically mentioned in this Agreement, including but not limited to


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fluctuation in the prices of Metals). Accordingly, by entering into Transactions you agree to undertakesuch risks of loss in relation to your Transactions and/or to insure accordingly against such losses asyou may require;

(c) there may be instances where GPMT is unable to provide the services under the Contract and insuch circumstances GPMT may not be able to execute Transactions including (but not limited to) yousupplying incorrect or incomplete information or identification documents, GPMTs system failure,

suspected or actual security breaches or any of the events mentioned under condition 37. In suchcircumstances you will be informed as soon as possible and our liability shall be limited to refund ofany commission paid by you to us in respect of any orders we are unable to proceed with;

(d) GPMT may reject any order (to buy or sell Metals) at any point prior to execution of theTransaction and for any reason whatsoever if in its sole discretion it is deemed necessary or prudentto do so and in such event GPMTs liability shall be limited to refund of any commission paid by you toit in respect of such rejected order;

(e) GPMT shall not be liable for:

(i) loss of profits; or

(ii) loss of business; or

(iii) depletion of goodwill and/or similar losses; or

(iv) loss of anticipated savings; or

(v) a fall in value of your Metals, currency depreciation or other loss of goods; or

(vi) loss of contract; or

(vii) loss of use; or

(viii) loss of corruption of data or information; or

(ix) any special, indirect, consequential or pure economic loss, costs, damages, charges or expenses.

(f) GPMTs total liability to you in contract, tort (including negligence or breach of statutory duty)misrepresentation, restitution or otherwise arising in connection with the performance orcontemplated performance of a Contract shall be limited to three times the value of the commissionreceived by GPMT in relation to the relevant Agreement; and

(g) the limitations in this clause 33.5 are fair and reasonable given the level of the commission feepayable to GPMT and that GPMT is merely acting as broker in Transactions.

34. Termination

34.1 Without prejudice to any other rights or remedies which we may have, GPMT may terminatethe Agreement and close any open trading positions without liability to you immediately on givingnotice to you if:

(a) you fail to pay any amount due under a Transaction or Agreement on the due date for paymentand remain in default not less than seven days after being notified in writing to make such payment;or


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(b) you commit a breach of any of the terms of the Agreement and (if such a breach is remediable)fail to remedy that breach within 30 days of you being notified in writing of the breach; or

(c) you repeatedly breach any of the terms of the Agreement in such a manner as to reasonablyjustify the opinion that your conduct is inconsistent with it having the intention or ability to give effectto the terms of the Agreement; or

(d) you suspend, or threaten to suspend, payment of its debts or are unable to pay your debts as theyfall due or admit inability to pay your debts or (being a company) is deemed unable to pay its debtswithin the meaning of section 123 of the Insolvency Act 1986 or (being a natural person) is deemedeither unable to pay its debts or as having no reasonable prospect of so doing, in either case, withinthe meaning of section 268 of the Insolvency Act 1986 or (being a partnership) has any partner towhom any of the foregoing apply; or

(e) you commence negotiations with all or any class of your creditors with a view to rescheduling anyof your debts, or make a proposal for or enters into any compromise or arrangement with yourcreditors; or

(f) a petition is filed, a notice is given, a resolution is passed, or an order is made, for or onconnection with your winding up;

(g) an application is made to court, or an order is made, for the appointment of an administrator or ifa notice of intention to appoint an administrator is given or if an administrator is appointed over you;or

(h) a floating charge holder over your assets has become entitled to appoint or has appointed anadministrative receiver; or

(i) a person becomes entitled to appoint a receiver over your assets or a receiver is appointed overyour assets; or

(j) a creditor or encumbrancer attaches or takes possession of, or a distress, execution, sequestrationor other such process is levied or enforced on or sued against, the whole or any part of your assetsand such attachment or process is not discharged within 14 days; or

(k) any event occurs, or proceeding is taken, with respect to you in any jurisdiction to which you aresubject that has an effect equivalent or similar to any of the events mentioned in condition34(d) to condition 34.1 (j) (inclusive); or

(l) you suspend or cease, or threaten to suspend or c ease, to carry on all or a substantial part of yourbusiness; or

(m) you suffer a change of control (as defined in section 574 of the Capital Allowances Act 2001).

34.2 We acknowledge and agree that any breach of conditions 2, 5-8, 13, 16, 18, 34, and 38 shall

constitute a material breach for the purposes of this condition 34.

34.3 On termination of the Agreement for any reason:

(a) you shall immediately pay to GPMT all of GPMT's outstanding unpaid invoices, commissions andinterest and, in respect of trading services supplied but for which no invoice has been submitted,GPMT may submit an invoice, which shall be payable immediately on receipt;

(b) our accrued rights and liabilities as at termination and the continuation of any provision expressly


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stated to survive or implicitly surviving termination, shall not be affected.

34.4 On termination of the Agreement (however arising), conditions 1, 2, 3, 4, 5, 9, 10, 13, 14,18, 24, 25, 28, 33, 34, 40 and 41 shall survive and continue in full force and effect.

35. Representations and Warranties

Representations and warranties are personal statements, assurances or undertakings given by you tous on which we rely when we deal with you. You make the following representations and warranties atthe time you become a GPMT client and every time you place a Transaction or any other instruction:

(a) all information that you supply to us (whether during registration or otherwise) is true, accurateand not misleading in any material respect;

(b) if you are an individual, you are over 18 years old;

(c) except where we have agreed otherwise in writing, you act as principal and not any other personsagent or other representative;

(d) you have obtained all necessary consents and have the authority to enter into Transactions and/orto place any instructions;

(e) if you are a company or body corporate you are properly empowered and have obtained allnecessary corporate or other authority under your memorandum and articles of association or otherconstitutional or organizational documents;

(f) you are not accessing the Website and dealing with us from the USA;

(g) you agree that for the duration of this Agreement you will promptly notify us of any change to thedetails supplied by you on registration documents, including in particular moving to another country orterritory or any change or anticipated change in your financial circumstances or employment status(including redundancy and/or unemployment) which may affect the basis on which we do business

with you; and

(h) You have the adequate financial expertise and the resources to understand and to comply with theAgreement.

36. Market Disruption and Events beyond the control of GPMT

GPMT reserves the right to defer the date of delivery or to cancel a Transaction or reduce the volumeof Metals ordered or sold by you (without liability to you) if it is prevented from or delayed in thecarrying on of its business due to circumstances beyond the reasonable control of GPMT including,without limitation, acts of God, governmental actions, war or national emergency, pandemic, acts ofterrorism, protests, riot, civil commotion, fire, explosion, flood, epidemic, lock-outs, strikes or otherlabor disputes (whether or not relating to either party's workforce), or restraints or delays affecting

suppliers, provided that, if the event in question continues for a continuous period in excess of 30days, you shall be entitled to give notice in writing to GPMT to cancel any Transaction and, subject todeduction of any outstanding commission or other amount payable to GPMT, request return of yourfunds.

37. Assignment

37.1 You shall not, without the prior written consent of GPMT, assign, transfer, charge, mortgage,subcontract or deal in any manner with all or any of your rights or obligations under these Conditions


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or any Transaction.

37.2 GPMT may at any time assign, transfer, charge, mortgage, subcontract or deal in any othermanner with all or any of its rights under these Conditions or any Transaction and may subcontract ordelegate in any manner any or all of its obligations under these Conditions or any Transaction to anythird party or agent.

37.3 Each party that has rights under these Conditions or any Transaction is acting on its ownbehalf and not for the benefit of another person.

38. Language

The official and reference language of GPMT is English and all GPMT sites in other languages are atranslation of the original GPMT site in English. Therefore all trade and communication by and withGPMT shall be conducted and referable to the original documents in English.

39. General

39.1 All communications between the parties about these Conditions or a Transaction shall be in

writing and delivered by hand or sent by pre-paid first class post or sent by fax:

(a) (in case of communications to GPMT) to its registered office or such other address as shall benotified to the Client by GPMT; or

39.2 Communications shall be deemed to have been received: to have been received:

(a) if sent by pre-paid first class post, two days (excluding Saturdays, Sundays and bank and publicholidays) after posting (exclusive of the day of posting); or

(b) if delivered by hand, on the day of delivery; or

39.3 Communications addressed to GPMT shall be marked for the attention of the Managing

Director. be marked for the attention of the Managing Director.

39.4 If any provision of these Conditions or a Transaction is found by any court, tribunal oradministrative body of competent jurisdiction to be wholly or partly illegal, invalid, void, voidable,

unenforceable or unreasonable it shall to the extent of such illegality, invalidity, voidness, voidability,unenforceability or unreasonableness be deemed severable and the remaining provisions of theConditions/Transaction and the remainder of such provision shall continue in full force and effect.

39.5 Failure or delay by GPMT in enforcing or partially enforcing any provision of these Conditionsor a Transaction shall not be construed as a waiver of any of its rights under these Conditions or anyTransaction.

39.6 Any waiver by GPMT of any breach of, or any default under, any provision of these Conditions

or a Transaction by you shall not be deemed a waiver of any subsequent breach or default and shall inno way affect the other terms of these Conditions or any Transaction Conditions or any Transaction.

39.7 The parties do not intend that any term of the Conditions or any Transaction shall beenforceable by virtue of the Contracts (Rights of Third Parties) Act 1999 by any person that is not aparty to it. is not a party to it.

40. Law


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These Conditions and any Transaction and any dispute or claim arising out of or in connection with itor its subject matter or formation (including non-contractual disputes or claims) shall be governed byand construed in accordance with English law, and the parties irrevocably submit to the exclusivejurisdiction of the English courts.

Copyright Global Precious Metals Trading (UK) Limited 2010

All Rights Reserved

The material on this website is protected by English copyright law and international conventionsworldwide and may not be reproduced or revised without the specific consent of GPMT. You may printcopies for your personal use only.

Terms &Conditions

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