general terms and conditions

swissgoldplan SA

The General Terms and Conditions govern the business relationship between the Customer and swissgoldplan AG, Route du Jura 49, Vibration Workingshare, 1700 Fribourg, Switzerland (‘SWISSGOLDPLAN’).

SWISSGOLDPLAN offers Customers services in the field of trading and storage of gold. In addition, Customers may lend physical gold holdings to the precious metals processor PX Précinox SA, Boulevard des Eplatures 42, 2300 La Chaux-de-Fonds, Switzerland (‘Gold Supplier’) for a lending fee for industrial use in its in-house production process.

SWISSGOLDPLAN is not a bank and is not supervised by FINMA. Furthermore, no deposit insurance is in place. SWISSGOLDPLAN is a member of the self-regulating organisation SRO PolyReg and is regularly audited for compliance with the regulations of the Swiss Anti-Money Laundering Act (AMLA) regulations.

1 Opening a customer relationship

The opening of a new customer relationship takes place by written request. After SWISSGOLDPLAN has checked all required documents and the customer opening fees have been received by SWISSGOLDPLAN, SWISSGOLDPLAN will confirm opening of the customer relationship and create a gold deposit as well as a settlement account.

2 Settlement account

SWISSGOLDPLAN keeps the credit balances of its customers’ settlement accounts with a Swiss bank. No interest is paid and no investments are made on the credit balance of the settlement account.

3 Gold deposit

After successful customer account opening, the Customer may increase (accumulate) his physical gold deposit at SWISSGOLDPLAN. The minimum contribution as a deposit is 100g of fine gold. For the gold deposit, deposit commission and storage fees are payable in accordance with a separate fee schedule. The gold deposit is located in a high security vault at the Gold Supplier’s premises.

3.1 Purchase of gold

The Customer may instruct SWISSGOLDPLAN to purchase gold from the Gold Supplier in its own name and for the account of the Customer. To do so, the Customer pays the contractually agreed purchase price to the settlement account of SWISSGOLDPLAN in the desired currency.
SWISSGOLDPLAN buys only physical gold with a fineness of 999.9/1000, which is then stored in Switzerland with the Gold Supplier under high-security conditions in the Customer’s gold deposit. All insurance and storage costs are included in the gold purchase and selling prices.
SWISSGOLDPLAN offers the opportunity to purchase ethical gold. Ethical gold, PX Impact Gold, has a fineness of 999.9/1000. Purchases also incur the PX Impact Premium, which is paid directly into the PX Impact Fund to benefit the miners in Peru. If the gold is sold, the PX Impact Premium will not be refunded.

3.2 Transfer of a weight account

Subject to the existence of a customer relationship, the Customer may have an existing weight account with the Gold Supplier transferred on behalf of SWISSGOLDPLAN.

3.3 Delivery of physical gold

Subject to the existence of a customer relationship, the Customer may, with advance notification, have physical gold delivered to the Gold Supplier on behalf of SWISSGOLDPLAN. The certificate of origin and confirmation of purchase must be brought or included with the delivery.
The Gold Supplier will check the physical gold for quantity, fineness and authenticity. If the fineness of the physical gold delivered differs from the product specifications, an advance payment may be payable at the sole discretion of the Gold Supplier.

3.4 Dissolution of the gold deposit

The gold deposit may be liquidated by the 26th of each month, by default, provided that the corresponding form has been received by SWISSGOLDPLAN in writing by the 18th of the month.

4. Gold lending

By way of PLAN products, the Customer may lend the gold in his gold deposit to the Gold Supplier for its production process. The Gold Supplier will pay a lending fee.
The Gold Supplier is authorised to include in its production the physical gold holdings stored in the name of SWISSGOLDPLAN from the PLAN products, but not from gold deposits. For the loan, the Gold Supplier will pay SWISSGOLDPLAN a lending fee. The lending fee is based on usual market prices.
The lending fee due to the Customer is calculated at the current rate as at 31 March, 30 June, 30 September and 31 December and delivered to the gold deposit in the form of physical gold at the UBS Swiss Spot Prices (LBMA afternoon reference price). Calculation of the lending fee: based on quantity of gold and time span of lending.
If the lending fee does not cover the expenses and costs of SWISSGOLDPLAN, SWISSGOLDPLAN has the right to charge the Customer for these expenses proportionally in accordance with the same formula.
The gold loan may be terminated by the 1st of each month, by default, provided that the corresponding form has been received by SWISSGOLDPLAN in writing by the 18th of the month.

5. Plan products

PLAN products consist of the transfer of the investment amount to the Customer’s settlement account, the subsequent purchase and delivery of physical gold by SWISSGOLDPLAN from the Gold Supplier to the Customer’s gold deposit and the subsequent lending of the physical gold holdings of the Customer’s gold deposit to the Gold Supplier.
PLAN products may, by default, be opened in CHF and EUR. Other currencies are available on request. Opening a plan product will incur opening fees. For each investment, a premium will be deducted to cover operating costs.
The lending fees paid by the Gold Supplier are invested proportionally and pro rata temporis on a quarterly basis, after deduction of all administrative expenses, in that for each Customer, the gold delivered for the lending fee is loaned to the Gold Supplier.

The regulations for the individual PLAN products are governed by the corresponding product specifications.

6. Insurance

The physical gold holdings in the gold deposits as well as the gold that was transferred to the Gold Supplier as part of a gold loan are insured against theft and loss.

7 Audit

An independent auditing company will verify on a quarterly basis whether the gold holdings that were transferred to the Gold Supplier as part of the gold loan and the PLAN products are fully available in terms of quality and quantity.

8. Right of recovery

SWISSGOLDPLAN warrants that a right of recovery exists at all times to the gold in the Customers’ gold deposits, as well as the gold which is lent to the Gold Supplier as part of a gold loan.

9. Withdrawal of physical gold

By completing and submitting the ‘Gold Withdrawal’ form, the Customer may at any time request the physical withdrawal of the gold from his gold deposit, PLAN product or gold loan, within a reasonable period of time.

SWISSGOLDPLAN will, on the basis of the information provided on the form, obtain a written offer from the Gold Supplier, stating the production costs for the desired gold bars, transport and transport insurance.

Holdings that are not delivered in a minimum of 10 gram bars will be treated as a gold sale and remunerated to the Customer by bank transfer. The Customer is entitled to request a gold sale for holdings that cannot be delivered in 1,000 gram bars.

Upon acceptance of the offer, the Customer will sign this offer and return it to SWISSGOLDPLAN. All costs associated with the physical delivery of the gold (packaging, transport, insurance and any official fees) will be borne by the Customer. In addition, SWISSGOLDPLAN will charge a liquidation fee according to the separate ‘Fees’ schedule. All costs must be paid in advance to the CHF/EUR account of SWISSGOLDPLAN. SWISSGOLDPLAN will issue the order to the Gold Supplier only after booking of the payment.

The physical gold delivery will be made exclusively to a person identified in advance with an identity card number. If this is not possible, the Customer is obliged to inform SWISSGOLDPLAN immediately prior to the execution of the delivery. If the delivery has taken place and the physical gold has to be returned to the Gold Supplier, all additional costs incurred shall be borne by the Customer.

10. Customer portal

The Customer will receive login information with the confirmation of account opening in order to check his gold holdings online at All transactions, deductions of commissions, bonus credits of leasing fees etc. can be viewed and printed. At the end of the calendar year, the Customer may download and print the tax statements for his customer relationship. SWISSGOLDPLAN does not send any paper account documents. Complaints about discrepancies in the statements must be reported to SWISSGOLDPLAN in writing within 30 days. After this deadline, the statement is considered accepted.

11. Dissolution of customer relationships

SWISSGOLDPLAN can dissolve the customer relationship at any time at its sole discretion and without any justification. SWISSGOLDPLAN will inform the affected Customers in advance if possible and set a date of dissolution. In consultation with the Customer, the gold can be delivered physically, if time permits. Otherwise, SWISSGOLDPLAN will transfer the proceeds of the gold sale to the bank account deposited with SWISSGOLDPLAN.

12. Special terms and conditions and agreements

Special terms and conditions of SWISSGOLDPLAN for certain types of business, services and products take precedence over these General Terms and Conditions. In such cases, the General Terms and Conditions apply complementarily. Special agreements between SWISSGOLDPLAN and the Customer also remain reserved.

13. Compliance with legal and regulatory provisions

The Customer is responsible for compliance with applicable legal and regulatory provisions. This also includes the fulfilment of his tax obligations, evidence of which he will provide to SWISSGOLDPLAN on request.

14. Proof of identity

SWISSGOLDPLAN will verify the identity of the Customer and any authorised representative with due diligence. If SWISSGOLDPLAN does not recognise defects and forgeries related to proof of identity, it will bear the resulting damage to the extent that it has violated due diligence with gross negligence.

The Customer must carefully manage documentation and in particular forms of identification to prevent unauthorised persons from accessing them. The Customer must take all reasonable precautions to avoid abuse or fraud. He will bear the damage resulting from the misuse of his forms of identification or from fraudulent activities insofar as he has violated his due diligence obligations. Insofar as neither SWISSGOLDPLAN nor the Customer has violated any due diligence obligations, the damage shall be borne by the person in whose sphere of influence the abuse or fraud occurred.

After the death of the Customer, SWISSGOLDPLAN may request identification documents (e.g. certificate of inheritance, certificate of succession) in order to determine who has the right of disposal and information. At the request of SWISSGOLDPLAN, official translations into German, English or French must be submitted of foreign language documents. The costs for the provision of forms of identification and translations shall be borne by the beneficiary.

15. Data protection

SWISSGOLDPLAN only discloses customer data to third parties due to legal obligations, legal justifications, official orders; to execute orders; with the Customer’s consent for the purpose of more comprehensive customer service; for outsourcing; and to the extent necessary to safeguard the legitimate interests of SWISSGOLDPLAN in Switzerland and abroad. This applies in particular to legal action or public statements threatened or initiated by the Customer against SWISSGOLDPLAN, to secure the claims of SWISSGOLDPLAN against the Customer and to realise the collateral of the Customer or third party, to collect claims of SWISSGOLDPLAN against the Customer and to restore contact with the Customer after contact has been broken off with the responsible Swiss authorities.

If data processing relates to a service or product, it is considered as being accepted by the Customer when he obtains the service or product. This consent extends to related data processing for marketing purposes, insofar the Customer does not object to them. If third parties (e.g. life partners, consultants) are affected by data processing, the Customer guarantees their consent.

The protection of customer data transferred abroad is governed by the foreign law in question. Its provisions govern the admissibility and extent of disclosure of this customer data to authorities or third parties.

16. Reminder fee

Invoices are payable within 30 days. After expiry of the reminder period of 30 days, a reminder fee of CHF/EUR 20.00 is payable. SWISSGOLDPLAN is entitled to charge claims against the credit balance of the settlement account.

17. Taxes

The trade in gold bars with a fineness equal to or greater than 995 as well as the trade in gold coins is exempt from value added tax in Switzerland. Should a corresponding tax be introduced in the future, this would be charged to the Customer. For the physical delivery of gold to countries in which there is a corresponding tax for the import or possession of gold, this tax must be borne by the Customer. Customers are advised to check with an independent, knowledgeable and qualified body as to the terms of delivery of physical gold in the country in question before ordering.

18. Changes to the General Terms and Conditions

SWISSGOLDPLAN reserves the right to modify the General Terms and Conditions for objective reasons at any time. It will notify the Customer of the changes in advance in a suitable manner. If the Customer does not object within 30 days of notification in writing or in any other textually verifiable form, the changes will be deemed approved. In the case of objection, the Customer may terminate the business relationship with immediate effect. Termination or withdrawal periods in accordance with special conditions or agreements remain reserved. In its notification, SWISSGOLDPLAN will inform the Customer of the right of termination and the way in which approval is given.

If individual provisions of the General Terms and Conditions violate mandatory law or cannot be enforced for other reasons, this does not affect the obligations of the remainder of the Agreement. The Parties undertake, as appropriate, to replace void or unenforceable clauses with other, legally valid provisions which most closely approximate the commercial purpose of the unenforceable regulations.

19. Liability

Liability for any indirect damage and consequential damage is fully excluded. Liability for direct damages is limited to the sum of the costs paid by the Customer. This limitation of liability does not apply to direct damages caused by gross negligence or intent. The Customer is obliged to immediately report any damage to SWISSGOLDPLAN. Any liability for auxiliary persons is fully excluded.

20. Applicable law and jurisdiction

This Agreement is subject to Swiss law to the exclusion of any provisions of international private law. The court designated by law at the registered office of SWISSGOLDPLAN is responsible for the assessment of any disputes arising from this Agreement.

Version September 2019