General Terms and Conditions

The General Terms and Conditions govern the business relationship between the Customer and swissgoldplan AG, Route du Jura 49, Vibration Workingshare, 1700 Fribourg, Switzerland (hereafter ‘SWISSGOLDPLAN’). SWISSGOLDPLAN offers Customers services in the area of trading, lending and storage of gold. Customers may lend physical gold holdings to the precious metals processor PX Précinox SA, Boulevard des Éplatures 42, 2300 La Chaux-de-Fonds, Switzerland (‘Gold Supplier’) for a lending fee for industrial use in its in-house production process. In the event of Gold Supplier’s bankruptcy, SWISSGOLDPLAN warrants that a right of recovery exists at all times to the gold in the Customers’ gold deposit accounts, as well as the gold which is lent to the Gold Supplier as part of a gold loan. SWISSGOLDPLAN is a member of the self-regulating organisation SRO PolyReg and is regularly audited for compliance with the provisions of the Swiss Anti-Money Laundering Act (AMLA). SWISSGOLDPLAN is not a bank and is not supervised by FINMA.

Contracts between Customers and SWISSGOLDPLAN are established by written and/or online confirmation by SWISSGOLDPLAN of the Customers' written and/or online application. SWISSGOLDPLAN may reject the Customers' application without giving reasons. After SWISSGOLDPLAN has checked all required documents in accordance with the Anti-Money Laundering Act (AMLA) and the customer account opening fees have been received by SWISSGOLDPLAN, SWISSGOLDPLAN shall confirm the opening of the customer relationship in writing and/or online and open a gold deposit account.

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

By way of PLAN products (see Art. 8 of the GTC), the Customer may lend the deposited gold to the Gold Supplier for its production process. The Gold Supplier is authorised, but not obliged, to include in its production the physical gold holdings stored in the name of SWISSGOLDPLAN from the PLAN products, but not from individual gold deposits of the Customers. The calculation of the fee in favour of the Customers is based on the amount of gold deposited and the period of time it is lent. The fee, which is paid in grams of fine gold on 31 December each year, can be re-lent to the Gold Supplier under the same conditions. If the lending fee that SWISSGOLDPLAN receives from the Gold Supplier does not cover the expenses and costs of SWISSGOLDPLAN, SWISSGOLDPLAN has the right to charge these expenses proportionally to the Customers according to the same formula. Usually gold lending begins on the 1st of each month or – in the case of extraordinary gold purchases – two days after the gold purchase. Fees are not due during the period of planned and previously communicated production downtimes on the part of the precious metal processor (Gold Supplier) due to maintenance work, company holidays and public holidays. In the event of an officially ordered shutdown of the precious metal processor's production, fees are not due during the entire shutdown. In both cases, the Customer's gold on loan is stored in a high-security vault. No storage costs are incurred by the Customer.

After the successful opening of the customer relationship or after written confirmation by SWISSGOLDPLAN, the Customer can begin to deposit physical gold in its SWISSGOLDPLAN deposit account. The minimum deposit is 100 g of fine gold. Custody, commission and storage fees are due for the gold deposit account, in accordance with a separate fee schedule. The fee schedule is an integral part of the contractual relationship between the Customer and SWISSGOLDPLAN and is attached to the GTC as Annex 1 'fee schedule'. The gold deposit account is located in a high-security vault on the Gold Supplier’s premises.

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 joint settlement account of SWISSGOLDPLAN in the desired currency. The gold price is calculated according to the UBS spot price on the day of purchase. SWISSGOLDPLAN buys gold on the 26th of each month or on the following working day by means of a collective purchase order. The Customer's agreed purchase amount must be paid into the joint settlement account by the 22nd of each month. Exceptions to the gold purchase: The gold purchase days shall be postponed in July and December due to company holidays and public holidays. Therefore, the value date of the gold purchases may vary accordingly. Customers shall be informed of these dates in advance. Purchases of more than 1000 g of fine gold can be deposited within 3-5 working days, provided that the anti-money laundering check of the Customers has been successfully completed in accordance with the Anti-Money Laundering Act (AMLA). SWISSGOLDPLAN buys only physical gold with a fineness of 999.9/1000, which is then stored with a Swiss Gold Supplier under high-security conditions in the Customer’s gold deposit account. All insurance and storage costs are included in the gold purchase and selling prices.

SWISSGOLDPLAN offers the option to purchase ethical PX IMPACT gold. PX IMPACT gold is fine gold from environmentally and socially sustainable artisanal mining. Heavy metals are no longer used in the extraction of gold. The miners from small artisanal mines receive a higher price for the metal extracted in this way. Purchases also incur the PX IMPACT premium, which is paid directly into the PX IMPACT fund to benefit the miners in Peru. The PX IMPACT premium helps to improve the miners’ and their families’ standard of living in the long term. PX IMPACT gold, has a fineness of 999.9/1000. The premium accrued at the time of purchase is not refunded when the gold is sold. The PX IMPACT premium is invoiced to the Customer in USD in the following year. This invoice relates to all PX IMPACT gold purchases in the previous year.

The Customer may have an existing weight account with the Gold Supplier transferred to SWISSGOLDPLAN.

The Customer can have physical gold delivered to the Gold Supplier care of SWISSGOLDPLAN by prior arrangement. The certificate of origin and confirmation of purchase must be delivered or included with the delivery. The Gold Supplier checks the quantity, fineness and authenticity of the physical gold. If the fineness of the physical gold delivered differs from the product specifications, any advance payment may be payable at the sole discretion of the Gold Supplier.

The gold deposit account may normally be liquidated on the 26th of each month, provided that the relevant form has been received by SWISSGOLDPLAN in writing by the 22nd of the month of liquidation.

PLAN products consist of the loan of gold to the Gold Supplier. The physical gold can be provided by gold purchase, physical gold delivery and by transfer of a weight account. The terms and conditions of the individual PLAN products are set out in the corresponding product specifications and in the fee schedule. Both documents are an integral part of these GTC.

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.

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

By completing and submitting the ‘Gold Delivery’ form, the Customer may request the physical delivery of the gold from their gold deposit account or PLAN product at any time, subject to compliance with reasonable deadlines. SWISSGOLDPLAN will, on the basis of the information provided on the form, obtain a written offer from the Gold Supplier, specifying the production costs for the desired gold bars, transport and transport insurance. Holdings that are not delivered in a minimum of 10 gram bars shall be treated as a gold sale and paid to the Customer by bank transfer to a bank account specified by them. 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 shall sign and return this offer to SWISSGOLDPLAN. All costs associated with the physical delivery of the gold (packaging, transport, insurance and any official or other administrative fees) shall be borne by the Customer. In addition, SWISSGOLDPLAN shall charge a liquidation fee according to the enclosed fee schedule. All costs must be paid in advance to SWISSGOLDPLAN’s CHF/EUR account. SWISSGOLDPLAN shall issue the order to the Gold Supplier only after the payment has been booked. The physical delivery of gold shall be carried out exclusively by a company qualified for this purpose. 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.

The Customer receives a login together with the confirmation of the opening of the customer relationship in order to check their gold holdings online under www.swissgoldplan.com. All transactions, deductions of commissions, bonus credits of lending fees etc. can be viewed and printed. At the end of a calendar year, the Customer may download the tax statements for their customer relationship. SWISSGOLDPLAN does not send any paper account documents. The Customer must notify SWISSGOLDPLAN in writing of any discrepancies in the statements within 30 days of the statement date. After this deadline expires, the statement shall be deemed to have been approved.

SWISSGOLDPLAN may unilaterally terminate the contractual relationship at any time at its sole discretion and without justification. SWISSGOLDPLAN shall inform the affected Customers in advance if possible and set a date of termination. In consultation with the Customer, the gold can be delivered physically, time permitting. Otherwise, SWISSGOLDPLAN shall transfer the proceeds of the gold sale to the bank account deposited with SWISSGOLDPLAN.

Besondere Bedingungen der SWISSGOLDPLAN für bestimmte Geschäftsarten, Dienstleistungen und Produkte gehen diesen Allgemeinen Geschäftsbedingungen vor. Die Allgemeinen Geschäftsbedingungen gelangen in diesem Fall ergänzend zur Anwendung. Vorbehalten bleiben ausserdem besondere Vereinbarungen zwischen SWISSGOLDPLAN und dem Kunden.

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

SWISSGOLDPLAN shall verify the identity of the Customer, any authorised representatives and agents with due diligence based on the anti-money laundering legislation. The Customer must manage documents and, in particular, means of identification carefully to prevent unauthorised persons from accessing them. The Customer must take all reasonable precautions to avoid misuse or fraud. They shall bear any damage resulting from the misuse of their means of identification or fraud, insofar as they have breached their duties of care. Insofar as neither SWISSGOLDPLAN nor the Customer have breached any duties of care, the damage shall be borne by the person within whose sphere of influence the misuse or fraud occurred. After the death of the Customer, SWISSGOLDPLAN may request identification documents (e.g. certificate of inheritance, certificate of probate) in order to determine who has the right of disposal and information. At the request of SWISSGOLDPLAN, official translations of foreign language documents into German, English or French must be submitted. The costs for the provision of identification documents and translations shall be borne by the beneficiary. If the gold is available as a PLAN product and is on loan, fees will be charged until SWISSGOLDPLAN receives an order from heirs, executors or executing authorities to terminate the customer relationship.

SWISSGOLDPLAN only discloses customer data to third parties on the basis of legal obligations, legal justifications, official orders, for order execution, 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 in the event of legal action threatened or taken by the Customers against SWISSGOLDPLAN or public statements, to secure SWISSGOLDPLAN's claims against the Customers and to realise collateral provided by the Customer or third parties, for the collection of SWISSGOLDPLAN's claims against the Customer and to re-establish contact with the Customer after contact has been broken off with the competent Swiss authorities. If data processing relates to a service or product, it shall be deemed to have been accepted by the Customer if they purchase the service or product. This consent extends to related data processing for marketing purposes, insofar the Customer does not object to this. If third parties (e.g. life partners, advisors) are also affected by data processing, the Customer shall ensure that they give their consent. The protection of customer data that is transferred abroad is governed by the law of the countries in question. The provisions of such laws govern the permissibility and scope of the disclosure of such customer data to authorities or third parties.

Invoices are payable within 30 days of the invoice date. After expiry of the 30-day reminder period, a reminder fee of CHF/EUR 20.00 is due. SWISSGOLDPLAN is entitled to set-off claims against the credit balance of the settlement account.

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 future, this would be charged to the Customer. For the physical delivery of gold to countries in which there is a corresponding tax on the import or possession of gold, this tax must be borne by the Customer. Customers are advised to check with an independent expert body as to the terms of delivery for physical gold in the country in question before ordering.

SWISSGOLDPLAN reserves the right to amend the General Terms and Conditions at any time for practical reasons. It shall notify the Customer of the amendments in advance in a suitable manner. If the Customer does not object in writing or in any other form verifiable by text within 30 days of notification, the amendments shall be deemed to have been approved. In the event of objections, 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 shall inform the Customer of the right of termination and the effect of the approval. If individual provisions of the General Terms and Conditions should violate mandatory law or cannot be enforced for other reasons, this shall not affect the obligations of the remainder of the Agreement. The Parties undertake, as appropriate, to replace invalid or unenforceable clauses with other, legally valid provisions which most closely approximate the commercial purpose of the unenforceable provisions.

Liability for any indirect damage and consequential damage is excluded in full. 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 damage caused by gross negligence or intent. The Customer is obliged to immediately report any damage to SWISSGOLDPLAN. Any liability for auxiliary persons is excluded in full. Insofar as SWISSGOLDPLAN is obliged to identify the Customer and any beneficial owner under the Anti-Money Laundering Act (AMLA), the Customer as a contracting party is legally obliged to cooperate. In particular, the Customer must provide SWISSGOLDPLAN with the information and documents necessary for identification and notify SWISSGOLDPLAN immediately of any changes arising in the course of the business relationship. 

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 shall have jurisdiction to rule on any disputes arising from this Agreement.

Version March 2021