a. General Conditions: these general conditions;
b. Account: the online registration of the Account Holder and its Holdings at DK;
c. Account Holder: every party that signs an agreement for the procurement and/or sales and storage of Precious Metals with DK. If there are multiple account holders in respect of one Agreement, they are all jointly and severally bound.
d. Precious Metals: in these General Conditions precious metals are understood to mean gold and silver;
e. Agreement: any agreement between DK and an Account Holder regarding the procurement and/or sales and storage of Precious Metals;
f. DK: DKgold, registered in the trade register of the Chamber of Commerce under number 50429663, operating under AFM Licence number 12041352;
g. Website: the website used by DK: www.dkgold.com;
h. Storage partner: Brink’s Switzerland Ltd, or any other party designated by DK;
i. Holding: the Account Holder’s Precious Metal;
j. Depot: the location of the Storage Partner where DK stores Precious Metal for the Account Holders;
1. These General Conditions apply to all Agreements and all related legal and other actions (including proposals, quotations and offers). DK expressly rejects the applicability of general or specific terms and conditions invoked by the client.
2. DK is entitled to amend the General Conditions unilaterally. These amendments take effect when the entry into force is announced. If no time of entry into force is announced, amendments apply to the Account Holder as soon as they have been notified of the amendment. The Account Holder is entitled to rescind the Agreement within one month of the amended Conditions being sent if and insofar as the amendments to the General Conditions result in DK’s service deviating substantially from the originally agreed service.
1. DK’s services focus on the trade and storage of Precious Metals.
2. DK does not provide investment or other advice on investing in Precious Metals or other assets. Account Holders should consult an investment adviser for such advice. Articles or news items published on the website or otherwise are purely informative and without obligation. This non-binding information provided by DK should not be construed as an offer, investment advice or any other financial service.
3. DK Account Holders should assess for themselves whether investment in Precious Metals is appropriate for them. It is important that the Account Holder thoroughly understands the characteristics and risks of investing in Precious Metals before making an investment decision. Account Holders should carefully consider whether an investment in gold or silver is suitable for them based on experience, risk appetite, investment horizon, financial position and other circumstances such as currency risk.
4. The Account Holder’s actions (procurement and sales) are the sole responsibility of the Account Holder. DK bears no responsibility in any form for the decisions taken regarding the Account Holder’s procurement and sales. DK is not liable for disappointing results.
1. An Account must be opened with DK in order to procure and sell Precious Metal from DK. There is no charge for opening and maintaining an Account. The costs of DK’s procurement, sale and storage services are included in the Rate Card (https://www.dkgold.com/rates/) on the website.
2. An Account can only be created and an Account Holder will only be accepted as an Account Holder by DK if:
– DK has established the identity of the prospective Account Holder using relevant documentation prescribed by law; and
– if, during establishing the identity, DK does not reject the prospective Account Holder.
If this relates to a corporate prospective Account Holder, the identity of the UBO must also be established. DK reserves the right to refuse the creation of an Account without giving further reasons.
3. The Account Holder must carefully check the Account data immediately after opening it and change or report any inaccuracies to DK. If the Account Holder does not change or report any inaccuracies, any potential damages, risks and consequences of this shall be borne by the Account Holder.
4. Changes to correct data should be communicated by the Account Holder to DK in time (within 2 working days). If it becomes apparent that DK does not have accurate data, DK is entitled to close the Account immediately. When DK ascertains that the data is inaccurate, the Account Holder shall offer DK its Holdings for repurchase at the currently applicable repurchase price. The Account Holder hereby authorises DK to carry out all legal transactions on the Account Holder’s behalf to effect the above-mentioned sales transaction. Any amounts owed by the Account Holder (such as storage costs) will be offset by DK against the procurement price DK pays for the Holdings.
5. The Account Holder agrees to DK recording and storing the Account Holder’s personal data in accordance with the legal obligations applicable to DK. DK uses these data only for the purpose of DK’s business operations. An exception to this applies when the law, a competent authority or court order determines otherwise.
6. The Account Holder will provide further information upon DK’s first request. If the Account Holder does not comply with DK’s request, DK is entitled to close the Account immediately. When the Account is closed by DK, the Account Holder shall offer DK its Holdings for repurchase at the currently applicable repurchase price. The Account Holder hereby authorises DK to carry out all legal transactions on the Account Holder’s behalf to effect the above-mentioned sales transaction. Any amounts owed by the Account Holder (such as storage costs) will be offset by DK against the procurement price DK pays for the Holdings.
7. Holding an account does not oblige DK to accept any purchase order from the relevant Account Holder. DK reserves the right not to accept purchase orders at any time for its own reasons. In such cases, no purchase agreement will be concluded.
5. Account security
1. When creating their Account, Account Holders create a unique username and password. Account Holders are responsible for maintaining the confidentiality of their Account login details.
2. Requests via email or telephone to release login details should be ignored. If you are approached with such a request, please contact DK by telephone. DK is not liable for any damages or consequences if third parties gain access to your Account.
3. DK is required by law to save information on the Account data. This information will be stored in accordance with the legal deadline. You agree to this when you accept the terms and conditions.
6. The Precious Metal
1. The Precious Metal offered by DK meets the following specifications. Gold: minimum purity of 99.5%. Silver: minimum purity of 99.9%.
2. Gold is offered by DK in gold bars of the following quantities: 1, 10, 50, 100, 250, 500 and 1,000 g. Silver is offered by DK in silver bars of the following quantities: 1,000 and 15,000 g
7. Procurement and sale
1. Procurement and sale of Precious Metal can take place every day via the website. The procurement or sale agreement is concluded via DK’s electronic confirmation on the website. DK will also send a confirmation by email as evidence.
2. DK accepts no responsibility or liability for any consequences of the Account’s temporary unavailability or inaccessibility.
3. DK accepts no responsibility or liability for any consequences of any order entered incorrectly by the Account Holder.
4. Procurement and sales agreements cannot be revoked by invoking the statutory provisions regarding cooling-off periods for remote purchases, as these agreements concern goods where prices are subject to financial market fluctuations, as referred to in Article 6:230p of the Civil Code.
5. For neither the Account Holder nor DK will any errors in the system result in benefits to either party. If such an error occurs, both the Account Holder and DK agree that any order carried out on the basis of that error will be adjusted so that the order is carried out as it would have been carried out without the error.
8. Delivery and ownership
1. All procurement of Holdings by Account Holders will be procured physically by DK and saved in the name of the Account Holder. Account Holders’ Holdings are identified in the depository using unique bar numbers.
2. Delivery shall take place at the Depository as soon as possible after procurement by constitutum possessorium (article 3:90 to 3:115 sub a of the Civil Code). This means that DK first owns the Precious Metal itself but, after legal delivery, holds it for the Account Holder. DK confirms the delivery to the Account Holder via notification of the unique bar numbers, which confirms the transfer of the procured Precious Metal.
3. Starting from the delivery as described in the previous paragraph, the Account Holder is the legal owner of the procured Precious Metal. This means that only the Account Holder can legally dispose of it. DK is not authorised and therefore shall not pledge, lend or otherwise market any of the Account Holder’s Holdings other than following the Account Holder’s instructions or as determined in these General Conditions.
4. In the event of bankruptcy of DK or the Storage Partner, the Holdings remain the property of the Account Holder.
5. The Account Holder’s Holdings are stored entirely in the Depository. An independent and expert auditor will review the Account Holder’s Holdings for quantity and purity every year. Only at the request of the Account Holder shall the results of the audit be shared with the relevant Account Holder, and only as far as this relates to the Account Holder’s own Holdings.
6. The Account Holder has an overview of the Holdings via their Account and can make a request to DK for verification.
7. The bar numbers may change in the interim. If and as required, the Account Holder hereby authorises DK to change the bar numbers on an interim basis. In the event of a change in bar numbers, DK will confirm this to the Account Holder via notification of the new unique bar numbers.
1. The Account Holder’s Holdings are insured and stored securely at the Storage Partner. The agreement to store the Account Holder’s Holdings is entered into for an indefinite period of time and commences from the delivery of the Precious Metal and at the rate stated on the Rate Card. Insofar as is necessary and by accepting these General Conditions, the Account Holder consents to DK storing Holdings at the Storage Partner.
2. DK is always entitled to appoint another Storage Partner based on the same conditions. Insofar as is necessary and by accepting these General Conditions, the Account Holder consents to DK appointing another Storage Partner. DK shall notify the Account Holder of the change in Storage Partner at least fourteen days prior to the change. The Account Holder has the right to terminate the storage agreement within one month of notification of the change.
3. The Account Holder has no entitlement to access the Depository. The Account Holder is entitled to the physical Delivery of the stored Holdings upon request, subject to the charges as specified in the rate card.
4. The Account Holder’s Holdings are insured by the Storage Partner. Holdings are 100% insured against theft and damage.
5. In the event of bankruptcy, other termination of the Storage Partner’s business, or termination of the agreement between the Storage Partner and DK, DK is entitled to appoint another Storage Partner in accordance with paragraph 2. If no suitable substitute Storage Partner can be found, DK is entitled to terminate the Storage Agreement subject to 4 weeks’ notice. The Account Holder then has the choice of collecting their Holdings and arranging their own storage, or offering their Holdings to DK.
6. DK is entitled to terminate the storage agreement at any time subject to three months’ notice. The Account Holder then has the choice of collecting their Holdings and arranging their own storage, or offering their Holdings to DK.
1. DK will charge the Account Holder the surcharges for procuring and selling Precious Metal, the transaction costs and/or fees for the storage and other services provided, in accordance with the rates on the Rate Card as these apply in the relevant period. You can find the current Rate Card on www.dkgold.com/rates/.
2. DK is entitled to unilaterally increase the rates on the Rate Card, provided the increase is announced to the Account Holder no later than 1 month before this takes effect. The Account Holder has the right, within one month of notification of the increase, to rescind the storage agreement (insofar as this concerns an increase in the storage rate) and/or any procurement agreements concluded less than three months prior to its entry into force (insofar as this concerns an increase in the surcharges and/or transaction costs on procurement and sales) and to close their Account.
3. DK works with bid and ask prices. Procurement or sale prices are based on the ask price. Repurchase prices are based on the bid price. There is, therefore, a difference between the procurement price and the fixed repurchase price by DK.
4. The procurement and sale prices displayed on the website and in the Account, include the mark-ups listed on the Rate Card.
11. Payment of storage costs
1. Billing for storage costs takes place quarterly in arrears. Payment of storage costs is due quarterly by direct debit around the 25th of the month that follows a quarter. By accepting these General Conditions, the Account Holder authorises the direct debit of these costs and will issue the necessary authorisation digitally upon DK’s first request.
2. If and insofar as the direct debit of storage fees is not possible, or is transferred back, and the Account Holder does not pay the amount due even after a reminder from DK, the Account Holder is in default.
3. DK is entitled to transfer the collection of all DK’s receivables from the Account Holder to a Financing or Collection Agency.
4. DK is entitled to charge the Account Holder extrajudicial and judicial collection costs.
5. If the Account Holder is in default and there is a payment arrears of at least 2 quarters, DK is entitled to terminate the storage agreement and claim damages. In any event, part of the damage will include the agreed storage costs over the remaining term of the storage agreement.
6. If the Account Holder is in default and there is a payment arrears of at least 2 quarters, at DK’s first request the Account Holder is obliged to offer their Holdings, or at least a sufficient part thereof for sale to DK, at the current rate at the time of the request. The Account Holder hereby authorises DK to carry out all legal transactions on the Account Holder’s behalf to effect the above-mentioned offering obligation and the resulting sales transaction. DK will then settle its payment obligation for the outstanding claim with respect to storage costs and/or dissolution damages (see paragraph 5) against the Account Holder.
12. Payments and Disbursements
1. Payments for purchase orders must be credited to DK within 24 hours. If and insofar as no payment has been received by DK within 24 hours after the order, DK is entitled to rescind the agreement.
2. DK will only make disbursements to bank accounts via which the Account Holder has made their purchases, or to the bank account amended in accordance with the procedures set forth in paragraph 4, and whose name corresponds to the name with DK. The bank account must be an IBAN account held at an EU-supervised banking institution. The Account Holder must provide the IBAN when opening an Account. DK verifies the IBAN name on the next payment of a purchase.
3. If the name of the IBAN bank account does not match the name at DK, DK is entitled to block the Account Holder’s Account until sufficient verification has taken place. In such a case, DK is authorised to terminate the Account at any time.
4. Changes to a recipient account/IBAN number are subject to a specific safeguarded procedure. If and insofar as the Account Holder wishes to change the specified IBAN bank account number, DK will explain the necessary procedural steps at the Account Holder’s first request.
5. When the Account Holder executes a sell order, DK will execute the order as soon as possible and deposit the funds into the Account Holder’s current account. Payment by DK will be made within 5 working days. Once payment has been made by DK, the status ‘refunded’ will be listed in the Account under the order overview.
13. Force majeure
1. DK’s obligations are suspended in the event of force majeure. If the period in which DK is unable to fulfil its obligations due to force majeure lasts longer than two months, both parties are entitled to dissolve the agreement without any obligation to pay damages. DK is also entitled to invoke force majeure if the circumstance preventing further fulfilment occurs after DK should have fulfilled its obligation(s).
2. Force majeure means circumstances that prevent DK’s fulfilment of its commitment and are not attributable to DK. This includes: strikes; scarcity in Precious Metals, a general lack of other services required to realise the agreed services; the circumstance that DK does not receive a service in time or to an adequate level that is vital in connection with the service DK needs to deliver itself; internet and computer failures; hack, virus or other digital attacks; government measures, such as import or export restrictions, or as a result of a pandemic or epidemic, which prevent DK from fulfilling its obligations in a timely and/or proper way; excessive absenteeism; fire; flood, earthquake and other acts of nature, terrorism, war, insurrection, riots, use of chemical, biological, electromagnetic, atomic or nuclear weapons or materials or radioactive radiation.
1. Any liability of DK is limited to the amount that is paid out under DK’s standard corporate liability insurance with respect to the case in question, or under the insurance relating to storage with the Storage Partner. Upon the Account Holder’s request, DK will enable inspection of the applicable policy terms and conditions. If no payment is made under the aforementioned insurance, DK’s liability per Agreement is limited to the amount for which the Storage Partner is found liable towards DK by a court of law, only if and insofar as DK has actually been able to recover this amount from the Storage Partner.
2. DK is not liable in the event of shortcomings due to force majeure (non-attributable shortcoming).
3. DK is only liable for direct damage according to the provisions of this article and therefore not for immaterial damage, indirect damage, consequential damage, lost profits, missed savings or any other kind of damage that may arise for the Account Holder due to the loss of or damage to the stored Holdings.
15. Government intervention or disputes between the Account Holder and a third party
1. DK shall never be liable to the Account Holder in the event of government intervention insofar as DK has no reasonable doubts concerning the legality of the government intervention. In such a case, DK is authorised to block the Account Holder’s Account and suspend DK’s repurchase obligation.
2. If governmental intervention requests information regarding an Account, seizes Holdings, or DK’s cooperation is otherwise required, the Account Holder is obligated to reimburse DK for the associated costs. The administrative costs for handling a seizure are hereby fixed at €800, without prejudice to DK’s right to full reimbursement of costs in this regard.
3. If and insofar as DK becomes involved in a dispute between the Account Holder and a third party, for example, a repossession or litigation, the Account Holder is obliged to reimburse DK for any costs incurred as a result. The administrative costs for handling a seizure are hereby fixed at €800, without prejudice to DK’s right to full reimbursement of costs in this regard.
1. Upon the death of the Account Holder, the beneficiary is required to notify DK in writing or by email immediately of the death and provide the death certificate.
2. Until the death certificate is received by DK, DK is entitled to execute orders given by or on behalf of the Account Holder.
3. Upon receipt by DK of the death certificate, the Account of the relevant Account Holder will be blocked until – at DK’s discretion – it is determined that the Account Holder has died and who the beneficiary is. DK is authorised to keep the Account blocked until a certificate of inheritance is issued to DK.
1. Dutch law applies to all agreements to which these General Conditions apply.
2. Complaints from an Account Holder will be handled in accordance with DK’s Complaint Procedure (https://www.dkgold.com/complaintprocedure/).
3. Complaints that pass through DK’s Complaint Procedure and do not lead to a solution and all other disputes that may arise as a result of the agreements to which these General Conditions apply, will be presented to the Dutch Institute for Financial Disputes (Kifid) and settled by binding advice in accordance with the Regulations for Financial Disputes, mediation and binding advice.
4. If DK invokes paragraph 3 of this article, DK will grant the Account Holder, who is a consumer, a period of at least one month after DK has invoked paragraph 3 of this article in writing, to opt for resolution of the dispute by the competent court.
Buying gold or silver with a DKgold account
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