These general terms were last updated and published on www.dkgold.com on 14 June 2023 and set out the different Services which DKgold may provide to an Account Holder. It is recommended to save or print a copy for records.
Doijer & Kalff B.V., trading under the name DKgold, is a private limited company incorporated under the laws of the Netherlands, with registered office at Blaak 28, 3011 TA Rotterdam, the Netherlands and principal place of business at ‘S-Gravelandseweg 19, 1211 BN Hilversum, the Netherlands, registered at the Rotterdam Chamber of Commerce (KvK) under no. 50429663 (“DK”).
DK is regulated by the Dutch Authority of Financial Markets under no. 12041352 (“AFM”).
DK contact details:
Address: ‘S-Gravelandseweg 19, 1211 BN Hilversum, the Netherlands
Phone: +31 (0)10 254 0080 (opening hours: Monday to Friday, 9:00 to 18:00)
E-mail: support@dkgold.com
In addition to the terms defined elsewhere herein, the following terms have the following meanings when used herein with initial capital letters:
Account: the personal online Account registered on the Website in the name of the Account Holder giving access to the Services.
Account Holder: a Consumer adult over 18 years of age, or a non-Consumer, having legal capacity or having all powers and authority to enter into and perform an Agreement for the use of the Services, and approved by DK. Where expressly agreed in writing by DK, an Account may be owned by multiple Account Holders who shall be jointly and severally bound.
Account Notification: a written Notification sent by DK to the Account Holder displayed at logging into the Account and into the Account details.
Agreement: the whole contractual relationship between DK and the Account Holder, starting at the registration of an Account and evidenced by these general terms, as may be completed by specific terms taking the form of an Order or successive Orders.
Alternative Delivery Service: the alternative right for the Account Holder to have his/her Stored Asset delivered to his/her Registered Address.
Business Day: a day other than a Saturday, Sunday, or public holiday(s) in the Netherlands.
Cancelled Order: any Confirmed Purchase or Sale Order not meeting the requirements to become an Executed Purchase or Sale Order.
Carrier: any carrier designated by DK for the transportation of the quantity of Stored Asset to be delivered to the Registered Address of the Account Holder.
Change of Control: a transfer or a series of transfers resulting in a Third Party that is directly or indirectly holding 50% or more of (i) the total issued share capital, (ii) the total voting rights at any shareholders’ meeting and/or (iii) the total assets currently held.
Confirmed Purchase or Sale Order: the acknowledgement of receipt of an issued Purchase or Sale Order with commitment to pay.
Consumer: any natural person who acts for purposes which are outside his/her trade, business, craft, or profession. For the performance of these general terms, this definition shall not be extended to any legal person.
Custodian: Brink’s Switzerland Ltd, or any other Secure Vault operator designated by DK.
Delivered Asset: the quantity of Stored Asset that left the Secure Vault, has been delivered by the Carrier to the Registered Address of the Account Holder who has taken full physical possession of it and that cannot be any more sold to DK and for which DK’s obligations are terminated.
Delivery Fee: the fee due to DK and calculated according to the Rates for the use of the Alternative Delivery Service.
E-mail Notification: an E-mail sent either by and to DK or the Account Holder from and to the e-mail address of DK or the e-mail address of the Account Holder registered in the Account.
Executed Purchase Order: a fully paid Confirmed Purchase Order, subject in a Limit Order to the Purchase Price having been reached.
Executed Sale Order: a Confirmed Sale Order, subject in a Limit Order to the Sale Price having been reached.
Limit Order: a Purchase or Sale Order with a Purchase or Sale Price limit to be reached in the future with no limit in time or at a specified date.
Main Services: the Main Services of the Agreement related to the purchase, storage and sale between DK and the Account Holder of Precious Metals remaining stored at the Secure Vault.
Market Order: a Purchase or Sale Order with a Purchase or Sale Price based on the current Market Quotation.
Market Quotation: the only binding Precious Metals market quotation in EUR displayed on the Website.
Notice, Notification, Notify, Notifies, Notifying, Notified: sending of an E-mail Notification or an Account Notification or sending a registered letter with acknowledgement of receipt.
Order: any order related to the use of any Service, forming specific terms, including a Purchase or Sale Order, an order for the use of the Recurring Payments, an order for the use of the Alternative Delivery Service, or any other Service.
Party: DK and the Account Holder are sometimes referred to individually as a Party and collectively as the Parties.
Precious Metals: the physical precious metals used for the Services, as strictly defined in Article 7.
Premium: any amount, including, a fixed amount, a percentage or calculation method to which DK is entitled that, depending on the Rates, can be added, or deducted or based on the Market Quotation and/or the quantity of Precious Metals and/or the quantity of Stored Asset.
Production or Sourcing Costs: for the use of the Alternative Delivery Service, additional costs resulting from a specific bar to be produced or sourced for the Account Holder.
Purchase Order: the issuing of an order for the purchase of a quantity of Precious Metals from DK.
Purchase Price: the price at which DK is willing to sell Precious Metals to the Account Holder and that the Account Holder will pay when buying Precious Metals from DK.
Rates: any amount, including, a fixed amount, a percentage or calculation method to which DK is entitled for the use of the Services by the Account Holder and available on the Website (https://www.dkgold.com/rates/).
Recurring Payments: the service allowing the Account Holder to apply for recurring payments to increase periodically his/her quantity of Stored Asset.
Registered Address: the registered address in the Account details of the Account Holder.
Sale Order: the issuing of an order for the sale of a quantity of Stored Asset to DK.
Sale Price: the price at which DK is willing to buy Stored Asset from the Account Holder and that the Account Holder will receive when selling Stored Asset to DK.
Secure Vault: a highly secured storage facility insured, owned, or operated by the Custodian where the Precious Metals are physically held. Currently in Switzerland and located in a duty-free area.
Services: all the services offered by DK, as part of the Main Services and the Alternative Delivery Service.
Storage Fee: the fee due to DK and calculated according to the Rate for the storage of the Stored Asset in the Secure Vault.
Stored Asset: the quantity of Precious Metals that, following an Executed Purchase Order, has been purchased by the Account Holder from DK and is owned by the Account Holder and stored at the Secure Vault.
Stored Asset Valuation: the current Market Quotation of the current quantity of the Account Holder’s Stored Asset.
Third Party: with respect to the Account Holder, any other party than DK, including the Custodian, the Carrier, or other Account Holders.
Transportation Costs: costs of transportation of the quantity of Stored Asset to be delivered from the Secure Vault to the Registered Address of the Account Holder.
Website: the website operated by DK at the following address www.dkgold.com where the Account is registered, and the Services are provided by DK and used by the Account Holder.
Interpretation of these general terms shall be governed by the following rules of construction. Unless the context otherwise requires: (a) references to an Article are references to the Articles of these general terms unless otherwise specified; (b) the terms “hereof”, “herein”, “hereby”, “hereto”, “hereinafter” and derivative or similar words refer to these entire general terms; (c) references to “$” or “USD” or “Dollars” shall mean United States dollars and to “€” or “EUR” or “Euros” shall mean European Union Euros; (d) the words “include,” “includes,” “including”, “in particular” and words of similar import when used in these general terms shall mean “including without limitation” or “without this list being limitative” unless otherwise specified; (e) references to “written” or “in writing” include in electronic form accepted by these general terms; (f) provisions shall apply, when appropriate, to successive events and transactions; (g) the headings contained in these general terms are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (h) references to “days” mean calendar days unless Business Days are expressly specified; (i) with respect to the determination of any period of time, “from” means “from and including”; (j) references to hour or hours are made according to the time-zone of the Netherlands which is GMT+1; and (k) the words “will” and “must” shall be construed to have the same meaning and effect as the word “shall”.
This Article provides an overview of Services offered by DK, through the Website’s Account, to an approved Account Holder.
The Main Services allow an approved Account Holder to become the legal owner of quantities of physical Precious Metals and to carry out purchase and sale transactions of Precious Metals with DK, without the hassle and costs associated to physical possession.
The use of the Services begins with the first purchase of Precious Metals which is a prerequisite to the use of all other Services. The quantity of Precious Metals purchased by the Account Holder will be automatically delivered and stored on his/her behalf, as instructed by DK, in a Secure Vault operated by a reliable Custodian designated by DK. The quantity of purchased Precious Metals owned by the Account Holder and stored at the Secure Vault is the Account Holder’s Stored Asset. This Stored Asset can then be sold by the Account Holder to DK.
These are “buy, hold and sell” transactions allowed by the Main Services between DK and the Account Holder.
Alternatively, the Account Holder owning Stored Asset according to the Main Services may renounce to the benefits of the opportunity of selling his/her Stored Asset to DK, and claim physical possession of his/her Stored Asset by requesting delivery of his/her Stored Asset to his/her Registered Address, by the Carrier designated by DK and as instructed by DK. The quantity of delivered Stored Asset is the Delivered Asset. In that case, the Account Holder bears all the costs associated to delivery and physical possession and loses definitively the opportunity to sell its Delivered Asset to DK.
This is the Alternative Delivery Service between DK and the Account Holder.
The Account Holder may only use the Main Services and, as an alternative right, may or may not use the Alternative Delivery Service.
The rights and obligations of the Parties related to the Services are detailed hereinafter in these general terms.
These general terms shall apply, without restriction or reserve, to any relation between DK and the Account Holder or any person willing to use the Services or to register an Account on the Website.
These general terms define the terms and conditions of use of the Services, and the Account required to use the Services, offered by DK and the related rights and obligations of the Parties.
Any use of any Services through the Website, including registering an Account and/or issuing any Order by the Account Holder, implies express and unreserved acceptance of the current general terms in force, which prevail over any other provision issued by the Account Holder.
To this end, the current general terms are accessible and printable at any time by a direct link in any pages’ footer of the Website (https://www.dkgold.com/general-terms-and-conditions/).
In addition, by ticking the “I accept” box when registering an Account and/or using any Services, the Account Holder expressly agrees to the general terms, represents and warrants having a perfect understanding and knowledge of them, and expressly renounces to take advantage of any contradictory document, in particular his/her own general terms of purchase if any.
Any contrary terms claimed by the Account Holder will not be enforceable to DK in the absence of prior written acceptance on its part. The fact that DK does not avail itself at a given moment of any of the provisions of these general terms cannot be interpreted as a waiver or renunciation to avail itself later of any of the said provisions.
The general terms may be completed by specific terms taking the form of an Order or successive Orders, the terms of which shall form the whole Agreement between DK and the Account Holder. In the event of inconsistency, provisions of the specific terms shall prevail over provisions of the general terms. These general terms are also completed by DK’s privacy policy for the processing of personal data intended for the use of the Website and Services which can be consulted on the Website (https://www.dkgold.com/privacy-statement/).
These general terms may be available in different languages. For interpretation, the Dutch version shall prevail over any other version.
DK reserves the right to amend at any time the general terms for the future. The most recent version of the general terms accessible on the Website shall prevail over any other previous versions of them. The Account Holder shall carefully read the general terms in force at the moment of registering an Account as well as at the moment of issuing an Order. The general terms in force are those accepted by the Account Holder at the time of issuing an Order.
In an agreement entered into for an indefinite period of time and with a price subject to market fluctuation, DK is entitled to amend the terms of Services offered to Account Holders, in particular for modernizing, restructuring, or streamlining the Services, provided that such amendment does not entail unreasonable disadvantages for the Account Holder.
No later than 30 days before entry into force, DK will send a Notification to the Account Holder of upcoming amendments, being agreed that:
In the event an amendment is required to implement a mandatory provision of law, regulation or instruction of the AFM or any supervisory authorities, DK will inform the Account Holder of such amendment and the Account Holder agrees that such required amendment be of immediate effect and to comply with it, without the right for him/her to reject the amendment.
The provisions of this Article do not apply to Rates amendments, which are governed according to Article 16.
Any provision of these general terms which may be determined by competent court to be illegal, void, invalid or unenforceable in any applicable jurisdiction shall, as to such applicable jurisdiction, be ineffective to the extent of such invalidity without invalidating the remaining provisions hereof which shall be valid and enforceable to the fullest extent permitted by the Governing Law and shall not exonerate the Parties of the performance of their obligations, and any such invalidity in the relevant applicable jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, DK shall in good faith amend, complete, or substitute such provision consistent with the original intent of the Parties, which shall not be unreasonably withheld by the Account Holder.
The Agreement resulting from these general terms includes the provisions of Services of different legal nature and framework. Each of these Services shall, unless otherwise specified in these general terms and/or to the extent of these general terms, be interpreted as autonomous Services that should not result in giving a restrictive legal qualification to the whole Agreement.
The simple browsing of the Website is free, does not require registration of an Account and allows any person to access, in particular, to these general terms, the corporate and regulatory information related to DK, the general information related to the Precious Metals markets, the Market Quotation, the specific information related to the Precious Metals offered by DK as well as the risks, financial prospectus, the Rates applicable to each Precious Metals and Services, the Purchase Price or Sale Price, the instructions to issue an Order, an FAQ, how to contact DK, the privacy policy of DK, etc.
After having consulted all these information freely accessible on the Website at any time and familiarized itself with the use of the Website, the Services offered by DK and these general terms, any person may wish to register an Account to become an approved Account Holder and be granted access to the Services.
Using the Services provided by DK, and in particular issuing a first Purchase Order, is only granted to an approved Account Holder. The creation of an Account is free, the payment of Services only starts as from the first Confirmed Purchase Order.
The procedure to create an Account and become an Account Holder is indicated on the Website and shall be strictly followed. It includes:
All these information will be processed according to DK privacy policy accessible on the Website (https://www.dkgold.com/privacy-statement/) and to these general terms. DK is required to record information about the Account Holder and to store this information until the end of the statutory retention period according to the Governing Law, and the Account Holder authorizes DK to do so. DK will only make use of the Account Holder’s information in connection with the performance of the Agreement, including payment obligations, and in the course of its normal business operations. DK shall treat the Account Holder’s information confidentially, unless a law, regulation, supervisory authority instruction, court decision determines otherwise.
As an essential condition of the use of the Services, the Account Holder represents and warrants that:
Any incomplete Account registration will not be approved by DK and will not allow the use of the Services to issue a first Purchase Order. DK has the right to close any Account that has not been completed and/or approved within 30 days of opening the Account, without any prior Notice.
Provided the Account registration is complete and approved by DK, DK will Notify the Account Holder of the opening of the Account and grant access to the use of the Services.
After approval of the Account by DK, the Account Holder may only change his Account information, which must be approved again by DK, according to Article 5.3 which must be strictly followed.
DK shall not be held liable for loss or damage arising from incorrect or incomplete information or that the Account Holder has not informed DK in a timely manner of errors, omissions and/or changes in his/her information, including banking information. All loss or damage arising as a result are for the own account and risk of the Account Holder.
According to laws and regulations related to the prevention of funding of terrorism and money laundering activities, DK is required to verify and record information that identifies any person registering and using an Account and Services on the Website.
As requested by DK, this identification information may include:
Notwithstanding the above and in addition, the Account Holder shall comply with the following provisions related to banking information.
Payment methods offered by DK are restrictively listed on the Website. Depending on the payment method offered by DK and used by the Account Holder for payment, the Account Holder shall provide full banking information and/or signed documents allowing the effective process of payment.
In event of payment by bank transfer, the Account Holder shall provide a unique bank account/IBAN number that will be associated to the Account, which must be a bank account/IBAN number held in the name of the Account Holder at a recognised EU-supervised banking institution.
This is an essential obligation that the title and name details of the Account Holder’s bank account/IBAN number shall always be the same as the title and name details registered in the Account with DK on the Website. A change of bank account/IBAN number by the Account Holder is strictly limited and must strictly follow the procedure of Article 5.3 in order to be approved by DK.
In the event the payment of a Service requires a direct periodically debit authorisation, the Account Holder agrees, through the Website or paper statement, to instruct his/her bank institution to authorise DK to collect related amounts and the Account Holder agrees to provide DK with the required documents to be signed exclusively by the Account Holder.
In the context of the fight against Internet fraud, the information relating to the Account Holder may be transmitted to any Third Party authorized by law or designated by DK for the sole purpose of verifying the identity of the Account Holder and the validity of the payment method used by the Account Holder.
As may be required by relevant authorities in specific occasions, DK may have to request, and the Account Holder shall provide, evidence of the Account Holder sources of personal or corporate income and the origin or nature of the funds used to carry out transactions on Precious Metals resulting from the use of the Services.
The Account Holder shall never wait the request of DK and shall undertake to Notify DK of any changes to his/her information within 48 hours, and in any case before any new Order or payment of a Service, by updating his/her Account details on the Website or, for information that cannot be updated directly on his/her Account, by Notifying DK on a Business Day.
On first request of DK, the Account Holder shall provide any additional or updated information and/or documents that may be required for the purpose of validating or maintaining the validation of the Account or the performance of the Agreement.
To continue benefiting from the Services, the Account Holder agrees, represents, and warrants that:
The Account Holder represents and warrants that he/she has familiarized itself with the Services accessible through the Account on the Website and that he/she has taken note of the characteristics and constraints, in particular technical constraints associated to the Website, Account and Services, as well as the risks associated to the Services. The use of the Account and Services by the Account Holder is made under his own account, decisions, and risks.
In addition, the Account Holder represents and warrants that he/she will use the Account strictly to benefit from the Services offered by DK and to perform it’s obligations in accordance with the Agreement and in good faith, and in any case pursuant to the applicable laws and regulations.
Unless otherwise expressly agreed in writing by DK, an Account is strictly personal and shall not be shared with any other person or entity.
The Account is accessible and protected by means of a unique username and a confidential password that are created by the Account Holder based on minimum requirements indicated on the Website at the registration of the Account. DK may also implement a two-factor authentication using the registered phone number of the Account Holder or any other methods implemented by DK.
It is the sole responsibility of the Account Holder to ensure that the created password is difficult enough to not be guessed by Third Parties and to remain confidential to any Third Parties, including by using a personal and secured electronic device and network to connect to the Account.
The Account Holder represents and warrants that DK, or the Custodian or the Carrier designated by DK, will never ask the Account Holder to provide his/her username and/or password, The Account Holder shall never communicate his/her username and/or password to any person requesting it by phone, e-mail or in any other manner, even if the Account Holder is given the impression that the request comes from DK, or the Custodian or the Carrier. In that case, the Account Holder must inform DK immediately.
The Account Holder represents and warrants that if his/her password does not remain confidential and is obtained by a Third Party, he/she runs the risk that a Third Party can gain access to the Account and carry out transactions.
More generally, DK shall not be held liable for loss or damage arising from any failure by the Account Holder to choose a password that offers insufficient protection, to keep the password confidential or to lose the password. All loss or damage arising as a result are for the own account and risk of the Account Holder.
In any case, the Account Holder shall Notify DK immediately in event of:
As a security measure to protect the interests of the Account Holder, DK is entitled to temporarily block access to an Account in the event DK has reasonable grounds to suspect that an Account is under an unauthorized or fraudulent access or use. Reasonable grounds may include the analysis of the history of use of the Account, the internet protocol address and/or the country from which the Account has been accessed, the signature of the electronic device used or any other means.
In that case, DK will Notify the Account Holder of the blocking of his Account and the impossibility to use the Services to issue any Orders.
The Account Holder shall fully cooperate with DK, demonstrate, and document that the grounds for the blocking of the Account no longer exist. As soon as the evidence is reasonably satisfactory for DK, the blocking of the Account will be lifted, and the Account Holder will receive Notification of the access to the Account.
DK shall not be held liable for loss or damage arising from the temporary blocking of an Account in the event of reasonable grounds to suspect that an Account is under an unauthorized or fraudulent access or use, as this measure aims at securing the Account of the Account Holder. All loss or damage arising as a result are for the own account and risk of the Account Holder.
However, if it appears the unauthorized or fraudulent access or use of the Account was persisting, including, as a result of the acts or omissions of the Account Holder, the blocking of the Account may remain and the Account be terminated in accordance with Article 25.
Closure of the Account of an existing Account Holder, whether at the initiative of the Account Holder or at the initiative of DK shall be considered a Termination of the Agreement and be made in accordance with Article 25.
This whole Article 5 is an essential obligation of the Agreement. Failure by the Account Holder to comply with it may result in the temporary blocking of the Account or termination of the Agreement according to Article 25.
The Parties shall communicate either in Dutch, English or in the language of an available version of these general terms.
Unless otherwise specified in these general terms, the Parties agree that binding communication between the Parties will be made in writing through the Account on the Website, and/or by e-mails (a Notification, an Account Notification, an E-mail Notification).
As a general guidance:
As a consequence, the Account Holder shall:
The Account Holder will be able to contact DK by using DK’s contact details mentioned in these general terms or mentioned on every page of the Website (https://www.dkgold.com). No other contact details are binding upon the Parties.
The Account Holder agrees, represents, and warrants that:
The use of any of the Services are exclusively limited to Precious Metals, as strictly defined by these general terms.
All purchase and sale transactions carried out by the Account Holder are made between the Account Holder and DK with Precious Metals that are sourced from DK, delivered, and stored in a segregated account at the Secure Vault by the Custodian and never leave the Secure Vault. The Precious Metals are identified by marking and numbers according to international recognized standard practice of the Precious Metals market.
As a result, the Services do not allow the Account Holder to introduce or offer to DK any precious metal that has not been initially purchased from DK in accordance with the Main Services or that has left the Secure Vault in accordance with the Alternative Delivery Service.
Only the Account Holder’s Stored Asset may be sold to DK. Once the Account Holder’s Delivered Asset has been effectively delivered to the Account Holder who took full physical possession of it according to the Alternative Delivery Service, the Delivered Asset cannot be any more sold to DK and is deemed to be not any more considered Precious Metals for the continuing use of the Main Services.
For the provision and use of the Services and depending on the quantities, the Precious Metals are:
They are “investment grade” bars according to international recognized standard practice in the Precious Metals markets.
Therefore, no other specifications shall be relevant to the Account Holder for the performance of the Agreement, including for instance the aspect, appearance, dimension, roughness, design, marking, name of refiner, date of manufacturing, date of foundry, vintage or brand new, shape, surface quality, colour of Precious Metals.
Quantities are expressed in gram(s) and/or kilogram(s).
Gold is expressed in pure gold weight, and not in gross weight, which is the weight multiplied by the purity. Each gram of gold purchased by the Account Holder represents 1 gram 100% gold of a gold bar of a purity of no less than 99.5%; and
Silver is expressed in gross weight, and not in pure weight.
For the purchase, storage and sale of Precious Metals that never leave the Secure Vault, the Precious Metals can be purchased and stored or sold in increments of grams and kilograms calculated at the issuing of a Purchase Order, subject to a minimum purchase quantity indicated in the Rates.
The Website provides a graphical chart reflecting the Precious Metals Market Quotation, allowing the Account Holder to view and analyse the past and current trends of the Precious Metals market, with different options such as:
The Market Quotation directly results from the fluctuation of the Precious Metals markets and more generally of financial markets and is updated at least every minute. DK is not a stock exchange nor a market maker and has no power or influence on Market Quotation.
The Market Quotation in EUR (and not in USD) shall be the only binding point of reference between DK and the Account Holder with respect to any market price information. Although interesting for the knowledge of the Account Holder, the Account Holder shall not refer to any other external sources of market price information related to the Precious Metals markets for the performance of the Agreement. In particular, the fact that a stock exchange place is located in the country of the Account Holder or of DK shall be irrelevant for the performance of the Agreement.
The Market Quotation in EUR displayed on the Website shall exclusively be used to calculate most Rates and Premiums applicable to the Services, including the Purchase or Sale Price and the Stored Asset’s Valuation.
The Market Quotation however does not constitute an offer to purchase or to sell Precious Metals and does not reflect the purchase price to be paid or to be received by the Account Holder.
The price for the purchase and/or sale of Precious Metals between the Account Holder and DK is based on the calculation method of the Market Quotation in EUR of the relevant Precious Metal for a given quantity and a Premium which establishes a Purchase or a Sale Price in EUR at the time of issuing a Purchase or Sale Order, according to the Rates published on the Website.
Next to the Market Quotation, DK publishes the Purchase or Sale Price which are updated every 5 minutes on the Website.
The Purchase Price is the price at which DK is willing to sell Precious Metals to the Account Holder and that the Account Holder will pay when buying Precious Metals from DK. For the sake of clarity, the Purchase Price includes the Premium calculated according to the Rates at the time of issuing a Purchase Order.
The Sale Price is the price at which DK is willing to buy Stored Asset from the Account Holder and that the Account Holder will receive when selling Stored Asset to DK. For the sake of clarity, the Sale Price includes the Premium calculated according to the Rates at the time of issuing a Sale Order.
The Purchase or Sale Price is subject to fluctuation of the Market Quotation and varies depending on the markets opening hours due to the volatility of Market Quotation, which is reflected in the Rates, according to:
A published Purchase or Sale Price is firm and constitutes an offer to sell or to purchase Precious Metals that however requires to be first acknowledged by a Confirmed Purchase or Sale Order and then executed at the conditions of an Executed Purchase or Sale Order.
In the event no Purchase or Sale Price are published on the Website, in particular if available stock of Precious Metals does not allow to receive Purchase or Sale Orders or if DK cannot execute transactions in the international Precious Metals markets for whatever reason, or in the event only the Market Quotation is published but not the Purchase or Sale Price, this shall not constitute an offer to purchase or to sell Precious Metals.
Issuing a Purchase or Sale Order requires the Account Holder to connect to his/her Account, use the “Buy” or “Sale” functions of the Website, fill the Purchase or Sale Order form, verify the Purchase or Sale Order form and the Purchase or Sale Price, and complete the payment process.
Any Purchase or Sale Order is irrevocable and shall be exclusively issued directly by the Account Holder through his/her Account on the Website, at his/her own account, decisions, and risks.
The purchasing and selling process is as follows:
DK will Notify the Account Holder of a Confirmed Purchase or Sale Order setting out the specific terms of the Confirmed Purchase or Sale Order and these general terms and will Notify the Account Holder as soon as the conditions for a Confirmed Purchase or Sale Order to become an Executed Purchase or Sale Order have been met.
The Purchase or Sale Order form allows the Account Holder to select between a Purchase or Sale Order, the type of Precious Metals, the quantity, the Purchase or Sale Price depending on a Market or Limit Order.
Unless otherwise selected by the Account Holder, a Purchase or Sale Order is always deemed issued at Market Order. If the Account Holder wishes to issue a Purchase or Sale Order at Limit Order, he/she shall carefully select a Limit Order.
In a Market Order, the Purchase or Sale Price is automatically calculated, displayed, and cannot be specified by the Account Holder. In a Limit Order, the Account Holder indicates the desired Purchase or Sale Price that he/she expects to be reached based on the fluctuation of the Market Quotation.
Both Market and Limit Orders always adapt and contain a limit regarding the quantity of Precious Metals. The quantity specified in the Purchase or Sale Order form shall always be regarded as the maximum quantity to establish the Purchase Price or Sale Price.
With respect to a Sale Order, the maximum quantity is always represented by the Stored Asset’s quantity owned and stored by the Account Holder at the time of issuing a Sale Order.
According to the Rates, a Purchase or Sale Order may be subject to a minimum quantity which may vary depending on the type of Precious Metals and is indicated at the issuing of a Purchase or Sale Order.
Market Orders do not have a price limit and are automatically established on the current Purchase or Sale Price based on the current Market Quotation and calculated according to the Rates. The Purchase or Sale Price at Market Order is automatically displayed at the time of issuing a Purchase or Sale Order.
When issuing a Market Order on a Saturday, Sunday or public holiday(s), the Purchase or Sale Price at Market Order shall be the last known Purchase or Sale Price at Market Order.
Limit Orders always have a price limit, depending on a Purchase Order or Sale Order:
In Limit Orders, the Purchase or Sale Price may never be met if the Purchase or Sale Price is not reached by the specified date or if the Market Quotation never reach the expected Purchase or Sale Price due to fluctuation.
To issue his/her Purchase Order at Market or Limit Order, the Account Holder has 5 minutes to complete and verify his/her Purchase Order form and confirm payment of the Purchase Order at the agreed Purchase Price. This is a Confirmed Purchase Order, subject to full payment of the Purchase Price by the Account Holder which must be received by DK within 24 hours of the Confirmed Purchase Order. Therefore, a Confirmed Purchase Order does not constitute a binding acceptance for DK to execute the Purchase Order but is merely acknowledgement of receipt of the Purchase Order.
A Confirmed Purchase Order is received by DK and is Notified to the Account Holder, subject to becoming an Executed Purchase Order.
Provided the full payment of the Purchase Price has been received by DK within 24 hours of the Confirmed Purchase Order and, in a Limit Order the Purchase Price has been reached, the Confirmed Purchase Order is executed and is Notified to the Account Holder. This is an Executed Purchase Order. Otherwise, this is a Cancelled Order.
To issue his/her Sale Order at Market or Limit Order, the Account Holder has 5 minutes to complete and verify his/her Sale Order form and confirm the Sale Order at the agreed Sale Price. This is a Confirmed Sale Order, subject in a Limit Order to reaching the Sale Price. Full payment of the Sale Price by DK must be received by the Account Holder within 5 Business Days of the Confirmed Sale Order in a Market Order and within 5 Business Days of the Sale Price being reached in a Limit Order. Therefore, a Confirmed Sale Order does not constitute a binding acceptance for DK of the instruction to execute the Sale Order but is merely acknowledgement of receipt of the Sale Order.
A Confirmed Sale Order is received by DK and is Notified to the Account Holder, subject to becoming an Executed Sale Order.
In a Market Order and, provided that in a Limit Order the Sale Price has been reached, the Confirmed Sale Order is executed and is Notified to the Account Holder. This is an Executed Sale Order. Otherwise, this is a Cancelled Order.
Any Purchase or Sale Order is placed irrevocably by the Account Holder on his/her own account, decisions and risk, and before proceeding to payment of the Purchase or Sale Order, the Account Holder has the possibility to correct any mistake or error he/she made in the Purchase or Sale Order form or refrain from issuing the Purchase or Sale Order.
The Account Holder shall remain liable for any loss or damage resulting from any Purchase or Sale Order, including from any incorrect, incomplete, unclear or inaccurate Purchase or Sale Order from himself/herself and DK shall not be held liable for any loss or damage arising from executing the Purchase or Sale Order issued by the Account Holder.
Once the issued Purchase or Sale Order is a Confirmed Purchase or Sale Order, the Confirmed Purchased or Sale Order cannot be revoked and both Parties have a commitment to perform their obligations, subject to the Confirmed Purchase or Sale Order becoming an Executed Purchase or Sale Order.
Once a Confirmed Purchase or Sale Order becomes an Executed Purchase or Sale Order, it cannot be revoked and the transfer of legal ownership automatically happens according to Article 12.2.
A Confirmed Purchase or Sale Order that does not meet the requirements to become an Executed Purchase or Sale Order shall be automatically deemed a Cancelled Order, without the obligation for DK to Notify it to the Account Holder. In that case, both Parties are released from their commitments relating to the relevant Cancelled Order.
The Account Holder shall remain liable for any loss or damage resulting from any Confirmed Purchase or Sale Order becoming automatically a Cancelled Order and DK shall not be held liable for any loss or damage arising from cancelling a Confirmed Purchase or Sale Order issued by the Account Holder and not meeting the requirements to become an Executed Purchase or Sale Order.
Notwithstanding the above, DK has the right, but not the obligation, to refuse to execute a Sale or Purchase Order based on the following grounds:
DK will Notify the Account Holder of any refusal to execute a Sale or Purchase Order and the grounds of such refusal. DK has the right, but not the obligation, to indicate to the Account Holder, as the case may be, the procedure for the eventual correction of any inaccuracies that have led to the refusal, unless such Notification(s) are forbidden by reason of applicable laws and regulations.
The Account Holder shall remain liable for any loss or damage resulting from any non-executed Purchase or Sale Order and DK shall not be held liable for any loss or damage arising from exercise, or non-exercise, of DK’s right under this provision.
As part of the Main Services and subject to an Executed Purchase Order, the Account Holder’s Stored Asset is automatically delivered, stored and safe administered in a segregated account at the Secure Vault operated by the Custodian, as designated and as instructed by DK.
The storage is inseparably linked to the Account Holder’s Stored Asset after each Executed Purchase Order and cannot be dissociated. Irrespective of the legal ownership of the Account Holder over his/her Stored Asset, and depending on the quantities, there may be a reasonable operational period between an Executed Purchase Order and the physical delivery of the Stored Asset to the Secure Vault.
DK is in charge of giving, on behalf of the Account Holder, instructions to the Custodian for delivering the Stored Asset to the Secure Vault after each Executed Purchase Order by registering each transfer of legal ownership and identifying the bar number as instructed by DK. The Custodian is then in charge of the custody by safe administrating the physical possession of the Account Holder’s Stored Asset, as instructed by DK.
DK is entitled to and has entered into a storage contract with the Custodian, who is a reliable professional with ample experience in the field of providing delivery, custody and storage services related to Precious Metals.
To this end, the Account Holder agrees, represents and warrants to the designation of the Custodian by DK and to appoint DK to carry out on behalf of the Account Holder all instructions and required acts with the Custodian to deliver, store, register transfers of legal ownership and safe administering the Account Holder’s Stored Asset. For legal and security reasons, the Custodian has for instruction to decline any request made by any Third Party other than DK, including the Account Holder.
DK represents and warrants that the totality of the Account Holder’s Stored Asset is covered by a liability policy by the Custodian in force throughout the duration of the Agreement. Such liability policy is granted to DK according to the broadest commercially available insurance policy which shall protect the Account Holder’s Stored Asset against risks of physical loss, theft, damage or another manner of destruction, except such risks against which insurance is not commercially available, including, any form of war, acts of terrorism, nuclear or radioactive events, or government regulation.
In the event of loss, theft, damage or another manner of destruction of the Account Holder’s Stored Asset, DK undertakes to enforce this liability policy and to compensate the Account Holder in accordance with Article 23.
In consideration of the provision of the storage linked to the Stored Asset, the Account Holder shall pay DK a Storage Fee calculated in accordance with the Rates.
The Storage Fee covers the safe storage, the insurance, the custody and safe administering, the auditing of stocks, the keeping of records and the provision of account statements.
Unless otherwise specified in the Rates, the Storage Fee may be subject to a minimum amount and a percentage calculated on the average Market Quotation of the Account Holder’s Stored Asset for the relevant Storage Fee period.
The Storage Fee is due for as long the Account Holder is the owner of Stored Asset and is payable quarterly in arrears on the 15th of the relevant month following the end of each Storage Fee period. There will be 4 Storage Fee periods, commencing on January 1st, April 1st, July 1st, and October 1st of each year. Storage Fee invoices will be issued by DK to the Account Holder at the end of each Storage Fee period.
Storage Fee with respect to any applicable period shall not be reduced or refunded whether in full or in part, notwithstanding any reduction or increase in the quantity of Stored Asset at any time during such period.
After an Executed Purchase Order, the Account Holder becomes the legal owner of the Stored Asset, which is to say the quantity of Precious Metals effectively purchased and owned by the Account Holder, without the Account Holder actually physically possessing his/her Stored Asset that is automatically stored at the Secure Vault.
As a consequence, there is a dissociation between legal ownership of the Stored Asset by the Account Holder and physical possession of the Stored Asset by the Custodian designated by DK and as instructed by DK on behalf of the Account Holder.
The Account Holder may however take physical possession of his/her Stored Asset, as an alternative right, according to the Alternative Delivery Service.
In accordance with Article 9 and the retention of title provision of Article 13.3, transfers of legal ownership shall be exclusively registered as follows:
As a consequence of Article 7, the Account Holder’s Stored Asset may, depending on the quantity and amount of transactions, consist in whole bar(s) or part(s) of bar(s), resulting in legal ownership by the Account Holder of the Stored Asset but also legal co-ownership of bar(s), only with DK and other Account Holders.
DK maintains a register of legal ownership and keeps record of legal ownership of the Account Holder’s Stored Asset. In an unlikely event that DK is facing a bankruptcy procedure, the register of legal ownership will be made available to a judicial administrator or any other person able to uphold the legal ownership rights of the Account Holder.
To this end, all transactions on Precious Metals, all transfers of legal ownership and the Stored Asset are recorded and identified in the name of the Account Holder, including the Stored Asset identification number and Precious Metals bar number, as part of DK’s records.
It is possible that during the course of the Agreement, the bar number, associated to the Account Holder’s Stored Asset identification number, may change as a result of a transaction or as a result of managing the legal co-ownership rights on the bars depending on the quantity owned by Account Holders. This kind of change will have no impact on the legal ownership right of the Account Holder on his/her Stored Asset.
By connecting to his/her Account, the Account Holder may check at any time the current inventory of his Stored Asset owned and stored in the Secure Vault. This inventory also includes the Stored Asset’s Valuation which is the indication of the value of the Stored Asset, according to the current Market Quotation.
In addition, DK Notifies the Account Holder with an annual statement, evidencing all transactions and the current status of the Account Holder’s Stored Asset at the 31 December of the relevant year.
DK is constantly verifying the concordance between DK’s records and the bar numbers of Precious Metals stored at the Secure Vault.
At least once a year, DK appoints an independent Third-Party auditor to verify the physical inventory of DK’s segregated account at the Secure Vault operated by the Custodian.
It is strictly prohibited for the Account Holder to sell whole or part of his Stored Asset to a Third Party.
Only after using the Alternative Delivery Service and subject to full payment and discharge of all the Account Holder’s liabilities, the Account Holder may sell its Delivered Asset to a Third Party.
As a result of the benefit of the Services, potential legal co-ownership rights to bar(s) and custody in the Secure Vault with the Custodian, the Account Holder shall:
Any purported grant of any type of lien, security or any Third-Party interest by the Account Holder shall be deemed void and invalided. DK shall not be required to recognise any Third Party as having any right or interest in the Stored Asset or in the Agreement.
Notwithstanding the above and in event of the use of the Alternative Delivery Service, the Account Holder also agrees, represents and warrants that such limitation of legal ownership right shall last until the Account Holder is in full physical possession of his whole non contested and fully paid Delivered Asset, being additionally agreed that potential remaining or future Account Holder’s Stored Asset at the Secure Vault shall remain subject to all the above limitation of legal ownership rights.
For the performance of the Agreement and notwithstanding the set-off right granted to DK according to Article 18, DK shall be entitled to retain the Stored Asset, including the Stored Asset to be delivered, until full and unconditional payment and discharge of all the Account Holder liabilities.
DK shall have a lien on the Stored Asset as security for the full payment and discharge of all the Account Holder’s liabilities. In particular, DK shall be granted a security interest, warehouseman’s lien, and general lien against the Account Holder on whole or part of the Stored Asset, and on the proceeds from the sale of the Stored Asset for all charges resulting from the performance of the Agreement, the preservation of the Stored Asset and the liquidation of Stored Assets when the Account Holder is in default.
Notwithstanding the above and as a separate and optional Service within the Main Services, DK offers the Account Holder the ability to make Recurring Payments, in order to increase periodically his/her Stored Asset.
By using this Service, the Account Holder authorises DK to automatically debit a fixed amount on a monthly basis from the Account Holder’s bank account and, after deduction of the Premium, to issue a single or several Purchase Orders at Market Order on behalf of the Account Holder every month at the date of receiving the payment, on the basis of the maximum quantity possible.
This Service may be terminated on the 25th of the current calendar month, subject to prior Notice sent by the Account Holder before this date.
The Account Holder agrees, represents, and warrants that Purchase Orders at Market Order issued by DK on behalf of the Account Holder shares the exact same risks than when the Account Holder is issuing a Purchase Order on his own account, decisions, and risk. Therefore, Purchase Orders issued by DK may not be profitable, are also subject to Market Quotation fluctuation, and past performance results achieved on previous months are not indicative of the future performance for the Account Holder.
All provisions to the issuing of a Purchase Order shall apply to Recurring Payments, in particular transfers of legal ownership are subject to full payment by the Account Holder in accordance with Article 12.2, and restrictions to legal ownership right of the Account Holder of Article 13 and DK’s right to set-off of Article 18.4 shall apply.
In addition, a reversal of the direct debit shall not affect the Account Holder’s payment obligations. In case of a reversal the Account Holder is obliged to have the amount due, increased by administrative costs of EUR 45, credited to DK’s bank account within 24 hours after the purchase of the Precious Metal. In case of repeated reversal or non-compliance with any payment obligation, the administrative costs will be increased with a maximum of EUR 125 per invoice or reminder. DK shall be entitled to transfer the collection of all its receivables to a collection Institution and to charge extrajudicial and judicial collection costs to the Account Holder.
If the Account Holder is in default of the Recurring Payments Service, DK is entitled to terminate the Recurrent Service and to claim damages. Part of the damages shall in any case include full payment of all Precious Metals purchased under the Recurrent Payment Service. DK shall be entitled to liquidate the required quantity of the Account Holder’s Stored Asset, at any Sale Price applicable at the time of the termination of the Recurring Payments Service, sufficient enough to compensate the loss suffered by DK. The Account Holder hereby authorizes DK on his/her behalf to perform all legal acts to enforce the aforementioned sale transaction. DK will then set-off its disbursement obligation in connection with the Precious Metals sold against the outstanding claim on account of the loss against the Account Holder.
Subject to full payment and discharge of all the Account Holder’s liabilities according to the Main Services and subject to Article 15.5, and as an alternative right, the Account Holder may wish to physically possess his/her Stored Asset by requesting delivery of his/her Stored Asset by the Carrier designated by DK to his/her Registered Address. By taking full physical possession of the Stored Asset, the Stored Asset becomes the Delivered Asset.
As a consequence of being an alternative right, the use of the Alternative Delivery Service by the Account Holder on the quantity of Stored Asset to be delivered and becoming the Delivered Asset shall be definitive and shall terminate DK’s obligations with respect to the Delivered Asset owned by and in full possession of the Account Holder. In particular, the use of the Alternative Delivery Service does not allow the Account Holder to sell any more the Delivered Asset to DK by issuing a Sale Order.
For the use of the Alternative Delivery Service, the quantity to be delivered depends on the quantity of Stored Asset and the standard quantity of Precious Metals bars stored at the Secure Vault.
The standard quantity of Precious Metals that can be delivered without paying additional Production or Sourcing Costs are:
Any other quantity not calculated on the above increments requires specific bar(s) to be produced or sourced for the Account Holder and additional Production or Sourcing Costs to be paid by the Account Holder. These non-standard quantities can be produced or sourced as follows:
Sourcing or producing non-standard weight Precious Metals bars may require a reasonable operational period before delivering the quantity requested by the Account Holder.
For the purpose of the Alternative Delivery Services, DK will arrange the transport of the Stored Asset to be first handed over by the Custodian to the Carrier and then delivered to the Registered Address of the Account Holder by the Carrier, as designated and as instructed by DK on behalf of the Account Holder. No other delivery methods are offered by DK and the Account Holder shall not request his/her own delivery method.
DK is entitled to and has entered into a transportation contract with one or several Carriers, who are a reliable professional with ample experience in the field of providing insured transportation of Precious Metals.
To this end, the Account Holder agrees, represents, and warrants to the designation of the Carrier by DK and to appoint DK to carry out on behalf of the Account Holder all instructions and required acts with the Carrier to deliver the quantity of Account Holder’s Stored Asset to be delivered.
DK represents and warrants that the quantity of the Account Holder’s Stored Asset to be delivered is covered by a liability policy by the Carrier in force throughout the duration of the delivery. Such liability policy is granted to DK according to the broadest commercially available insurance policy which shall protect the Account Holder’s Stored Asset to be delivered against risks of physical loss, theft, damage or another manner of destruction, except such risks against which insurance is not commercially available, including, war, acts of terrorism, nuclear or radioactive events, or government regulation.
In the event of loss, theft, damage or another manner of destruction of the quantity of the Account Holder’s Stored Asset to be delivered, DK undertakes to enforce this liability policy and to compensate the Account Holder in accordance with Article 23.
The Account Holder shall strictly follow the delivery procedure of the Carrier designated and instructed by DK.
The delivery shall only be made to the Account Holder’s Registered Address at the time of requesting delivery. Any change of Registered Address shall not be taken into account during the delivery process.
According to the appointment made with the Carrier, the delivery is deemed to have been carried out as soon as the Delivered Asset has been made available by the Carrier to the Account Holder by hand at the Registered Address and the delivery receipt signed by the Account Holder with the Carrier. The signature on the delivery receipt must correspond to the signature of the Account Holder. Any verification may be carried out by DK in case of doubt.
Upon receipt of the Delivered Asset at the Registered Address of the Account Holder, the Account Holder is invited to check the reference, quantity, and condition of the Delivered Asset, and to mention immediately any reservations observed in the delivery receipt directly with the Carrier.
In addition, the Account Holder undertakes to Notify DK immediately of any delivery issue, and in any case within 3 days following the delivery date.
DK will handle the Account Holder’s delivery issue and may request any additional information and/or carry out any necessary verification.
The Account Holder agrees, represents, and warrants that failure by the Account Holder to comply with the delivery procedure shall exclude any claim against DK and the Account Holder shall not be entitled to any refund or re-delivery of the Delivered Asset.
Risks associated to the Delivery Asset shall pass from the Carrier to the Account Holder at the signature of the delivery receipt with the Carrier.
In consideration of the provision of the Alternative Delivery Service, and in accordance with the Rates, the Account Holder shall:
At delivery request, DK will issue a transportation quotation to the Account Holder which will be executed at acceptance and full payment by the Account Holder of the amount due to DK.
Rates, including Premiums, are charged on the use of the Services according to the Rates published by DK on its Website (https://www.dkgold.com/rates/).
Rates can be expressed as any amount, including, a fixed amount, a percentage or calculation method entitled to DK for the use of the Services by the Account Holder.
The Rates vary and depend on the fluctuation of the Market Quotation, the quantity and type of Precious Metal, the nature of the Order, the time of the transaction – inside or outside of market opening hours.
The Rates are accessible and printable at any time by a direct link on the Website (https://www.dkgold.com/rates/), which the Account Holder acknowledges having been made aware before and after registering an Account.
The relevant Rates are also indicated at the time of using a Service.
In an agreement without an end date and with a price subject to market fluctuation, DK is entitled to amend the Rates in the following circumstances:
No later than 30 days before entry into force, DK will Notify the Account Holder of upcoming Rates amendments, being agreed that:
In addition, any Rate amendments resulting in a decrease of Rates will be Notified to the Account Holder and may enter into force with immediate effect. Any temporary decrease of Rates resulting from promotional offers made at the discretion of DK shall not be considered a Rates amendment. The return to normal Rates after a temporary decrease shall also not be considered a Rates amendment or a Rates increase.
The Account Holder represents and warrants that all Services are subject to fluctuation of the Market Quotation and more generally of financial markets, and as a result, the Account Holder shall have no withdrawal right.
The Account Holder shall be very attentive at the time of issuing an Order or using a Service and verify any mistake or error before proceeding to any payment.
For the performance of the Agreement, the EUR shall be the only currency used and all amounts will be expressed in EUR.
No amount will be adjusted due to changes in the rate of exchange of currency between the EUR and any foreign country currency, and the Account Holder shall be solely responsible for the payment of any additional costs associated with foreign currency.
In consideration of the provision of Services, the Account Holder shall pay DK the amounts calculated in accordance with the Rates and these general terms.
With respect to an Executed Sale Order of the Account Holder’s Stored Asset, DK shall pay the full Sale Price in accordance with the Rates and these general terms.
All payments shall be made within the time period mentioned in these general terms and/or in the specific terms of any Order.
Any sum due either by the Account Holder or by DK shall be paid in full.
In the event of non-payment or partial payment of any sum due by the Account Holder, in the event of a payment incident by the Account Holder, or in the event of fraud or attempted fraud relating to the use of the Website, including on the occasion of previous Orders, DK reserves the right to suspend or cancel any execution of any Service, irrespective of its nature and level of execution.
For the performance of these general terms and the Agreement, the limitative payment methods offered by DK are indicated on the Website at the issuing of an Order. No other payment methods can be used by the Account Holder, and the Account Holder represents and warrants that he/she has all the required authorizations to use the payment methods offered by DK.
DK may offer the use of secured payment services provided by a Third Party payment institution, request a bank transfer or direct debit authorization, in accordance with banking information provided for in Article 5.
By confirming the issuing of any Order requiring a payment obligation, the Account Holder represents and warrants his obligation and commitment to pay and to give, at the payment of the Order, the necessary banking information, instruction and/or authorization to proceed to the payment.
The Account Holder shall be responsible for paying any of his/her own banking costs (including in the case of a refund) associated to the use of the chosen payment method necessary for DK to receive the full amount due.
The Account Holder represents and warrants that payment by DK of the Sale Price of an Executed Sale Order to the Account Holder shall only be made by bank transfer to the Account Holder’ bank account used to purchase the Stored Asset or expressly approved by DK in accordance with Article 5.
According to these general terms and for the whole duration of the Agreement, DK is taking care of the physical possession of the Account Holder’s Stored Asset by giving its instructions to the Custodian and, as the case may be, to the Carrier. As a result of this, DK is facing the risk of any indebtedness due by the Account Holder under this Agreement.
To prevent the risk of any indebtedness of the Account Holder, and as a main obligation of this Agreement:
DK does not provide any legal and/or tax advice whatsoever. The Account Holder shall be aware of or take legal and/or tax advice to know his/her obligations towards the tax authorities of his/her habitual residence.
Depending on the type of Precious Metals and the nature of a transaction or Service, the Account Holder may have to pay local, special and/or value added taxes applied, or to be applied at a later date, by the competent authorities in accordance with the regulations of the place of departure or destination of the Stored Asset or Delivered Asset and relating to the purchase, sale, storage or delivery of Precious Metals or any other associated charges due, such as import duties, the payment of which shall be made by the Account Holder, directly or indirectly.
Where DK is required to collect any of these taxes on behalf of the relevant authorities, the relevant taxes will be added to the payment of the total price paid by the Account Holder.
DK aims to ensure that the Website and the Services remain accessible and available to the Account Holder. Maintenance will generally be planned, Notified, and carried out outside of market opening hours. However, due to unforeseen circumstances, it may be necessary to carry out maintenance, repairs or other activities during market opening hours, which depending on the emergency could not always be Notified in time, in particular in event of malfunction of the Website or Services.
In the event of planned maintenance, any Confirmed Order shall remain in force after the Services have been resumed.
In the event of unplanned interruption lasting more than 10 minutes, any Confirmed Order may be cancelled at the resuming of the Services.
The Account Holder shall however refrain from issuing any Purchase or Sale Order during a planned and unplanned interruption of the Services. DK shall not be liable for any loss or damage resulting from any planned or unplanned interruptions of the Services.
Neither Party shall have the right to derive advantage from Website errors for the performance and/or use of the Services. Both Parties agree that reasonable adjustments may be carried out in good faith to remedy the error to arrive at the situation as if the error had not been made.
Any transaction carried out in Precious Metals is speculative and involves risks. The Services offered by DK are a solution among other solutions offered on the market to carry out transactions on Precious Metals and is not the only solution available to the Account Holder.
Any use of any Services are made on own account, decisions and risks of the Account Holder who shall carefully consider whether carrying out any transactions of any sort on Precious Metals, whether as an investment or not, is suitable for him/her in view of his/her experience, knowledge, wealth management, investment horizon, other types of transactions or investments, financial position, risk appetite and other relevant circumstances specific to his/her personal situation.
DK may provide general information related to the Precious Metals market that do not address specific transaction results, investment objectives, financial situation and/or specific needs and shall not be considered by the Account Holder as professional advice in relation to any transaction or investment in any precious metals of any sort or other type of asset or wealth management and should not be relied upon as such. DK never provides professional transaction, investment, financial or wealth advice. As a result, DK shall not be responsible for the accuracy or completeness of any general information provided on the Website. The Account Holder should always consult a professional adviser before using the Services.
Any transactions carried out by using the Services are based on the fluctuation of the Market Quotation and are not always profitable, may follow an upward as well as a downward trend, are not guaranteed by any specific level of performance, and past performance results achieved by the Market Quotation are not indicative of the future performance of the Market Quotation.
In particular, DK provides on its Website risks’ information that the Account Holder represents, and warrants having taken knowledge of it before and during the use of the Services (https://www.dkgold.com/risks-of-investing-in-precious-metals/).
Notwithstanding the exclusions of liability that are provided elsewhere in these general terms, DK shall, except in the event of wilful misconduct or gross negligence, never be held liable for loss or damage associated with or arising from the use of the Services, including the purchase or sale of Precious Metals, the storage of Precious Metals with DK or with the Custodian, the delivery of Precious Metals by DK or by the Carrier designated by DK or the making of payments or receipt of monies in relation thereto, resulting from the own decisions, acts or omissions of the Account Holder or that the Account Holder or a Third Party caused or contributed to such loss or damage.
In the event DK is held liable for the loss, theft, damage, or another manner of destruction of the Account Holder’s Stored Asset, DK may at its sole discretion either pay the compensation in cash or in Precious Metals of a similar kind and a similar value.
To the extent legally permissible, DK shall not in any circumstances be liable for any amount in excess of the Account Holder’s Stored Asset Valuation calculated on the Market Quotation at the relevant day and time of the loss or damage or at the last known Market Quotation at 17:00 hours if the relevant day is a Saturday, Sunday or holiday(s), and in any case, for any amount in excess of DK’s standard corporate insurance policy or Custodian’s insurance policy or Carrier’s insurance policy.
To the extent legally permissible, DK shall not be held liable to the Account Holder, and the Account Holder shall waive and release any claim against DK for consequential loss or damage, including loss of revenue or profit, actual or anticipated, loss of use of capital, delay costs, suffered by the Account Holder or any of his/her successors, assigns and legal representatives, however and whenever arising and whether arising under or out of these general terms.
To the full extent allowed by the Governing Law, the Account Holder shall indemnify and hold DK, its officers, directors, managers, affiliates, agents, and employees free and harmless against any liability, loss, damage, expense, claim, demand, suit, fine, or court decision, including administrative and legal costs, which may be suffered, accrued against, or recoverable from DK, its officers, directors, managers, affiliates, agents, and employees arising out of the Account Holder’s acts or omissions under this Agreement, or with respect to the Account Holder’s Stored Asset, except to the extent such liability, loss or damage results solely from the gross negligence or wilful misconduct of DK.
Are included for instance:
If DK receives a subpoena, warrant, or order of any court or governmental agency relating to the Account Holder’s Stored Asset, DK is authorized to comply with the subpoena, warrant or order, even if the Third Party issuing the subpoena, warrant or order lacks jurisdiction over the Account Holder. DK reserves the right to request and obtain reimbursement for administrative and legal costs or expense that is incurred in complying with any subpoena, warrant or order relating to this Agreement, the Account Holder, or the Account Holder’s Stored Asset.
In addition, if any claims, demands, or rights adverse to the right of the Account Holder arise, the Account Holder agrees, represents and warrants to pay all storage and other charges together with any costs and expenses incurred by DK in defending against any litigation or adverse claims, including attorneys’ fees that DK may reasonably incur or become liable to pay.
The Account Holder shall fully reimburse any administrative and legal costs and expense advanced by DK for the handling of such matters, which shall be fixed at a minimum of EUR 800, without prejudice to DK’s right to full reimbursement of advanced costs in this regard.
The Alternative Delivery Services is to be interpreted as an alternative right and the performance by DK of its obligations according to:
Notwithstanding the rights granted in these general terms, the remedies of the Parties under this Agreement are cumulative and not exclusive of any remedies to which either Party is entitled by the Governing Law.
The exercise by either Party of any remedy under this Agreement or under Governing Law will not preclude that Party from exercising any other remedy under this Agreement or to which that Party is entitled by the Governing Law.
Under this Agreement, Force Majeure means any cause or event reasonably beyond the control of a Party, including, an act of God, act of any Governmental Agency, accident of navigation, accidents or closing of ports, railroads or other transportation mechanisms, any form of war (whether declared or not), armed conflict, sabotage, terrorism, riot, insurrection, civil commotion, national emergency (whether in fact or law), martial law, fire, lightning, flood, earthquake, landslide, storm or other severe weather conditions, explosion, power shortage, strikes, lock-outs or other industrial disturbance (whether or not involving employees of the Party concerned), uncontrollable delays in transportation, inability to obtain any necessary equipment, facilities, epidemic, quarantine, radiation or radioactive contamination, the effect of any applicable law, orders, rules or regulations, internet or network disruption or failure, failure to act by Third Parties or market delay or disruption, identity theft, curtailment, interference, failure or cessation of supplies of Precious Metals, or any other cause or event reasonably beyond the control of a Party accepted by the Governing Law.
If the affected Party is unable, wholly or in part, to perform, or to perform in time, any of its obligations under this Agreement as a result of Force Majeure, then:
This Article shall however not apply to any obligations to pay or indemnify as a result of the use of the Services.
Unless terminated in accordance with these general terms, the Agreement is entered into for an indefinite period of time. This does not preclude for some Services to have a limited duration, as long as the Account Holder owns Stored Asset or that the Account has not been closed or terminated.
Notwithstanding other rights of these general terms, either Party may terminate the Agreement at any time:
Although these general terms grant an immediate right of termination to the Account Holder, the Account Holder agrees, represents, and warrants that:
In event of termination right Notified by DK to the Account Holder, the Agreement remains in effect until the end of the Termination Period at 23:59 on the last termination day, irrespective of this termination day being a Business Day or not.
The Account Holder agrees, represents, and warrants that at the end of the Termination Period:
Either Party may automatically and at his own risk, and without prejudice to its other rights, terminate the Agreement in case of non-performance by the other Party of any of its obligations under these general terms, if said Party has failed to remedy said non-performance within no more than 21 days from the date of Notification specifying clearly the non-performance.
It is not required that a provision or Article of these general terms provides that failure to perform such obligation or Article may lead to termination.
Notwithstanding the above, DK shall be entitled to terminate the Agreement for breach with immediate effect by simple Notification with no Notice period in the following cases:
The Account Holder agrees, represents, and warrants that in event of termination by DK for breach of the Agreement by the Account Holder, DK is authorized to:
The Agreement resulting from these general terms shall be binding on the Parties hereto and their respective heirs, executors, administrators, successors, and assigns.
The Agreement resulting from these general terms and the use of the Services is an “intuitu personae” Agreement entered into by DK in consideration of the identity of the Account Holder that followed the approval process of Article 5.
As a consequence, the Account Holder shall not be entitled to assign any of its rights and obligations or cause any Third Party to assume its rights and obligations under this Agreement, whether in whole or in part, without prior Notice sent by the Account Holder to DK and prior consent Notified by DK to the Account Holder, which consent may be refused or subject to same approval requirements of Article 5. Any Change of Control of the Account Holder, even to an affiliate, shall be Notified to DK and strictly follow the approval procedure of Article 5.
For the performance of the Agreement, including the storage, the transportation and payment rights and obligations, DK shall be, without Notification to the Account Holder, entitled to assign any of its rights and obligations or cause any Third Party to assume its rights and obligations under this Agreement, whether in whole or in part, provided that such assignment does not entail unreasonable disadvantages for the Account Holder.
Any Change of Control of DK, except to an affiliate, will be Notified to the Account Holder for information purposes only.
Where DK is taken over by, merged with, absorbed by or its activities are transferred to another company other than an affiliate or in the event of any other conversion of DK which alters the personal nature of this Agreement, the Agreement may be transferred only with the prior written consent of the Account Holder, which consent shall not be unreasonably withheld or delayed.
Upon the unfortunate event of the Account Holder’s death, DK shall continue to execute a previously Confirmed Order and/or Executed Order and/or to hold the Stored Asset of the Account Holder according to the Rates until such time DK receives a legally valid certificate of inheritance issued by the proper legal authority of the respective jurisdiction. Only then, DK will act in accordance with the conditions set out in the will if any, or as instructed by the legally valid trustee of the Account Holder’s estate to settle the termination of the Agreement. All documents, including the certificate of inheritance and will, shall be submitted with a notarized Dutch translation. DK reserves the right to examine or verify whether these documents are sufficient as evidence of inheritance or if other identification information or documents shall be provided to DK.
If the Account Holder’s Account remains inactive for longer than 10 years and the use by DK of the Account Holder’s contact details have not returned any reply, the Stored Asset shall pass into the legal ownership of DK and the Agreement shall be terminated without compensation due on the Account Holder.
The relation between DK and the Account Holder, including its existence, construction, validity, performance, and termination, is governed exclusively by the laws of the Netherlands, excluding its provisions related to conflict of laws and excluding the Vienna Convention on Contracts for the International Sale of Goods (the “Governing Law”).
For a Consumer Account Holder and in accordance with European Union regulation, this does not rule out the protection by mandatory provisions of the country where the Consumer Account Holder has his habitual residence, as defined by European Union regulation.
Complaints from the Account Holder will be handled in accordance with DK’s Complaint Procedure and DK contact details available on the Website: https://www.dkgold.com/complaintprocedure/ (“DK’s Complaint Procedure”).
All communications and validation of the Account Holder’s identity must be made according to these general terms.
DK will acknowledge receipt of the complaint by E-mail Notification and provide instructions to settle the dispute out-of-court on an amicable basis within 3 weeks upon receipt of the written complaint.
For complaints that pass-through DK’s Complaint Procedure and do not lead to a solution, the Account Holder may submit the complaint to the Dutch Consumer Complaints Institute for Financial Sector (Kifid – Klachteninstituut Financiële Dienstverlening) and file a complaint to https://www.kifid.nl/about/. DK is registered under Rotterdam Chamber of Commerce KvK number 50429663 and operating under number 12041352 of the Dutch Authority for the Financial Markets (Autoriteit Financiele Markten – AFM).
For disputes, including related to the existence, construction, validity, performance, and termination of the Agreement, that:
Buying gold or silver with a DKgold account
Did you know that with an account of DKgold you are able to:
