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Contents:
Golden Window is a trademarked service provided by "Galmarley Limited" and its subsidiary companies "Golden Window Clients Limited" and "Golden Window Limited". Galmarley Limited is company number 4943684 registered in England and Wales. Golden Window Clients Limited is company number 8672704 registered in England and Wales. Golden Window Limited is company number 07400400 registered in England and Wales.
In these Terms and Conditions references to Golden Window mean Galmarley Limited wherever the context requires a legal entity, unless a specific subsidiary is named or referenced.
You become a new Customer of Golden Window by registering for an account online. In becoming a Customer you are deemed to accept that Golden Window's Terms and Conditions define the entire business relationship between Golden Window and you.
These are Golden Window's Terms of Business as of 1st March 2024. Advice of these Terms of Business was posted on 31st January 2024.
By giving thirty days' notice of modifications Golden Window may from time to time modify its Terms and Conditions. For modified Terms and Conditions to become effective they must be published on the Golden Window website and Golden Window must also send an advice to the email address provided as a contact point by you.
During a thirty day notice period you have the right to terminate the relationship under the previous Terms and Conditions. This can be effected by selling your bullion, withdrawing your money under the previous Terms and Conditions and asking for your account to be closed. If you do not terminate the relationship in this way you are deemed to accept the new Terms and Conditions.
New Customers opening accounts within the thirty day notice period accept the Terms and Conditions then in effect and accept that they will be bound by the new Terms and Conditions which come into effect at the end of the stated 30 day notice period.
You have chosen to become a Golden Window Customer in order to benefit from Golden Window's terms for trading in and storing gold, silver, platinum and palladium bullion. You expect to enjoy efficient and substantially automated service, and pay low levels of commission or mark-up and low levels of custody charges by comparison with alternate mechanisms for buying, holding and selling gold, silver, platinum and palladium bullion.
In order to deliver against your expectations Golden Window offers a service designed for high levels of automation across the internet and expects to earn a profit from the commissions or mark-ups and custody fees it charges.
To provide the service Golden Window needs to retain on its computers information about you and any other parties associated with your Golden Window account (including but not exclusive to: beneficial owners or agents operating your account on your behalf) and you permit Golden Window to do so.
If any personal data or sensitive information relating to you or any other associated parties is provided to us, you confirm that you and each such person is aware of and consents to the collection and use of their data for the purposes of maintaining and operating your account. Golden Window undertakes not to disclose data about you or any other parties associated with your Golden Window account to third parties except (i) in order to set-up or administer your account (ii) to allow payments to be made in or out of your account (iii) to provide general Golden Window communications (iv) to allow us to comply with any regulatory or legal obligations required of us.
Golden Window does not use your personal data to make decisions that could impact the price or weight of bullion you are able to buy, store and sell.
Golden Window will retain information about you for at least five but no more than ten years following the closure of your account, after which time your personal data will be deleted from Golden Window's computers.
Our Data Protection Representative is Mr R. Glynne and he can be contacted using the details on our Contact Us page.
The Information Commissioner's Office (ICO) is the UK's independent body set up to uphold information rights. Their website address is: https://ico.org.uk/for-the-public/
Galmarley Limited's EU Representative is Ametros Ltd, North Point House, North Point Business Park, New Mallow Road, Cork, Ireland. Their email address is [email protected].
Please also see our Privacy notice.
Golden Window uses cookies. By using our websites and applications, you consent to the use of cookies in accordance with the terms of our Cookie Policy.
Where supplied by your bank on your incoming payment you permit Golden Window to both record your banking details and to check them against identity documents you submit.
You undertake to identify yourself and all other relevant parties no later than 2 weeks after first funding your account, and according to the identity verification procedures required by Golden Window. You authorize Golden Window to make such enquiries as it may feel necessary to satisfy itself about the validity of your identity.
You will provide Golden Window with such information as Golden Window requires or requests in relation to this agreement, including all information required to comply with all applicable laws and regulations, including all applicable anti-money laundering regulations. In particular, you undertake to provide accepted photographic proof of identity and proof of address.
You understand and accept that where an ownership interest is shared or where other parties are involved in the operation or administration of the account, you may be required to provide additional identity documents and information for all joint owners and any other relevant parties involved in the operation or administration of the account. Business and trust account owners must also provide any requested institutional documentation – for example copies of trust deeds or incorporation documents, as well as identity documents and information for beneficial owners and those operating or controlling the account.
Where you are operating the Golden Window account on behalf of another party, who may be the beneficial owner, you confirm that you do so with their approval and with appropriate legal authorization and will provide evidence of such authorization upon Golden Window's request.
During the period your account is open, you agree to provide additional or updated documents or information about you or other parties associated with the account which Golden Window may need to maintain accurate records in accordance with UK law.
You undertake to provide clear evidence of the single bank account from which your Golden Window deposits originate and to which your money will be returned. This evidence, which will usually be visible on the top page of your bank statement, will detail:
...and for accounts outside of the USA and UK:
You accept that your documents should be written in English, or any other language that Golden Window actively supports. Where this is not so you undertake to provide certified translations along with your documents, at your expense.
By comparing the details you submit with the details submitted by your bank on your funds transfer to Golden Window, we will set your linked bank account, and email you that we have done so. You are responsible for checking the details, and notifying Golden Window immediately if the details are incorrect.
Golden Window will always present to you the current details of your linked bank account at the time you request a funds withdrawal, which you will do via a logged-in session on the Golden Window website. When you accept those bank account details you agree that you are requiring Golden Window to remit the funds you withdraw to your linked bank account. Golden Window will not be responsible for any loss where you have accepted the banking details presented to you and they have turned out to be incorrect.
Golden Window considers the owner(s) of a Golden Window account to be the party or parties named on the linked bank account.
If an owner is added or removed from your linked bank account, you will notify us within 45 days and provide the documentation requested by us to validate the addition or removal of that owner from your Golden Window account. Where an owner is removed from an account, evidence of renunciation of the value in the account will also be required.
Ordinarily your Golden Window account will be permanently associated with your linked bank account. However your link may be changed should your bank fail, or for other reasons.
Your formal request to change your linked bank account will be accepted only via a logged-in session on the Golden Window website.
Where you seek a change to your linked bank account you accept that your new bankers, or an alternative and qualified professional, who can be contacted by Golden Window, will be required by Golden Window to endorse the continuity of your identity by agreeing to send us a letter, confirming details which we will specify – on request – when you contact us.
Where you request a change to your linked bank account, you accept that the new bank account must be held in exactly the same name(s) as the old bank account.
Where you change your name you will re-validate your old linked bank account on your new name. You accept that Golden Window cannot accept a simultaneous change of name and a change of bank account number.
Golden Window undertakes to acknowledge a change to your linked bank account, via email, to your registered email address.
Where Golden Window operates according to these above procedures you accept that it has applied an appropriate degree of diligence and care with regard to such changes. A failure by Golden Window to operate according to these above procedures controlling changes in your linked bank account, and resulting in subsequent loss to you, is the financial responsibility of Golden Window, subject to the provisions of these Terms and Conditions.
You accept that Golden Window is entitled to charge you an administration cost for changing your linked bank account, according to its published Tariff.
Where these procedures cannot for any reason be met but where, for whatever reason, your original linked bank account cannot be used for the return of your money from Golden Window, then Golden Window is entitled to use an appropriate process and/or seek appropriate insurance cover against identity fraud, all at your expense. Under these circumstances Golden Window is also entitled to charge you on a time and materials basis according to the published Tariff.
You understand and accept that Golden Window will ordinarily refuse to pay monies requested for withdrawal from an un-validated account.
You understand and accept that a persistent failure by you to validate your account, after having received reminders, may incur the penalty charges described in the Tariff and could lead to the suspension or closure of your account.
Golden Window acknowledges that no such penalty charge will be applied where it is clear you are making a genuine effort to validate your account, but are being prevented from doing so by circumstances beyond your reasonable control.
You understand and accept that were you to fail to validate your account in suspicious circumstances then Golden Window would be legally obliged to notify anti-money-laundering authorities, without notifying you.
You hereby indemnify and keep indemnified Golden Window against any and all losses and costs which arise out of your failure to identify yourself and validate your account promptly.
Golden Window maintains contact details for you at an email address, an address and optionally at
You accept a duty to keep your name, address and other contact details held by Golden Window up to date and accurate. Golden Window is entitled to rely on the accuracy of the details supplied.
Golden Window accepts an obligation to notify changes to your contact details to your contact email address, and a further obligation to notify changes to your contact email address itself to both your old and new contact email addresses.
You accept that your failure to maintain your contact details correctly may negate some of the protections you seek in Golden Window. You hereby indemnify and keep indemnified Golden Window against losses which arise out of your failure to maintain your contact details correctly.
In the interest of transparency and good marketplace practice certain information is made freely available to users:
Your personal and financial data held at Golden Window are protected from unauthorized access by a password and other access data which you have a duty to keep secret.
You accept that in order to provide reliable customer access Golden Window must have a robust procedure for re-issuing forgotten passwords. You accept the details of this password reset process.
You accept that the re-issue of a password entitles Golden Window to suspend your right to immediate withdrawal for a period not exceeding six weeks.
Contact Golden Window through the following channels:
Email: support@Golden Window.com
Galmarley Ltd T/A Golden Window, 3 Shortlands (7th Floor), Hammersmith, London W6 8DA.
Opening Hours: 9am to 8:30pm (UK), 4am to 3:30pm (EST), Mon to Fri
UK and International: +44
(0)208-6000-130
US and Canada
toll-free: 1-888-908-2858
You accept that during a logged-in session on Golden Window all data which pass between you and Golden Window, in either direction, are passed across the internet using the https protocol, which incorporates a level of security widely accepted as offering extremely reliable privacy and accuracy in data transmission.
You accept that Golden Window will send off-line information to you by email, including – but not limited to – acknowledgements of changes to your key account settings, login notifications, order confirmations, execution advices, contracts, monthly statements, price alerts, and changes to Terms and Conditions. You may not unsubscribe from emails relating to your account and its administration. You may subscribe to optional newsletters containing Golden Window's analysis of the gold market or general information regarding updates to Golden Window products and services. You may unsubscribe from these newsletters at any time.
It is your responsibility to ensure that you have a reliable email service provider that allows messages from Golden Window and properly displays them to you in a timely fashion.
Golden Window is entitled to rely on your receipt and acceptance of the content of an email if within 3 calendar days of the transmission no response from you has been received by Golden Window.
In the event that you communicate an issue with content of a Golden Window email after this date any resolution will be considered in the context of the delay, which you accept may have a bearing on the value of any resolution proposed either by Golden Window management, or through complaints arbitration.
You understand and accept that email is not encrypted and that it operates with a similar degree of privacy as physical post, in that a network engineer, like a postman, has the ability to see email and attachments if he chooses to open your mail. You accept and understand that easily comprehended open format feedback to a known and used address is appropriate for reporting your completed business to you, off-line, and after the event.
Golden Window may use voice or SMS on mobile phones as a means of contacting you rapidly.
Golden Window is entitled to rely on your receipt and acceptance of the content of SMS communications if within five minutes of the transmission no rejection of the information has been received by Golden Window. Golden Window is entitled to rely in this regard on the accuracy of its own transmission records when backed up by the independent confirmation of its telecommunications provider's records.
Golden Window is responsible for initiating SMS messages correctly according to the settings on your account, and ensuring that they are received by its SMS technology provider. But Golden Window is not responsible for losses you may incur as a result of an SMS message not being delivered in circumstances beyond Golden Window's direct control. This might occur if your mobile phone was switched off, or was operating in a zone or on a service technology which was not reachable via the SMS technology providers employed by Golden Window.
If your account diminishes in size below a level at which it is reasonable to communicate via SMS then Golden Window reserves the right to suspend SMS outputs.
Golden Window may send information to you by mail to your address on Golden Window records. Golden Window is entitled to rely on your receipt and acceptance of the content of posted communications if within 7 calendar days of the communication being sent no rejection of the information by you has been received by Golden Window.
If your account diminishes in size below a level at which it is reasonable to communicate via the mail then Golden Window reserves the right to suspend posted outputs.
You are entitled to rely on Golden Window sending you emails in confirmation of any changes to the contact details, Burglar Alarm and the linked bank account settings on your Golden Window account.
A failure by Golden Window in these obligations, and resulting in loss to you, is the financial responsibility of Golden Window, subject to the provisions of these Terms and Conditions.
Golden Window implements its Burglar Alarm alerting service through mobile phone technology.
Where enabled, and when the value on your account exceeds a certain threshold, Golden Window undertakes to initiate text messages to your listed mobile/cell phone, via SMS technology, at account log-in, at the point of order entry, when a withdrawal is requested or when a password reset is initiated, according to the settings on your Golden Window account.
Golden Window's duty is to raise the Burglar Alarm message appropriately and to maintain ongoing tests that validate that the outward routing of messages is occurring.
However Golden Window does not have the duty to ensure delivery to your mobile phone. You accept that it is not practicable for text messaging to be used with a 100% reliability, and you recognize that – as with household Burglar Alarms – there is a risk that the alarm fires, but is not heard by you.
Nevertheless you accept and acknowledge that the implementation of the Burglar Alarm system does act as a powerful disincentive to illicit access to your Golden Window account, as it empowers you to report to Golden Window such access even while it is occurring, thereby enabling Golden Window to investigate and seek the assistance of the authorities in detecting crime and arresting offenders.
You accept a duty to inform Golden Window in the event that the operation of the Burglar Alarm system suggests unauthorized access to your account.
When the Burglar Alarm fires you accept that Golden Window may debit your Golden Window account according to its published Tariff provided that the debit is approximately the cost of transmitting a single SMS message to your mobile phone device.
You accept that an unwillingness on your part to set the Burglar Alarm on your Golden Window account might diminish the level of compensation which – in the unlikely event of a loss – might be awarded to you from the Golden Window compensation fund or by any arbitrator independent of Golden Window.
A failure by Golden Window in these obligations, and resulting in loss to you, is the financial responsibility of Golden Window, subject to the provisions of these Terms and Conditions.
You accept the bank(s) Golden Window selects to look after your cash balances held at Golden Window. The current bank(s) are listed here and are referred to as ‘the bank' for the rest of the document, with the particular bank being dependent on context.
You accept that in selecting the bank to look after your cash balance Golden Window has taken due care in ensuring that the bank charged with looking after your money is of adequate standing.
You also accept and acknowledge the possibility of subsequent downwards revision of the bank's standing without considering them to be the responsibility of Golden Window.
Golden Window accepts a duty to place funds received from you directly into segregated client accounts maintained for multiple currencies at the bank for the express purpose of pooling un-invested Golden Window customer money.
Where Golden Window operates more than one client account for a particular currency, you accept that these un-invested client funds are considered pooled across those bank accounts. You also accept that withdrawals of funds back to you may come from a different bank account than the one you deposited into.
Golden Window confirms that the bank has acknowledged and accepted in writing that the money on Golden Window's Client Accounts is held by Golden Window as trustee. The bank has further acknowledged and accepted that it is not entitled to combine these accounts, or to exercise any right of set off or counterclaim against money in this account in respect of any money owed to the bank on any other Golden Window account.
On your behalf Golden Window is permitted to manage your money on the segregated client account exclusively for the following purposes:-
Golden Window undertakes to maintain at all times within the segregated client account sufficient funds to pay back the gross credit balances of all Golden Window Customers, and to have that money available for return at short notice, if required.
Golden Window undertakes to operate robust internal controls such that payments of Customer money at withdrawal get authorized only when at least two senior officers of Golden Window have inspected and approved the payment instructions.
The client account statement from the bank shall be fully reconciled to Golden Window's own records every London banking day, and so far as is practicable the reconciliation shall be published on that day on the Golden Window website and shall be accessible via the DAILY AUDIT link on Golden Window's front page.
You acknowledge that the bank is entitled to act in good faith according to instructions given by Golden Window's officers.
You accept and acknowledge that interest is not payable to you on any un-invested cash balance held in your Golden Window account.
You accept that where any of Golden Window's banks charge a negative interest rate for holding client money in a given currency, Golden Window may charge you a monthly currency holding fee, as specified in our Tariff, for any balances you hold in that currency.
You agree to fund your Golden Window account from your linked bank account.
Your money deposits are acceptable only through recognized banking channels which may change from time to time according to the details on Golden Window's website.
You accept that our bank may reject an incoming deposit, and that this is out of Golden Window's control.
You agree that, where you send funds in one currency to Golden Window's bank account denominated in another currency, the bank will convert the funds at their current conversion rate and deduct commission.
Whether depositing through a physical paper transaction, or by electronic transfer, you understand that your bank will be expected to identify standard banking data on each incoming payment to Golden Window, including (i) your bank name (ii) your branch identifying code, (iii) your account name (iv) your bank account number and (v) your Golden Window user name (as the payment reference).
You accept that a failure by your bank to identify the source of your money may delay your Golden Window account being credited. Then Golden Window will place your money safely in suspense, pending your contact with us, at which time your advice of the correct remittance details will cause the money to be placed directly into your Golden Window account where it will be capable of being used to buy bullion immediately. Where a currency holding fee applies, we reserve the right to retrospectively charge your account for any such fees accrued while your deposit was in suspense.
You accept that where you have provided us with necessary details independently of the actual bank transfer on which your money was received Golden Window is entitled to suspend your right to immediate withdrawal for a period not exceeding 60 days.
You agree that you will not merge funds belonging to different parties within a single Golden Window account.
You agree that you will not deposit in any way which obscures the source of your funds. For example, you will not deposit cash, bankers' drafts or make anonymous/unreferenced credits at a counter. All your deposits must come from a clearly identifiable source.
Nevertheless Golden Window may exercise its discretion to allow the funds to be applied to your Golden Window account, provided it is our reasonable belief, supported by evidence you provide, that the deposit has come from you. Golden Window may also seek additional information concerning the deposit's source, which you agree to provide.
You accept that Golden Window retains the right to 'bounce back' funds to the originating bank account if deposits are made from a bank account other than your linked bank account or when insufficient information is provided regarding the source of those funds. Whenever this occurs, you accept that Golden Window is entitled to apply a fee according to the published Tariff. You also accept that the bank(s) involved in returning those funds may deduct a fee which will not be refunded by Golden Window.
If you have purchased bullion with funds which we determine have come from an account other than your linked bank account, Golden Window reserves the right to sell your bullion and return the funds to source.
You hereby indemnify and keep indemnified Golden Window against any and all losses which arise out of your failure to fund your Golden Window account directly and identifiably from your linked bank account.
If your Golden Window account is erroneously credited with funds, you accept responsibility for advising us within 24 hours of your becoming aware of it and agree to cooperate in the re-assignment of such funds to the rightful depositor.
Golden Window recommends that wherever possible you deposit funds by wire.
Where you do not fund by wire (for example, where you deposit by check, by BillPay, or by e-check from the USA) you acknowledge that Golden Window may apply special security procedures before processing any subsequent withdrawal request.
Under some jurisdictions (e.g. in the USA) there is a right to repudiation by your bank of a fraudulent check debited to your bank account. Instead of accepting the loss itself your bank transmits the cost internationally, in this case to Golden Window, exercising a unilateral right to debit Golden Window's British bank accounts with funds previously paid to us by check, and duly cleared. This right does not apply to funds remitted to us by wire, because you and your bank are deemed sufficiently protected from fraud when using wire transfers.
Accordingly, if you have deposited money in Golden Window by a method on which this repudiation right applies, and if you seek to withdraw within the period of possible repudiation (e.g. 60 days from the USA), then we will require formal notice from your bankers that your earlier deposit will not be repudiated. You will therefore be required to provide details to us of a named staff member at your bank who can provide this notice. Otherwise you accept that the repudiation delay will expire before you will be allowed to withdraw.
You accept that Golden Window is entitled to charge according to the published Tariff for contacting your bank in these circumstances.
Where we are unable to identify the Golden Window account to be credited, and it is not possible to return the funds to their source, client funds remaining in our suspense account for a period of 5 years or more may – at Golden Window's discretion – be accumulated and irrevocably contributed in a single payment to a recognized children's charity, on Customers' joint behalf.
Subject to your previous and correct verification of your identity, and to the irrevocable clearance of your deposited funds, you may make withdrawals of your available money balance to your linked bank account.
You undertake to re-check the details of your linked bank account presented to you as you make your withdrawal request during a logged-in session, and you undertake to confirm your withdrawal only if you are satisfied with the linked bank details presented to you. Provided that it is satisfied with the security of your withdrawal request Golden Window will remit funds to your linked bank account via SWIFT (international), CHAPS, BACS or other banking system generally considered appropriate to the payment.
Golden Window is entitled to subtract bank transfer costs from the sum to be remitted.
If your withdrawn funds are to be received outside the UK and your bank is not itself a SWIFT participant you accept that a correspondent bank – being a bank in your country which receives money via the international SWIFT transfer system, and which routes it to your bank – may deduct from the money sent a fee consistent with normal international banking practice.
You accept that Golden Window may need to perform additional security checks and there may be some delay prior to sending you your money. Any delay will depend both on the recent operation of your Golden Window account and on other circumstances of the withdrawal. Where your Golden Window account was promptly validated, and where your linked bank account has been long-standing and stable, you have the right to expect your money to leave Golden Window by the end of the business day following a request for payment received before midnight GMT.
Because of the cost of bank to bank transfers, Golden Window will not pay residual account balances of less than $100 or other currency equivalent.
Ordinarily sums below this threshold will be retained for account re-activation except that after an account has been empty of bullion and inactive for 2 years or more and remained beneath a currency equivalent balance of $20, this small balance may – at Golden Window's discretion – be accumulated and irrevocably contributed in a single payment to a recognized children's charity, on Customers' joint behalf. Golden Window may then close the account.
Where a small balance arises from a Golden Window promotion, and the account has not been funded or the account holder's identity has not been verified according to Golden Window's identity validation procedure, then after 3 months from the promotion being issued the balance may be returned to Golden Window's own resources as an unclaimed promotion.
Golden Window reserves the right to claim back promotional balances where it reasonably believes the account has been set up to abuse the promotion.
If you retain a bullion balance but do not have a sufficient available money balance to settle your charges accrued, then Golden Window has the right to redeem its entitlement by a sale of your bullion but only to the extent needed, and to the nearest gram of bullion, as estimated at the point of order placement. Gold will usually be sold first, then silver, then platinum, then palladium.
Golden Window accepts a duty to inform you by email a minimum of 7 days prior to selling your bullion for this reason. Provided you remit sufficient funds in the intervening period Golden Window will not sell any of your bullion.
If you withdraw an amount while you have unsettled charges, Golden Window is entitled to deduct from the amount withdrawn the amount of the outstanding charges.
Where unsettled charges exceed the value of holdings within an account then subject to providing you with 7 days' notice Golden Window has the right to sell any remaining bullion and close the account.
Golden Window reserves the right to suspend or close any account for reasons including, but not limited to:
You acknowledge that the suspension of your account will prevent further deposits or withdrawals and the ability to buy or sell bullion. You accept that applicable fees will continue to be charged. You accept that Golden Window is not under any obligation to disclose the details of its risk assessment to you.
If Golden Window suspends your account it will not result in the expropriation of your property. Golden Window will remove the suspended status from your account as soon as the reason for suspension is remedied.
If Golden Window closes your account we will sell any bullion in the account and, if the account has been validated and it is legal to do so, we will return the cash balance to your linked bank account by bank transfer.
Golden Window is designed to be a very secure home for legally acquired wealth. It is not a useful or secure resource for money launderers.
For reasons relating to both security and anti-money-laundering legislation Golden Window requires deposits to come from a single bank account, or, after prior approval by Golden Window when the account was first set up, from a second bank account listed under identical name(s) and address as the linked bank account.
For reasons relating both to security and anti-money-laundering legislation Golden Window enforces the exit of funds to the linked bank account.
There is no capability for transferring funds or bullion between accounts at Golden Window even where commonly owned.
Where your identity has been validated, Golden Window recognises your right to confidentiality, subject to our obligations under the law. However, where for whatever reason Golden Window becomes suspicious of an attempt at money laundering, terrorist financing or other breach of law, you understand that Golden Window will actively assist the appropriate authorities in their efforts to detect and prosecute it. Golden Window also keeps comprehensive records of cash and bullion dealing activity in order to assist the authorities in this regard.
You are entitled to expect that Golden Window takes assayed bullion bars as good delivery from recognized market professionals, and according to the practices which exist in the local market.
Bullion which you buy through Golden Window remains in the national jurisdiction which was selected by you on your order.
This bullion is held as weighed and numbered bars in a form generally acceptable in settlement of local bullion markets sales.
Gold bars constitute investment gold bullion (as defined by UK Customs and Excise 701/21) being not less than 99.5% purity and of a weight and manufacturer accepted by the bullion markets.
Golden Window accounting units of gold, in line with standard bullion-market practice, are expressed in fine gold content. The fine gold content of each bar is its weight multiplied by its purity. The resulting units of gold applied on your Golden Window account are 100% pure gold, and are denominated in kilograms and grams.
Silver bars are not less than 99.9% pure and of a weight and manufacturer accepted by the bullion markets.
Golden Window accounting units of silver, in line with standard bullion-market practice, are expressed in gross weight, not fine. They are denominated in kilograms and grams.
Platinum bars are not less than 99.95% pure and of a weight and manufacturer accepted by the bullion markets.
Golden Window accounting units of platinum, in line with standard bullion-market practice, are expressed in gross weight, not fine. They are denominated in kilograms and grams.
Palladium bars are not less than 99.95% pure and of a weight and manufacturer accepted by the bullion markets.
Golden Window accounting units of palladium, in line with standard bullion-market practice, are expressed in gross weight, not fine. They are denominated in kilograms and grams.
Golden Window warrants that:
Any breach of this warranty shall be remedied by Golden Window itself arranging a replacement through the procedures of the professional bullion markets, or, failing that, by replacing any shortfall, or substandard material out of its own funds.
A Vault Operator is a professional organization of the highest reputation which is in the business of managing the receipt, storage and re-delivery of bullion bars according to the practices of a local professional bullion market.
You accept the Vault Operator(s) engaged by Golden Window for each metal and storage location which are listed here.
Each Vault Operator has warranted to Golden Window that its status within the bullion industry permits bullion stored within its vaults to retain the high levels of integrity expected by the professional bullion market.
You acknowledge that Golden Window may, for the custody of client property, contract with more than one Vault Operator for a particular metal in a particular national jurisdiction. In this case, and except for when you have reserved a specific bar, you accept that client holdings of that metal in that jurisdiction are considered pooled.
Your bullion is held in vaults controlled by each Vault Operator pursuant to a Storage Agreement [the "Storage Agreement"] executed between Golden Window and each Vault Operator.
In each Storage Agreement, the Vault Operator acknowledges that your bullion is the subject of a bailment.
Golden Window undertakes to pay fees to the Vault Operator on your behalf to cover the costs of storage and insurance of your bullion, and thereby evidence the bailment nature of the storage service provided by the Vault Operator.
Golden Window confirms that your bullion safekeeping is structured as a bailment for the purpose of arranging the strongest and simplest legal protection for your bullion within a professional bullion vault, and for no other reason.
You agree that when your purchase of bullion is transacted within the Golden Window system, the bullion purchased is to be delivered by the seller within the Vault Operator's premises, so as to become a bailment of your property, according to your instructions submitted exclusively to Golden Window.
From that point forward the Vault Operator has agreed to act as physical custodian of your bullion until the bailment is terminated at your instruction, again submitted exclusively via Golden Window.
You agree that when your sale of bullion is transacted within the Golden Window system, the bullion sold is to be delivered to the buyer, within the Vault Operator's premises, on your behalf, terminating your bailment to the extent sold, as per your instructions submitted exclusively to Golden Window.
You agree that the record keeping of the creation and termination of the bailment is to be performed by Golden Window according to these Terms and Conditions, while the bullion rests throughout with the Vault Operator.
You acknowledge that your ownership does not necessarily relate to a specific bar but to a specific quantity of bullion in a specific vault. Golden Window acknowledges that the bullion you own exists, is in the vault, is yours, and that being physical it is ultimately capable of being sub-divided into measurable amounts of material which you could take into your possession, subject to paying the physical withdrawal fee according to the Tariff.
Golden Window allows you to own specific whole bars of gold, silver, platinum or palladium outright.
When you have within one vault an available balance of gold, silver, platinum or palladium which matches or exceeds in fine gold, gross silver, gross platinum or gross palladium content the smallest unreserved gold, silver, platinum or palladium bar in that vault, then you may elect to have individual bar(s) reserved exclusively to you as your property.
You will undertake the reservation process online. When you do so the specific bar(s) you select becomes your property. Your ownership will be evidenced publicly on the Daily Audit, under your nickname.
The bar you own in this way will be eliminated from the pool of liquidity on Golden Window – meaning no-one, including you, can sell it while it is reserved.
You will be able to release this bar, which you will again be able to do online, and thereafter you will be able to sell it through the Golden Window system.
You accept the charges applied for individual bar ownership according to the published Tariff.
You authorize Golden Window to act as your agent for arranging custody of your bullion with the relevant Vault Operator. Golden Window confirms to you that in each "Storage Agreement" it is acknowledged by the Vault Operator that the bullion stored under the agreement is allocated and is the property of Golden Window Clients.
Golden Window confirms to you that in each "Storage Agreement" it is acknowledged by the Vault Operator that this allocated bullion shall be specifically identified, and physically segregated at all times.
Golden Window confirms to you that in each "Storage Agreement" the Vault Operator accepts responsibility for the bullion from the time of full custody and control of the consignment, through transportation and storage, until the custody and control has been relinquished by the Vault Operator to a third party, according to Golden Window's instructions for making a withdrawal.
Golden Window confirms to you that in each "Storage Agreement" the Vault Operator undertakes that prior to executing any authorized withdrawal of bullion from a vault, the Vault Operator will, independently of Golden Window, satisfy itself that: (i) Golden Window has publicised the withdrawal on the Golden Window website; and (ii) the holder identified has a sufficient gold, silver or platinum balance according to the website's Daily Audit; and (iii) for gold, the withdrawal does not cause more than both 25 kilograms and 5% of the gold in the vault to be withdrawn on any one day; (iv) for silver, the withdrawal does not cause more than both 1 tonne and 5% of the silver in the vault to be withdrawn on any one day; (v) for platinum, the withdrawal does not cause more than both 25 kilograms and 5% of the platinum in the vault to be withdrawn on any one day; (vi) for palladium, the withdrawal does not cause more than both 25 kilograms and 5% of the palladium in the vault to be withdrawn on any one day.
You acknowledge that transits between contracted Vault Operator facilities used to care for Golden Window client property do not require a withdrawal notice to be posted.
Golden Window confirms to you that a minimum of 12 months' notice from a Vault Operator is required to terminate the "Storage Agreement". In the event that such notice has been received by Golden Window, and if no alternate storage solution has been put in place in the intervening period, then a minimum of 3 months prior to the termination of the storage service Golden Window undertakes to inform you of the situation, thereby allowing you such time as you may need to arrange an alternate mechanism for owning and storing your bullion.
Golden Window undertakes that your bullion will not be subject to any kind of lending, collateral, hypothecation, or derivative transaction of any type and will remain your property in the safekeeping the Vault Operator(s) until sold or withdrawn according to your instructions received via Golden Window.
Golden Window undertakes to ensure your bullion is insured against theft and damage according to the accepted insurance standards of the bullion industry, and at a cost which is included in the charge you pay to Golden Window in respect of custody of your bullion.
Golden Window confirms to you that in each "Storage Agreement" the Vault Operator undertakes to provide documentary Evidence of Insurance.
Golden Window undertakes to you to make available the Evidence of Insurance for each Vault Operator to be viewable on Golden Window's website by Golden Window Clients who have an interest in the insurance cover provided.
Golden Window maintains the master copy of ownership records. Golden Window agrees with you that in so far as they relate to you these records shall only be modified upon the execution of your valid instructions, made according to these Terms and Conditions.
On a daily basis, or as near to daily as reasonably practicable, Golden Window shall publish on its website reconciled and aliased customer-by-customer records of ownership of all the bullion in the vaults and all the money in the segregated client bank accounts.
Golden Window makes available an RSS link to your specific record in the DAILY AUDIT, allowing you to receive automatically to your preferred news reader software a formal statement of your bullion ownership and money balances every day.
Golden Window ensures that at least two widely separated data storage sites receive duplicates of the full Golden Window database.
Every day Golden Window sends a new, deeply encrypted, electronic copy of all clients' identities, aliases and their balances to both of those locations, which are both known to its auditors and to at least one Vault Operator. Neither can interpret or use this data without the decryption key. The decryption key is held by Golden Window's lawyers, with a copy held in their offices on two separate continents. These lawyers are under instruction to release the decryption keys as follows:
Where a small bullion balance arises from a Golden Window promotion, and the account has not been funded or the account holder's identity has not been verified according to Golden Window's validation procedure, then after 3 months from the promotion being issued the balance may be returned to Golden Window's own resources as an unclaimed promotion.
Golden Window reserves the right to claim back promotional balances where it is believed that the account has been set up to abuse the promotion. Golden Window reserves the right to stop a promotion at any time and without prior warning.
Where your cash balance or bullion holding enables you to settle either:
on the local bullion market, you have a right to trade gold, silver, platinum and palladium directly on the local professional spot bullion market, but only via bullion dealers which Golden Window itself has a regular dealing relationship with.
The local good delivery unit for gold is usually a 400 troy oz bar (about 12.441 kg).
The local good delivery unit for silver is usually a 1,000 troy oz bar and they are processed on sealed pallets of usually 32 bars, being approximately one tonne.
The local good delivery unit for platinum are bars that range between 32.151-192.904 troy oz (1-6 kilograms).
The local good delivery unit for palladium are bars that range between 32.151-192.904 troy oz (1-6 kilograms).
If you use this right you will pay Golden Window's normal commission or mark-up rates, and the Armoured Transportation fee according to our published Tariff.
Where you elect to take up this right Golden Window will act as your agent in the transaction.
To exercise this right you will need to contact Golden Window directly by telephone during London office hours and you will be provided with the prevailing details of the procedure.
Where you own bullion stored in a vault, you have a right of withdrawal of your gold, silver, platinum and palladium from Golden Window, but you acknowledge Golden Window is not designed primarily as a service for those who wish to take physical possession of bullion.
Your wish to withdraw gold will be accommodated only for quantities above 50 grams and in the form of whole numbers of appropriate gold bars of varying sizes and of generally accepted gold bullion coins to be selected at Golden Window's discretion.
Your wish to withdraw silver will be accommodated only in the form of whole numbers of 1,000 troy oz bars.
Your wish to withdraw platinum will be accommodated only in whole-kilogram quantities and in the form of whole numbers of platinum bars.
Your wish to withdraw palladium will be accommodated only in whole-kilogram quantities and in the form of whole numbers of palladium bars.
You understand and accept that Golden Window charges withdrawal fees according to its published Tariff, and that these vary according to the type of bullion you are withdrawing.
By using standard bullion products of its choice Golden Window undertakes to meet your withdrawal request to the nearest 10 grams, and to debit your Golden Window account to the nearest gram of the actual delivery made. It further undertakes that to the extent that rounding in whole grams favours either party, through the acquisition or disposal of partial grams of gold, silver, platinum or palladium, Golden Window will adjust the monetary balance on your account to within $2 of the value of the partial gram so acquired or disposed.
To make physical withdrawals you will be required to provide reliable forms of identification, address verification and, depending on the amount being withdrawn, professionally certified source of funds and source of wealth declarations (for which evidence may be required). In addition, you may be required to indemnify Golden Window against identity fraud through the purchase of appropriate insurance.
Where an account from which a physical withdrawal is requested is not owned by a single individual, Golden Window needs to establish that the individual both requesting and receiving the bullion is entitled to do so. You understand and accept that this may require both further documentation from you and/or other related parties and the need for Golden Window to seek advice from an appropriately licenced lawyer. Any costs incurred in establishing the right of the individual to receive a withdrawal of bullion from such an account will be charged to the Golden Window account.
You understand that you cannot claim withdrawal directly from a Vault Operator. Your right to withdrawal is to be effected through Golden Window who have the means and responsibility for identifying you reliably. Depending upon the quantity withdrawn you may be required to identify a local bank or equivalent institution to which your bullion can be delivered.
Upon withdrawing bullion you accept that Golden Window may pass your personal information to relevant authorities as well as third-parties engaged to fulfil your delivery.
Upon withdrawing bullion you accept that you may become liable to taxes and charges which you would otherwise not become liable to, and you permit Golden Window to deduct those taxes and charges where appropriate.
You understand that Golden Window does not buy back bullion once withdrawn from the vault.
Where you have requested a Golden Window delivery to your address you accept that the acts or omissions of any person at that address are fairly deemed by Golden Window to be acts or omissions by you.
You accept an obligation to inspect your package prior to signing for receipt. You understand that government or customs agencies may have opened (and re-sealed) your package. If the package has been opened or visibly damaged by any other party then you will refuse to receive the package, and you will not sign for receipt.
Golden Window agrees with you that it is responsible for paying the courier's ordinary charges out of the delivery fees charged to you upon your request to withdraw. But you acknowledge that you may still be liable for any customs, tax, delivery, release or other charges which may be applied as a result of action by any government agency in the course of making your delivery. Whether such charges are applied to you upon receipt, or by demand to Golden Window, you indemnify Golden Window against those charges.
You accept delays which may arise as a result of action of government agencies.
You accept an obligation to sign for receipt where a delivery appears to be in good order.
You acknowledge that a signature applied by a package recipient at your address evidences a receipt of a package in appropriate condition.
You agree that, excluding your rightful refusal to sign for receipt of the package, any returns to Golden Window for whatever reason shall be at your expense.
Golden Window will not deliver to jurisdictions in which a sales tax is levied on bullion, except within the UK, where Golden Window is VAT registered.
Where international law permits it you have a right of transfer of bullion within Golden Window from one vault location to another, but only in the form of entire and appropriate bars. Transfers of this kind are performed through accredited bullion couriers. Vault and courier charges are variable, are payable by you, and can be quoted at the time.
If it is not possible for transferred bars from one location to be accepted as good delivery in the alternate location of your choice there may be additional charges to cover either the selling of your bullion and its replacement with a locally acceptable form, or its refining and manufacture into a locally acceptable form.
Upon transferring bullion you accept that you may lose anonymity where these transactions are monitored by appropriate authorities.
Upon transferring bullion you accept that you may become liable to taxes which you would otherwise not become liable to, and you permit Golden Window to deduct those taxes appropriately.
You accept the charges as stated on the published Tariff.
Golden Window accepts responsibility for implementing security procedures which prevent the unauthorized removal of bullion from a vault.
Excepting only duly authorized shipments to another Golden Window storage location – such as might be requested by customers in response to an international crisis or to enable Golden Window to change its contracted vault provider in any national jurisdiction – Golden Window undertakes that on no single day shall any amount exceeding both 25 kilograms and 5% of the gold, 1 tonne and 5% of the silver, 25 kilograms and 5% of the platinum or 25 kilograms and 5% of the palladium vaulted at a Golden Window location be authorized for removal.
Where from time to time Golden Window needs to authorize removal of up to 25 kilograms or 5% (whichever is the larger) of gold from a given vault, for example to settle a main market sale, it accepts an obligation openly to declare the fact on the front page of the Golden Window website and it shall link conspicuously to details explaining both the quantity of gold due to be removed and the published nickname of the user(s) whose gold is to be removed.
Where from time to time Golden Window needs to authorize removal of up to 1 tonne or 5% (whichever is the larger) of silver from a given vault, for example to settle a main market sale, it accepts an obligation openly to declare the fact on the front page of the Golden Window website and it shall link conspicuously to details explaining both the quantity of silver due to be removed and the published nickname of the user(s) whose silver is to be removed.
Where from time to time Golden Window needs to authorize removal of up to 25 kilograms or 5% (whichever is the larger) of platinum from a given vault, for example to settle a main market sale, it accepts an obligation openly to declare the fact on the front page of the Golden Window website and it shall link conspicuously to details explaining both the quantity of platinum due to be removed and the published nickname of the user(s) whose platinum is to be removed.
Where from time to time Golden Window needs to authorize removal of up to 25 kilograms or 5% (whichever is the larger) of palladium from a given vault, for example to settle a main market sale, it accepts an obligation openly to declare the fact on the front page of the Golden Window website and it shall link conspicuously to details explaining both the quantity of palladium due to be removed and the published nickname of the user(s) whose palladium is to be removed.
These public notices shall appear not later than the business day before removal is scheduled and shall remain visible to all visitors of the Golden Window website until the bullion has been delivered out of the vault.
The declaration is an obligation on Golden Window known to each Vault Operator and Golden Window confirms that each of the Vault Operators is contractually bound to check adherence to the publication of the withdrawal declaration when clearing bullion for withdrawal.
The withdrawing customer having been publicly identified by nickname Golden Window undertakes to ensure that this customer has sufficient bullion to cover the withdrawal – as publicly evidenced on the Daily Audit.
Checking that the customer has sufficient bullion is an obligation on Golden Window known to each Vault Operator and Golden Window confirms that each Vault Operator is also contractually bound independently to check that the nicknamed investor has sufficient bullion to cover the withdrawal, according to Golden Window's published Daily Audit.
You acknowledge your competence to trade having read and understood relevant aspects of the operation of the Golden Window system from the online help system accessed from https://www.bullionvault.com/help/getting_started_steps.html
You understand that you may enter orders to buy and sell bullion on the Golden Window Order Board, at quantities, prices and physical locations under your control, but only when having sufficient resources already at Golden Window to effect immediate settlement. You understand that you may enter orders to buy or sell at the London Prices, published daily on the London Bullion Market Association's website, at quantities or values under your control, but only when having sufficient resources already at Golden Window at the time the order is submitted.
You agree that your orders are to be submitted to Golden Window's servers by yourself via the internet.
Golden Window will ordinarily accept your orders to buy bullion in any vault offered for that metal, provided the purchase limit price is specified in a currency in which you have sufficient available funds to settle the entire purchase.
Golden Window will ordinarily accept your orders to sell bullion from a given vault for any currency offered, provided the quantity specified is currently stored and available on your behalf in the vault specified.
Golden Window accepts your orders within 10% above and below prices broadly consistent with current market prices.
If your order does not comply with the terms of the order type, or one or more of the above conditions are not met your order will be rejected.
Order board
Your Order Board orders on Golden Window are always limited as to price. Purchase limits place a maximum buying price on your purchase orders. Sale limits place a minimum selling price on your selling orders.
Your orders are also limited as to quantity of bullion (measured in kilograms).
On receipt of your order the Golden Window system automatically attempts to match the order with another customer's prior and opposing order denominated in the same currency and location, and subject to both customers' limits. The system will trade at the most attractive prices for your new order, achieving lowest possible price within the limit for purchases, and highest possible price above the limit for sales.
Any pre-existing order posted on the Order Board against which a new order is matched will achieve exactly its limit price.
To the extent that an order can be executed against pre-existing limit orders posted by other Golden Window users the order is executed immediately, and to as great an extent as possible (i.e. the smaller quantity of the two orders) before any other order received subsequently is processed. To the extent that it cannot be executed it may – at your request – be itself posted as a limit order on the Golden Window Order Board until it expires through age, cancellation or otherwise.
Your order ranks behind all valid limits past or future which offer a more attractive price. It ranks ahead of all valid orders past or future which offer a less attractive price. It ranks behind all valid orders at the same price, received by Golden Window before it, and ahead of all valid orders at the same price received by Golden Window after it.
All trades are dealt on a matched principal basis.
London Prices
Subject to the service being available Golden Window will permit you, through Golden Window, to place orders for London Prices, as published daily by the London Bullion Market Association, provided that your orders are received on the appropriate time schedule, and are limited as to the total value, or quantity of bullion, measured in kilograms. In both cases your orders will be accepted only to the extent that Golden Window controls sufficient of your resources to settle your order.
The particular London Prices, storage locations, and currencies available to you are subject to availability under Golden Window's discretion.
You accept that your trade price will be determined by next appropriate London Price published by the London Bullion Market Association in US dollars, pounds sterling or euros.
You accept and understand that the London Prices cannot be known before the event. You acknowledge that in dealing at the London Price it is your intention that your trade executes at a price determined by a form of public auction which may result in either higher or lower prices than price indicators suggest are possible at the time you place your order.
You accept the time limits which Golden Window places for entering and/or withdrawing orders from the Daily Price.
You accept that you will not be able to place a limit price on your Daily Price order.
You accept any prevailing delay in settlement of bullion into the vault and understand that you will not be able to sell until physical bullion has settled into your account, which will ordinarily be by the end of the second business day following your order's completion.
Order board
You have the right at any time to transmit a request to remove an unexecuted element of any open order you placed on the Order Board. Upon receipt Golden Window must respond by removing your order such that it will not match with any subsequently received order.
You understand and accept that where another user has entered an opposing and matchable order instruction, which arrived at Golden Window before your request for removal, then the match will occur, and to the extent that the match occurred your order will have matched and will not be capable of removal, although any remaining open element of the order will be removed.
Golden Window may at its discretion remove from the Order Board your unexecuted purchase and sale orders where they are both (i) older than one week and (ii) where they are limited at prices which for sales exceed 110% of the prevailing price of bullion, or which for purchases are less than 90% of the prevailing price of bullion.
Where Golden Window removes your orders from the Order Board it accepts an obligation to send an email to your registered email address.
Daily Price trades
Until the published cut-off time appropriate to your order you have the right to transmit a request to remove an unexecuted order you placed with Golden Window, and thereafter Golden Window is obliged to prevent your order so cancelled from being executed.
Golden Window will acknowledge executed orders and parts thereof to you via email shortly after each execution occurs.
The completion of an order – either through deal executions or order cancellation when only part executed – will result in Golden Window sending you, via email, a formal contract after settlement in respect of the complete amounts traded as a result of the original order.
To satisfy HMRC's VAT regulations we do not charge commission on silver, platinum and palladium trades. Instead the monetary amount of any charges is added to your purchase price as a mark-up, or deducted from your sale price as a mark-down. The resulting net price is the basis of our contract, and no commission is charged. You are not disadvantaged by this re-classification of our fees. All trades – whether for gold, silver, platinum or palladium – are dealt on a matched principal basis.
You acknowledge that Golden Window's system can only account in whole pennies or cents. While order values and prices may be rounded down or up from 0.5 of those units, you accept that any charge billed to your account will be rounded up to the nearest whole penny or cent.
Order Board Trades
You authorize Golden Window to accept your Order Board order as an instruction to settle immediately in the event that your order executes, whether in whole or in part. Golden Window accepts full responsibility for the ability of executed orders to settle. It stands as guarantor behind any purchase that the seller is able to deliver bullion to the purchaser in the quantity purchased. It stands as guarantor behind any sale that the purchaser is able to pay currency to the seller for the consideration of the sale.
Settlement of a Golden Window Order Board transaction happens instantaneously at the point of trade.
The inward delivery of bullion for a buying customer is always matched exactly with a simultaneous but opposite outward delivery of bullion for a selling customer. No material changes arise at the vault as a result of instantaneous settlement of your bullion trade.
Daily Price trades
Settlement of a Daily Price order transaction usually happens after two working days. For a purchase the money required to settle your transaction plus expenses will be reserved in your trust account until settlement of the bullion occurs. For a sale, the bullion required to settle your transaction will be reserved in your custody account until settlement of the money net of expenses occurs.
The Settlement Due Date shall be defined by the prevailing conditions in the spot market, which ordinarily shall be on the second business day following the trade.
Golden Window may at its discretion settle your trades early.
Golden Window will ordinarily settle your trade on the Settlement Due Date or as soon thereafter as practicable.
Provided that it continues to hold your required resources segregated in your favour until such time as your deal may be capable of settlement, Golden Window may at its discretion and without penalty settle your trades late, up to a maximum of 5 working days after their Settlement Due Date. Where a delay past the Settlement Due Date restricts your ability to deal you have the right to ask for a priority settlement, and Golden Window undertakes to use its best endeavours to fulfil your request.
Where a delay extends past 5 business days you are entitled to compensation in respect of reasonable claims for loss of interest applying from that fifth day. You are not entitled to compensation arising from loss of interest during the first five days of delay, or for losses or lost profit opportunities arising from price movements while your trade remains unsettled.
All Trades
Upon settlement a buyer receives and becomes the owner of bullion and a seller is credited with money held in trust, net of trading expenses. Similarly a buyer is debited with money previously held in trust, net of expenses, and a seller makes delivery of bullion.
The delivery of bullion in settlement is effected by book entry within the Golden Window system. Your resulting bullion custody balance represents outright ownership of bullion held at the relevant vault.
Golden Window instructs each Vault Operator in Golden Window's capacity as your agent.
The payment of money is effected by book entry within the Golden Window system. Your resulting Golden Window money balance represents your currency assets of segregated Client money held at the relevant bank in trust.
Golden Window instructs the bank in Golden Window's capacity as your agent.
Golden Window guarantees that the settlement of funds occurs simultaneously with the delivery of bullion.
Your overall balance is composed as the sum of your custody balance and your unsettled balance. An overall balance is maintained for each of the currencies and classes of Bullion you hold.
Your settled balance of Bullion is held for you in custody by the Vault Operator. Your settled balance of cash is held for you in trust by the bank.
Your unsettled balance is applied to your custody balance when your trade settles.
You can see your new custody bullion and trust money balances on the Golden Window system immediately after settlement occurs.
Each business day Golden Window undertakes, so far as is practicable, to publish online a full customer by customer reconciliation of bullion and money to the underlying currency statements from the bank, and bar lists from the vault, in both cases as at the close of business on the previous business day.
Where you elect to use Golden Window's Auto Invest function you understand and accept that the general intention is for funds deposited, aggregated or held in your Golden Window account to be invested at the London Price published daily on the London Bullion Market Association's website on or near the date of their receipt.
Golden Window accepts an obligation to act according to your instructions and according to its timing schedule.
While your setting for Auto Invest is on you accept the policies and procedures with respect to funds appearing in your Golden Window account. In particular you accept that funds you plan to withdraw, having sold, you must withdraw promptly upon executing a sale. You indemnify Golden Window from any costs to you arising from the Golden Window system automatically re-investing available funds which arise from your recent sale and are left on your account while the Auto Invest function is enabled.
You acknowledge that Golden Window will never be deemed at fault by you where it invests your money in bullion, according to your standing instruction, before the end of the day following it being posted and cleared in your Golden Window account.
Golden Window will send you prompt advices and contracts arising out of its dealing activities undertaken at the London Prices on your behalf. You accept a duty to monitor these advices and contracts. You also accept responsibility for being aware of your Auto-Invest function settings, and anticipating Golden Window deal confirmations and contracts arriving in your email after you have sent us your money. Consequently in the event that Golden Window is at fault in failing within the specified time period to action your Auto Invest request, for any reason whatsoever, you accept that Golden Window's liability to you is limited to any loss you may incur arising from a price differential between the London Price that you might reasonably have expected to achieve had Golden Window not failed to perform, and the next London Price published on the London Bullion Market Association website – whether or not you actually bought at that price.
Golden Window reserves the right to switch off Auto-Invest for your account at any point and provided that Golden Window has sent you an email advising of this action you indemnify Golden Window from any losses or lost profits arising as a result.
The prevailing Terms and Conditions remain in effect until your account is closed.
You may close your account by following the steps outlined on the Golden Window website.
The following lists indicate such risks as Golden Window considers material. It does not constitute a statement of all possible risks.
Gold, silver, platinum and palladium price movements — You are exposed to the risk of potential loss arising from a falling bullion price during the time in which you own bullion. This risk is not a Golden Window responsibility.
Money politics — Governments and other agencies seeking currency stability, or for other reasons, might seek to constrain or tax the ownership of bullion to the disadvantage of its owners. Golden Window provides for multiple locations from which you may choose one or more. The actuality or fear of government action might affect the value of bullion stored in a given location. This risk is not a Golden Window responsibility.
Bank insolvency — Your cash balances at Golden Window are deposited in segregated accounts at a highly rated bank, but your money's safety is dependent on bank integrity. All banks are subject to possible failure. Depending on a number of factors in the event of bank failure you might be entitled to receive compensation from appropriate authorities, but the terms of such compensation are complex and the timescale for receiving compensation might be long. This risk is not a Golden Window responsibility. [Note that when your money is used to buy bullion your exposure to bank insolvency ceases.]
Identity theft — If your Golden Window account number and password are compromised, you are at risk of unauthorized access to your account. Such access will be alarmed within minutes by SMS messages if both your Golden Window Burglar Alarm is enabled and your account is of sufficient size. Any change of your account details would be acknowledged to you. Any withdrawal resulting from use of a compromised password would only be to your linked bank account. As a result the most serious risk arising from the theft of a password are (i) loss of privacy and (ii) the entering of mischief orders on Golden Window – which would execute at market prices and thereby potentially switch you between bullion and money – or vice versa – at prevailing values but not according to your wishes. An attempt to bleed your account of value in favour of another account would be reversed whenever advised in reasonable time, and would of course lead to detection and prosecution of any criminal activity without gain. In these ways Golden Window seeks to minimise the risks to you associated with identity theft but these are not a Golden Window responsibility unless the breach of security can be shown to have occurred because of Golden Window's error.
Liquidity risk — The risks associated with a lack of immediate liquidity are not a Golden Window responsibility.
System availability — Golden Window's computerized machinery, which is accessed by you across the internet, might become inaccessible for periods of time. This could prevent you from executing a transaction which you would otherwise have made. This risk is not a Golden Window responsibility.
Insurance exclusions — As your property your bullion is subject to insurance exclusions imposed by insurance underwriters in line with established insurance practice regarding the physical protection of your bullion. These excluded risks are presented on the evidence of insurance published on the Golden Window site and include events like nuclear war. These risks are not a Golden Window responsibility and are risks you undertake with respect to your bullion, except that no exclusion absolves Golden Window in undertaking its correct duties of care in arranging the security of your property to levels considered commercially acceptable.
Force Majeure — The risks described under Force Majeure are not Golden Window responsibilities.
Golden Window accepts it has duties of care with regard to aspects of risk to your property and undertakes to manage risks so as to contain them at minimal levels, consistent with best business practices.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Golden Window accepts liability for failing in this duty.
Physical bullion theft — Your bullion could conceivably be stolen from a vault by determined thieves. It is the Vault Operator which accepts a duty to retain sufficient security measures, and to maintain cover against such an eventuality either in terms of its own resources or its insurance policies. Golden Window accepts a duty to regularly monitor the Vault Operator to ensure the maintenance of a limit sufficient to cover at least the value of the bullion stored.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Golden Window accepts liability for failing in this duty.
Theft of Customer money — Money held in the segregated Client accounts could be illegally transmitted through the banking system by a determined thief, or thieves, operating within Golden Window.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Golden Window accepts liability for failing in this regard.
Golden Window segregation management — A failure by Golden Window's system to prevent a customer from over-purchasing beyond his cash balance, or over-selling beyond his bullion balance would render a segregated account temporarily incapable of meeting its obligations to other customers. All Golden Window software is designed to eliminate this eventuality. Moreover Golden Window checks its accounts daily for such eventualities. The risk of material loss is extremely small, because any such over-trading would be substantially offset by a surplus in the opposite segregated account.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Golden Window accepts liability for failing in this duty.
Golden Window record keeping — a risk in all business record keeping systems is that internal records may show a position which satisfies the organization's officers but does not represent the real world, and where the problems only come to light when it is too late. The risk rises with increasing complexity of transactions and the availability of credit, neither of which apply to Golden Window. For all businesses the record keeping risk is statutorily addressed by annual audit. In addition Golden Window controls its record set by voluntarily submitting its daily reconciliations of Customer property to public inspection on the web.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Golden Window accepts liability for failing in this duty.
Golden Window insolvency — As of October 2024 Golden Window maintains sufficient shareholders' funds to pay for all its planned operations for a period of 7 years, even in the absence of all operating revenue. This makes it an exceptionally strong business in financial terms.
However unforeseen events could conceivably damage that financial strength, rendering Golden Window insolvent.
The insolvency of Golden Window would not affect your property rights with regard to money or bullion in a Golden Window account, but it would be likely to create some inconvenience and delay for you in taking hold of that property.
Disastrous data loss — Golden Window's system contains data in electronic form which could conceivably be lost in a widespread and catastrophic machinery failure. Golden Window operates a redundant machinery policy which means that every component of its data storing capability is protected by both local and remote data duplication. The likelihood of a simultaneous loss of all data copies is extremely low. However, in addition to this the system sends an encrypted copy of full ownership records to remote data vaults identified to Golden Window's auditors and Vault Operator(s), ensuring that data loss is a temporary inconvenience, not a disaster. Moreover you can save the published reconciliation of your property on your own computer, thereby duplicating that part of the records which relates to your own property.
In the event that you become incapacitated you permit Golden Window to allow your account to be maintained on your behalf by your duly authorized attorney.
In the event of your death there are different procedures depending on the jurisdiction in which you die.
Golden Window undertakes to process your Golden Window account in accordance with the instructions of your authorized executors or administrators.
You permit Golden Window to seek legal advice in the jurisdiction of your estate's administration, at the expense of your account but limited to the relevant charges detailed in the Tariff.
For further information please refer to our standard procedure for handling deceased accounts.
You agree to abide by terms for using the Golden Window API. You acknowledge that these terms may be amended from time to time. Golden Window reserves the unilateral right to suspend or switch off your access to the API and remove all orders should you be in breach of these terms.
Golden Window takes no responsibility for the performance of any unofficial product making use of the API.
Golden Window runs an affiliate programme which allows Golden Window clients to earn a portion of the commission or mark-up charged on trades made by customers they have referred to us.
By becoming an affiliate, you consent to the Terms and Conditions of our referral programme.
If you operate one or more Golden Window accounts on behalf of customers of yours, whether as a reseller or otherwise, you must inform Golden Window and obtain permission to do so.
If you subscribe to Golden Window's price alerts or use our price charts you accept that Golden Window makes no guarantees of the stability, availability or accuracy of the data provided.
You also accept that these services are provided on a best endeavours basis and that Golden Window is not liable for any loss that may occur as a result of any action you may or may not take as a result of receiving or not receiving price alerts or relying on chart data.
See the current Golden Window Tariff.
Charges are ordinarily settled out of your cash resources on Golden Window. In the event that charges are outstanding because you have neither paid money in, nor raised cash by selling bullion, Golden Window has the right to sell bullion to raise money sufficient to pay the charges.
The system is scheduled to operate continually except where planned software updates and maintenance is necessary, usually carried out on weekends. Golden Window will always provide an advance warning notice via the website for planned downtime. There may also be planned service interruptions at other times where maintenance requires urgent action which cannot wait until a weekend. Such service interruptions will where possible be planned at times of lower public demand for the service.
Where service interruption is planned and you have an open order your order will ordinarily survive the service interruption.
When an unscheduled service interruption occurs and you have an open order your order will ordinarily survive. However, in some instances these orders may be removed at the resumption of the service and any un-traded element of the order will be treated as cancelled.
We will endeavour to keep you informed via email when you have open orders during a period of unscheduled service interruption, but you accept that the nature of the service interruption may make it impractical for us to do this.
You accept that service interruption is an unavoidable event on networked computers. You accept our terms for handling service interruption vis-a-vis your open orders. You understand that leaving a firm order on the Order Board can expose you to risks which are increased in the event of a service interruption, and you accept those risks.
Golden Window is an English Limited Company regulated by English Law which covers well established Western principles of statutory property rights and statutory company law.
Regulatory responsibility rests on three mutually independent arms of law enforcement: (i) the investigating authority, (ii) the prosecuting authority and (iii) the Criminal Courts.
There is no cost to you in reporting a crime and it is the duty of the above authorities to bring before the courts a case against Golden Window or its officers arising from a breach by Golden Window of statute law.
In addition you have recourse to the civil law, which would rule on disputes between you and Golden Window arising when either alleges against the other a damaging breach of these stated Terms and Conditions. Bringing and defending a case under civil law would ordinarily incur costs.
You understand and acknowledge that together with the whole of the London bullion market, Golden Window's regulatory status is markedly different from the financial services industry.
Modern financial services businesses throughout Europe and America tend to be companies which deal in paper based instruments generally called 'securities', and these are subject to increasing legal sophistication and regulation.
Because Golden Window offers a credit-free environment, and because it deals in the absolute ownership of physical metal acquired on the spot market, and not paper based contractual rights extending beyond the normal settlement period of the spot market, it falls outside the defined scope of formal financial services regulation, as does the rest of the spot physical bullion industry in London.
The London bullion market – which is the biggest in the world – is instead regulated by traditional English property law, and not by the United Kingdom's Financial Conduct Authority.
In the event of administrative error Golden Window is entitled after the event to make appropriate adjustments to records of your account.
Neither Golden Window nor you have the right to make profits from trading system failures.
The Golden Window system is designed to protect all users from clear trading errors by rejecting orders priced substantially away from the prevailing bullion price. This protection depends on receiving currency and bullion market price data from a variety of digital sources. The effectiveness of this protection is to an extent out of Golden Window's reasonable control. In the event of a failure to protect participants in this way both Golden Window and you accept that reasonable adjustments may be made after the event in order to ensure the marketplace operates fairly to all participants.
(a) The following provisions set out the entire financial liability of Golden Window (including any liability for the acts or omissions of its employees, agents and sub-contractors) to you in respect of:
(i) any breach of these Terms and Conditions; and
(ii) any representation, statement or tortious act or omission including negligence arising under or in connection with these Terms and Conditions.
(b) All warranties, conditions and other terms implied by statute or common law (save for the conditions implied by section 12 of the Sale of Goods Act 1979) are, to the fullest extent permitted by law, excluded herefrom.
(c) Nothing in these Terms and Conditions excludes or limits the liability of Golden Window:
(i) for death or personal injury caused by Golden Window's negligence; or
(ii) under section 2(3), Consumer Protection Act 1987; or
(iii) for any matter in which it would be illegal for Golden Window to exclude or attempt to exclude its liability; or
(iv) for fraud or fraudulent misrepresentation.
(d) Subject to paragraphs (b) and (c) above:
(i) Golden Window's total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of these Terms and Conditions shall be limited to the value of your cash balance and/or bullion from time to time deposited with or by Golden Window; and
(ii) Golden Window shall not be liable to you for any pure economic loss, fall in the value of your bullion or currency, loss of profit, loss of business, depletion of goodwill or otherwise, in each case whether direct, indirect or consequential, or any claims for consequential compensation whatsoever (howsoever caused) which arise out of or in connection with these Terms and Conditions.
You are responsible for paying such local taxes as are or may be applied on bullion purchases, bullion sales and bullion custody, and on any associated charges, and such taxes are added to charges where appropriate.
Golden Window shall not be liable to you for any delay or failure by it to perform its obligations if such delay or failure arises from any unforeseeable causes beyond its reasonable control including, but not limited to, acts of God, floods, lightning, earthquakes, labour disputes, shortages, rationing, utility failures, war, terrorism, riot, embargoes, and actions of any government agency or subdivision thereof.
You are entitled to consider that reasonable care has been taken by Golden Window in the translation into different languages of Golden Window's procedural and operational material, and that these translations fairly reflect the underlying meaning of an original document in the reference language of Golden Window, which is English. In the event of any differences between the English version of these Terms and Conditions and any non-English versions, the English version shall prevail.
You can contact Golden Window in any language in which the Golden Window site is published.
You can make informal complaints in any language in which the Golden Window site is published.
You can make formal complaints in any language in which the Golden Window site is published.
You will provide a translation into English to enable the adjudicating council to assess your complaint fairly in words submitted by you or your translator.
Dispute resolution shall take place in English and communicated to you in English, and also in the language of your complaint.
The law governing the provision of the Golden Window service to the Customer is the law of England and any disputes arising in respect hereof shall be governed exclusively by the English courts.
You agree to comply with all relevant laws of any territory in which you make use of the Golden Window service.
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