General Terms and Conditions (GTC) for the sale of precious metals to consumers and business customers via retail customer channels

Version: 1 June 2026

GVS attaches particular importance to ensuring that the purchase of precious metals is fair, transparent and reliable. These GTC have therefore been deliberately drafted in clear and easily understandable language and, taking into account the particular features of precious metals trading, have been designed to be as customer-friendly as possible.

They are intended to provide customers with clear guidance while also taking into account the particularities arising from price formation on international precious metals markets, price fixing and the statutory limitations on the right of withdrawal.

These General Terms and Conditions (GTC) apply to all contracts for the purchase of precious metals, in particular bars and coins, concluded with a company of the GVS Group (“GVS”) through GVS-operated retail online shops or other publicly accessible means of distance communication, whether concluded at a distance or on the premises of a GVS branch. They apply to contracts with consumers and business customers purchasing precious metals through these publicly accessible channels. The language and structure of these GTC are designed to ensure transparent and consumer-friendly processing; they shall apply accordingly to business customers unless mandatory statutory provisions provide otherwise. These GTC shall not apply to registered wholesale partners or to purchases processed on the basis of separate wholesale GTC, framework agreements or the wholesale platform intended exclusively for wholesale partners.

The contractual partner shall in each case be the GVS company expressly identified as the contractual partner during the order process or in the order confirmation, even where other companies of the GVS Group are involved for the purpose of optimising logistics or invoicing.

The specific GVS company responsible for the respective contract, including its company name, address and company register number, shall be clearly identified to the customer during the order process and in the order confirmation; only that company shall become the customer’s contractual partner.

For products other than precious metals, such as accessories or packaging materials, the special provisions set out in Clause 8 of these GTC shall additionally apply.

A consumer is any natural person who enters into a legal transaction for purposes that are predominantly outside their trade, business or self-employed professional activity. A business customer is any natural or legal person, or partnership with legal capacity, who enters into a legal transaction in the course of their trade, business or self-employed professional activity.

1. Scope of Application

These GTC, in the version valid at the time the contract is concluded, shall apply to all purchase agreements for precious metals concluded between GVS and customers through the publicly accessible channels referred to in the introduction, namely distance sales channels, retail online shops or the premises of a GVS branch.

Any terms and conditions of the customer that deviate from or supplement these GTC shall apply only if GVS has expressly agreed to their applicability.

These GTC shall not apply to registered wholesale partners or to transactions concluded on the basis of separate wholesale GTC, framework agreements or individual agreements. In such cases, the separately agreed terms and conditions shall take precedence over these GTC.

Special provisions may additionally apply for country-specific circumstances, such as mandatory consumer-protection rules of other countries, supplementing these GTC.

2. Ordering Process, Conclusion of Contract and Price Fixing

2.1 Product Display and Offer

1. The web shop displays the available products at the respective current prices. All displayed product prices, excluding shipping costs, apply to payment by bank transfer and cash payment. Product prices may differ for other payment methods, such as credit card payments. The price applicable to the selected payment method shall be displayed transparently before the order is completed.

2. When the customer places products in the shopping cart and proceeds through the ordering process by providing their details, the customer is preparing their order.

Only by clicking the button labelled “place order subject to payment” does the customer submit their order to GVS. By clicking this button, the customer declares that they wish to purchase the selected products under the displayed terms and undertakes to make payment.

2.2 Confirmation of Receipt

Immediately after submitting the order, the customer shall receive an email confirming receipt of the order by GVS. This email does not constitute acceptance of the order; it merely confirms that GVS has received it.

2.3 Review of the Order by GVS

1. GVS shall review the received order for completeness, plausibility and availability of the ordered products.

2. GVS shall be entitled to reject orders, in whole or in part, in particular in the event of obvious errors, ambiguities or indications of misuse. The customer shall be informed accordingly.

2.4 Corrections by the Customer

As long as the customer has not completed the ordering process by clicking the button labelled “place order subject to payment”, the customer may correct their entries or cancel the process at any time.

After submission of the order, changes are possible only by mutual agreement with GVS.

2.5 Conclusion of Contract and Price Fixing

1. The purchase agreement shall be concluded when the customer receives an order confirmation or invoice from GVS. Upon conclusion of the purchase agreement, the displayed precious metal price shall generally become binding on both GVS and the customer (“price fixing”).

2. GVS’s commitment under the contract and the price fixing shall be subject to the condition subsequent that the agreed invoice amount is paid in full and on time in accordance with Clause 4 of these GTC. If payment is not made on time, GVS shall be entitled to withdraw from the contract and sell the ordered goods elsewhere. In such case, GVS may claim the damage caused by the non-payment, including in particular price losses and charges.

3. During the ordering process and in these GTC, the customer is expressly informed that, once price fixing has occurred, there is no statutory right of withdrawal for precious metals, as set out in Clause 5.

2.6 Over-the-Counter Transaction at a Branch

Customers also have the option of entering into an over-the-counter transaction at a GVS branch.

In an over-the-counter transaction, price fixing, payment and handover of the goods take place simultaneously at the same location. The purchase price is determined by the price applicable at the time the transaction is completed. All contractual obligations shall be fulfilled upon completion of the over-the-counter transaction.

2.7 Cooperation and Compliance Obligations

1. The customer undertakes to cooperate fully in meeting statutory and regulatory requirements, in particular those relating to anti-money laundering, identification, verification of origin and other compliance requirements. This includes, in particular, the obligation to provide GVS promptly upon request with all information, evidence and documents necessary for compliance with legal obligations or internal compliance rules.

2. The specific requirements may vary depending on the order value, the customer’s country, the type of payment and the applicable legal system. GVS shall inform the customer in the individual case of the documents required.

3. If the customer fails to comply with their obligation to cooperate, or fails to do so in a timely manner, GVS shall be entitled to refuse acceptance of the order or to withdraw from the contract.

3. Payment Terms and Deadlines

3.1 Customers in the EEA and Switzerland

The following payment terms apply to customers whose residence or habitual place of residence is in the European Economic Area (“EEA”) or Switzerland:

• Upon conclusion of the purchase agreement, and therefore upon price fixing, the customer shall be obliged to transfer the invoice amount immediately, without deduction, in such a manner that it is received in GVS’s account no later than two business days thereafter.
• The payment options currently offered, such as bank transfer or instant payment, shall be displayed to the customer during the ordering process.

3.2 Customers Outside the EEA and Switzerland

1. Special payment procedures shall apply for organisational reasons to customers whose residence or habitual place of residence is outside the EEA and Switzerland (“international customers”). These procedures are intended to facilitate the processing of cross-border payments and enable prompt delivery.

2. When an international customer places an order and clicks “place order subject to payment”, they shall first receive an order confirmation by email, as do all customers.

3. The international customer shall then have a short period of one hour within which to submit proof of transfer, such as a PDF document or screenshot from their bank, to GVS.

4. If sufficient proof of transfer is not received within this period, GVS shall not be obliged to accept the order. In this case, GVS may, at its discretion:

• decline to accept or cancel the order;
• submit a new offer to the customer at a later time, for example at the price then applicable; or
• maintain the customer’s order despite the missed deadline and accept it later by means of an order confirmation or invoice.

3.3 Purchases with a Down Payment

1. In addition to immediate payment in full, GVS may offer customers arrangements, such as a “gold loan”, under which the purchase price is payable in whole or in part at a later date. In this case, the customer undertakes to make a down payment upon conclusion of the contract. The amount of the down payment shall be agreed between GVS and the customer and displayed during the ordering process. The down payment shall be credited against the purchase price and shall also serve as security for the fulfilment of the customer’s payment obligations.

2. The purchase price displayed during the ordering process includes all surcharges charged by GVS, including in particular the trading margin, minting, logistics and hedging costs, and shall be fixed for the duration of the deferred-payment purchase, provided that the customer fulfils their payment obligations in accordance with the contract.

Due to the substantial price fluctuations in the precious metals markets, GVS shall be entitled, where necessary, to require an appropriate increase in the down payment if the current market value of the ordered precious metals falls so far below the agreed purchase price that the down payment already made no longer adequately secures GVS against payment and market risks. The requested increase shall be limited to the amount required to restore the originally agreed ratio between the down payment and the purchase price. GVS may request such an increase in the down payment repeatedly where necessary to restore an adequate level of security. In such case, GVS shall inform the customer of the additional down payment required and set a reasonable deadline for payment.

3. If the customer fails to make or increase the down payment within the prescribed period, GVS shall be entitled to withdraw from the purchase agreement and sell the ordered goods elsewhere. GVS may claim the damage thereby incurred, including in particular price losses resulting from interim changes in precious metal prices, as well as any banking, storage and administrative costs incurred. Any down payments already made may be set off against such claims.

4. Default in Payment

1. If the customer defaults on payment, GVS shall be entitled, at its discretion:

• to withdraw from the contract and sell the ordered precious metals elsewhere; or
• to uphold the contract and demand performance.

2. The customer shall in any event be deemed to be in default if the invoice amount has not been received in GVS’s account within three business days after price fixing, unless a longer period has been agreed in writing. The customer shall likewise be deemed to be in default if they fail to pay a contractually agreed down payment or an increase in the down payment requested by GVS pursuant to Clause 3.3 within the deadline set by GVS.

3. If GVS withdraws from the contract, GVS may claim the damage incurred, including in particular price losses resulting from interim changes in precious metal prices, as well as any banking, storage and administrative costs incurred. In order to cover damage caused by price changes, GVS shall be entitled to carry out a covering transaction and, in particular, to execute an internal purchase transaction based on the ordered precious metals at the purchase price applicable at the time of withdrawal. The difference between the agreed purchase price and this purchase price, insofar as it is to the detriment of GVS, shall be asserted against the customer as a claim for damages and shall be paid by the customer. In the event of default, GVS may charge default interest at the rate permitted by law.

5. No Right of Withdrawal for Purchases of Precious Metals

1. In the case of purchases of precious metals, in particular bars and coins, consumers generally have no statutory right of withdrawal or cancellation where the price of the goods depends on fluctuations in the financial markets over which GVS has no control and which may occur within a statutory withdrawal or cancellation period.

2. In Austria, this follows in particular from Section 18(1)(2) of the Austrian Distance and Off-Premises Contracts Act (FAGG); in Germany, from Section 312g(2) no. 8 of the German Civil Code (BGB). Corresponding statutory exemptions apply in other Member States of the European Union. For contracts with a Swiss GVS company concluded via the internet or other means of distance communication, there is generally no general statutory right of withdrawal or cancellation. For contracts with customers outside the European Union and Switzerland, in particular in Singapore and the United Arab Emirates, the existence of statutory withdrawal or cancellation rights shall be governed by the mandatory provisions of the law applicable in the individual case.

3. Once price fixing has occurred, the purchase of precious metals is therefore generally binding. Withdrawal, cancellation or revocation by the customer after price fixing is excluded unless mandatory statutory provisions provide otherwise in the individual case. The customer’s statutory rights in the event of non-delivery, defective goods or other breaches of contract shall remain unaffected. During the ordering process and in these GTC, the customer is expressly informed that, following price fixing, they have no statutory right of withdrawal or cancellation unless mandatory statutory provisions provide otherwise.

4. Business customers shall have no contractual right of withdrawal or cancellation after price fixing unless expressly agreed otherwise in the individual case.

6. Delivery, Shipment, Handover and Insurance

6.1 Delivery Methods

1. Delivery shall take place, at the customer’s choice:

• by personal collection at a location specified by GVS, subject to an appointment;
• by insured high-value shipment to the delivery address specified by the customer; or
• by storage of the purchased precious metals with GVS or a storage partner designated by GVS, namely SOOS GmbH.

2. Shipping costs and insurance premiums shall be displayed transparently to the customer during the ordering process. When shipping to other EEA countries, the final price may change due to the VAT rate applicable there. When shipping to non-EEA countries, the customer shall bear any import charges, including customs duties and taxes.

3. For high-value shipments, the complete and correct specification of the delivery address is an essential requirement for delivery and insurance cover. Incomplete or incorrect address details may result in insurance cover being wholly or partially excluded.

4. If the customer selects storage, the goods shall be deemed made available upon confirmation of storage. The detailed terms of storage, including in particular the storage location, commencement, fees, custody, insurance, withdrawal from storage and termination of storage, shall be governed by the separate storage agreement or the special terms applicable thereto.

6.2 Shipping Confirmation and Tracking

1. After the goods have been handed over to the transport service provider, the customer shall receive a shipping confirmation, including a tracking number, by email.

2. The customer undertakes to check the shipment status regularly using the transport service provider’s tracking function and to ensure, by appropriate organisational measures, that they themselves or a person expressly designated by them and authorised to receive the goods is present at the delivery address at the announced delivery time. In particular, the customer shall ensure that high-value shipments are not left unsecured at the front door or at similar locations, for example by avoiding any authority to leave the shipment unattended or by arranging in good time an alternative delivery option, such as collection from a branch or delivery to an authorised person.

3. Delivery will generally take place within approximately three business days from the date of the shipping confirmation; this is a non-binding standard transit time. If the shipment has not arrived on the fourth business day after the date of the shipping confirmation, the customer shall inform GVS immediately, and in any event without culpable delay, by email so that a trace request may be initiated.

6.3 Handover, Partial Deliveries and Duty of Inspection

1. The customer shall be obliged to accept reasonable partial deliveries.

2. Upon handover of the shipment, the customer shall inspect the external integrity of the packaging. Obvious damage or indications of tampering shall be:

• confirmed in writing by the delivery person in a damage report; and
• documented as comprehensively as possible, for example by photographs or videos of the packaging and contents.

3. This documentation shall be sent to GVS without undue delay so that claims under the transport insurance can be preserved.

6.4 Insurance and Transfer of Risk

1. In the event of shipment, the high-value consignment shall be insured for the direct transport route to the address stated on the shipment. In the case of consumers, the risk of accidental loss or accidental deterioration of the goods shall pass to the customer only upon handover to the customer or a person authorised by the customer to receive the goods. If the customer has independently commissioned a carrier not offered by GVS, the risk shall pass upon handover of the goods to that carrier. Mandatory statutory provisions in favour of consumers shall remain unaffected.

In the case of business customers, the risk of accidental loss or accidental deterioration of the goods shall pass upon handover of the goods to the transport service provider or the carrier commissioned by the business customer, unless mandatory statutory provisions provide otherwise.

2. In the case of collection, the risk shall pass upon handover of the goods to the customer or a person authorised by them.

3. If the customer selects storage, the precious metals shall remain in custody with GVS or a storage partner commissioned by GVS. The details regarding the storage location, insurance, fees, withdrawal from storage and termination of storage shall be governed by the separate storage agreement or the terms applicable thereto.

7. Retention of Title

The delivered precious metals shall remain the property of GVS until all amounts owed under the respective contract have been paid in full.

Until title has passed to the customer, the customer shall not be entitled to pledge, assign by way of security or otherwise dispose of the goods.

8. Other Products and Right of Withdrawal

In addition to precious metals, GVS may offer other products, such as accessories, packaging materials, information materials or other goods whose price does not depend on financial-market fluctuations within the meaning of the FAGG.

1. For these products, consumers shall have the statutory right of withdrawal or cancellation under the applicable consumer-protection provisions, provided that no other statutory exception applies, such as goods made to customer specifications. The scope and exercise of this right of withdrawal shall be governed exclusively by the applicable statutory provisions. The statutory deadlines and formal requirements shall apply accordingly.

2. If the customer orders precious metals and other products together, Clause 5 shall apply to the precious-metal portion and the statutory right of withdrawal under this Clause shall apply to the remaining products. GVS shall be entitled to make partial deliveries for processing purposes and to handle reversals separately.

9. Product Presentation, Quality and Illustrative Images

Product images in the web shop, brochures or other media are illustrative images. Variations in appearance, year of issue, mint mark, packaging or manufacturer are possible, provided that the weight, fineness and type of precious metal correspond to the order. Minor customary variations shall not constitute a defect as long as the precious metal content and weight comply with the agreed specifications.

10. Warranty Rights

The statutory warranty provisions shall apply, in particular under the Austrian Civil Code (ABGB) and the Austrian Consumer Warranty Act (VGG). The contractually owed characteristics of the precious metals shall be determined by the type of precious metal, fineness and weight. Minor customary variations within the meaning of Clause 9 shall not constitute a defect. The customer’s statutory warranty rights shall not be restricted by these GTC.

11. Data Protection

1. GVS shall process the customer’s personal data solely in accordance with statutory provisions and the privacy policy available in the web shop.

2. Personal data shall be disclosed only to those third parties required for the performance of the contract, such as logistics service providers, payment service providers and affiliated companies of the GVS Group.

3. Details of data processing, including purposes, legal bases, retention periods and customer rights, are set out in the privacy policy, which forms part of the contract.

4. Despite appropriate technical and organisational security measures, it cannot be guaranteed that protection against unauthorised access by third parties will be completely without gaps. In this respect, GVS shall be liable only in accordance with statutory provisions.

12. Liability

1. GVS shall be liable for damages only in cases of intent and gross negligence. In cases of slight negligence, GVS shall be liable solely for damage resulting from the breach of essential contractual obligations, the performance of which is necessary for the proper execution of the contract and on the fulfilment of which the customer may regularly rely. In such case, liability shall be limited to the amount of damage typically foreseeable.

2. These limitations of liability shall not apply to personal injury, claims under the Product Liability Act or cases of mandatory statutory liability.

3. GVS shall not be liable for delays or impediments to performance caused by force majeure or circumstances beyond GVS’s reasonable control, including natural events, strikes, governmental measures or system disruptions at banks or transport service providers, for as long as such events continue.

13. Applicability in Other Jurisdictions

1. These GTC are designed to apply in principle to all contracts with customers in the countries in which GVS offers its services, insofar as permitted by the respective national legal system.

2. Mandatory consumer-protection provisions of the country in which the customer has their residence shall remain unaffected and shall take precedence over these GTC to the extent that they are more favourable to the customer.

3. If individual provisions of these GTC are not applicable, or are applicable only to a limited extent, under the law of the customer’s country of residence, the validity of the remaining provisions shall remain unaffected. In this case, the statutory provision of the customer’s country of residence that comes closest to the economic purpose of the original provision shall apply instead of the inapplicable provision.

14. Final Provisions

1. For consumers, and subject to mandatory consumer-protection provisions, the law of the country in which the GVS company identified as the contractual partner has its registered office shall apply. Accordingly, if the GVS company identified as the contractual partner has its registered office in Austria, Germany or Switzerland, Austrian, German or Swiss law shall apply, respectively. For contracts with consumers in other Member States of the European Union, as well as outside the European Union and Switzerland, in particular in Singapore or the United Arab Emirates, the mandatory consumer-protection provisions of the law applicable in the individual case shall remain unaffected. The statutory rules on jurisdiction shall apply.

2. If the customer is a business customer, the law of the country in which the GVS company identified as the contractual partner has its registered office shall apply. To the extent legally permissible, the place of jurisdiction shall be the registered office of the GVS company identified as the contractual partner.

3. Should individual provisions of these GTC be or become wholly or partially invalid, the validity of the remaining provisions shall remain unaffected. The invalid provision shall be replaced by the applicable statutory provision.

4. Amendments and supplements to the contract must be made in text form, such as by email, unless mandatory law requires a stricter form.