Glossary

Allocated Storage - The gold, silver, platinum and palladium in a Vault held for GoldMoney customers is allocated, meaning that the metals are contained in discrete and identifiable forms of physical bullion that meet the Chain of Integrity Standard established by GoldMoney and further, that these precious metals are owned by GoldMoney's customers, not GoldMoney, the Vault or any other party.

Buying Rate - When you buy precious metals, you will receive the rate quoted by GoldMoney at the time of your purchase if the amount being bought is within the Spot Price Limit. If your buy order is larger than the Spot Price Limit, the exchange rate is based upon the first available London PM Gold Fix, London Silver Fix, London PM Platinum Fix or London PM Palladium Fix after the order is placed.

Chain of Integrity - A Chain of Integrity Standard has been established by GoldMoney to mitigate the risk that a bar of gold, silver, platinum or palladium in the Vault does not contain the weight of metal it is said to contain. The current GoldMoney standard provides that all forms of physical bullion in a Vault must in all respects meet the London Good Delivery Standard established by the London Bullion Market Association and the London Platinum & Palladium Market.

Current Spot Rate - The prevailing rate of exchange for precious metals in terms of a national currency, as posted on the GoldMoney website.

Customer Acceptance Policy (CAP) - GoldMoney has a CAP, which asks that you provide information to establish your identity and residence. Although GoldMoney is not a bank, most of the same personal information that you need to open a bank account is required to open a GoldMoney account (according to the regulations in Jersey, British Channel Islands).

GoldGram - A goldgram® is the unit of account used in GoldMoney; it is a gram of gold held in safekeeping at a Vault. The amount of 500 goldgrams is written as 500gg. For precision in transactions, there are 1000 mils in a goldgram.

Holding - A Holding is your account at GoldMoney, and the record of information about the quantity of precious metals held at a vault and currencies held in Customer Segregated Funds bank accounts. There are two Holding types: Basic Holdings and Full Holdings. A Basic Holding enables customers to transfer in funds from one specific bank account up to a limited amount in order to purchase metals. A Full Holding gives customers unlimited access to all services of GoldMoney.

Message Box - A GoldMoney customer can exchange messages with customer service representatives using the secure messaging system that is accessible after logging into your Holding. In order to ensure your privacy, messages are sent through the transaction system, not by email.

Mil - A mil is one thousandth of a goldgram (roughly 4 US cents), the smallest payment possible in the GoldMoney system. Each goldgram is divisible into thousandths of a gram ('mils') for precision in a transaction. Thus, 11.215gg expresses the amount of 11 goldgrams and 215 mils.

Non-Repudiable - A payment is non-repudiable when it is irrevocable and irreversible. All goldgram payments in GoldMoney are non-repudiable.

Password - A Password is a string of letters, numbers and other keyboard characters chosen by the GoldMoney customer when creating a Holding. A Password must contain at least 8 alphanumeric characters, though longer passwords are recommended to yield additional security. Your Password is the security device that protects your Holding from unauthorised use. Do not disclose your Password to anyone, and take great care to keep it confidential.

Payment - A payment in GoldMoney is the nearly instantaneous movement of metal from one user's Holding (the payer) to another user's Holding (the payee). This exchange of metal transfers ownership of goldgrams, silver ounces, platinum grams or palladium grams (and the precise quantity of metal at the Vault) from the payer to the payee. However, only customers resident in Jersey may use this metal payment service.

Payment Fee - The payment fee is the amount charged by GoldMoney to the payer for providing the service that enables the payer to make a payment of metal from one GoldMoney Holding to another. The fee may vary depending on the size of the payment.

Registered Bars - GoldMoney customers may choose to indicate their ownership of a specific gold, platinum and/or palladium bar held in allocated storage at the Vaults. When a customer records ownership of one or more specific gold, platinum and/or palladium bars in the GoldMoney system, these bars are referred to as Registered Gold Bars, Registered Platinum Bars and Registered Palladium Bars respectively.

Selling Rate - When you sell precious metals, you will receive the Current Spot Rate if the amount being sold is within the Spot Price Limit. The price you receive on a sell order that is larger than the Spot Price Limit is based on the first London PM Gold Fix, London Silver Fix, London PM Platinum Fix or London PM Palladium Fix after the order is received, provided we receive your Sell order at least 30 minutes prior to that Fix. Orders received less than 30 minutes before the Fix will be processed on the subsequent day's London Fix.

Spot Price Limit - We will confirm a purchase or selling rate (i.e., we 'lock' the rate) for orders up to 2,000 goldgrams, 2000 silver ounces, 1,000 platinum grams or 1,000 palladium grams. This limit is for each business day, and when placing an order, you are automatically notified if you exceed the spot price limit. We may lower these spot price limits at any time during periods of unusual market activity or high order volumes. You will be informed of any reduction in the spot price limits when you are placing a Buy, Sell or Metal Exchange order.

Storage - Storage is the safekeeping of precious metals in a Vault. The metals are stored in a custody account, rather than in a deposit account. This is an important distinction that is made to the underlying nature of the storage arrangement by accounting as well as in law. Therefore, ownership, title and effective possession of the metal is retained by the user and not given to the storage institution, which performs a safekeeping service only.

Vault - A Vault is a precious metals repository that participates in GoldMoney, and stores in safekeeping the precious metals belonging to GoldMoney customers. The quantity of goldgrams, silver ounces, platinum grams and palladium grams in all customers' Holdings is precisely equal to the total grams of gold, ounces of silver, grams of platinum and grams of palladium in the Vault that are allocated to each GoldMoney customer.