Glossary

Allocated Storage - The gold, silver and platinum 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 Daily Limit. If your buy order is larger than the Daily Limit, the exchange rate is based upon the first available London PM Gold Fix, London Silver Fix or London PM Platinum 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 or platinum 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, www.lbma.org.uk.

Current Spot Rate - The prevailing rate of exchange for precious metals in terms of a national currency, as posted on goldmoney.com. GoldMoney provides current rates of exchange and multi-year charts for goldgrams, silver ounces and platinum grams against several national currencies.

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).

Daily 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 or 1,000 platinum grams. This limit is for each business day, and when placing an order, you are automatically notified if you exceed the daily limit. We may lower these daily limits at any time during periods of unusual market activity or high order volumes. You will be informed of any reduction in the daily limits when you are placing a Buy, Sell or Metal Exchange order.

Exchange Provider - An Exchange Provider is a business that provides the service of exchanging national currencies and precious metals.

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.

GoldMoney - GoldMoney® is an online payment system that is ideally suited for electronic commerce. GoldMoney enables globally dispersed buyers and sellers of goods and services to transact directly between each other to make non-repudiable, nearly instantaneous payments in weights of gold called goldgrams.

Holding - A Holding is your account at GoldMoney. A Holding is the record of information and the quantity of precious metals held at a Vault and currencies held in our Customer Segregated Funds Account at a bank for a GoldMoney customer.

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 1 US cent), 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.

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

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 or platinum grams (and the precise quantity of metal at the Vault) from the payer to the payee.

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. Fees can be determined in advance by referring to the description of payments page.

Registered 400oz Gold Bars - GoldMoney customers may choose to indicate their ownership of a specific gold bar held in allocated storage at the Vaults. When a customer records ownership of one or more specific gold bars in GoldMoney system, these bars are referred to as Registered 400oz Gold Bars.

Selling Rate - When you sell precious metals, you will receive the Current Spot Rate if the amount being sold is within the Daily Limit. The price you receive on a sell order that is larger than the Daily Limit is based on the first London PM Gold Fix, London Silver Fix or London PM Platinum 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.

Storage - Storage is the safekeeping of previous 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.

User - The individual, person, company, entity or other body in whose name a Holding has been opened or anyone who has been given access to the Holding. For more information, please see the User Agreement.

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 and platinum grams in all customers' Holdings is precisely equal to the total grams of gold, ounces of silver and grams of platinum in the Vault that are allocated to each GoldMoney customer.