5.2 The fees are reviewed semi-annually and upon written notice, we reserve the right to update the storage rate at any time, in the event of a change beyond our control that increases operational costs incurred by a sub-contracted facility.
5.3 Physical Gold reserves the right to sell part of your holding to cover storage costs if payment isn’t made in a timely fashion.
5.4 The minimum storage period is six months. Any holding sold or released within that period will NOT receive a refund for unused storage.
5.5 Subject to clause 5.4 above, you may arrange for your goods to be removed from the Storage Facility and delivered to an address of your nomination provided you give at least 5 days written notice so we can make the necessary delivery arrangements with the Storage Facility and carrier. You will be responsible for paying the shipping charges and details of these will be provided to you at the time your request is made. This does NOT apply to SIPP Gold. In all cases, a £25 admin fee will apply to any request to move or sell all or part of your holding and delivery costs will be payable.
5.6 If Physical Gold Limited ceases trading for any reason, you will have full access to your goods detailed in your Storage Confirmation document, upon presentation of the document and photographic ID to Loomis International. You will then have the choice of removing your metals or opening a direct storage account to store them with Loomis.
5.7 We are responsible for arranging storage of your goods with our subcontractor Loomis International (‘Loomis’) and ensuring that, under our contracts with them, Loomis bear the risk of loss, damage, or theft of your goods from the start of our storage service until it is complete, and that they maintain appropriate insurance against the risks.
5.8 If any of the goods held by Loomis under the contract are lost, damaged or stolen, we will work with you to enforce our rights and remedies with Loomis and their insurer(s) on your behalf.
For any accepted claims we will endeavour to work with Loomis to replace your item(s) with like for like or equivalent item(s) agreed by you, but reserve the right to arrange for Loomis or its insurer to reimburse you in the form of cash reimbursement (Sterling). Our liability is limited to helping you in this process.
5.9 The maximum liability of Loomis in respect of our storage service shall not exceed the then current value of your goods that were lost, damaged or stolen. This is the maximum liability that our subcontractor and its insurer will accept under our contract with the subcontractor and is based on the market value at the 3rd business day following notification of any loss as expressed in USD ($) and converted to Sterling based on the exchange rate on that day.