FAQs

How do I start to buy gold bars from you?   Do you provide storage and insurance for gold bars?   What is a LBMA gold bar or LBMA gold refinery?

FAQs

What type of gold bars does Auric Gold sell?

Auric Gold sells gold bars which are produced by world renowned gold refineries which comply with very stringent standards of production and responsible sourcing of gold as raw material.

Gold refineries which are accredited by the London Bullion Market Association (LBMA) as good delivery refineries have to comply with the LBMA’s Pro-Active Monitoring Program and the LBMA Responsible Gold Guidance. This Guidance is based on the OECD Due Diligence Guidance as well as Swiss and US KYC, Anti-Money Laundering and Combating Terrorist Financing regulations.

While the LBMA’s “good delivery” accreditation only relates to the production of the large gold bars weighing approximately 400 ounces, smaller products made by such accredited gold refineries have  the reputation of being manufactured by a accredited gold refinery.

The gold bars are in metric weights of 1 gram to 100 grams, in troy ounce weights of ½ ounce and 1 ounces and Tola weights of 1 tola to 10 tolas. 

All gold bars have purity of 99.99%. Although some countries and regions have a preference for gold bars of 99.90% purity and 99.50% purity. In these cases the total price of a gold bar is adjusted to account of the gold purity.

Most gold bars sold by Auric Gold are manufactured as “minted” bars meaning they are of a very high polished finishing and secured packed in a tamper-proof packaging and accompanied with a certificate confirming the bar serial number, purity and weight. The gold bars themselves have the gold bar serial number, purity, weight and refiner’s logos stamped on the bars.  

Some gold bars are “cast” bars which is where molten gold is poured into a mould and resultant cast bar is stamped with the weight, purity and serial number. Cast bars may sometimes  not come with a certificate as the relevant details are stamped on the gold bar itself. Larger size bars weighing 100 grams and above, for example 250 grams, 500 grams, 1 kilo, 10 tolas and 5 ounces weights are produced usually as cast bars.

The gold bars of the smallest weight denominations and always minted and incurs a higher cost of manufacture whereas the larger gold bars which are cast, incur a lower cost of manufacture. So a 100 gram cast gold bar would be slightly cheaper than a 100 gram minted gold bar. 

Does Auric Gold provide storage and insurance for gold bars?

Yes, registered customers may request Auric Gold to store the bars they buy from Auric Gold in insured and secure third party non-bank vaults. The gold bars are individually identifiable, set aside and listed with serial numbers, weights, purities and refinery details. 

Auric Gold offers complementary free insurance and storage for an initial period of 6 months after which a charge applies. These charges are payable monthly in advance and calculated on the value of gold holdings on a daily basis and notified and agreed with the customer at the outset.   

The gold bars can be removed from storage upon 2 business days’ notice and can be shipped by courier to the customer’s designated address in the UK or subject to appropriate due diligence, outside the UK. The customer may also take delivery of the gold bars by physically collection in the City of London.  

The customers may also offer to sell all or some of these gold bars to Auric Gold in which case Auric Gold will quote a price, and if mutually agreed, settle with the customer on the second business day after contract. 

I have bought from another supplier, can I store this gold with Auric Gold?

No, Auric Gold does not accept into storage, gold bars a customer would have bought from other suppliers. Auric Gold storage and insurance service is tailored to be a value added service to those customers who buy from Auric Gold and may not wish to take possession of their gold bars immediately.

I bought gold bars from Auric Gold and took delivery, but now wish to put them into storage with Auric Gold. Can Auric Gold accept the bars for me?

No, Auric Gold also does not accept into storage, gold bars from customers who may have purchased from Auric Gold, taken delivery and later wish to put them into storage.

Not accepting gold bars back into storage which have previously left Auric Gold’s stocks is to protect the chain of integrity and authenticity of the gold bars and to prevent the need for them to be re-assayed before accepting them back.  

Should customers need storage facilities after having purchased and taken delivery of the gold bars, a reputable safe-deposit facility would be an option and the customer would need to insure his gold bars.

I have bought gold bars from Auric Gold, taken delivery but wish to sell them to Auric Gold at a later stage. Can Auric Gold buy these gold bars from me?

Auric Gold may agree to purchase these gold bars subject to appropriate checks, verification and due diligence. Once verified and agreed, Auric Gold will settle within 2 business days after contract.

I have bought gold bars from other suppliers and wish to sell them to Auric Gold. Can Auric Gold buy these gold bars from me?

Auric Gold may agree to purchase these gold bars subject to appropriate checks, verification and due diligence. Once verified and agreed, Auric Gold will settle within 2 business days after contract.

Can I pay Auric Gold by cash or receive cash from Auric Gold?

Auric Gold does not accept or make cash payments. Only bank transfers from designated bank accounts are dealt with.

Can I pay Auric Gold by debit or credit cards?

Auric Gold does not currently accept card payments. Only bank transfers from designated bank accounts are accepted.

How do Auric Gold deliver the gold bars in the UK?

Customers may collect the gold bars in the City of London or they can be shipped discreetly by fully insured and secure carrier to the customer’s designated address in the UK.

Can Auric Gold provide shipments to outside the UK?

Yes, Auric Gold can make shipments of gold bars outside the UK subject to prior KYC and customer due diligence. The customer is responsible to account for and pay any import duties, taxes and levies that may be applicable in the relevant country. 

In some countries, private individuals and / or business entities may be prohibited from importing gold bars or may be subject import restrictions or customs formalities. This is the responsibility of the customer. 

At certain times, Auric Gold may not be able to provide shipments to certain countries due to UK, EU or other international sanctions or embargoes which may exist from time to time. 

Customers should seek prior clarifications from Auric Gold about international shipments.

I am resident outside the UK, can I buy gold bars from Auric Gold?

Yes, persons living outside the UK may buy gold bars from Auric Gold after first registering as a customer of Auric Gold. 

The account opening application will be subject to Auric Gold’s usual KYC and customer due diligence processes. In addition, Auric Gold will also need to comply with UK law in relation to international sanctions or embargoes which may exist on certain countries from time to time. This may affect Auric Gold in accepting customers from certain countries. 

If a person living outside the UK is accepted as a customer of Auric Gold, then such customer may buy gold bars from Auric Gold, request Auric Gold to store the gold bars in UK or ship them abroad or sell them back to Auric Gold, subject to contract.  

Auric Gold knowledge base | all

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