The short answer: before you sign, check who you sign with (company name and tax ID), which pieces of metal you buy, what the price includes, which account you pay into, where the gold is stored and how you can sell it. If any of that is not in writing, ask before you pay. What is not written down is hard to claim.
The examples come from SilverGold's contracts, which we know first hand. What matters is how each point is settled in writing.
In this article
The checklist at a glance
| What to check | Why it matters |
|---|---|
| Company name, tax ID and address | That is who you claim against. A brand is not enough. |
| Metal, purity, format and an annex of pieces | Without identified pieces, your gold blends in with others'. |
| What the price includes and when it is fixed | Gold changes price every day. |
| Who you pay and how | Money goes to the company that signs, with a bank trail. |
| Storage, insurance and withdrawal | Who is liable if something goes wrong. |
| Exit, maturity and buy-back | What selling costs and how fast you are paid. |
| Heirs and insolvency | What happens if you die or the company fails. |
Who you sign with and what you buy
1. Who signs
The contract should give the company's registered name, tax ID (CIF) and address. The brand on the website may differ, and if something goes wrong you claim against the company. SilverGold's contracts are signed by Silver & Gold Patrimony, S.L., based in Málaga, with its tax ID in the document. We are not a party to the contract.
2. Exactly what you are buying
Metal, purity in thousandths, format (bar or coin) and weight of each piece, ideally identified in an annex. A contract that only mentions "grams of gold" or a share in a batch is not the same as owning specific pieces. With SilverGold the minimum purity is 999/1000, every piece is scanned before going into storage, and you receive an Annex I listing the pieces with a photo (15 working days for a single purchase, 30 for the Senior Plan). More in how physical gold is certified.
The money: price and payment
3. What the price includes and when it is fixed
What your money pays for (metal, handling, transport, storage, margin) and when the price is fixed. Get it confirmed in writing before you pay. SilverGold's contract states that the price covers the metal at a preferential price plus handling costs and the commercial margin. Why it differs from the market quote is in the premium over the market price.
4. How and who you pay
By bank transfer, to an account of the company that signs. Never to an individual or a go-between. Cash has a ceiling too: Spanish Law 7/2012 bans cash payments of 1,000 euros or more when one party acts as a business, or 10,000 euros when the payer is an individual whose tax home is not in Spain (article 7). Split payments are added together. With SilverGold you pay by transfer into its account within 5 working days; the money never passes through us. More in buying gold with cash.
Where your metal is and how you get out
5. Storage
Who keeps the metal, where, with what insurance, whether it is kept separate and identified as yours, and whether you can have it delivered. In SilverGold's single purchase contract, storage is with Loomis España, S.A.; in the Visión contract, each year's metal stays in SilverGold's own vaults; the Senior Plan mentions all-risk insurance. Options are in where to keep physical gold.
6. Term, early sale and cancellation
How long it lasts, whether you can sell early, with how much notice and at what fee. In the SilverGold contracts we have read, a full early sale is done on each anniversary, with 30 days' notice and a 0.5% fee. One partial sale is allowed and, exceptionally, you can cancel by having the metal shipped to you or sold at market price. Golden Chance does not allow cancellation before 36 months except by that route.
7. Maturity, buy-back and payment
What happens at the end, at what price, with what fee, and what if there is no buyer. With SilverGold, at maturity the metal is sold with a success fee of 0.25% to 1%, only if it sells above 102.5% of what you paid. If there were no buyer, SilverGold buys it back at the Invermoneda price minus a discount of 1% to 5% depending on the contract. That is not a guaranteed price. Also look for a maximum payment period: with SilverGold, 7 days after the sale.
If you die or the company fails
8. Death
What happens to your metal and what your heirs must prove. With SilverGold the rights pass to the heirs, who prove their status to the company. The tax side is in inheriting physical gold.
9. Insolvency of the company
What protects you is being able to prove the metal is yours. Spain's Insolvency Act provides that assets owned by others and held by the insolvent company, with no right of use, security or retention, are handed to their owners at their request (article 239 of the consolidated text). SilverGold's contracts state that the contract ends if either party becomes insolvent, although insolvency law treats such a clause as void as a general rule (article 156 of the consolidated text). More in whether the gold you buy is really yours.
10. Tax information
Ask for a yearly summary for your income tax filing: when you sell, the difference is a capital gain or loss. SilverGold issues a yearly statement as of 31 December. Tax details are in selling gold and Spanish income tax.
Cooling-off rights and clauses to read closely
If you sign at a distance or off the company's premises, as a consumer you usually have 14 calendar days to withdraw without giving reasons (articles 92 and 102 of Spain's consumer protection law, Royal Legislative Decree 1/2007). But article 103.b) excludes goods whose price depends on financial market fluctuations the seller cannot control. Gold changes price every day, so the safe assumption is that the purchase of the metal falls outside. Do not sign thinking you will have 14 days to think it over.
- Courts far from home. If the contract sends disputes to the courts of the company's city, that clause does not bind a consumer: the Civil Procedure Act does not accept it in consumer contracts (article 54.2) and the consumer law treats it as unfair (article 90.2).
- Penalties for withdrawing. Where the right to withdraw does apply, clauses that penalise it or make you waive it are void (article 102.2).
If it is a monthly purchase plan
Ask about the minimum instalment, pausing and notice, when you can cancel, and what happens to what you already own. SilverGold's monthly plan starts at 100 euros a month in gold or 50 in silver, can be paused whenever you like with 15 days' notice, and can be cancelled from the end of the first year. What you have bought stays yours. More in buying gold every month.
Common mistakes
- Signing at the first meeting because "the price changes tomorrow".
- Paying a person rather than the company that signs.
- Not asking for the annex listing your pieces.
- Mistaking a buy-back for a guaranteed price. Warning signs are in how to spot gold scams.
When to get help
Before you sign, not after. Especially if the amount is large, if you are locked in for years, if you do not understand how you get out, or if you are being rushed. A lawyer reading it with you spots the problem before you have it. You can book an appointment.
Frequently asked questions
Can I cancel a gold purchase I signed online?
Usually not. Article 103.b) of Spain's consumer protection law excludes goods whose price depends on the financial market, and gold changes price every day.
Can I pay for gold in cash?
Only below 1,000 euros when buying from a business, or below 10,000 euros if your tax home is not in Spain (article 7 of Law 7/2012). A bank transfer is the safe choice.
Which document proves the gold is mine?
The contract in your name, the annex listing the identified pieces and the invoice.
Is a clause making me go to court in another city valid?
Not if you are a consumer (article 54.2 of the Civil Procedure Act and article 90.2 of Spain's consumer protection law).
What happens to my gold if I die?
It depends on the contract. In SilverGold's, the rights pass to your heirs, who prove their status to the company.