Buy or sell gold or silver
How can you buy or sell gold or silver?
Procedure
1. Login to your GoldRepublic account
2. Select NEW ORDER
3. Compose your order
4. Press CALCULATE
5. Check your order details
6. Press CONFIRM ORDER
What does Bid and Ask price mean?
GoldRepublic publishes offer and bid prices on its website at which it is willing to buy precious metal from you or sell precious metal to you (the bid price is relevant for selling, the offer price is relevant for buying), provided that GoldRepublic itself can buy or sell the precious metal at those prices in the professional market.
Your buying and selling orders are executed at the offer and bid prices published on the website at the time that GoldRepublic executes the order.
What are Limit or market orders?
When placing an order, you must indicate whether it concerns a limit order or a market order.
Both limit orders and market orders always contain a limit with regard to the quantity. For buying orders you must specify how much precious metal you wish to buy. For selling orders you must specify how much precious metal you wish to sell. The quantity that you specify is regarded as the maximum quantity. GoldRepublic shall attempt to fully realise the maximum quantity that you have specified:; however, it gives no guarantee whatsoever.
GoldRepublic shall only accept your orders to buy gold or silver when you have sufficient cash in your cash depot or you have transferred sufficient cash via IDEAL (purchase price plus costs and fees) to be able to settle the whole purchase transaction.
GoldRepublic shall only accept your orders to sell gold or silver when the specified quantity is stored in the safe at that time and is available to you.
6.3.1. Limit orders
Limit orders always contain a price limit. You must specify a maximum (limit) price for buying orders. You must specify a minimum (limit) price for selling orders.
A limit duration must also be specified for limit orders (until which date the limit order can be executed). The duration options are:
• Good until cancelled (the default): Your permanent order is matched as quick as it can be until either it's completed, or it's cancelled by you.
• Good until - Date: This option works like a permanent order but sets a time limit which says when the remnant of your order should be withdrawn on your behalf, if it is still unexecuted.
6.3.2. Market orders
Market orders do not have a price limit. The purchase or sale always takes place at the price offered by GoldRepublic at the time of the execution of the order. Market orders are risky as the price at which the order shall be executed in unknown and can be higher or lower due to fluctuations. It is for this reason that GoldRepublic has two safeguards in place that can prevent the execution of a market order. The first is that at the time of the execution of a market order concerning a purchase, it is checked (again) whether the balance in your cash depot or your transfer via IDEAL is sufficient to pay for the transaction. Secondly, the market order is not executed if the price at which it would be executed differs more than 10% from the bid price and the offered price of the precious metal at the time on which your order was received by GoldRepublic (irrespective whether the order was received on a business day or on another day).
Order by amount or weight?
When you place an order, you can choose whether to trade based on weight or a fixed (cash) amount.
For orders based on weight, simply enter the weight of the bullion you wish to buy, with a minimum of 1 gram.
If you choose to submit an order based on a fixed amount, you can enter a (cash) amount which will be used fully to purchase bullion (with a minimum of € 50). The cost of the order will not exceed the specified amount.
How will executed transactions be confirmed?
GoldRepublic shall confirm the execution of an order or several orders via e-mail shortly after each execution. The settlement of an order - either by means of the execution of one or several transactions or the cancellation of the order - shall lead to GoldRepublic sending you an order confirmation by e-mail regarding the full quantities that were traded based on the original order stating the exact time on which and the price at which the order was executed and the costs and fees charged.
When will orders be executed?
Your order for a transaction in precious metal shall be deemed to have been received by GoldRepublic on the business day on which GoldRepublic receives this order (electronically). If your order for a transaction in precious metal is received (electronically) by GoldRepublic on a day that is not a business day, the order is deemed to have been received on the next business day.
Orders for a transaction in precious metals are executed as swiftly as possible, if possible on the day that the order is received. Market orders are executed no later than at the end of the business day on which the order is received by GoldRepublic. However GoldRepublic cannot guarantee that an order will be executed. Insofar as the order is not or cannot be executed, the order can become invalid as a result of the passing of time, because of a cancellation or for another reason (see ‘cancellation of orders’).
Your buying and selling orders are executed at the offer and bid prices published on the website at the time that GoldRepublic executes the order.
Your order shall always be subordinate to all other orders in the past or in the future that offer a more attractive (limit) price, as well as all other orders that offer the same (limit) price but were received earlier.
When are orders settled?
The delivery of the precious metal takes place by means of an entry in precious metal units within GoldRepublic's system. As soon as the precious metal is delivered, the order shall receive the status ‘Processed’ in the ‘Order overview’. The resulting balance of precious metal shall represent the total amount of precious metal owned by you that is held in the safe. GoldRepublic shall instruct G4S, in its capacity as custodian, as to what must be stored for you.
GoldRepublic will strive to settle the gold or silver purchased as soon as possible, in principle, by the end of the day on which the order is ‘Realized’. Under circumstances, there could be a longer delivery time. When delivery takes longer then one day it will be published on the Homepage of the GoldRepublic website.
How can you modify your orders?
You cannot modify a current order's price as it stands. You can achieve a modification of a limit price by cancelling and re-entering at a different price.
How can you cancel your orders?
You have the right at all times to send a request via your account to cancel a non-executed ‘Open order’ You can, for example, make use of this possibility in the event that for a market order that you have placed the price of the precious metal moves in a direction that is unfavourable for you.
You understand and accept that when GoldRepublic is processing your order or already has executed your order before your request to cancel the order was received, the order cannot be cancelled. When the order is being processed this is indicated in your account in the order overview. In general, this status does not last longer than approximately ten minutes.
GoldRepublic shall cancel non-executed buying and selling orders when these orders (i) are older than two weeks or (ii) when your limit selling price is 10% or more higher than the bid price or your limit buying price is 10% or more lower than the offer price or the price at which the market order would be executed differs 10% or more from the bid or offer price of the precious metal at the time on which your market order was received by GoldRepublic (irrespective whether the order is received on a business day or on another day).
When an order is cancelled the funds or bullion associated with the order will be released for re-use.
Procedure
1. Login to your GoldRepublic account
2. Select ORDER OVERVIEW
3. Apply filter to see the relevant order
4. Select the order you want to cancel
5. Press CANCEL
