Purchase of Precious Metals Sample Clauses
The 'Purchase of Precious Metals' clause defines the terms and conditions under which one party agrees to buy precious metals, such as gold, silver, or platinum, from another party. It typically outlines the types of metals covered, the quantity and quality standards, pricing mechanisms, delivery schedules, and payment terms. By clearly specifying these details, the clause ensures both parties understand their obligations and helps prevent disputes over the transaction, thereby facilitating a smooth and transparent purchase process.
Purchase of Precious Metals. I understand and acknowledge that precious metals and other collectibles within the meaning of Internal Revenue Code Section 408(m) may not be purchased in retirement accounts except as otherwise permitted by ERISA and the Internal Revenue Code. If I direct You or NFS to purchase eligible gold, silver and platinum coins for me, I understand the following: a) The SIPC does not provide protection for precious metals. However, metals stored through NFS are insured by the depository at market value. b) Precious metals investments can involve substantial risk, as prices can change rapidly and abruptly. Therefore, an advantageous purchase or liquidation cannot be guaranteed.
Purchase of Precious Metals. If I direct Fidelity to purchase precious metals for me, I understand: (a) the Securities Investor Protection Corporation (SIPC) does not provide protection for precious metals, but if stored through Fidelity, they are insured by the depository at market value; (b) precious metals are not marginable; (c) precious metal investments can involve substantial risk due to rapid and abrupt price changes and, therefore, Fidelity cannot guarantee an advantageous purchase or liquidation price; and (d) if I take delivery of my metals, I am subject to delivery charges and applicable sales and use taxes.
Purchase of Precious Metals. In general, precious metals and other collectibles within the meaning of Section 408(m) of the Internal Revenue Code may not be purchased in a retirement account except as otherwise permitted by ERISA and the Internal Revenue Code, and to the extent permitted by Fidelity. To the extent that collectibles, including precious metals, are held in an underlying trust or other investment vehicle such as an exchange traded fund, it is your responsibility to determine whether or not such an investment is appropriate for a retirement plan account and whether the acquisition of such investment may result in a taxable distribution from such account under Section 408(m). If I direct FBS to purchase precious metals for this account, I understand: (a) The Securities Investor Protection Corpora- tion (SIPC) does not provide protection for precious metals, but, if stored through FBS, they are insured by the depository at market value; (b) Precious metals are not marginable; (c) Precious metal investments can involve substantial risk due to rapid and abrupt price changes, and, therefore, FBS cannot guarantee an advantageous purchase or liquidation price. If you store precious metals through us, storage fees will apply. tions and account statements is conclusive unless I object in writing within five and ten days, respectively, after transmitted to me.
Purchase of Precious Metals. I understand and acknowledge that precious metal and other collectibles within the meaning of Internal Revenue Code Section 408(m) may not be purchased in retirement accounts except as otherwise permitted by ERISA and the Code. If I direct Commonwealth or NFS to purchase eligible gold, silver, and platinum coins for me, I understand the following: (i) SIPC does not provide protection for precious metals; however, metals stored through NFS are insured by the depository at market value; (ii) precious metals investments can involve substantial risk, as prices can change rapidly and abruptly; therefore, an advantageous purchase or liquidation cannot be guaranteed; and (iii) If I take delivery of my metals, my account may be subject to delivery charges and applicable sales and use taxes; to the extent that collectibles, including precious metals, are held in an underlying trust or other investment vehicles such as an exchange-traded fund, it is my responsibility to determine whether or not such an investment is appropriate for an IRA Account(s) and whether the acquisition of such investment may result in a taxable distribution from the IRA Account(s) under Section 408(m) of the Code. • I understand that any beneficiary designations I make on the Acknowledgment apply only to the accounts established at the time I execute the MSA. I will be required to make additional beneficiary designations for each subsequent IRA Account I establish in accordance with this MSA. If I do not submit a beneficiary designation, the beneficiary for my IRA Account will be my surviving spouse or, if none exists, my estate, unless I have executed and submitted a designation on the Acknowledgment at account opening or until a completed Beneficiary Designation/Successor Designation Form is received and accepted by NFS. I understand that any designation of a beneficiary on my Premiere Select Beneficiary Distribution Account or ▇▇▇▇ Beneficiary Distribution Account has no impact on the required distributions from my IRA Accounts as required under Sections 401(a)(9) and 408(a)(6) of the Code and related regulations. • I acknowledge that payment to beneficiaries will be made according to the rules of succession described in the applicable IRA Documents unless I have submitted a beneficiary designation in the Acknowledgment or completed a Beneficiary Designation Form acceptable to Commonwealth and NFS and NFS has accepted such designation. • I understand that unless I provide written notice t...