Terms of service

These Terms & Conditions apply to purchases, sales and other transactions conducted with Spencer Bullion Exchange (“SBE”, “we”, “us” or “our”), including transactions made through our website, by telephone, electronically or in person.

By placing an order, purchasing an item, selling an item to us, or otherwise transacting with Spencer Bullion Exchange, you agree to these Terms & Conditions.

1. Orders

Spencer Bullion Exchange may accept orders through:

  • Our website;
  • Telephone;
  • Email or other approved electronic communication; and
  • In person at our premises.

An order becomes binding once the customer confirms the order and Spencer Bullion Exchange accepts it.

Because precious-metal prices can change rapidly, prices will be locked at the time an order is confirmed.

Spencer Bullion Exchange reserves the right to refuse, cancel or review an order where reasonably necessary, including where:

  • Pricing or product information is incorrect;
  • A technical or website error has occurred;
  • Payment cannot be verified;
  • Identification or compliance requirements have not been satisfied;
  • Fraud or suspicious activity is suspected;
  • Stock is unavailable; or
  • We otherwise reasonably determine that the transaction should not proceed.

Where an order is cancelled due to an error by Spencer Bullion Exchange and the customer has already paid, the amount paid will ordinarily be refunded.

2. Bullion Price Movements

Gold, silver, platinum and other precious metals are traded in markets where prices can move rapidly.

Once a bullion order has been confirmed and the price has been locked, subsequent movements in the underlying metal price do not provide grounds for cancelling the order.

This applies whether the market price subsequently rises or falls.

Customers should therefore ensure that they intend to proceed with a bullion purchase before confirming an order.

3. Payment

Unless otherwise agreed in writing, customers must initiate payment within the timeframe specified on their invoice or sales order.

Orders will generally not be dispatched or released for collection until payment has been received and cleared.

Accepted payment methods may include:

  • Electronic funds transfer;
  • PayID;
  • Cash, subject to applicable limits and legal requirements;
  • EFTPOS;
  • Visa or Mastercard; and
  • Other payment methods approved by Spencer Bullion Exchange.

Any applicable card surcharge, transaction limit or other payment fee will be disclosed at the time of payment.

Customers making electronic payments must use the invoice, order or reference number supplied by Spencer Bullion Exchange where requested.

Customers are responsible for ensuring their bank transfer limits are sufficient before placing a time-sensitive bullion order.

Unless otherwise stated, all transactions are conducted in Australian dollars (AUD).

4. Failure to Pay for a Confirmed Bullion Order

A confirmed bullion order represents a commitment to purchase at the agreed price.

If a customer fails to pay for a confirmed bullion order within the required timeframe, Spencer Bullion Exchange may cancel the order.

Because bullion prices fluctuate, we reserve the right, to the extent permitted by law, to seek recovery of reasonable losses directly resulting from a customer's failure to complete a confirmed transaction.

Any such amount will be assessed having regard to the circumstances of the transaction and applicable Australian law.

5. Anti-Money Laundering and Customer Identification

Spencer Bullion Exchange takes its obligations concerning anti-money laundering, counter-terrorism financing and other applicable Australian laws seriously.

Customers must not use Spencer Bullion Exchange products or services for money laundering, terrorism financing, fraud, dealing with proceeds of crime or any other unlawful activity.

We may require customers to provide identification or other information before completing a transaction.

Depending upon the nature and value of a transaction, this may include:

  • Full legal name;
  • Residential address;
  • Date of birth;
  • Government-issued photographic identification;
  • Information concerning a company, trust, SMSF or other entity;
  • Information concerning directors, trustees, beneficial owners or authorised representatives;
  • Evidence of authority to act on behalf of an entity; and
  • Additional information reasonably required for compliance purposes.

Spencer Bullion Exchange may delay, refuse or cancel a transaction where required identification or compliance information has not been provided or cannot be satisfactorily verified.

We may also make reports or disclosures to AUSTRAC, law-enforcement agencies or other government authorities where required or permitted by law.

6. Identification Documents

Where photographic identification is required, acceptable identification may include documents such as:

  • Australian driver licence;
  • Passport;
  • Government-issued proof-of-age or photographic identification card; or
  • Other identification accepted by Spencer Bullion Exchange.

Additional documents may be required where sufficient photographic identification cannot be provided.

For companies, trusts, SMSFs and other entities, Spencer Bullion Exchange may require documentation establishing the entity and identifying its relevant directors, trustees, beneficial owners or authorised representatives.

Documents provided to us must be genuine, current where required, legible and capable of verification.

7. Purchases From Customers and Buybacks

Spencer Bullion Exchange purchases selected bullion, coins, banknotes, jewellery, precious metals, medals, collectables and other items from members of the public.

All purchases are subject to inspection, authentication and acceptance by Spencer Bullion Exchange.

An indicative price, estimate or verbal discussion does not constitute a binding offer unless expressly confirmed by us.

Our purchase price may take into account factors including:

  • Current precious-metal prices;
  • Purity and weight;
  • Condition;
  • Authenticity;
  • Collector demand;
  • Wholesale and retail market conditions;
  • Resale potential;
  • Refining or processing costs;
  • Stock levels; and
  • Other commercially relevant factors.

A retail asking price for an equivalent item does not necessarily represent its wholesale, dealer buyback or immediately realisable market value.

Spencer Bullion Exchange does not guarantee that collectable, numismatic or premium products will attract a premium above their precious-metal value when being sold back to us.

Valid identification may be required for buyback transactions in accordance with applicable laws, licence conditions and our internal compliance procedures.

We reserve the right to refuse to purchase any item.

8. Ownership of Items Sold to Spencer Bullion Exchange

A person selling an item to Spencer Bullion Exchange represents and warrants that:

  • They are the lawful owner of the item or are properly authorised to sell it;
  • The item is not stolen;
  • The item is not subject to a security interest or other third-party claim;
  • The transaction is lawful; and
  • Information supplied concerning the item is accurate to the best of their knowledge.

Spencer Bullion Exchange may provide transaction information to law-enforcement or other authorities where required or permitted by law.

Where applicable, goods purchased by Spencer Bullion Exchange may be subject to statutory holding periods or other requirements under our second-hand dealer obligations.

9. Product Descriptions and Images

We endeavour to describe and photograph products accurately.

However, bullion products can vary in appearance due to:

  • Different manufacturers or mints;
  • Production years;
  • Packaging changes;
  • Toning;
  • Milk spotting;
  • Minor marks;
  • Manufacturing variations;
  • Age; and
  • Previous handling.

Where a bullion product is sold primarily by metal type, purity and weight, the item supplied may not always be identical to the example photograph unless the listing specifically states that the photographed item is the exact item being purchased.

Collectable, numismatic, jewellery and individually listed products may have different conditions or characteristics, which will be described where reasonably practicable.

10. Authenticity

Spencer Bullion Exchange stands behind the authenticity of products represented by us as genuine.

If an item sold by Spencer Bullion Exchange is established to be counterfeit or materially different from what we represented it to be, we will provide an appropriate remedy in accordance with Australian Consumer Law.

Nothing in these Terms & Conditions excludes, restricts or modifies any consumer guarantee, right or remedy that cannot lawfully be excluded.

11. Change of Mind and Bullion Returns

Due to fluctuations in precious-metal markets, confirmed bullion transactions generally cannot be cancelled simply because:

  • The customer changes their mind;
  • The precious-metal price falls after purchase;
  • The customer finds the product cheaper elsewhere;
  • The customer subsequently prefers another product; or
  • The customer's financial circumstances change.

This does not affect any rights or remedies that cannot lawfully be excluded under Australian Consumer Law.

For non-bullion products, any applicable return or exchange rights will be subject to Australian Consumer Law and any additional return policy published by Spencer Bullion Exchange.

12. Incorrect or Damaged Orders

Customers should inspect delivered orders promptly after receiving them.

If an order is incorrect, incomplete or appears to have been damaged during transit, the customer should contact Spencer Bullion Exchange as soon as reasonably practicable and provide:

  • Their order number;
  • Details of the issue;
  • Photographs where appropriate; and
  • Any other information reasonably requested to investigate the matter.

Customers should retain the product, packaging and shipping materials until the matter has been resolved.

Where Spencer Bullion Exchange is responsible for supplying an incorrect item, we will provide an appropriate remedy in accordance with applicable law.

13. Shipping

Where shipping is offered, orders will generally be dispatched only after:

  • Full payment has cleared;
  • Required identification has been completed;
  • The products are available; and
  • Any other compliance requirements have been satisfied.

Shipping costs and available delivery options will ordinarily be displayed during checkout or advised before the transaction is completed.

Tracking information will be supplied where available.

Customers are responsible for providing a complete and accurate delivery address.

Spencer Bullion Exchange is not responsible for delays or losses resulting from incorrect or incomplete delivery information supplied by the customer, subject to applicable law.

Higher-value transactions may require different delivery arrangements, additional identification, insurance or secure transport.

Spencer Bullion Exchange reserves the right to change or refuse a delivery method where we reasonably consider the transaction or destination presents an unacceptable security or fraud risk.

14. Collection From Spencer Bullion Exchange

Customers may be required to provide valid photographic identification when collecting an order.

Spencer Bullion Exchange may refuse to release an order where we cannot satisfactorily verify the identity or authority of the person collecting it.

Customers will be advised when their order is available for collection.

Orders should be collected within the timeframe advised by Spencer Bullion Exchange.

Customers who cannot collect their order within that timeframe should contact us to make alternative arrangements.

15. Collection by Another Person

Where Spencer Bullion Exchange permits another person to collect an order on behalf of the purchaser, additional identification and written authorisation may be required.

We reserve the right to refuse third-party collection where we cannot satisfactorily verify the identity or authority of the person attempting to collect the order.

16. Availability and Backorders

We endeavour to maintain accurate stock information.

However, bullion and collectable products can experience periods of limited availability.

Where an item is:

  • A preorder;
  • On backorder;
  • Awaiting supply from a mint, wholesaler or other supplier; or
  • Subject to an extended production or delivery period,

the estimated timeframe is an estimate only unless expressly guaranteed in writing.

Delays caused by manufacturers, mints, couriers, import processes or circumstances outside our reasonable control may occur.

Where we cannot fulfil an order, we will contact the customer to discuss the options available, which may include an alternative product, continued backorder or refund where appropriate.

17. Supply Interruptions and Events Outside Our Control

Spencer Bullion Exchange will not be responsible for delays or failure to perform an obligation where the delay or failure results from circumstances outside our reasonable control, subject to applicable law.

Such circumstances may include:

  • Natural disasters;
  • Flood;
  • Fire;
  • Severe weather;
  • War or civil disturbance;
  • Industrial action;
  • Government action;
  • Telecommunications or internet failures;
  • Banking system outages;
  • Payment processing failures;
  • Courier interruptions;
  • Cyber incidents;
  • Supply-chain disruptions;
  • Mint or refinery delays; or
  • Restricted availability of precious metals or other products.

We will endeavour to resume normal performance as soon as reasonably practicable.

18. Website Pricing and Technical Errors

Precious-metal prices displayed on our website may be generated using live or periodically updated market data.

Although we take reasonable steps to maintain accurate pricing, errors can occur as a result of:

  • Incorrect market data;
  • Feed interruptions;
  • Software errors;
  • Currency errors;
  • Pricing configuration errors; or
  • Other technical issues.

Where a price is clearly incorrect as a result of an error, Spencer Bullion Exchange reserves the right to review and, where legally permitted, cancel the affected transaction.

If payment has already been received for a transaction that is validly cancelled due to such an error, the amount paid will be refunded.

19. GST

Prices will be treated for GST purposes in accordance with Australian taxation law.

Certain precious-metal products may receive different GST treatment from collectables, jewellery, numismatic products, accessories or other goods.

Where GST is applicable, it will be charged in accordance with Australian law.

20. Privacy

Spencer Bullion Exchange respects the privacy of its customers.

Personal information may be collected, stored, used and disclosed for purposes including:

  • Processing transactions;
  • Customer identification;
  • Fraud prevention;
  • Compliance with legal and regulatory obligations;
  • Shipping and order fulfilment;
  • Customer service; and
  • Other legitimate business purposes.

Personal information may be disclosed to government agencies, law-enforcement authorities, financial institutions, identity-verification providers, payment providers, couriers and other service providers where required or reasonably necessary.

Further information about how Spencer Bullion Exchange handles personal information should be read in conjunction with our Privacy Policy.

21. Website Security

Spencer Bullion Exchange takes reasonable measures to protect information transmitted through our website and electronic systems.

However, no internet or electronic system can be guaranteed to be completely secure or continuously available.

Customers are responsible for maintaining the confidentiality and security of their own login credentials, devices and email accounts.

Customers should contact Spencer Bullion Exchange immediately if they believe their account or transaction information has been compromised.

22. Third-Party Websites and Information

Our website may contain links to third-party websites or information supplied by third parties.

Unless expressly stated otherwise, Spencer Bullion Exchange does not control those third parties and does not guarantee the accuracy, completeness or continuing availability of their information.

The inclusion of a third-party link does not necessarily constitute endorsement by Spencer Bullion Exchange.

23. Precious Metals and Financial Disclaimer

The purchase and ownership of precious metals involves risk.

Gold, silver, platinum and other precious-metal prices can rise or fall, sometimes substantially.

Historical performance is not a guarantee of future performance.

Unless expressly authorised and stated otherwise, information provided by Spencer Bullion Exchange, including information provided:

  • On our website;
  • On social media;
  • In advertisements;
  • In videos or articles;
  • By email;
  • In person; or
  • During conversations with staff,

is provided for general information purposes and should not be interpreted as personal financial advice.

Spencer Bullion Exchange does not make decisions for customers concerning whether a particular precious metal or collectable is suitable for their personal financial circumstances.

Customers should consider obtaining independent professional financial, taxation or legal advice where appropriate before making significant financial decisions.

24. Collectables and Future Value

Coins, banknotes, medals, militaria, jewellery and other collectable products can fluctuate significantly in value.

Factors such as rarity, condition, provenance, demand, precious-metal prices and broader collector markets may affect future resale value.

Spencer Bullion Exchange does not guarantee that any collectable purchased from us will:

  • Increase in value;
  • Maintain its value;
  • Be readily resalable; or
  • Achieve the same price when subsequently sold.

25. No Legal or Taxation Advice

Spencer Bullion Exchange and its staff do not provide legal or taxation advice unless expressly stated otherwise by an appropriately qualified person.

Customers should obtain independent professional advice regarding their individual circumstances where required.

26. Fraud and Suspicious Transactions

Spencer Bullion Exchange reserves the right to delay, review, refuse or cancel transactions reasonably suspected of involving:

  • Fraud;
  • Stolen payment methods;
  • Identity theft;
  • Money laundering;
  • Proceeds of crime;
  • False identification;
  • Unauthorised account access; or
  • Other unlawful activity.

Information may be provided to relevant financial institutions, government agencies or law-enforcement authorities where required or permitted by law.

27. Electronic Communications

By providing an email address or mobile telephone number, customers consent to receiving communications reasonably necessary to administer their transactions and relationship with Spencer Bullion Exchange.

Marketing communications will be managed in accordance with applicable Australian laws, including applicable requirements concerning consent and unsubscribe functionality.

28. Changes to These Terms

Spencer Bullion Exchange may amend these Terms & Conditions from time to time.

The Terms & Conditions applying to a particular transaction will generally be those in effect when the transaction is entered into, subject to applicable law.

29. Australian Consumer Law

Nothing in these Terms & Conditions is intended to exclude, restrict or modify any guarantee, condition, warranty, right or remedy available to a customer under the Australian Consumer Law or other applicable legislation that cannot lawfully be excluded, restricted or modified.

If any provision of these Terms & Conditions is inconsistent with a mandatory legal right, the mandatory legal right will prevail to the extent of the inconsistency.

30. Governing Law

These Terms & Conditions are governed by the laws of Queensland, Australia.

The parties submit to the jurisdiction of the courts of Queensland and any courts competent to hear appeals from those courts.

31. General

If any provision of these Terms & Conditions is found to be invalid or unenforceable, the remaining provisions will continue to operate to the extent permitted by law.

A failure or delay by Spencer Bullion Exchange to exercise a right under these Terms & Conditions does not constitute a waiver of that right.

Customers may not transfer or assign their rights under a transaction without the prior written consent of Spencer Bullion Exchange.

32. Contact

Questions concerning an order, these Terms & Conditions or a transaction should be directed to Spencer Bullion Exchange through the contact details published on our website or by visiting us during business hours.

Spencer Bullion Exchange
180 Bourbong Street
Bundaberg Central QLD 4670
Australia