FAQ - GFI GOLD

Since being founded in 2005, GFI GOLD has been the preferred partner of private and professional investors in Brussels, Switzerland and Luxembourg when buying and selling gold and other precious metals.

Based on this experience, we fully understand how customer satisfaction and a quality service are important for our business. A happy customer may talk about it and come back for more qualified service.

GFI GOLD was originally a bureau de change but we gradually moved into specialising in gold and precious metal investments (https://www.fsma.be/fr/party/gold-forex-international)

You can put your trust in us without any concern - come and visit one of our stores!

Banks have ceased to offer this service to individuals for a few years now.

And fewer and fewer professionals are active in the gold and metals sector. However, qualified trustworthy businesses, like GFI Luxembourg SA, have taken up the baton and offer customers the opportunity to buy and sell investment gold and precious metals.

While buying and selling gold and metals is completely legal, regulations in this area have become tighter over the years. Nowadays, in the interests of fighting money laundering and fraud, you need to show that your gold and metals are traceable. This is done by holding onto certificates and proof of ownership documents.

We invite you to come directly to our premises, 19-21 rue des Bains, L-1212 Luxembourg city center.

We are open Monday to Friday from 9am to 5pm.

You can also contact us by phone at: +352 27 94 18 36

Our experts in investment gold and metals are going to welcome you and advise you in all objectivity.

Our office is located in Luxembourg city center, 19-21 rue de Bains, L-1212 Luxembourg.

To get there, you will find the different means and routes on the "Contact" page of our site.

Please contact us at +352 27 94 18 36

We are open from 9am to 5pm, without break, Mondays to Fridays.

Our online platform is available from 8am to 8pm Mondays to Fridays.

Yes, we buy gold jewelry as part of our precious metals trading activity. However, we do not offer retail jewelry sales

We accept cash up to a maximum of €9,500 perclient/per year.

The majority of our customers pay by wire transfer using their account on www.GFI.gold (see how to create a customer account).

It is also possible to pay using a bank card up to the authorised limit placed on the card. You should contact your bank branch to check your limit before coming to the office.

We do not accept credit cards (Visa, Mastercard, etc.) or Cartes Bleues.

Under the curent law, we may only pay up to €5,000 in cash for gold and other metals (our office also limits the use of cash as much as possible and strongly favours the use of electronic payments for security reasons). For sums over this legal limit of €5,000 we will pay the outstanding amount on the same day by transfer to your bank in the country in which you are a tax resident. GFI Luxembourg SA reserves the right to pay the entire amount by wire transfer.

As part of the digital transition, our office opts not to use cash whenever possible.

We buy all coins that are shown on our website .

As for bullion, we buy LBMA-certified bullion and also non-international ingots such as French and Belgian bullion (Emeko, etc.). However, we apply a small discount to the latter types to cover the costs of smelting.

Important: we will require proof of ownership (e.g. bills, notarised gifts or inheritance documents or a privately signed letter of gift) in the case of selling us coins or bullion that were not originally bought from GFI ( Bruxelles, Geneva or Luxembourg). Each transaction is registered and undergoes an internal verification procedure (Know Your Customer or KYC) to establish the origin of any gold.

No. Never clean your gold or other metal coins before coming to us. You could destroy its delicate, fine details. Once cleaned, they lose value and we would potentially buy them for less than their gold value.

Once one of our experts have appraised your gold or precious metal at our office and all details are deemed in compliance, our finance department will pay the same day to your bank in the country in which you are a tax resident. We advise you to keep your bank card and ID card on you to complete the transaction without delay.

For people who are tax resident in Luxembourg, there are no taxes payable under current law on any capital gains realised from an investment in gold or precious metals.

As for non-residents, you should look into the tax legislation that applies to your country of residence. GFI Luxembourg SA is not obliged to withhold any taxes. Every resident and non-resident taxpayer must comply with the tax law of their country of residence.

Once we receive payment, our finance department will send you an email confirming receipt of your payment and will ask you to come collect your order.

A minimum 24 hours is required between the order and the collection by the customer so that we can run internal checks on the transaction.

We suggest calling by within 10 days of receiving the confirmation email. If you cannot collect your order during that time, there is no need to worry: we will store it for another few days but please do let us know.

Thanks to the expertise of our staff, we offer a professional, reliable service that guarantees all bought products are genuine and compliant. Our experts carry out checks on all products before being sold.

GFI Luxembourg SA only sells quality products. Any item of poor quality is sent directly for smelting.

Whether its foreign exchange or precious metals, all our displayed prices are all in fees. Our only caveat would be on the disrepair of the currency and the quality and type of the coins or bullion.

GFI Luxembourg SA maintains full transparency on the prices displayed. There are no other fees or commissions.

You can buy gold and precious metals from GFI Luxembourg SA even if you are from abroad. We will have to verify your details as part of KYC (Know Your Customer). However, there are some countries that we do not deal with and if you are tax resident in one of those counties, we cannot sell to you. The list of these countries is regularly updated by our compliance department.

For foreign exchange, it is not possible to deal on behalf of a third person.

For gold and metal transactions, you may come collect an order for another person if you have a duly signed and dated power of attorney. The office will provide you with all the information that must appear in this document so it could be properly prepared ahead of time. The agent is obliged to identify himself and a copy of the other person’s identification in order to collect the order. To avoid any problems, call us on +352 27 94 18 36 so that we can check your power of attorney document in advance.

In Luxembourg, you can gift your gold in two ways:

• one is by signing a private gift deed. This avoids having to pay gift taxes as long as the person making the gift (donor) does not die during a certain period (this period varies according to where they are tax resident). If the donor dies during this period, the beneficiary of the gift will have to pay taxes on the gift. We recommend you talk to your notary to find out all the formalities to be completed as part of a private gift deed.
• the second is by making a registered gift which requires the payment of a gift tax but it removes the requirement that the donor needs to remain alive for a certain period. This may require the gift agreement being notarised.

Your gold is not stored at GFI Luxembourg SA, but in a completely secure external safe.

Your deposit is insured at its replacement value and audited once a year by an independent external auditor. A certificate will be issued to you.

The premium is the difference (in %) between the “spot” price of a coin and its bid/ask price. The premium can be positive or negative and evolves depending on various factors such as: supply and demand on the market, stock, liquidity and scarcity in particular.

From a practical point of view, the buyer is better off purchasing the bullion coin that has the lowest premium. Conversely, the seller has an interest in selling the one with the highest premium. Premiums are already applied to the prices displayed.

The “spot” price is the intrinsic value of the coin or ingot, that is to say the value of the gold they contain calculated on the basis of the price of the metal on international markets.

The Bid (“sell price”) and the Ask (“buy price”) are calculated on the basis of the spot to which GFI adds or withdraws a premium depending on the direction (Buy/Sell). They represent our buyer price and our seller price.

The difference between the “Bid” and the “Ask” is called the “Spread”. An investor will have every interest in targeting a product with a reduced “Spread”, because the price difference between the bid and ask price will be the lowest and will improve their transaction price.