Buy-back and storage of gold bars

Buy-backs of gold bars

Lithuanian Mint’s rules for the buy-back of gold bars

The Lithuanian Mint only buys back gold bars which have been produced by the mint itself.

Gold bars must be in their original, undamaged packaging.

The buy-back is concluded by means of a sale and purchase agreement. The customer must provide proof of identity. The company provides all information which is related to the transaction to the State Tax Inspectorate in accordance with legal requirements.

The buy-back price of gold bars is calculated on the basis of the market price for gold materials at the time of the sale. The final price is submitted and agreed before the agreement is signed.

Payment for bars is made only by bank transfer to a bank account which has been specified by the customer. The bank transfer is made within one to three working days for amounts up to €5,000. If the value of the gold bars being sold is higher than that figure then the payment period is negotiated separately.

The seller agrees to pay any taxes which are imposed by the legal requirements of the republic of Lithuania.

In the case of any suspicion being raised in regard to the quality, authenticity, or possible counterfeiting of the product, additional verification procedures are agreed with the customer at the Lithuanian Assay Office. The cost of the product verification is reimbursed by the customer.

The company may refuse to buy back gold bars without providing any further comment.

Storing gold bars

Lithuanian Mint’s rules for the storage of gold bars

Only gold bars which have been produced at the Lithuanian Mint are accepted for storage.

Gold bars must be in their original, undamaged packaging.

This service is free of charge.

A custody agreement is concluded before the gold bars are handed over. The agreement may be concluded with a private individual (a ‘natural person’) or a legal entity (a ‘legal person’) within the republic of Lithuania.

To be able to conclude the agreement the customer must present their identity document and declare that the gold bars which are to be deposited are indeed their property.

Gold bars are identified by serial numbers, weight, and quantity when they are handed over.

In the case of there being any suspicion in regard to the quality, authenticity, or possible counterfeiting of the gold bars which are to be handed over, additional verification procedures are agreed with the customer at the Lithuanian Assay Office. The cost of the product verification is reimbursed by the customer.

Customers may collect their gold bars during normal Lithuanian Mint opening hours by providing prior notice by telephone.

Any property which is to be returned may only be collected by the customer who was responsible for handing over that property in the first place or by their legally-authorised representative.

The security of gold bars is ensured by storing them in special storage facilities with appropriate temperature, humidity, and other conditions in order to prevent damage or other deterioration.

The Lithuanian Mint accepts liability for any loss or damage which may occur as a result of the loss of or damage to the gold bars.

The Lithuanian Mint may refuse to enter into a custody agreement without providing any further comment.