The fine print, in plain sight.

01Who We Are

Valor Precious Metals is an affiliate company of Valor PM Advisors LLC, a Wyoming limited liability company, and is headquartered in Los Angeles, California. "Valor," "we," "us," and "our" refer to Valor PM Advisors LLC and its affiliate Valor Precious Metals (also referred to as Valor PM), individually and collectively, together with their officers, members, employees, and authorized representatives. The Valor entity that confirms your order in writing is the party to that transaction. "You" means any visitor to this website, any recipient of our publications or communications, and any prospective or existing client.

Valor is a retail dealer in physical precious metals. When you buy from or sell to Valor, Valor acts as a principal — it is the other side of your transaction — and not as your agent or broker.

Valor is not registered with the U.S. Securities and Exchange Commission, FINRA, or any state securities regulator as a broker-dealer or investment adviser, and is not registered with the Commodity Futures Trading Commission or the National Futures Association. Physical precious metals are not securities, are not bank deposits, and are not insured by the FDIC, SIPC, or any government agency.

Some states require precious-metals or bullion dealers to register or hold a license. Valor will not complete a transaction with a resident of a state that imposes such a requirement unless Valor is in compliance with it. Nothing on this website is an offer to sell, or a solicitation of an offer to buy, in any jurisdiction where that offer or solicitation would be unlawful.

02No Advice · No Fiduciary Duty

Everything on this website and in our publications — including the Valor Terminal, the Valor Wire, the Valor Letter, special reports, quarterly reviews, videos, audio, emails, text messages, and conversations with our desk — is provided for general information and education only. It is not investment, financial, tax, accounting, retirement-planning, or legal advice, and it is not a recommendation that any product, allocation, or strategy is suitable for you.

Titles such as "advisor," "private client advisor," "desk," "partner," "managing partner," and "national sales manager," and the words "Advisors" in our name, describe sales and relationship roles. They do not mean that any person is a licensed investment adviser, financial planner, fiduciary, attorney, or accountant, and they do not create a fiduciary, advisory, or trust relationship between you and Valor.

Illustrative allocations, "stacks," model portfolios, and percentage splits (for example, an "80/20" structure) are examples only. They do not account for your age, income, liquidity needs, tax position, risk tolerance, or other holdings. You alone are responsible for deciding whether to buy, hold, or sell precious metals. Before you do, consult your own independent, licensed financial, tax, and legal professionals.

03How We Are Paid

Valor earns money on the difference between what it pays for metal and what it charges you. The price you pay includes the spot price of the metal plus a premium or markup that covers Valor's costs, compensation to its representatives, and profit. When you sell metal, the price you receive is generally below the prevailing retail price.

• Premiums vary by product. Standard bullion bars and coins generally carry lower premiums. Proof, graded, numismatic, semi-numismatic, ancient, limited-mintage, and specialty products carry substantially higher premiums, and those premiums may not be recovered on resale.
• Representatives are compensated. Valor's employees and independent affiliated sales representatives may earn commissions or other compensation that increase with the size of your order and may be higher on higher-premium products. This creates an incentive to recommend larger purchases and higher-premium products.
• Third-party fees are separate. IRA custodians, depositories, carriers, and insurers charge their own fees, which are not included in Valor's price unless your written confirmation says so.

Before you commit to an order, you are entitled to know the total price, the per-unit price, and the spot price at the time of your order. Ask us, and we will tell you in writing.

04Risk Disclosure

Buying physical precious metals involves significant risk and is not suitable for everyone. Only use money you can afford to leave invested for the long term and can afford to lose. Risks include, without limitation:

• Price volatility. Metal prices can fall sharply and quickly, and can stay low for years. You can lose some or all of the value of your purchase.
• Spread and premium. Because you buy above the dealer's bid, the market must rise by at least the amount of the spread and premium before you break even.
• No income. Metals pay no interest or dividends. Storage, insurance, custodial, and shipping costs reduce your return.
• Liquidity. No one — including Valor — is obligated to buy your metal back at any particular price, or at all. Selling may take time and may occur at a discount, especially for collectible products or during market stress.
• Collectible and numismatic risk. Values of graded and collectible coins depend on grading, condition, demand, and dealer opinion, can be highly subjective, and may fall even if metal prices rise.
• Counterparty and operational risk. Metal held through a custodian, depository, carrier, or dealer depends on that party's solvency, controls, and insurance. Physical metal can also be lost, stolen, damaged, or counterfeited.
• Tax risk. Gains on physical precious metals held outside a retirement account may be taxed at the higher federal rate that applies to collectibles. Retirement-account rules are complex, and a mistake can cause taxes and penalties.
• Concentration. Holding a large share of your net worth or retirement savings in one asset class increases the risk of loss.
• Regulatory and political risk. Changes in laws, taxes, reporting rules, or government policy toward gold ownership can affect value and liquidity.

Past performance does not guarantee future results. Historical returns, charts, comparisons, and forecasts are not predictions of future prices.

05Pricing, Orders & Settlement

Prices shown on this website, in the Terminal, in publications, and in preliminary conversations are indicative only and change continuously with the market. They are not offers to sell at that price.

When a price becomes binding

An order is binding on Valor only when (a) Valor has confirmed the product, quantity, and price to you on a recorded line or in writing, and (b) Valor has issued a written trade confirmation or invoice. Until then, Valor may decline, modify, or cancel any proposed order, including for pricing or typographical errors, product unavailability, or failed verification. Once Valor confirms your order, you are bound to pay for it at the confirmed price regardless of later market movement.

Payment

Payment in cleared funds is due within the time stated on your invoice. If full payment is not received on time, Valor may cancel the order and liquidate it at prevailing prices, and you agree to pay any resulting market loss plus a reasonable cancellation charge stated on your invoice. Valor may keep any market gain on a cancelled order. Valor may decline cash, cash equivalents, and third-party payments.

Cancellations

Because metal is bought and priced in real time, a confirmed order may not be cancelled except (a) with Valor's written consent, in which case the market-loss terms above apply, or (b) where a cancellation or "cooling-off" right is required by the law of your state, which Valor will honor.

Title, delivery, and shipping

Title passes to you (or to your IRA) only after Valor receives full payment in cleared funds. Delivery times are estimates; mint and supplier delays can extend them. Shipments are insured to the carrier or depository on the terms stated in your confirmation. You must inspect any delivery promptly and report discrepancies within the time stated in your confirmation.

Written agreements control

If you sign a transaction agreement, purchase-intent agreement, account application, or similar document with Valor, that signed document governs the transaction. If it conflicts with this page, the signed document controls.

06Repurchases

Valor may, but is not obligated to, offer to buy back metal from clients. Any repurchase offer is made at Valor's then-current bid price, which will generally be lower than the price you paid, and is subject to product verification, market conditions, and Valor's policies at that time. References to a "buyback program" or "liquidity" do not guarantee that Valor or anyone else will buy your metal at any particular price.

07Precious Metals IRAs

• Valor is not your custodian or trustee. A self-directed IRA holding metal must be administered by an independent IRA custodian or trustee that you select and contract with directly. Valor does not hold IRA funds and is not responsible for the custodian's acts, omissions, fees, reporting, or solvency.
• Eligible metals only. Under Internal Revenue Code Section 408(m), an IRA may hold only certain coins and bullion that meet minimum fineness standards. The IRS does not "approve" specific dealers, products, or depositories; references on this site to "IRA-eligible" metals mean products that Valor believes meet these statutory requirements, and your custodian makes the final determination. "IRA-approved depository" means a depository accepted by your custodian for IRA storage.
• No home storage. IRA metal must be held by the custodian or an approved depository. Taking personal possession of IRA metal is generally treated as a taxable distribution and may trigger penalties. Valor does not endorse any "home storage" or "checkbook" IRA arrangement.
• Rollovers and transfers. Direct trustee-to-trustee transfers are generally not reported as distributions. Indirect (60-day) rollovers are subject to deadlines, withholding, and a limit of one per 12-month period, and a missed step can cause tax and early-withdrawal penalties. The rollover descriptions on this website are general summaries; your custodians and tax adviser control the mechanics.
• Distributions. Required minimum distributions and other withdrawals may require selling metal or taking an in-kind distribution, each with tax consequences.
• Fees. Custodians and depositories charge setup, annual, storage, and transaction fees, which are separate from Valor's price.

Valor does not provide tax advice. Confirm every rollover, transfer, and distribution with your custodian and a qualified tax professional before you act.

08Storage, Custody & Insurance

Metal stored outside your possession is held by independent third-party depositories under their own agreements with you or your custodian. Valor does not own or operate any depository. Descriptions of security features, audit practices, and storage types ("segregated," "allocated," "non-segregated") summarize what those providers represent; the provider's written agreement governs.

References to metal being "insured" or "fully insured" mean that it is covered by insurance maintained by the depository, carrier, or custodian, subject to that policy's terms, limits, deductibles, and exclusions. Valor does not guarantee any insurance coverage or claim payment.

09Market Data & Publications

The Valor Terminal, Valor Wire, Global Markets Rail, charts, and prices on this website are compiled by the Valor PM market-data desk from third-party sources, including exchanges, data vendors, and public reports. Data may be delayed, incomplete, revised, or inaccurate, and is provided "as is" for general information. It is not a trading feed and must not be used to time, price, or execute any transaction. Equity and index data may be delayed by 15 minutes or more.

Commentary in the Valor Letter, special reports, quarterly reviews, headlines, and other publications reflects opinions of the author at the time of publication, may change without notice, and may not be updated. Statements about future prices, targets, central-bank behavior, or economic conditions are forward-looking statements that involve uncertainty; actual results may differ materially. Third-party forecasts (such as bank price targets) are reported for context and are not endorsed by Valor.

Valor may hold inventory in, and buys and sells, the metals discussed in its publications. That creates a financial interest in the market views it expresses.

10Comparisons, Testimonials & Status

Competitor comparisons are based on publicly available marketing materials and disclosures reviewed by Valor as of the date shown or the date of publication. Competitors' terms change, and Valor does not guarantee the accuracy or currency of third-party information. All trademarks belong to their respective owners, and no affiliation or endorsement is implied.

Testimonials, case studies, and client stories, if any, reflect individual experiences, are not representative of all clients, and are no guarantee of similar results. Unless disclosed, no one was paid for a testimonial.

Veteran-owned status. References to Valor as a service-disabled veteran-owned business describe the veteran status of its ownership. Military branch names, seals, mottos, and imagery are displayed solely in honor of those who served; they do not imply endorsement, sponsorship, or affiliation by the U.S. Department of Defense, any military branch, the Department of Veterans Affairs, or the Small Business Administration.

Office locations. References to cities, desks, and future offices (including any location marked with a future year) describe Valor's operating markets and plans; not every location is a staffed, walk-in office, and planned locations may change.

11Communications Consent

By submitting your phone number or email through this website, or otherwise providing it to Valor, you agree that Valor and its representatives may contact you about its products and services at that number or address, including by phone calls, text messages (SMS/MMS), and prerecorded or artificial-voice messages, which may be sent using automated technology, even if your number is on a federal, state, or internal do-not-call list. Consent is not a condition of any purchase.

• Message frequency varies. Message and data rates may apply.
• Reply STOP to any text to opt out of texts, or HELP for help. You may also opt out of calls or emails at any time by telling your representative, using the unsubscribe link in any email, or writing to valorpm@proton.me.
• You represent that you are the subscriber or authorized user of the number you provide, and you agree to tell us if it changes.
• Calls with Valor may be monitored and recorded for quality, training, compliance, and trade-confirmation purposes. By continuing a call, you consent to recording.

12Privacy

What we collect

Information you give us (such as name, contact details, investment range, account and custodian details, and identification documents); records of your transactions and communications with us; and technical information collected automatically when you use the site (such as device, browser, IP address, pages viewed, and referral data, which may be collected with cookies or similar tools).

How we use it

To respond to inquiries, provide and document services, open and fund accounts, process and settle transactions, verify identity, meet legal, tax, and anti-money-laundering obligations, prevent fraud, improve the website, and send communications you have agreed to receive.

Who we share it with

Valor does not sell your personal information and does not rent it to unaffiliated parties for their own marketing. We share it only as needed with IRA custodians, depositories, carriers, payment processors, suppliers, and service providers acting on our behalf under confidentiality obligations; with our affiliated and authorized sales representatives who service your account; with professional advisers; with a successor in a merger, acquisition, or sale of assets; and with regulators, courts, or law enforcement when required or permitted by law.

Security and retention

We use reasonable administrative, technical, and physical safeguards, but no system is completely secure. We keep records for as long as needed for the purposes above and as required by law, including transaction and anti-money-laundering recordkeeping rules.

Your choices and rights

Depending on where you live, you may have the right to request access to, correction of, or deletion of your personal information, or to opt out of certain processing. To make a request, email valorpm@proton.me with the subject "Privacy Request." We will verify your identity before responding and will not discriminate against you for exercising your rights. Some information must be retained to meet legal obligations.

This website is not directed to anyone under 18, and we do not knowingly collect information from minors.

13Identity Verification & AML

To help prevent money laundering, fraud, and terrorist financing, Valor may require government-issued identification and other information before completing any transaction, and may verify it using third-party sources. Valor may refuse, delay, or cancel any transaction it believes may be unlawful, suspicious, or inconsistent with its policies, and may screen parties against government sanctions lists. Valor files reports required by law — which may include reports of certain cash transactions and information returns for certain metal sales — and may be legally prohibited from telling you that a report was filed.

14Senior & Vulnerable Clients

Valor reserves the right to pause or decline any transaction, and to encourage a client to involve a trusted family member, attorney, or financial professional, where it reasonably believes that the client may be the target of fraud or financial exploitation, may not fully understand the transaction, or may be acting under undue pressure. Clients are encouraged to name a trusted contact person with their representative.

15Use of This Website

All content on this website — including text, design, the Valor name and marks, logos, charts, the Terminal interface, audio, video, and publications — is owned by or licensed to Valor and protected by intellectual-property laws. You may view and print it for your personal, non-commercial use. You may not copy, republish, frame, sell, or create derivative works from it, or use automated tools to extract data from it, without Valor's written permission.

You agree not to misuse the website, interfere with its operation, attempt unauthorized access, submit false information, or use it for any unlawful purpose. Links to third-party websites are provided for convenience; Valor does not control or endorse them and is not responsible for their content or practices.

16Disclaimer of Warranties

To the fullest extent permitted by law, this website, the Terminal, all data, and all publications are provided "as is" and "as available," without warranties of any kind, express or implied, including warranties of accuracy, completeness, timeliness, merchantability, fitness for a particular purpose, title, and non-infringement. Valor does not warrant that the website will be uninterrupted, error-free, or free of harmful components. Product warranties, if any, are limited to those stated in your written trade confirmation.

17Limitation of Liability

To the fullest extent permitted by law, Valor and its members, officers, employees, representatives, and suppliers will not be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages, or for lost profits, lost opportunity, or trading losses, arising from or related to this website, its data or publications, or your reliance on them, even if advised of the possibility of such damages. Valor's total liability for any claim arising from this website or its content will not exceed one hundred U.S. dollars (US$100). Valor's total liability for any claim arising from a transaction will not exceed the premium or markup actually retained by Valor on that transaction.

Some jurisdictions do not allow certain limitations, so some of the above may not apply to you. Nothing in these terms limits liability that cannot be limited under applicable law, including liability for fraud or willful misconduct.

18Indemnification

You agree to indemnify and hold harmless Valor and its members, officers, employees, and representatives from any claims, losses, liabilities, and expenses (including reasonable attorneys' fees) arising from your misuse of this website, your violation of these terms, your violation of law, or information you provide that is false or incomplete.

19Arbitration & Class Waiver

Please read this section carefully. It affects your legal rights.

Informal resolution first

Before starting any formal proceeding, you and Valor agree to try to resolve any dispute informally for at least 60 days after written notice describing the dispute and the relief sought is sent to the other party (to Valor at valorpm@proton.me).

Binding individual arbitration

Any dispute, claim, or controversy arising out of or relating to this website, Valor's publications, communications, or any transaction with Valor that is not resolved informally will be resolved by final and binding arbitration administered by the American Arbitration Association under its Consumer Arbitration Rules, before a single arbitrator. Unless you and Valor agree otherwise, the arbitration will take place in the county where you reside or by video conference. The Federal Arbitration Act governs this section. Either party may instead bring an individual claim in small-claims court if it qualifies.

Class-action waiver

You and Valor each agree to bring claims only in an individual capacity, and not as a plaintiff or class member in any purported class, collective, consolidated, or representative proceeding. The arbitrator may not consolidate claims of more than one person or preside over any form of class or representative proceeding. You and Valor each waive the right to a jury trial.

30-day opt-out

You may opt out of this arbitration agreement by emailing valorpm@proton.me with the subject "Arbitration Opt-Out," including your name and address, within 30 days after you first accept these terms (by using this website or providing your information to Valor). Opting out does not affect any other part of these terms.

If the class-action waiver is found unenforceable as to any claim, that claim must be severed and heard in court, and the rest of this section still applies. Claims must be brought within one year after they arise, unless a longer period is required by law.

20Governing Law

These terms are governed by the laws of the State of New York, without regard to conflict-of-law rules, except that the Federal Arbitration Act governs Section 19. Subject to Section 19, you and Valor consent to the exclusive jurisdiction of the state and federal courts located in New York County, New York.

21General Terms

• Changes. Valor may update these terms at any time by posting a revised version with a new "Last updated" date. Changes apply from the date posted, except that changes to Section 19 will not apply to a dispute already noticed.
• Severability. If any provision is held unenforceable, it will be limited to the minimum extent necessary, and the rest will remain in effect.
• No waiver. A failure to enforce any provision is not a waiver of it.
• Entire agreement. These terms, together with any signed agreement and written trade confirmation, are the entire agreement on their subject. Nothing said orally by any representative changes them.
• Force majeure. Valor is not liable for delay or failure caused by events beyond its reasonable control, including market closures, mint or supplier shortages, carrier failures, cyber incidents, government action, and natural disasters.
• Assignment. You may not assign these terms without Valor's consent. Valor may assign them to an affiliate or successor.
• Headings are for convenience only.

22Contact