APMD Code of Ethics
Accredited Precious Metals Dealer Standard of Excellence
Accredited Precious Metals Dealer standards are strict. One of the requirements is an agreement to adhere to the APMD Code of Ethics. Each Accredited Precious Metals Dealer takes the following pledge:
- To furnish sound educational resources to my non-professional customers on precious metals matters to the best of my ability.
- To deliver the precious metals I sell promptly, unless otherwise agreed between myself and my customer.
- To pay for precious metals I have purchased promptly, unless otherwise agreed in writing between myself and my customer.
- To refrain from misrepresenting the prices, quality or guarantees attached to my merchandise or that of my competitors.
- To quote a buy price on any precious metals item I sell on a regular basis, not including items rarely in stock. A precious metals item shall be defined as a commonly traded coin, medallion or bar from any established and reputable mint. Collectible items, such as vintage bars, nuggets, low-mintage items, etc. and bullion items that are third-party graded shall be excluded from the buy price requirement.
- To include in my “terms and conditions” and make available to retail customers, either verbally or in writing, information which explains why bullion sales may be final, why prices fluctuate and what to do when it’s time to sell.
- To assist governmental authorities in investigating and prosecuting dealers in precious metals items when appropriate.
- To refrain from knowingly dealing in stolen precious metals items.
- To refrain from knowingly dealing in counterfeit precious metals items.
- To abide by all applicable state and federal laws regarding precious metals reporting requirements.
- To refrain from any of the following in dealing with non-professional customers:
(a) buying or selling at unreasonable prices;
(b) using high-pressure sales techniques;
(c) using misleading performance data;
(d) intentionally misrepresenting precious metals offered;
(e) intentionally misrepresenting the weight of precious metals items;
(f) intentionally misrepresenting the value of precious metals items;
(g) intentionally misrepresenting the investment potential of precious metals items;
(h) intentionally misrepresenting an affiliation between myself and any Government agency.
- To make an oral or written disclosure to my retail customers that (a) the precious metals market is speculative and unregulated; (b) as an APMD member, I am obliged to arbitrate any dispute relating to the purchase, sale or trade of precious metals.
- To respect my contracts with all parties to precious metals transactions, whether written or oral.
- To respect my fellow Accredited Precious Metals Dealers’ contracts with third parties and not knowingly interfere with same.
- To freely exchange non-proprietary information with my fellow Accredited Precious Metals Dealers when requested to do so.
- To refrain from intentionally defaming the character of a fellow Accredited Precious Metals Dealer or the quality of that dealer’s products or services for commercial advantage.
- To give evidence at APMD arbitrations upon request.
- To honor the provisions of APMD arbitration awards to which I am a party.
This Code of Ethics shall be binding upon all APMD members and their registered representatives and employees, as well as on any non-member affiliated with any entity that (a) utilizes the APMD logo or trademark; (b) has a bourse table at a PNG-sponsored convention; or (c) is owned by, or employs, an Accredited Precious Metals Dealer.
Conduct Prejudicial to PNG
Violations of the Code of Ethics shall constitute conduct prejudicial to the PNG and may subject violators to censure, suspension or expulsion from PNG.