Taking delivery of gold at Nymex http://www.nymex.com/rule_main.aspx?pg=20 113.12 Delivery of Gold (a) Gold may be delivered in fulfillment of an Exchange contract for gold only from a licensed depository. A negotiable warehouse receipt issued by and signed on behalf of a licensed depository, endorsed as provided in this Rule 113.12, and accompanied by a weight certificate and, if required, an assay certificate and invoice, shall be good delivery in fulfillment of an Exchange contract for gold and shall be deemed a liquidation of the contract in respect of which such delivery is made. (b) All gold must be delivered to the receiver with handling and storage charges paid up to and including the day of delivery, and the buyer may require the seller to furnish satisfactory proof of payment thereof. Any storage charges prepaid by the seller for a period extending beyond the delivery day (but not in excess of thirty days) shall be refunded by the buyer to the seller on a pro rata basis for the unexpired term, and an adjustment made upon the invoice. (c) A warehouse receipt must be endorsed by each party whose endorsement is necessary to pass title thereto and, in addition, must be endorsed and dated by every Exchange member who transfers it in connection with an Exchange transaction. (d) A member to whom delivery is made in fulfillment of an Exchange contract for gold shall not be required to accept the same if the gold delivered weighs more than 5% above or below l00 troy ounces or is otherwise not in accordance with these Rules. (e) The member to whom delivery is made shall at once make payment to the member making delivery by the electronic transfer of federal funds (“payment”). Payment shall be made upon the basis of the weight as certified in the weight certificate for the lot and the fineness of such gold up to 9999 fine as stamped on the bars. (f) The invoice distributed by the Clearinghouse or its designee shall be accepted by the delivering member as a legal demand for the gold. Before 2:00 p.m. on the day of delivery, the delivering member shall tender to the member allocated the delivery notice the warehouse receipt and weight certificate as hereinabove provided. (g) By the tender of a warehouse receipt for gold, duly endorsed for transfer, the endorser shall be deemed to warrant that the gold described therein weighs l00 troy ounces (5% more or less) and is not less than 995 fine. Such warranty shall remain in effect through successive endorsements of the warehouse receipt in connection with deliveries of gold in fulfillment of an Exchange contract for gold, and shall be for the benefit of each member of the Exchange who shall have taken delivery of the gold in fulfillment of an Exchange contract for gold and for the benefit of the immediate principal of such member. (h) Each delivery of gold in fulfillment of an Exchange contract and the delivery of any invoices required in connection herewith shall be made at the Exchange or such location as may be mutually agreed upon by the Short and Long Clearing Members. Any delivery pursuant to the previous sentence shall be made and accepted between the hours of 12:00 noon and 2:00 p.m. on the day of delivery. The Exchange shall not be liable or responsible for any failure to make or take delivery at such other location or for any other act or omission which can or may occur in connection therewith. In the event that such Exchange member or principal shall claim a breach of such warranty, the lot shall be immediately submitted for sampling, assaying and/or weighing to an assayer designated by the Exchange. The expense of sampling, assaying and/or weighing shall, in the first instance, be borne by the claimant. If a deficiency in quality and/or quantity shall be determined by such assayer, the claimant shall have the right to recover the difference in the market value and expenses incurred in connection with the sampling, assaying and/or weighing, and any cost of replacement of the gold. The claimant may, at his option, proceed directly against the original endorser of the warehouse receipt upon an Exchange delivery without seeking recovery from his immediate deliverer on the Exchange contract, and if the claim is satisfied by the original endorser of the warehouse receipt, intervening endorsers will be thereby discharged from liability to the claimant. If the claimant seeks recovery from his immediate deliverer, and his claim is satisfied by such endorser, the party thus satisfying the claim will have a similar option to claim recovery directly from the original endorser of the warehouse receipt or from his immediately preceding endorser. Such claims as are in dispute between members of the Exchange, shall in each case be submitted to arbitration under the Rules of the Exchange. The liability of an endorser of a warehouse receipt, as provided herein, shall not be deemed to limit the rights of such endorser against any person or party for whose account the endorser acted in making delivery on an Exchange contract. If it shall be determined in such arbitration proceeding that any endorser of a warehouse receipt, or the person or party for whom such endorser acted was aware of the breach of warranty, or was involved in a plan or arrangement with the original endorser (or his principal) to place such inferior gold in licensed depositories for use in deliveries upon Exchange contracts, such endorsers shall not be entitled to recover from any prior endorser for the breach of warranty.