How Orders Work
Every trade, on the record.
Dormy operates on a simple principle: nothing is bought or sold until you have personally authorized it, at a price you have approved, on a call that is recorded. This page explains how a quote becomes an order, how a sell works, and how buyback works.
The short version
Non-discretionary. Dormy never places a buy or a sell without your authorization through our compliance office.
On the record. Every trade is authorized on a live recorded call with a compliance officer, including the approved price. Dormy places it directly afterward; the price locks on placement.
Price or better. On a buy, you never pay more than your stated price. On a sell, you never receive less.
Standing buyback. Dormy will always buy back products it has sold — any time, no questions asked.
How a quote works
Every quote starts as a written, time-stamped indication: the product, the quantity, the spot reference, the premium, and the total. It is valid for a short window, because the underlying metal price moves continuously. Our guide on how to read a dealer's quote walks through each line.
The time-stamped quote is an indication, not an order. An order is authorized on the recorded compliance call and placed by Dormy directly afterward. The price locks when that transaction is placed, not when the indicative quote is issued.
The recorded compliance call
When you decide to proceed, a compliance officer joins the call, records it, and states the order back to you in full before anything is placed. The recording captures the product, the quantity, and the price you have approved.
A buy authorization sounds like this: “Buy 100 ounces of gold at $4,000 per ounce or better.” For a buy, “or better” means the fill comes in at or below $4,000 — never above it. A sell works the same way in reverse: “Sell 100 ounces at $4,000 or better” means you receive $4,000 or higher — never less.
The dollar figures above are illustrations, not prices.
If you would like a copy of any compliance recording for your records, ask. We will provide it.
Funding before a purchase
A new client must have cleared funds before Dormy places a purchase.
An existing client with an account may, by arrangement for that order, be given a few days to cover a purchase. This is an order-specific arrangement, not an automatic entitlement. Approved later payment does not reset or reprice a transaction whose price has already locked on placement.
Non-discretionary by design
Dormy accounts are non-discretionary. We do not manage your account, and we never make a buy or a sell without your explicit authorization through the compliance office. No trade is placed on our judgment alone; every trade is placed on yours.
How buyback works
Dormy will always buy back products it has sold — any time, no questions asked. You never have to sell back to us; you are free to sell elsewhere. But if you want liquidity, the door is always open.
A sell follows the same discipline as a buy. You request a buyback, receive a time-stamped indication, and then confirm the sale on a live recorded call with a compliance officer, at a price you have authorized. Dormy places the sale directly afterward, and the price locks on placement. “Or better” protects you in the same direction it does on a buy: you receive your stated price or higher, never less. For bars bought elsewhere, the guide to selling gold bars covers testing and the written quote.
Once placed, an order is final
You authorize the purchase or sale on the recorded compliance call. Dormy places the transaction directly afterward; the price locks when it is placed, and from that point it cannot be cancelled. Authorization and placement are separate steps. An approved existing-account arrangement to pay later does not reset or reprice that locked transaction.
Before placement, the compliance officer will walk you through the full order — product, quantity, price, and the “or better” direction — before asking for your authorization. Nothing is ever placed without it, and you are never rushed into giving it.
This page describes how Dormy handles orders, quotes, and buyback requests. It is not a contract; the written order confirmation for each transaction governs that transaction. If anything here ever differs from your written confirmation, the confirmation controls — and we would like to hear about it.
Before you act
A word on pricing volatility.
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See what a quote looks like.
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