Legal

Terms of Service

Last updated: August 10, 2026

These Terms of Service (“Terms”) govern your access to and use of Aurum Terminal (“Aurum,” “we,” “us,” or “our”), including our website, published research, and related services (the “Service”). Aurum Terminal is operated by Logan Brendsel, an individual based in the United States, trading under that name. Aurum is an independent research publication: we write long-form analysis of the narratives moving markets, log each thesis with the conditions that would prove it wrong, and keep a public record of how those calls turn out. By creating an account or using the Service, you agree to these Terms. If you do not agree, do not use the Service.

1.Not financial advice

The Service provides written research, analysis, and market commentary for informational and educational purposes only. It is not financial, investment, legal, or tax advice, and it is not a recommendation to buy or sell any asset. A thesis published on Aurum is an opinion about what may happen — including where we think it would be proven wrong — and nothing more. Our full Risk Disclaimer is incorporated into these Terms by reference — please read it carefully. You are solely responsible for your own trading and investment decisions.

2.Eligibility

You must be at least 18 years old and legally able to enter into a binding contract to use the Service. You represent that you are not barred from using the Service under the laws of your jurisdiction, and that you will comply with all laws applicable to your use.

3.Your account

You agree to provide accurate information and to keep it up to date.
You are responsible for safeguarding your login credentials and for all activity that occurs under your account.
Accounts are for a single individual. You may not share, sell, or transfer your account or access.
Notify us promptly of any unauthorized use. We are not liable for losses arising from unauthorized use of your account.

4.Subscriptions, billing & cancellation

Access is currently free. Every paper and update is open to anyone with a registered account, no payment required, and no paid plan is being offered for sale at this time. The paragraph below describes the paid membership as it will operate when subscriptions open; until then nothing on this site is charged for and no payment details are collected.

A free account is available to anyone. Membership is a single paid plan, billed either monthly or annually at the prices shown on our membership page; the annual option is the same membership at a discount for paying a year at once. Membership unlocks every research paper in full, each thesis with its entry and the conditions that would prove it wrong, and delivery of new papers by email. By subscribing you authorize us and our payment processor to charge your payment method on a recurring, automatically renewing basis — monthly or yearly, matching the option you chose — until you cancel.

Payments are processed by Stripe. We never receive or store your full card details. Your use of payment features is also subject to Stripe's terms.
Renewal: your subscription renews automatically at the end of each billing period at the then-current price unless you cancel before the renewal date.
Cancellation: you may cancel at any time from the billing portal. Cancellation stops future renewals; your paid access continues until the end of the current billing period.
Price changes: we may change subscription prices. We will give reasonable advance notice, and changes apply to the next billing cycle.
Refunds: except where required by law, payments are non-refundable, including for partial billing periods. We may, at our sole discretion, offer refunds on a case-by-case basis.

5.Acceptable use

You agree not to:

resell, redistribute, republish, relay, or commercially exploit the research, data, or any part of the Service;
reproduce a paper in full, or in substantial part, anywhere outside the Service — short quotations with attribution and a link are welcome;
share your account or access with anyone else;
scrape, crawl, or use automated means to access or extract data from the Service beyond normal use;
use the Service, or any research published on it, to train or fine-tune a machine-learning model;
interfere with, overload, or disrupt the Service or its infrastructure; or
use the Service for any unlawful purpose or in violation of these Terms.

6.Intellectual property

The Service — including its research, written analysis, charts and figures, text, design, and branding — is owned by Aurum and its licensors and is protected by intellectual-property laws. Subject to these Terms, we grant you a limited, non-exclusive, non-transferable, revocable license to read and use the research for your own personal, non-commercial purposes. All rights not expressly granted are reserved. If you send us feedback or suggestions, you grant us a perpetual, royalty-free license to use them without obligation to you.

7.Third-party services & data

The Service relies on third parties, including payment processing (Stripe), hosting, and market-data providers. We are not responsible for the availability, accuracy, or actions of third-party services, and your use of them may be subject to their own terms. Market data may be delayed or inaccurate as described in the Risk Disclaimer.

8.Disclaimer of warranties

THE SERVICE IS PROVIDED “AS IS” AND “AS AVAILABLE,” WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, AND NON-INFRINGEMENT. We do not warrant that the Service will be uninterrupted, error-free, or secure, that any research, figure, or data will be accurate or timely, or that any thesis we publish will turn out to be correct.

9.Limitation of liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, AURUM AND ITS OPERATOR WILL NOT BE LIABLE FOR ANY TRADING OR INVESTMENT LOSSES, OR FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS, DATA, OR GOODWILL, ARISING FROM OR RELATED TO YOUR USE OF (OR INABILITY TO USE) THE SERVICE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

OUR TOTAL LIABILITY FOR ANY CLAIM ARISING OUT OF OR RELATING TO THE SERVICE OR THESE TERMS WILL NOT EXCEED THE GREATER OF (A) THE AMOUNT YOU PAID US IN THE TWELVE (12) MONTHS BEFORE THE EVENT GIVING RISE TO THE CLAIM, OR (B) USD $100. Some jurisdictions do not allow certain limitations, so some of the above may not apply to you.

10.Indemnification

You agree to indemnify and hold harmless Aurum and its operator from any claims, damages, losses, liabilities, and expenses (including reasonable legal fees) arising out of your use of the Service, your trading decisions, or your violation of these Terms or any law or third-party right.

11.Termination

You may stop using the Service at any time. We may suspend or terminate your access at any time, with or without notice, if you violate these Terms or if we discontinue the Service. Provisions that by their nature should survive termination (including sections 1, 6, 8, 9, 10, and 12) will survive.

12.Governing law & disputes

These Terms are governed by the laws of the State of South Dakota, United States, without regard to conflict-of-law principles. You agree that any dispute arising out of or relating to these Terms or the Service will be resolved exclusively in the state or federal courts located in South Dakota, and you consent to their jurisdiction.

13.Changes to these Terms

We may update these Terms from time to time. When we do, we will revise the “Last updated” date above and, for material changes, provide reasonable notice. Your continued use of the Service after changes take effect constitutes acceptance of the updated Terms.

14.Miscellaneous

If any provision of these Terms is found unenforceable, the remaining provisions remain in effect. Our failure to enforce a provision is not a waiver. These Terms are the entire agreement between you and us regarding the Service. You may not assign these Terms; we may assign them in connection with a merger, acquisition, or sale of assets.

15.Contact

Aurum Terminal is operated by Logan Brendsel, an individual based in the United States. Questions about these Terms, or formal notices, should go to support@aurumterminal.net, which is the fastest way to reach a person.

See also our Risk Disclaimer and Privacy Policy.