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Whate is the difference between ALLOCATED and UNALLOCATED gold?

ALLOCATED gold is where the purchaser of a certificate or unit is guaranteed that such certificate or unit is 100% represented by physical gold that can be identified and is subject to regular audit.

UNALLOCATED gold, however, is a process used by Custodians of gold assets to NOT specifically identify each certificate or unit to a particular serialised [identifiable] bar of gold, which can result in significant risks for the holder of the certificate or unit.