For information on redeeming tokens, click here.
A leading Australian law firm has deemed that these tokens are not considered a security and therefore can be freely traded on any exchange.
All the metal is held by a clean entity, Gold Silver Standard Custodian (GSSC Pty Ltd) free of any liabilities other than the tokens on issue.
A secure but publicly viewable database maintains a record of:
A portal (via Etherscan) to the contract address allows anyone to view the number of tokens on issue. Therefore at any time, anyone can interrogate the system to see that # tokens = # grams metal.
This is verified quarterly by an independent global assurance firm. See here for more details.
Each time a token is transferred from one wallet to another, a fee is deducted from to cover the real world costs of vaulting, insurance, audit, handling and administration. See here for more details.
Upon metal being secured the bars (weight, brand, serial number) are entered into the database.
The minting software reads that database and mints the new tokens corresponding to that metal added and updates the database with the TXID for each bar.
Ainslie Wealth then distribute those tokens to exchanges on market demand or directly to OTC customers.
Upon a token holder redeeming their tokens, Ainslie Wealth will burn those tokens through the burning software, which sends them to the burn address (forever gone) and updates the database with the bars removed and TXID for the burned tokens.
The bars are removed from Reserve Vault and handed over via Ainslie Wealth.