What does ‘fractional ownership’ of gold bars mean?
Glint democratises gold ownership through fractional ownership of gold bullion. In these days of rampant fraud, clients are understandably concerned and look for assurance of the safety of the gold they buy via Glint. To help explain our process, we have a robust system of verifying Glint’s total gold ownership.
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Glint allows multiple clients, under a legal framework, to own part of an LBMA (London Bullion Market Association) gold bar. Therefore, parts of a bar of gold in the vault may be owned by several separate clients: publishing specific bar numbers would be misleading.
The Glint ledger is the true indication of client gold holdings by volume; this is published in the Glint App as your personal statement.
To verify its total client allocated gold holdings, Glint daily reconciles physical gold allocated between its partners. Each Partner (liquidity provider & Brinks vault) reports daily on the amount of gold purchased/sold and allocated (liquidity provider) and the gold allocated at the vault (Brinks). Glint then reconciles these values against the Glint ledger of record to make sure that Glint has the required holding of client gold allocated at Brinks. Any discrepancies are investigated and resolved in a timely manner. These are then checked monthly by our finance department and ultimately form part of our Corporate Annual Financial Audit.
Furthermore, Glint employs an independent auditor to audit Glint’s gold holdings (on a quarterly basis) in the Brinks vault in Zurich. This audit verifies Glint has the correct amount of gold to cover client liabilities; but it does not verify a specific bar (or part of bar) as belonging to a specific client.
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