Quality and security of customer assets have top priority at GoldMoney. You need to be assured that the metals you buy with us are 100% yours and only of the highest quality. To address both needs we have developed the GoldMoney Standard, which is based on ultrasound bar testing and independent, third party audits.
Between October 2010 and March 2011 we conducted ultrasonic inspection to verify that all customers' gold bars were free of foreign materials and defects. Any bar that failed the ultrasound test was melted down, assayed and then recast into a new bar. Only ten of the 1,377 stored gold bars failed the ultrasound test and were recast to ensure they meet the requirements of the London Good Delivery standard. As of April 2011, we are scanning all new gold bars we acquire on behalf of our customers.
The quality test is performed using an ultrasound scanning device, developed by General Electric Inspection Technologies (GE). The test is carried out directly within our vaults. It is the same technology used to assure personal safety in the medical and aviation industries.
Once we have tested the gold bars using our ultrasound scanning devices, and we have the highest certainty that the bars adhere to our rigorous quality standards, they are given our Digital Hallmark™ seal of approval.
For further information, you can read more about GE's Phasor products.
Video - Ultrasound Testing at Work (requires Flash player):
The precious metals we store for you in high security vaults are audited regularly and reconciled with the metals in our database. All audits are conducted by independent third parties, and the reports are published on our website. The purpose of the audits is to ensure a one-to-one ratio of precious metals in our vaults and precious metals recorded in our database.
The audits are performed in order to:
1. Confirm all bars recorded in the vaults’ weight lists are actually stored securely in the vaults (Inspectorate audits the bar list by counting the bars in the vaults on a quarterly basis)
2. Confirm the total weight of the precious metals in the bar list is always equal to the total weight of the precious metals recorded in our database (the ISAE 3402 audit performed by a Big Four accounting firm certifies the one-to-one ratio on a quarterly basis, and the report is made available to customers after they login to their GoldMoney Holding)
By introducing the GoldMoney Standard to the gold bullion we buy and store for you, we commit ourselves to providing you with the highest assurances that your gold is safe.