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The short version

The terms we use and the questions people ask most. For anything more detailed, ask us directly.

Glossary

Terms we use

Gold-backed ounceA unit backed by one fine troy ounce of allocated gold in a vault, linked to the record of where that gold came from.

Allocated goldSpecific, numbered bars set aside for one owner, rather than a share of a common pile.

Forward purchase agreement (FPA)A contract where the buyer prepays for a set amount of gold that the mine delivers later.

Stream and royaltyUpfront funding repaid with a share of a mine's future output: ounces bought at a reduced price (stream) or a share of output or revenue (royalty).

SPVA company set up for one deal, so its money, contracts and gold stay separate from everything else.

Placer and hard rockPlacer gold is loose in sand and gravel and is washed out. Hard-rock gold is locked in veins and has to be crushed and milled.

DoréGold mixed with other metals, poured at the mine before it goes to a refinery.

AssayA lab measurement of how much gold is in a sample or a bar.

Bar listA numbered list of the bars set aside for one owner, with weight and purity.

KYCKnow your customer: the identity checks a buyer passes before they can hold ounces.

FAQ

Questions people ask us

What does Etalon Vault do?

Etalon Vault reviews mines, keeps each asset's file, vaults delivered gold and issues gold-backed ounces against it, one ounce for each fine troy ounce in the vault.

Is Etalon Vault part of the purchase contract?

No. The buyer, or a company set up for the deal, signs directly with the mine. Etalon Vault takes over once the gold is delivered and refined.

What does a buyer hold before and after delivery?

Before delivery, a contract right to receive gold. After the gold is refined, vaulted and confirmed, gold-backed ounces in an account in their name.

Who can see what?

It depends on role. The public sees how the standard works, buyers see an asset's full file with origin shown by country, and reviewers see the claims they were asked to test. The technology page has the full table.

Why isn't the mine named?

To protect the people and the mine. Buyers see the country of origin, dates, reviewers and results.

What can go wrong?

A mine can deliver less gold than planned or deliver it late, gold prices can move, and a partner can fail to do their part. Every asset's file lists the risks that apply and what the contract says happens.

Who can take part?

People who pass a short review. Who qualifies depends on the offer and the country.