Transparency
The Reserve Register is designed to answer that question without reducing it to a single misleading number. Physical gold, contracted future gold, Mineral Reserves and Mineral Resources remain visibly separate.
If an asset supports GFC, a holder should be able to understand what it is, the nature of GFC's interest in it, who independently verified the relevant information, where applicable where the asset is held, and when the information was last verified.
Gold may change category as it moves through the economic path. When gold moves from one category to another, the prior category must be adjusted so that the same economic interest is not counted twice.
Reserve Register — reporting structure
What does one GFC economically represent today?
Issued GFC
To be reported
Qualifying Trees
To be reported
Allocated physical gold
To be reported
Contracted future gold
To be reported
GFC-attributable Mineral Reserves
To be reported
GFC-attributable Mineral Resources
To be reported
Last independent verification
To be reported
Technical / custody references
To be reported
Physical gold held
Contracted future gold
Mineral Resources
Mineral Reserves
Physical gold held is not contracted future gold. Contracted future gold is not an attributable Mineral Reserve. A Mineral Reserve is not a Mineral Resource. Issued GFC is a currency-supply figure, not a metal figure. Independent verification dates tell a holder whether the supporting work is current.
Where appropriate and supportable, the Register may also show transparent per-GFC measures, including allocated physical fine gold per GFC. Such reporting does not by itself create a fixed bullion-redemption right.
Transparency includes adverse information. Material reductions, delays, delivery shortfalls or other developments capable of materially affecting GFC's economic interest should also be communicated, subject to applicable law and legitimate confidentiality obligations.
White Paper 2.0 — 12 · Transparency, Reserve Register & Governance
