Gold & Silver Standard (AUS and AGS) are digital tokens backed by allocated gold and silver bullion already secured, insured and audited in a high-security Australian vault.
If you own AUS or AGS, you own the underlying physical metal, held in custody by the Gold Silver Standard Custodian (GSSC Pty Ltd).
$0.00 on transfers.
$0.00 for storage.
A leading Australian law firm has deemed that these tokens are not considered a security and therefore can be freely traded on any exchange.
AUS and AGS ARE NOT a security, therefore can be freely traded on any exchange.
A secure but publicly viewable database maintains a record of:
All bullion bars secured
Each bar’s serial number
The transaction ID (TXID) for when the tokens for that bar were minted – bar entered
The transaction ID (TXID) for when the tokens for that bar were burned – bar removed
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 blockchain to verify that the circulating supply of AUS and AGS equals the amount of gold and silver held my the Gold Silver Standard Custodian.
This is verified quarterly by an independent global assurance firm. 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 distributes 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 and updates the database with the bars removed and TXID for the burned tokens.
The corresponding bars are then removed from Reserve Vault and handed over via Ainslie Wealth.