Last updated: 5 July 2026.
Capital at Risk
Physical precious metals trading and any related financing arrangement carry a material risk of partial or total loss of the amount committed. You should not commit funds you are not able to bear the full loss of.
Illustrative Figures Only
Where numeric targets are shown (for example, indicative return per transaction, target number of transactions per period, or aggregate program returns), these are illustrative and non-guaranteed. They depend on market conditions, execution timing, counterparty performance, refining outcomes, regulatory changes, and other factors, several of which are outside our control.
Concentration & Counterparty
The program relies on a focused network of sourcing partners, refineries and end buyers. Adverse events affecting one or more of these counterparties can have a disproportionate impact.
Regulatory & Sanctions Risk
Changes in Singapore, UAE, Hong Kong or source-country regulation, including sanctions listings, export duties and licensing, can impair the program's operations without warning. New listings can render inventory or counterparties non-transactable.
Physical & Logistical Risk
Cargo can be lost, damaged or seized in transit or at customs. Insurance may not cover consequential loss or extended delays. Assay disputes at destination can materially reduce recovered value.
Fraud & Substitution Risk
Gold sourced from artisanal and small-scale mining carries documented risks of goods substitution and origin misrepresentation. Notwithstanding the controls described on this website, no set of controls eliminates fraud risk in this segment entirely.
Currency Risk
Trades are denominated in US dollars. Participants whose functional currency is not USD bear exchange-rate risk on entry and exit.
Liquidity Risk
Any capital committed to a financing arrangement in the program is expected to remain committed for the full agreed term, and cannot be readily withdrawn on demand. No secondary market exists for such positions.
Independent Advice
The risks summarised above are not exhaustive. You are strongly encouraged to obtain independent legal, tax, regulatory and financial advice before making any commitment.