ETF Securities today released the results of the audit conducted by Inspectorate International Limited, one of the world’s leading independent inspection and testing organizations, to review the bullion stock held on behalf of ETF Securities’ physically-backed precious metal exchange traded products (ETPs).
Separate audits were performed on the bullion held by each individual Trust in vaults in Switzerland and London. Inspectorate International verified the existence of precious metals held for the ETFS Swiss Gold Trust (SGOL) at the vaults of UBS Zurich, a sub-custodian of the Trust’s Custodian J.P. Morgan. Audits were also performed on behalf of the ETFS Silver Trust (SIVR) at the vaults of HSBC Bank in London, and ETFS Platinum Trust (PPLT) and ETFS Palladium Trust (PALL) at J.P. Morgan Chase Bank in London.
“As a part of our ongoing commitment in providing a new standard of transparency 1 to the precious metal ETP market and our investors, ETF Securities engages Inspectorate International Limited to audit the bullion held for every one of our Trusts bi-annually,” said Will Rhind 2, Managing Director of ETF Securities. “We pride ourselves in providing investors with the assurance that they are purchasing the underlying physical metal when they invest in an ETF Securities precious metal ETPs.”
Following are the results from the inspectorate International Limited report. Audit results are as of close of business on December 31, 2010:
- ETFS Swiss Gold Trust (SGOL): The account held title to 2,067 London Good Delivery Gold Bars said to be of purity of 99.50% minimum, up to and including 99.99%. As per the weight list records of the Custodian, the bars total 821,617,440 fine troy ounces of gold.
- ETFS Silver Trust (SIVR): The account held title to 17,143 London Good Delivery Silver Bars said to be of purity of 99.90% minimum, up to and including 99.99%. As per the weight list records of the Custodian, the bars total 16,432,608.900 fine troy ounces of silver.
- ETFS Platinum Trust (PPLT): The account held title to 2676 London Good Delivery Platinum Bars said to be of purity of 99.95% minimum, up to and including 99.99%. As per the weight list records of the Custodian, the bars total 397,691.804 fine troy ounces of platinum.
- ETFS Palladium Trust (PALL): The account held title to 9129 London Good Delivery Palladium Bars said to be of purity of 99.95% minimum, up to and including 99.99%. As per the weight list records of the Custodian, the bars total 914,176.885 fine troy ounces of palladium.
- Each individual gold, silver, platinum and palladium bar held by the custodian or sub-custodian was agreed to the records of the custodian or sub-custodian as being held in the name of the above mentioned account. All bar numbers, brand and purities of each bar was check against the records of the custodian or sub-custodian. The weight of a representative sample of bars was taken and then checked against the custodian or sub-custodian’s records.
- Reconciliations were performed between the precious metals inventory records and the records of the custodians. All movements were correctly recorded and the bars held on December 31, 2010 were confirmed by the reconciliation.
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