Partners can check the partnership's controls for themselves. These controls reduce risk but do not remove it. A refinery's insolvency or default, and the cost of enforcing a pledge, remain risks to the partnership.
Each partner can view their own partnership's bank account at any time, where their bank supports view-only access. Once capital is advanced to a refinery's trading account, the partner follows it through the monthly statement and the independent custody statement, not the bank view.
Mass Capital plus an independent attorney or auditor must approve each payment from the partnership's account. While an independent signatory is being replaced, only refunds, distributions and withdrawals may be paid.
Every bar is allocated in grams to specific partnerships when it is bought (one bar can be split between partnerships), and recorded by tag number, weight and price. A partnership's result comes only from its own grams, kept separate from each refinery's own business.
Gold bought with partnership money is segregated, tagged and pledged until sold, with the option of a registered special notarial bond.
No gold is bought until the insurance is in place. Partnership gold must be insured for its full replacement value against theft, robbery, fire, loss and damage, in the vault and in transit, by a specialist precious-metals underwriter. Trading losses and gold price movements are not insured.
No Zambian gold is bought until all permit, export, assay and provenance papers are received. South African purchases follow the refineries' FICA and provenance checks.
A monthly statement with an independent custody statement for the partnership's grams, assay certificates for every bar, and audited annual accounts for each partnership.
Capital is deployed only with refineries holding the refining licence required where they operate, each under its own agreement, running FICA checks on every seller and buyer.
General partner. Reg. 2022/593795/07
Mass Capital is the general partner of each partnership. It forms and runs each partnership as principal, controls each partnership's bank account with an independent co-signatory, and pays monthly distributions.
Operators
They buy, assay, hold and sell the gold, each under its own refinery agreement with Mass Capital. Refineries are operators, not partners, and capital can be deployed with more than one refinery.
Mass Capital personally invites partners. No one else is paid to introduce partners.