Kinesis passes independent audit | Kinesis
Kinesis has successfully passed its independent precious metals audit, conducted by Inspectorate International.
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Kinesis is pleased to announce that we have passed the latest independent precious metals audit, conducted by the leading global audit and inspection specialist, Inspectorate International.
The independent audit provides Kinesis users with verification that all Kinesis gold (KAU) and silver (KAG) within the Kinesis Monetary System are backed by a 1:1 allocation of physical gold and silver bullion.
The latest independent audit is available to view on our website here.
Independent audit
On the 23rd of April 2024, Kinesis’ strategic partner, Allocated Bullion Exchange (ABX), produced an inventory report of all physical gold and silver attributed to Kinesis Cayman.The report was presented to Inspectorate International to conduct an independent audit, undertaken across ABX’s global vaulting network, undertaken between the 24th and 26th of April 2024.
At the time the inventory reports were generated, Kinesis gold (KAU) and silver (KAG) in circulation were as follows:
KAU: 1,361,523.129 (as of ledger number 31417224, Tue, 23 Apr 2024)
KAG: 3,560,828.413 (as of ledger number 31466254, Tue, 23 Apr 2024)
All KAU and KAG circulation figures are publicly available and verifiable on the Kinesis blockchain explorer here. The Kinesis blockchain maintains an immutable and irrefutable ledger of all KAU (gold) and KAG (silver) within the system.
The independent audit confirmed the following metal quantities held by Kinesis Cayman as of April 23rd 2024.
Gold (9999 fine equivalent): 1,363,523.129g
Silver (999 fine equivalent): 3,565,820.884ozt
Inspectorate International’s independent report confirmed that Kinesis’ precious metals holdings were as stated, with Kinesis passing all criteria of the inspection.
It should be noted that Kinesis carries an additional 2 x 1kg 9999 gold bars and 5 x ~1000ozt 999 silver bars as reserve, which is reflected in the total metal holdings.
Biannual audits
Throughout the past year, Kinesis’ trial of the quarterly audit schedule has reinforced the integrity of the process and results of the independent audits. As such, our return to a biannual independent audit schedule will retain these same meticulous processes, ensuring full transparency for Kinesis users.Due to persistent delays of third parties and the organisational burden of coordinating globally with said third parties, our trial of the quarterly audit schedule has demanded unsustainable time and resources from key Kinesis team members, at all levels of the organisation. We have decided these core resources are better focused on driving forward the Kinesis Monetary System and championing the sound money movement. We will continue to provide our users with the imperative assurance of biannual independent audits.
The completion of Kinesis’ latest independent audit provides Kinesis users with absolute reassurance that their gold and silver holdings are in safe hands. Kinesis will now continue to deliver audits biannually, providing Kinesis users with the security and transparency only independent audits can offer.
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