Question Three — Who Checks, and May I Watch?

Most storage failures in this industry were not discovered by the custodian. They were discovered when someone independent finally counted, or when a client asked to see their metal and could not. A custodian who both holds the metal and verifies it has no external check at all.

Frequency matters as much as existence. An audit conducted once at the outset confirms a position at a moment; a periodic audit confirms it continues to be true. The second is what makes the arrangement verifiable rather than merely documented.

• Who performs the audit, and are they independent of you?
• How often?
• Is it a full count or a sample?
• May I attend, or send my own representative?
• May I see the most recent report?

A facility confirming its own holdings is asserting rather than verifying. An independent audit means somebody with no interest in the answer has counted what is present and compared it against what is recorded.

Ask who performs it, how often, whether clients can see the result, and whether you can arrange your own inspection. A facility comfortable with all four is a different proposition from one that answers only the first.

1. 01Independent audit rather than self-verification.
2. 02Clients may attend.
3. 03You may inspect your own holding at any appointment.
4. 04Records available to you and anyone you name in writing.

The single best test of a storage arrangement is asking to see your own metal at short notice. A real custodian finds that unremarkable. Anywhere that treats it as a difficult request has told you something important, and the request itself costs you nothing.

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