Kinesis has passed its Q2 2023 independent precious metals audit, conducted by the leading global audit and inspection specialist, Inspectorate International.
The independent audit provides community members 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.
Kinesis audits are now independently conducted on a quarterly basis, offering further transparency and assurance to users of the Kinesis Monetary System.
Alongside the introduction of a more frequent auditing schedule, the Q2 2023 audit report offers community members a more succinct summary of the audit results. The new audit report format offers further accessibility for Kinesis users, enabling those with all levels of industry experience to easily digest the report’s findings.
The Q2 2023 audit is now available for the Kinesis community to view on the website here.
Q2 2023 Quarterly Audit
On the 17th of April 2023, 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, on the 18th, 19th and 20th of April 2023.
On the 17th of April 2023, at the time the inventory reports were generated, Kinesis gold (KAU) and silver (KAG) in circulation were as follows:
KAU: 1,224,988.105 (as of ledger number 25451345)
KAG: 3,111,075.356 (as of ledger number 25481619)
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 Monday 17th April 2023.
Gold (9999 fine equivalent): 1,226,988.105g
Silver (999 fine equivalent): 3,116,067.635ozt
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 in physical reserve; these are reflected in the total metal holdings.
When it comes to precious metals ownership, we understand the imperative assurance of regular independent auditing. As Kinesis marches forward, we will continue to provide audit reports on a quarterly basis, providing transparency to Kinesis users across the globe.
See the latest audit report here