Finest fGLD

Summary

Ketju does not approve Finest fGLD: a holder is an unsecured creditor of a small German company for delivery of gold, and the only custody confirmation covers a fifth of the tokens. fGLD is a Cardano token worth one gram of gold. FI finest Investments GmbH of Düsseldorf issues it and keeps the gold in its depot at pro aurum in Munich. On 2026-09-23 about 1,542 fGLD were outstanding, roughly $0.2 million, in 39 wallets. The terms give a “right to purchase goods” and no ownership of gold. pro aurum’s confirmation, from October 2024, shows 300 grams. One signing key can mint without limit, and the issuer ships gold only within Germany and the EU.

Review triggers
• The issuer amends its terms to transfer title to specific bars held outside its estate
• pro aurum or an auditor confirms gold for the whole supply
• Tokens are minted by another policy, or supply grows without a new confirmation
• The issuer refuses a redemption or sells a holder’s gold for storage fees

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-23.

Research

How it works

The operative clause states that the token “represents one right to purchase goods for 1g of gold per token.” The German original states “Recht auf Warenbezug.” Under German law that is a claim for delivery of goods of a kind, and it gives no ownership of particular bars. The issuer would have to transfer title to specific bars (Eigentum or Miteigentum), and the terms never say that it does. They add that holding a token “does not grant an automatic entitlement to the physical delivery of gold.” The gold sits in a pro aurum depot in the name of FI Investments GmbH. In an insolvency, the metal would belong to the company’s estate, and holders would claim alongside its other creditors. The terms deny that fGLD is a security under MiCA or BaFin rules.

Size and holdings

pro aurum confirmed on 2024-10-02 that the depot held three 100-gram bars, or 300 grams. The issuer kept minting through 2026-04-30, and supply reached about 1,542 fGLD. The issuer has published no later confirmation or audit. The issuer’s own app reports 930 minted and a supply of 1,800, and neither figure matches the chain. No published document shows gold for more than a fifth of the tokens.

Withdrawals

A KYC-verified holder emails a request for at least one token. The issuer sends the gold by post in Germany (€19 to €49) or the EU (€89), or the holder collects it at a pro aurum branch in Germany or Zurich. Redemption is free and takes several working days. The issuer does not ship to the US.

Fees

Purchases cost spot plus €9 a gram and prepay five years of storage. After five years, if the holder has not paid storage, the issuer may sell the holder’s gold, and the tokens expire.

Who controls it

Cardano native tokens have no freeze or clawback at the ledger level, so nobody can block an issued token on chain. The minting policy is a native script that needs one signature, from key hash e7592241…ac88, and it has no time lock. That single key can therefore mint any amount. The terms let the issuer block accounts and confiscate funds of users who break its rules. The issuer can enforce this only by refusing service and redemption. The terms allow transfers between holders only “without the intention of making a profit,” and the chain does not enforce that rule.

Comparison

PAX Gold gives title to allocated bars. fGLD gives a delivery claim on a small company’s estate, and its only reserve confirmation is two years old and covers a fifth of supply. Ketju will review fGLD again if the issuer grants holders title to specific bars held outside its estate and publishes a current custody confirmation for the whole supply.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• FI finest Investments: Information and Terms for the finest GoldToken v1.02, English (2024-10-02) · primary · accessed 2026-09-23
  Supports: right to purchase goods, no automatic delivery entitlement, not a security, redemption and shipping, blocking and confiscation, storage lien
• FI finest Investments: Informationen GoldToken v1.02, German original (2024-10-02) · primary · accessed 2026-09-23
  Supports: Recht auf Warenbezug
• pro aurum GmbH: balance confirmation (2024-10-02) · primary · accessed 2026-09-23
  Supports: 300 g in the issuer’s depot
• Finest app API: fGLD project record · primary · accessed 2026-09-23
  Supports: Cardano policy, reported minted amount and supply

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.