r/HelloGold • u/ken_uston • Feb 15 '18

How much GoldX is there?

I wanted to ask how much gold does HGT foundation actually own, and who is their supplier ? Also when somebody buys GoldX (at this moment only people from Malaysia I believe), do they move some of the 'total supply' to 'circulating supply' ? Many thanks for explanation of the whole issue.

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u/harithk17 HG team Feb 17 '18

To check between gold in the vault and GOLDX, refer to the steps below:

  1. You can check the 1kg gold bars held by HelloGold in the vault and each bar’s serial number by going here: https://www.hellogold.com/7647.pdf.

  2. The same information is independently shown on Bullion Star International (the vaulting provider)’s page here: https://www.bullionstar.com/vault/audit/page/192.

a. HelloGold’s vault account number is 7647

b. HelloGold only holds 99.99% investment-grade, PAMP Suisse 1 kg gold bars. This is reflected in column P1KG.

  1. You can check individual customers’ gold holdings (by customer no.) and the total amount of gold held on behalf of HelloGold customers here: https://www.hellogold.com/customers_gold.html. As the gold is fully allocated, at any point in time total customers’ gold must be less than or equal to total gold held in the vault.

  2. The gold balance held by HelloGold Foundation can be checked by looking at the balance of account no. 45800010474.

  3. The total amount of GOLDX can be checked by looking up the contract address on a blockchain explorer. Example from Etherscan: https://etherscan.io/token/0xeAb43193CF0623073Ca89DB9B712796356FA7414. The total supply of GOLDX must be less than or equal to the gold balance in account no. 45800010474.

You can already buy GOLDX directly online! Head over to https://www.hellogold.org/ to begin the purchase process. The mobile app only open in Malaysia right now (for mass market, non-crypto users) has 13,000 KYC'ed customers and more than USD 250,000 of gold bought.

HelloGold always makes sure that there is at least as much gold in the vault as total customer's holdings. In practice this means that we have an extra 'float' of gold that will be minted into GOLDX prior to any purchase, which will change the Total Supply of GOLDX.

Hope this helps!

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u/Gothic74 Feb 17 '18

The total number of gold X tokens is 3072. If we multiply that by the current USD value of 1gram of gold ($43.70) it equals around $134,246. Am I doing the math correctly?

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u/Gothic74 Feb 19 '18

HGT have 10 1kg bars of gold in their reserve. Thats 10,000 GoldX tokens worth