GoldLockTreasuryGold-backed research desk

Tuesday 18 August 2026

Kampala Bureau

ISSN 2960-4471

Vol. VI

Tuesday 18 August 2026Kampala Bureau · ISSN 2960-4471Vol. VI

Naomi Frankel

Refining & Custody Correspondent

Naomi writes on refinery accreditation, vault custody and allocated storage, assurance standards for institutional metal holders, and the settlement and redemption mechanics behind gold-backed products.

Articles by Naomi Frankel

01Custody · 6 August 2026London vault capacity and allocated storage pricingStorage was a rounding error in the cost of holding gold. For large allocated holders, it is starting to be a line item worth negotiating.
02Responsible sourcing · 5 August 2026Responsible sourcing audits and the first buyerRefiner-level assurance has improved considerably. The gap has simply moved upstream to the point where metal is first purchased.
03Refining · 2 August 2026Refinery accreditation and African gold accessContinental refining capacity has grown quickly. Accreditation recognised by institutional buyers has not, and that gap sets the discount.
04Digital assets · 27 July 2026Gold-backed tokens face a redemption testIssuance has been the easy half. The credibility of the category now rests on whether holders can take delivery on the terms advertised.
05Market structure · 23 July 2026Clearing and settlement risk in the gold marketVolumes have grown faster than the infrastructure clearing them. The plumbing has held so far, which is not the same as being resilient.