# Ketju research: Finest fGLD

- URL: https://riadefi.com/rejections/finest-fgld/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized commodity
- Reviewed: 2026-09-23
- Next review: 2026-12-23

## Research summary

fGLD is a Cardano token at one gram of gold per token, issued by FI finest Investments GmbH of Düsseldorf and backed by gold in its depot at pro aurum in Munich. About 1,542 fGLD were outstanding on 2026-09-23, roughly $0.2 million, in 39 wallets.

The terms give a “right to purchase goods,” not ownership of gold, so a holder is an unsecured creditor of a small German company for delivery of metal. The only custody confirmation, from October 2024, shows 300 grams, a fifth of today’s supply. One signing key can mint without limit. Gold ships only within Germany and the EU. The assessment is adverse.

## Observable 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

---

Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json