A Principal Trader in Physical Gold. Not a Financial Intermediary.

Our Role in the market

"Physical scarcity, when controlled end-to-end, produces repeatable, verifiable outcomes independent of market narratives."

168 Capital is not a gold fund, a bullion dealer, or a commodity broker. We operate as a principal trader, taking direct legal title to physical gold at the point of purchase and holding it through the full supply chain until delivery to an institutional buyer. This is a fundamentally different model from financial products that reference gold prices without ever touching the metal.

Our operating corridor spans Africa, where we work exclusively with licensed, locally registered gold producers operating under formal government export frameworks. Every gram of gold we handle is traceable from its country of origin to its final delivery point, a standard that most market participants cannot meet.

168 Trading Ltd, our Mauritius-based trading entity, holds legal title to and custody of the physical gold throughout every trading cycle, operating as the principal commodity trader. This structure is deliberate: it eliminates the pooled fund architecture, the associated regulatory complexity, and the counterparty layers that dilute returns in conventional gold investment vehicles.

Opco Corridors

1

Initial corridor in GHA, additional corridors in development

Transaction Cycles

36-40

Annual transaction cycles from source purchase to institutional delivery

Minimum Purity

96%

Minimum purity at local refinery, prior to final output

The 168 Capital Advantage

Why The 168 Model Is Different From Other Gold Allocations

The majority of capital allocated to "gold" is actually allocated to financial instruments that reference the gold price. The distinction matters, not just philosophically, but in terms of risk profile, return source, and correlation to the very market conditions investors are hedging against.

01

Returns from Throughput,
Not Price

Our returns are generated from the margin between the verified purchase price of physical gold and its institutional sale price, not from gold price appreciation. This means our return profile is structurally independent of whether the gold price rises or falls. We make money when gold moves through the supply chain, not when markets move.

02

No Pooled Structure,
No Fund Risk

We do not operate a fund. There is no pooled vehicle, no NAV, no redemption queue, and no manager exercising discretion over a pool of investor capital. Each participant engages through a direct bilateral contractual arrangement. This eliminates the regulatory and structural complexity of collective investment schemes and the risks that come with them.

03

Short-Duration Capital Deployment

Each trading cycle runs for a maximum of 20 days from source purchase to institutional delivery and settlement. Capital is not locked in a long-duration vehicle. This short-cycle structure limits exposure duration, creates natural liquidity events, and allows the programme to adapt to corridor conditions without being constrained by long-term commitments.

program Comparison

The Operational Model

A Closed, Controlled Supply Chain

—

Every transaction follows the same disciplined five-step sequence. There are no shortcuts, no informal steps, and no stage at which independent verification is bypassed. This is how we maintain the integrity of the corridor and the quality of our output.

Gold is purchased exclusively within the country of origin from licensed producers operating under formal government export frameworks. We do not reclassify gold in transit or aggregate through informal corridors. Every purchase is accompanied by certificates of origin, ownership documentation, and government licensing confirmation.

01

Verified Local Sourcing

Country of Origin · Licensed Producers · Documented Provenance

02

Multi-Stage Independent Verification

Before any payment is released, gold undergoes a mandatory multi-stage verification process conducted by independent, accredited inspection agents. This can include desktop testing (XRF analysis, hydrostatic density testing, and acid testing), followed by a formal fire assay at an accredited laboratory. Payment is not released until the fire assay is complete and the result meets our contracted minimum purity threshold.

Fire Assay · Independent Inspection · No Payment Before Assay

03

Controlled Transport and Local Refinement

Following verification, gold is transported directly from the source to an accredited local refinery under secure logistics. The refinery brings the gold to a minimum purity of 96% and issues institutional-grade documentation, including a refinery certificate and insurance coverage. Transport is same-day from source to holding vault, minimizing counterparty exposure during transit.

Direct Transport · Accredited Refinery · 96% Minimum Purity · Insured

04

Independent Institutional Custody

Refined gold is held in custody by an independent and accredited custodian at all times. While 168 Trading Ltd holds legal title to the gold as principal trader, independent custody provides third-party verification of asset existence and quality, ensuring institutional-grade protection against operational and counterparty risk. Custody is segregated and independently auditable.

Accredited Custodian · Segregated · Third-Party Verified

05

Institutional Delivery and Settlement

Gold is delivered to a major global refiner or institutional buyer, with settlement occurring upon completion of the destination assay. Our buyer relationships are established and pre-qualified, eliminating speculative market exposure at the point of sale. All transactions are documented with commercial invoices, customs clearances, and government certifications, forming a complete, auditable trail.

Pre-Qualified Buyers · Destination Assay · Full Documentation Trail

Three Layers of Independent Oversight

Governance Architecture

Our risk management architecture is built on three independent governance layers, each designed to prevent any single point of failure from cascading through the operation. Independence at each layer is non-negotiable, it is the structural basis on which institutional participants can rely on our reporting.

—

Institutional Custody

◈

Physical gold is held in custody by an independent, accredited custodian at all times, providing third-party verification of asset existence and quality that is entirely separate from our trading operations.

An independent, binding assay is a prerequisite for acceptance of any gold into our system. This eliminates quality risk at the source and ensures the integrity of the metal is never in question at any subsequent stage of the chain.

Independent Assay Authority

◈

Gold Trading Committee

Our GTC brings together the heads of Trading, Risk, Compliance, and Operations. Consensus-driven decision-making ensures that no single department becomes a point of failure in the operational or governance process.

◈

Ethical Standards Are Not Optional - They Are Operational

Responsible Sourcing

Our sourcing policy is deliberately restrictive. We recognise that stricter sourcing constraints limit short-term volume and flexibility. This is intentional. The integrity of our operational corridor depends on provenance clarity from the first point of contact with the metal.

We work exclusively with locally produced gold, acquired within the country of origin, through verified counterparties operating under formal licensing and export frameworks. Gold is not reclassified in transit, aggregated through informal corridors, or sourced via jurisdictions unrelated to production.

By prioritizing provenance and governance at the source, we reinforce the durability of the entire corridor, protecting counterparties, institutional buyers, and the platform's integrity.

No Conflict Minerals

We do not source from conflict-affected or high-risk areas as defined by the OECD Due Diligence Guidance for Responsible Supply Chains.

No Transit Reclassification

Gold is never reclassified in a transit jurisdiction. Country of origin documentation is maintained throughout the entire chain.

Licensed Counterparties

Every supplier operates under a formal government mining and export licence. Unlicensed or informal producers are excluded without exception.

Full Audit
Trail

Every transaction generates a complete documentation set: certificates of origin, assay reports, customs clearances, and commercial invoices.

Reporting & Transparency

The GoldHUB

—

Qualified participants gain access to the GoldHUB 168 Capital's proprietary reporting portal. The GoldHUB provides real-time trade cycle notifications, settlement reports, custodian confirmations, and complete due diligence documentation in a single, secure environment.

The GoldHUB is not a public platform. Access is granted following qualification and the execution of the relevant bilateral agreements. It is designed to give participants the level of transparency they would expect from a regulated custodian without the administrative overhead of managing multiple reporting relationships

GoldHUB Provides

— Real-time trade cycle status and settlement notifications

— Independent custodian confirmations and custody reports

— Fire assay certificates and inspection agent reports

— Complete due diligence documentation and legal framework access

— Operational corridor performance and throughput data

.168 Capital works with a small number of qualified participants who seek direct exposure to physical commodity trading returns. Participation is structured bilaterally, on a private basis, and is not available through public channels. 168 Capital does not offer a retail product.

Begin Qualification

Engage With Our Team

—

168 Capital engages exclusively with qualified institutional participants, family offices, and UHNW counterparties. If you would like to understand how our operational model may be relevant to your capital allocation objectives, we invite you to make contact directly.

This page is published for informational purposes only and does not constitute an offer, solicitation, or advertisement of any financial product, investment program, or security in any jurisdiction. Nothing on this page should be construed as investment advice, a prospectus, or a public offering of any kind. .168 Capital engages exclusively with qualified participants through private, bilateral arrangements. All participation is subject to qualification, due diligence, and the execution of definitive bilateral agreements. Past operational performance does not guarantee future results. Targeted returns referenced in private program documentation are forward-looking and subject to risk.