GoldMoney enhances security with ultrasound testing of gold bullion bars

GoldMoney, one of the world's largest providers of physical bullion for retail and institutional investors, is now using ultrasound technology to test for foreign material and defects within the gold bars that it stores for its customers. GoldMoney has teamed up with GE Inspection Technologies to examine all the gold bars stored in its vaults in London, Zurich and Hong Kong to ensure that each bar meets the new 'GoldMoney Standard'.

This latest security procedure is a response to customer concerns regarding the integrity of their gold. GoldMoney already guarantees through regular inventory audits and a transparent chain of integrity that only the highest quality gold bars are purchased and stored on behalf of its customers.

Geoff Turk, CEO of GoldMoney said: "Ultrasound testing now ensures the integrity of every gold bar held in our vaults. Any bar that does not produce a completely clear scan, including those bars with potentially inconclusive scans caused by surface scratches and other marks, is melted down, assayed and then recast into a new bar before being accepted within GoldMoney. The same technology used to assure personal safety in the medical and aviation industries is now being applied to verify the integrity of our customers' gold bullion. GE Inspection Technologies' ultrasound testing equipment enables us to confirm the quality of all bars stored in high security vaults in London, Zurich and Hong Kong."

Alan Hunscott, Technical Support Manager of GE's Inspection Technologies product line, comments: "The phased array probe used in our Phasor XS does the work of many conventional probes so that scanning is faster and more comprehensive. Furthermore, phased array produces simple images which are readily understood even by laymen with the minimum of training."

One-third of the 1,300 gold bars in storage have been tested so far. Six bars with inconclusive scans were identified but assays of these bars confirmed they contained the gold content stamped on the bar. The gold bar testing will be completed in the first quarter 2011.

By working with first-class partners and using the latest technology to verify the integrity of the bullion it safeguards, GoldMoney is one of the most innovative companies and a leader in the precious metal industry. The introduction of the GoldMoney Standard again demonstrates GoldMoney's commitment to provide its customers with assurances of integrity that their gold is safe.

More information can be found on www.goldmoney.com/gold-testing including a video on ultrasound testing of the gold bars.