Why chain of custody is the discipline that matters for bullion
Chain of custody is more than paperwork. Done properly, it is the record that lets an owner prove the story of their asset.
Chain of custody is a plain idea done properly: every transfer is recorded, every transfer is signed, and the file is closed at handover.
For bullion, that record is the difference between an asset with a story and an asset with a question mark. Refineries, insurers and counterparties all read the same file.
What good looks like
A serious custody file is numbered, sealed, dual-signed and time-stamped. It travels with the consignment, not separately. It is reconciled at handover, not later.
The operator retains a copy of the closed file under an agreed retention policy, produced for audit on request.
Common failure modes
Files that arrive late, seals that are not verified at handover, and single-signature entries are the recurring weaknesses. All three are fixable with method and discipline.