Precious metals, with institutional record-keeping

Physical and paper are not the same. Allocated bullion, unallocated accounts and ETFs each carry different counterparty risk. Treating them as a single exposure misses real differences.

Vault and counterparty risk is real. Storage venue, allocation status and counterparty creditworthiness all affect realisable value in stress scenarios.

Storage costs are recurring drag. Vault fees, insurance and administration costs erode returns. Net realised yield needs to be tracked separately from headline price exposure.

Inflation-hedge attribution matters. Precious metals often sit in portfolios as inflation hedge. Realised hedging effectiveness needs structured measurement, not assumption.

Precious Metals is one of the platform's 68 native asset classes and is scored on its own rubric rather than through a sub-asset overlay. Twelve of the 68 native classes work this way: the deal population is structurally homogeneous enough that a single criteria set, document checklist and key term schema covers it without slicing further.

That keeps intake simple. Every precious Metals opportunity is asked the same questions, extracted against the same key term fields, and compared against the same rubric, so the scoring is directly comparable across your whole precious Metals book from the first deal onwards.

Every precious Metals opportunity that moves through Reuben AI leaves a structured record rather than a folder of documents and a memo. The rubric score is stored with the criteria that produced it, each extracted key term is stored with the clause and page it came from, and every flag is stored with the reason it fired and who cleared it.

The practical effect is that the investment committee paper, the LP report line and the audit trail are all reading the same underlying record. When an LP asks in year three why a precious Metals position was underwritten the way it was, the answer is retrieved, not reconstructed.

Precious Metals sits as a core allocation for Family Office mandates, and is adjacent or opportunistic for 2 of the other fund types the platform serves.

That matters operationally because most funds do not hold precious Metals alone. The moment a portfolio spans more than one asset class, comparability becomes the constraint: a position scored on a bespoke precious Metals spreadsheet cannot be ranked against a position scored somewhere else. Running precious Metals on the same rubric engine as the rest of the book removes that break.

Reporting inherits the same property. Portfolio monitoring, valuation cadence, capital account movement and LP reporting all draw from the single stored record, so a precious Metals position appears in the quarterly pack on the same basis as every other holding, with the same evidence behind it.