Gold Corridor 01 · Matrix

Five states of one shipment

Where the gold is, who holds it, who owns it, who loses if it is lost, and who has been paid are five separate questions with five separate answers at every phase. The highlighted cell is the point the interface exists to teach: the refinery’s authorized representative receives custody, not title.

Five states of one shipment A five by six matrix: physical location, custody, legal title, economic risk and payment across six phases of the corridor. Custody at Dubai receipt is highlighted: the refinery receives custody but not title. One shipmentfive questions × six phases OriginSTEPS 01–06 Export & transitSTEPS 07–09 Dubai receiptSTEP 10 Assay & refiningSTEPS 11–12 AcceptanceSTEP 13 SettlementSTEPS 14–16 Physical locationWHERE Exporter premises In transit · sealed Receiving facility Refinery Refinery · vault Buyer CustodyWHO HOLDS Exporter / SPV Logistics · airline Refinery · auth. receivercustody ≠ title Refinery Refinery → buyer Buyer Legal titleWHO OWNS Exporter / SPV Exporter / SPV Exporter / SPV Exporter / SPV · VERIFY → buyer on acceptance · VERIFY Buyer Economic riskWHO LOSES Exporter / SPV Insurer per policy · VERIFY Per contract · VERIFY SPV bears shortfall · VERIFY → buyer · VERIFY Buyer PaymentWHO IS PAID Producer paid (draw) Charges paid (draw) No payment No cash · value re-based Obligation created Buyer → controlled account LEGEND Trader / SPV — the borrower A counterparty in the chain Contract-specific · VERIFY No movement / outside the financed leg Receiving custody is not receiving title

Transaction architecture · contract-specific data pending. No quantities, purities, prices or amounts are loaded; every such field is VERIFY or ILLUSTRATIVE until deal terms are provided. Drawn with the Firma Frontier diagram-design skill, Firma Edge Operations Mode.