in the sense of a security that is sold/rehypothecated. Perth Mint unallocated and PMGOLD are fully backed products where we use the metal in our operations. A materially different thing to fractional unallocated as offered by a bank (who by definition are in the business of lending). My personal blog on all things precious metals. This blog is not endorsed by the Perth Mint (who I work for) in any way. For more background on me and this blog see About This Blog and my LinkedIn Profile .