Gold certificates allow gold investors to avoid the risks and costs associated with the transfer and storage of physical bullion by taking on a different set of risks and costs associated with the certificate itself. Banks may issue gold certificates for gold, which is allocated or unallocated. Unallocated gold certificates are a form of fractional reserve banking and do not guarantee an equal exchange for metal. Allocated gold certificates should be with specific numbered bars, although it is difficult to determine whether a bank is improperly allocating a single bar to more than one party. The first paper bank notes were gold certificates. They were first in the 17th century when goldsmiths in England and The Netherlands used them for customers who kept deposits of gold bullion into their safekeeping. Nowadays, gold certificates are by gold pool programs in Australia and the United States, as well as by banks in Germany and Switzerland.

The Judge

A judge, or arbiter of justice, is a lead who presides over a court of law, either alone or as part of a panel of judges. The powers, functions, method of appointment, discipline, and training of judges vary widely across different jurisdictions. The judge is like an umpire in a game and conducts the trial impartially and in an open court. The judge hears all the witnesses and any other evidence presented by the parties of the case, assesses the credibility of the parties, and then issues a ruling on the matter at hand based on his or her interpretation of the law and his or her own personal judgment.

A court is a form of tribunal, often a governmental institution, with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters in accordance with the rule of law. In both common law and civil law legal systems, courts are the central means for dispute resolution. Some believe all persons have an ability to bring their claims before a court. Similarly, the rights of those accused of a crime include the right to present a defense before a court.

The systems of courts that interpret and apply the law are collectively the judiciary. The place where a court sits is a venue. Court proceedings occur in a courtroom. The building as a courthouse; court facilities range from simple and very small facilities in rural communities to huge buildings in large cities.