Why does the price of gold tokens track the price of gold, rather than the crypto market?
This is how I understand it: on-chain records can only show who holds the tokens. Whether the vault actually holds enough gold bars depends on audit reports and the issuer’s compliance and creditworthiness.
1 troy ounce is approximately 31.1 grams. The international gold price is generally quoted per troy ounce.
$PAXG Each token represents 1 troy ounce of physical gold held in a London vault. Currently: 3965.12.
#PAXG
This is how I understand it: on-chain records can only show who holds the tokens. Whether the vault actually holds enough gold bars depends on audit reports and the issuer’s compliance and creditworthiness.
1 troy ounce is approximately 31.1 grams. The international gold price is generally quoted per troy ounce.
$PAXG Each token represents 1 troy ounce of physical gold held in a London vault. Currently: 3965.12.
#PAXG