#607
Unlocking Vaults
Published:
Sep 06, 2025
Author:
Sarah Parsons Wolter
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Gold blew past $3.5k an ounce this week, fueled by expectations of Fed rate cuts and relentless central-bank buying. For an asset worshipped precisely because it sits in vaults gathering dust, it’s a curious moment to consider its next act - going digital. The World Gold Council (WGC) is preparing to trial “pooled gold interests” (PGIs) in London’s $900b bullion market next year - fractional, trust-held slices of the real thing, designed to be traded like any other modern instrument.
The pitch: turn bullion from a passive hedge into productive capital. Digitization would let banks post gold as collateral, meet margin calls, or lend against it - essentially making the metal behave more like financial infrastructure. WGC chief David Tait believes the shift could reframe gold for asset managers and unlock billions for banks that have long held it hostage in their own vaults.
But not everyone’s buying it. Earlier gold-backed tokens fizzled, and even today’s survivors - Tether Gold and Pax Gold - have only inched their way to about a billion each, a tiny slice compared to the $400b parked in ETFs. As one critic quipped, “Gold just hit record highs without any digital scaffolding.” Still, crypto is stealing investor mindshare, regulators are demanding cleaner supply chains and banks are hunting for collateral.
If PGIs succeed, the move could send gold’s price even higher than today’s records. The question is whether asset managers will find the keys to unlock old vaults or be rushing to mine some gold.
Portfolio News
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Unlocking Vaults
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Select Financings
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