{"id":5185,"date":"2020-03-19T18:18:18","date_gmt":"2020-03-19T18:18:18","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=5185"},"modified":"2020-03-29T15:54:26","modified_gmt":"2020-03-29T15:54:26","slug":"digitising-gold","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/19\/digitising-gold\/","title":{"rendered":"Cutting the risk of exchange"},"content":{"rendered":"

A few minutes or two days? In dangerous financial times, the time it takes to settle a transaction\u2014exchange cash for goods\u2014is vital. <\/span><\/p>\n

Now gold market participants are using new tech to shorten the wait.<\/span><\/p>\n

Tradeable digital gold tokens use the technology behind cryptocurrencies like bitcoin<\/a> to exchange unforgeable records of precious metal ownership within a few minutes, rather than\u00a0 days.<\/p>\n

For gold investors, who are famously cautious about the conditions in which their bullion is stored or transacted, this approach offers many new possibilities, says Danny Masters, chairman of digital asset manager CoinShares.<\/p>\n

\u201cIt gives them flexibility. The gold becomes liquid, you can sell it out, you can swap it for bitcoin or dollars,\u201d Masters told New Money Review<\/em>.<\/p>\n

How tokenisation works<\/strong><\/p>\n

To digitise the precious metal, an issuer needs to create a fixed number of tokens, each of which is redeemable for a standard amount of gold\u2014for example, one troy ounce<\/a> or one London Good Delivery bar<\/a>.<\/p>\n

These tokens can be held in mobile phone-based digital wallets, bought and sold and even exchanged for physical gold, though this incurs an extra cost.<\/p>\n

Tokens can also be used to show the provenance of a particular unit of gold\u2014who mined it, who processed it and who assayed it before it became a bar or coin.<\/p>\n

\u201cThe gold becomes liquid, you can sell it out, you can swap it for bitcoin or dollars\u201d<\/p><\/blockquote>\n

The token wave<\/strong><\/p>\n

In the last few years there has been a boom in gold token offerings.<\/p>\n

Some are private-public partnerships that aim to exploit the brand name of an established vault.<\/p>\n

Last year, Australian fintech firm InfiniGold launched a digital token backed by gold stored in the vaults of Perth Mint, which is owned by the government of Western Australia.<\/p>\n

In Canada, a firm called Tradewind issues gold tokens backed by bullion held at the Royal Canadian Mint.<\/p>\n

However, a comparable project involving Britain\u2019s Royal Mint failed to get off the ground. Reuters<\/em> reported that in 2018 the UK government vetoed a joint plan by the Royal Mint and exchange group CME to list a new gold token called RMG, reportedly due to concerns over the use of a cryptocurrency exchange for trading.<\/p>\n

Other token initiatives emphasise gold provenance, blockchain technology, or both.<\/p>\n

A California-based start-up called G-Coin says it uses blockchain technology to track conflict-free and responsibly sourced gold from mine to vault.<\/p>\n

In Singapore, a firm called Digix is issuing locally custodied, gold-backed tokens whose ownership is recorded on the ethereum blockchain.<\/p>\n

In Russia, a firm called GoldMint issues gold tokens representing 1 troy ounce of the precious metal, with ownership records stored on a proprietary blockchain called Mint.<\/p>\n

London-based CoinShares has teamed up with MKS SA, a Swiss precious metals firm, and Blockchain, a digital wallet provider, to issue gold tokens recorded on the bitcoin network<\/a>.<\/p>\n

New York-based Paxos issues gold tokens called PAX Gold, each representing a troy ounce gold vaulted in London. PAX Gold tokens operate on the ethereum blockchain and follow the widely-used ERC-20 token protocol.<\/p>\n

Paxos says its token is the only one investors can redeem for 400-ounce London \u2018good delivery\u2019 bullion bars, the industry standard for the wholesale trade.<\/p>\n

Gold tokens or gold ETFs?<\/strong><\/p>\n

These largely retail-focused gold tokens have to compete with gold ETFs, which are used by many investors within their brokerage accounts or pension plans.<\/p>\n

Gold ETFs, invented in the early 2000s, recently increased their holdings to 3,033 tonnes of gold (worth $144bn), an all-time high<\/a>.<\/p>\n

The differences in scale between gold ETFs and gold tokens are stark: while SPDR Gold, the world\u2019s biggest gold ETF, has assets of $47bn, Paxos, which says it manages the world\u2019s leading gold token, has so far raised only $17m.<\/p>\n

But gold token issuers say their structure can compete on efficiency.<\/p>\n

For example, PAX Gold says trades in its tokens settle instantly, compared to a two-day wait to settle a trade in a gold ETF.<\/p>\n

It says its tokens are also superior to ETFs by offering immediate access to allocated gold (the most secure form of gold storage) and by being instantly redeemable for physical metal.<\/p>\n

\u201cOur marginal cost of production is close to zero\u201d<\/p><\/blockquote>\n

Fee comparisons between gold tokens and gold ETFs are tricky, however.<\/p>\n

In a gold ETF, a fee is built into the market price of the fund, calculated as a gradual depreciation of an ETF share\u2019s entitlement to gold over time.<\/p>\n

But token issuers have no standard way of charging.<\/p>\n

PAX Gold, for example, has no management or custody fee but charges a transaction fee within its proprietary digital wallet. This is charged on a sliding scale of up to 1 percent whenever the token is converted or redeemed for other currencies.<\/p>\n

Another token issuer, CoinShares, charges a 1 percent annual management fee for its DGLD token. It also levies a transaction fee, plus a redemption fee for anyone wanting to take physical delivery of the precious metal.<\/p>\n

But according to CoinShares\u2019 chairman, despite his firm\u2019s higher headline fee, the token structure is inherently more efficient than an ETF.<\/p>\n

\u201cOur marginal cost of production for DGLD\u2014even though we price it at 100 basis points a year, while a decent gold ETF costs 40 basis points\u2014is close to zero,\u201d Masters told New Money Review<\/em>.<\/p>\n

\u201cWe\u2019re not competing on price with gold ETFs yet, because we don\u2019t think there are enough access points or distribution. When institutions become comfortable with DGLD and can trade it on multiple exchanges with multiple custody solutions, then we will have a serious institutional push. If we need to compete on price, we can.\u201d<\/p>\n

\u201cSome of our potential clients, who are serious holders of gold ETFs, are interested in the DGLD project because they think 25 percent of the gold in the world will end up being tokenised,\u201d Masters said.<\/p>\n

Wholesale gold market seeks blockchain<\/strong><\/p>\n

While retail gold tokens are in their infancy, it\u2019s the wholesale market that may prove the catalyst for digitisation of the precious metal.<\/p>\n

\u201cI think the impetus for putting gold on the blockchain will come from the settlement and clearing community,\u201d Ross Norman, founder and former CEO of bullion dealer Sharps Pixley, told New Money Review<\/em>.<\/p>\n

Norman said that many London bullion dealers are already using a technology platform run by token issuer Paxos to speed up post-trade processes.<\/p>\n

\u201cSettling a gold transaction on the blockchain is near-instant,\u201d Norman said, \u201cwhile in the traditional bullion market gold normally settles two days after a transaction is agreed.\u201d<\/p>\n

\u201cIt\u2019s a far more effective and efficient way of settling trades\u201d<\/p><\/blockquote>\n

Paxos declined to talk on the record about its initiative.<\/p>\n

However, a source with knowledge of the situation said that the firm is looking at ways it can use PAX gold and other digital tokens to effect settlement in the wholesale markets.<\/p>\n

Paxos, said the source, already offers dealers a service that automates the trade confirmations, the settlement affirmations and the transfer instructions in gold.<\/p>\n

And, according to the source, a pilot platform run by Paxos is now also trying to address lack of in-built delivery versus payment (DvP) in gold.<\/p>\n

While DvP is standard in the markets for shares and bonds, where central counterparties ensure that payment and ownership transfer are simultaneous, this type of settlement doesn\u2019t exist in the gold market, which operates on a bilateral basis.<\/p>\n

The lack of DvP in gold trading means that if one dealer pays another before being assured of possession of the purchased metal, they could incur a large risk exposure.<\/p>\n

The problem is exacerbated by timing differences, said the source: precious metal settlement typically happens at around 4pm UK time, but the dollar leg of a transaction doesn\u2019t settle until the end of the day in New York, creating a gap of several hours during which counterparties have risk exposure to each other.<\/p>\n

According to Sharp Pixley\u2019s founder, there are many other potential benefits to digitising wholesale gold transactions.<\/p>\n

\u201cOn the blockchain, you can also embed smart contracts, for example specifying that the funds are there before you release metal, that you can\u2019t double-count, and so on. It\u2019s a far more effective and efficient way of settling trades,\u201d Ross Norman told New Money Review<\/em>.<\/p>\n

Don\u2019t miss any more New Money Review content:\u00a0sign up here<\/strong><\/a> for our\u00a0newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

A few minutes or two days? In dangerous financial times, the time it takes to settle a transaction\u2014exchange cash for goods\u2014is vital. Now gold market participants are using new tech […]<\/p>\n","protected":false},"author":3,"featured_media":4973,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1011],"tags":[1138,1372,1527,1701,1702],"class_list":{"0":"post-5185","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-value","11":"tag-coinshares","12":"tag-danny-masters","13":"tag-gold","14":"tag-paxos","15":"tag-ross-norman"},"yoast_head":"\nCutting the risk of exchange - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/19\/digitising-gold\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cutting the risk of exchange - New Money Review\" \/>\n<meta property=\"og:description\" content=\"A few minutes or two days? 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