Transparent assumptions. Reproducible results.

Model conventions

1. 01Entry outlay = fine ounces × assumed price × (1 + entry premium) × (1 + purchase fee).
2. 02Custody is charged monthly on the opening marked metal value; fixed annual expenses are spread evenly across twelve months.
3. 03Marked value at month m = ounces × spot × (1 + annual change)^(m/12); the price path compounds smoothly.
4. 04Net sale = marked value at exit × (1 − exit discount) × (1 − sale fee). Exit delay extends holding costs without adding growth.
5. 05IRR is the annual effective rate at which monthly cash-flow NPV is zero. NPV discounts the same flows at the annual hurdle.
6. 06Break-even growth solves for zero nominal profit under the same cost conventions; it excludes a return on time.
7. 07JMD flows convert every cash flow by JMD-per-USD interpolated on a smooth compounded path between entry and exit rates; this is a convention, not an FX forecast.
8. 08Fine ounces = gross troy ounces × fineness / 1,000. Coverage = eligible fine ounces / token liability in fine ounces; capacity = eligible / unit − outstanding tokens.
9. 09The mint gate blocks a proposed mint when evidence age exceeds the maximum age or eligible ounces fall short of the post-mint liability.
10. 10Redemption cash estimate = ounces × price × (1 − exit discount) × (1 − cash fee). Delivery compares marked value less illustrative logistics and is not a profit calculation.
11. 11Issuer economics: annual fee revenue on an assumed constant reserve value, less variable service costs and fixed overhead; break-even reserve value = overhead ÷ net fee margin when positive.

Deliberately excluded

• ✕Live gold prices, oracle feeds or vault balances — none are connected.
• ✕Capital-gains, income or transaction taxes; all results are pre-tax.
• ✕Leverage, lending income, staking or any yield-producing activity.
• ✕Jurisdiction-specific regulatory, FATCA/CRS or tax conclusions.
• ✕Realised profit from physical delivery; delivery is a comparison, not a cash outcome.

Evidence labels

Observed — published standards, product terms and cited research. Assumed — user inputs and illustrative defaults. Modelled — calculated IRR, NPV, coverage, capacity and budgets.

Research sources

1. Your research document
2. LBMA · Good Delivery specificationshttps://www.lbma.org.uk/publications/good-delivery-rules/technical-specifications
3. LBMA · Current gold refinershttps://www.lbma.org.uk/good-delivery/gold-current-list
4. Paxos · PAX Gold termshttps://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions
5. Paxos · PAX Gold feeshttps://support.paxos.com/articles/2899561282-PAX-Gold-Fees
6. Tether Gold · Legal termshttps://gold.tether.to/legal/
7. Tether Gold · Relevant Information Documenthttps://gold.tether.to/Relevant%20Information%20Document%20-%20TG%20Commodities%2C%20S.A.%20de%20C.V.%20%28ENG%29.pdf
8. HSBC Hong Kong · Gold Tokenhttps://www.hsbc.com.hk/investments/products/gold-token/
9. ERC3643 Associationhttps://www.erc3643.org/
10. Chainlink · Secure Minthttps://chain.link/blog/secure-mint
11. ESMA · MiCAhttps://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica
12. EBA · Asset-referenced and e-money tokenshttps://www.eba.europa.eu/regulation-and-policy/asset-referenced-and-e-money-tokens-mica
13. Bank of Jamaica · FX policy chronologyhttps://boj.org.jm/wp-content/uploads/2019/10/foreign_exchange.pdf
14. Paxos · Price determinationhttps://support.paxos.com/articles/7818174259-pax-gold-price-determination
15. Paxos · PAXG on Solanahttps://www.paxos.com/blog/bringing-paxg-to-solana

Research reviewed 2 October 2026. Product terms, provider services and regulations can change; obtain transaction-specific quotes.