Let deepResearch help me create a research report on PAGX - Gold Token:

1 - The London Good Delivery gold bars held by Paxos Gold (PAXG) are "Allocated Storage", not "Unallocated Storage".

✅ What is "Allocated Storage"?

In the gold market, "Allocated" means that each piece of gold has a specific allocation and serial number, and the physical gold bars are registered in the holder's name, stored separately in a vault, and can be traced to a specific bar's serial number. This method ensures:

The ownership of the gold belongs to you, not the custodian;

The bars are stored exclusively, not shared with others;

Even if the custodian or platform goes bankrupt, this gold will not be used to pay off debts;

You can query the specific bar number and storage vault corresponding to your PAXG through the system provided by Paxos.

🔒 PAXG is fully "Allocated Gold"

Paxos clearly states that the gold backing PAXG consists of "allocated London Good Delivery bars." This gold:

Is stored in the Brink's vault in London;

Is registered separately in the name of Paxos Trust Company;

Each unit of PAXG can be traced back to a specific bar (users can check their bar information on the official website).

🚫 What does "Unallocated Storage" mean?

"Unallocated" refers to gold stored in a vault but not allocated to specific clients. This gold is more like a bank's "receivables," where the client holds a claim rather than specific physical gold. This storage method is common in the gold derivatives market (such as paper gold and certain bank precious metal accounts) and may face "runs" or "asset shortages" during systemic risks.

Conclusion:

The gold held by PAXG is 100% Allocated Storage of London Good Delivery bars, providing the strongest legal protection and clarity of ownership. Compared to unallocated storage or paper gold, this model offers the highest level of security and sovereign control for holders.

2 - XAU is also allocated storage.

However, there are significant differences between PAXG and XAU, especially at the legal entity level:

PAXG is a compliant financial product, with clear beneficiary status for U.S. investors, protected under the Trust Law;

The legal ownership of XAU₮ is ambiguous, making it difficult for investors to claim physical gold ownership in court, more like "you trust Tether to hold it for you."

See the details in the image.

Finally, Tether Gold (XAU₮) and USDT are two sub-brands/subsidiaries under the same parent company group (iFinex Inc.), but they are legally and asset-wise independent and do not bear responsibility for each other.

Therefore, PAGX generally has a premium over XAU.

https://chatgpt.com/s/dr_68190f87685881919fadbc8f6216898c

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