The London physical gold market, valued at $930 billion, is undergoing a revolutionary transformation. On September 3, 2025, the World Gold Council (WGC) announced plans to launch a digital token called "Pooled Gold Interests" (PGI), aimed at reshaping the global gold trading, settlement, and collateral ecosystem through digital means. This innovation will not only provide investors with a more flexible way to invest in gold but could also have a profound impact on the London gold market, which is valued at up to $900 billion.

PGI Token: A New Attempt at Gold Digitization

The PGI token is backed by physical gold stored in London vaults (meeting the London Good Delivery standards), allowing investors to have "fractional" ownership of gold bars weighing up to 400 ounces, with a minimum holding of one-thousandth of an ounce of gold. Mike Oswin, the WGC's Head of Global Market Structure and Innovation, stated, "This is a way to enter the market, where investors can hold a fully legal representation of gold digitally and have complete confidence in the existence of the gold."

Unlike "allocated gold" (where investors directly own specific gold bars) and "unallocated gold" (where ownership is of a certain quantity of gold), PGI tokens achieve the digital representation of gold rights through blockchain technology. Its architecture consists of three layers: the underlying asset is physical gold bars stored in designated vaults, with legal ownership held jointly by core institutions like banks; the rights segmentation layer issues PGI, representing fractional beneficial rights; and the trading circulation layer supports electronic transfer for investors. This design not only lowers the investment threshold but also grants the tokens legal validity for trading and use as collateral.

Addressing Pain Points: Making Gold More Liquid

The traditional gold market faces a significant pain point: although gold is seen as a safe-haven asset, its complexity in physical transfer means it is rarely used as collateral in financial markets, with investors preferring bonds or cash. The launch of PGI tokens aims to address this issue, making gold as easy to pledge as digital-native bonds or cash. Oswin stated, "We want to position gold as a financial asset alongside other collateral, making the pledging of gold simpler."

Additionally, PGI tokens ensure the transparency and traceability of gold through a blockchain database (the "Gold Bar Integrity" program, GBI), allowing buyers to clearly track the entire process of gold bars from mining to circulation. This mechanism not only enhances investor trust in the authenticity of gold but also reduces ownership risks associated with the potential bankruptcy of storage institutions.

David Tait, CEO of the World Gold Council, further pointed out that the launch of PGI allows gold to "flow digitally within the gold ecosystem and be used as collateral" for the first time, providing new revenue opportunities for banks and institutional investors. Traditionally, gold has been viewed as a static, non-yielding asset on balance sheets, but the digital nature of PGI allows it to meet margin requirements or be used in derivatives trading, thereby enhancing capital efficiency.

Global Expansion and Future Vision

The PGI pilot program is expected to launch in London in early 2026, with the initial underlying assets being 8,776 tons of gold stored in London vaults, valued at approximately $927.5 billion. The World Gold Council has collaborated with the London Bullion Market Association (LBMA) to advance the "Gold Bar Integrity" program and has published a white paper titled "Next Generation Gold Market Vision," outlining long-term goals for broadening gold application scenarios and achieving convenient and secure transfer of rights.

While initially focusing on the UK market, the World Gold Council is already exploring the application prospects of the PGI model in the US and other markets. Oswin indicated that in the future, PGI tokens could be used for settling futures contracts, further expanding their financial functionality. The white paper also proposes reclassifying gold as a High-Quality Liquid Asset (HQLA) to break the traditional positioning of "gold as merely a commodity or safe-haven tool," enhancing its core status in the global banking system.

Market Response and Controversy

The launch of PGI coincides with record-high gold prices. On September 3, 2025, Comex gold futures surpassed $3,630 per ounce, with spot gold nearing $3,600, setting a historical high. Geopolitical risks, a weakening dollar, a surge in central bank gold purchases, and expectations of Federal Reserve rate cuts have provided strong support for gold prices. According to the World Gold Council, global central bank gold purchases reached 1,045 tons in 2024, with gold investment demand increasing by 25% year-on-year. Analysts believe that the introduction of PGI could further boost the scale and price elasticity of the gold market.

However, this plan has also sparked controversy. AJ Bell's Investment Director, Russ Mould, pointed out that traditional gold investors ("gold bugs") place greater value on the physical attributes of gold and the absence of counterparty risk, which may lead them to be skeptical of digital gold. He stated, "The World Gold Council may be trying to maintain gold's relevance in a world dominated by cryptocurrencies and stablecoins through digital gold, but traditional investors may not buy into it." Additionally, past attempts at stablecoins backed by gold (such as Tether Gold and Pax Gold) have been limited in scale, far from the $400 billion managed by gold ETFs, highlighting the market challenges for digital gold.

Outlook: The Digital Future of the Gold Market

The WGC's PGI token is not only a significant transformative attempt for the London gold market but also an innovative exploration of the global financial system. By lowering investment thresholds, enhancing liquidity, and expanding financial application scenarios, PGI is expected to attract more retail and institutional investors, further elevating the importance of gold in the modern financial system. However, its success remains to be validated by the market, especially in the context of finding a balance between traditional investors and emerging technologies.

Ruth Crowell, CEO of the London Bullion Market Association, emphasized, "Blockchain is just a tool; the core of gold as the ultimate value anchor is its physical scarcity." Will the launch of PGI be able to retain the traditional allure of gold while ushering in a digital new era? The 2026 London pilot will provide preliminary answers to this question.

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