“数字黄金”也要来了？

Core Viewpoint - The World Gold Council plans to pilot "Pool Gold Interests" (PGIs) next year, allowing banks and investors to buy and sell fractional ownership of physical gold stored in independent accounts, aiming to digitize gold to expand market coverage [1][3]. Group 1: Digital Gold Initiative - The new digital unit PGIs will be tested in London in Q1 next year, with the goal of transforming the $900 billion physical gold market [1]. - The digitization of gold is seen as a way to utilize it for margin requirements and as collateral, moving away from its traditional role as a static, non-yielding asset on balance sheets [1][4]. - The initiative is part of a broader effort to create a new model for precious metal trading, settlement, and collateral [1]. Group 2: Market Dynamics and Challenges - The plan faces resistance from existing market participants who prioritize gold's physical characteristics and view it as a safe-haven asset [2][6]. - The London wholesale gold market, dominated by major banks, currently operates under two trading types: allocated and unallocated gold trading, with the PGIs proposal introducing a third type [5]. - The gold market is also facing competition from cryptocurrencies and stablecoins, with previous attempts to create gold-backed stablecoins largely unsuccessful [6]. Group 3: Industry Support and Adoption - Major banks and trading companies are expected to participate as co-owners of the underlying gold in the pilot project [4]. - The World Gold Council's previous blockchain initiative, the "Gold Bar Integrity Program," has seen good acceptance among refineries, with 96% of compliant refineries joining [7]. - The CEO of the London Bullion Market Association acknowledges the challenges but believes in the potential for significant changes in gold procurement processes [7].