跑赢通胀的黄金，又有了新玩法

Core Viewpoint - The article discusses the emergence of "digital gold" as a new trading model in the gold market, which aims to enhance the liquidity and security of gold investments while addressing the limitations of traditional gold trading methods [4][5][30]. Summary by Sections Current Gold Market Situation - Gold has recently reached a historical high of $3,674 per ounce, surpassing the inflation-adjusted peak from 1980, establishing itself as a strong anti-inflation asset [2]. - The World Gold Council (WGC) plans to introduce a new trading model called digital gold in the first quarter of next year, which is expected to impact gold supply and demand significantly [4][5]. Traditional Gold Trading Models - There are two main traditional gold trading models: allocated gold (where investors own specific gold bars) and unallocated gold (where investors hold a claim to gold without ownership of specific bars) [10][13]. - Allocated gold offers high security but low liquidity, while unallocated gold provides easier trading but carries higher risks due to potential over-issuance by institutions [14]. Introduction of Digital Gold - Digital gold, defined as "Pooled Gold Interests" (PGI), aims to combine the benefits of both traditional models by allowing fractional ownership of gold while ensuring direct ownership rights and security against institutional failures [20][30]. - PGI allows investors to purchase as little as 0.001 ounces of gold, significantly lowering the investment threshold compared to traditional gold bars [21][22]. Advantages of Digital Gold - PGI enhances asset security by ensuring that each unit corresponds to actual gold stored in a third-party vault, with all transactions recorded on a blockchain for transparency [22][30]. - The digital format of PGI facilitates seamless electronic transfers and compatibility with various payment methods, improving liquidity and ease of trading [22][30]. Future Implications for Gold Market - The WGC aims to standardize gold in the digital realm, potentially expanding its applications beyond traditional uses, such as serving as collateral in financial transactions [30][31]. - If successful, PGI could attract funds back to the gold market from cryptocurrencies, increasing demand for gold [33]. Market Reception and Challenges - There are mixed opinions on the adoption of PGI, with some industry experts expressing skepticism about its acceptance in a market traditionally resistant to change [34]. - Despite potential challenges, the initiative represents an effort to integrate gold into the modern financial system, exploring new avenues for this ancient asset [34].