世界黄金协会推出的"集合黄金权益"将允许银行和投资者买卖存放在独立账户中实物黄金的分割所有 权。该框架依赖小型核心参与者群体在信托结构中共同拥有标的黄金。 Tait指出： 世界黄金协会正寻求推出数字化黄金，为贵金属交易、结算和抵押创造全新模式，此举可能彻底改革伦 敦9000亿美元的实物黄金市场。 截图来源：英国《金融时报》 周三，世界黄金协会首席执行官David Tait在接受英国《金融时报》采访时表示，尽管许多投资者恰恰 因为黄金的实物特性和无交易对手风险而重视它，视其为避险资产，但黄金必须数字化以扩大市场覆盖 面。这一名为"集合黄金权益"(PGIs)的新数字单位将于明年第一季度在伦敦与商业参与者试点运行。 黄金本周创下历史新高，过去三年价值翻倍。但对大多数银行和投资者而言，黄金在其资产负债表上仍 是静态、无收益资产。数字化后的黄金可用于满足保证金要求和作为抵押品，实现盈利用途。 不过，当前该计划面临市场阻力，因为黄金市场是避险的既得利益者主导。黄金交易平台BullionVault 研究总监Adrian Ash质疑伦敦批发市场是否会采用这一创新，认为"这像是在寻找问题的解决方案"。 数字化黄金瞄准9万亿美元 ...

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].