category.tokenised_commodities.label

category.tokenised_commodities.promise

Starting path

Seven ways to own gold onchain. One redemption floor an ordinary buyer can reach.

Tokenised Commodities evaluated across who holds the metal, and who actually looked at it, whether you can open the latest reserve report right now, the smallest amount an ordinary holder can turn back into metal, and what a round trip really costs, fees plus spread.

category.tokenised_commodities.promise Reviewed on who holds the metal, and who actually looked at it, whether you can open the latest reserve report right now, the smallest amount an ordinary holder can turn back into metal, and what a round trip really costs, fees plus spread.

Start with the smart category assistant or jump straight into quick questions. Both paths narrow to the same recommendation standard.

How we review

Recommendation first, comparison only if needed.

Reviewed and rechecked on the current cycle.

Commercial relationships disclosed before clickout.

Audit

Infrastructure

Methodology

2026.04.0

published 2026-04-27

Providers tracked

670+

across 75 categories

Last verified

2026-08-06

editorial freshness

Editorial board

4

audit-log live

Decision guide

What matters most before choosing in this category

Weighted on who holds the metal and who actually looked at it (30), the smallest amount an ordinary holder can turn back into metal (26), whether you can open the latest reserve report right now (22), and what a round trip really costs once fees and spread are counted (22). Every product here is redeemable for gold. At the two a buyer is most likely to hear about, redemption starts at 430 tokens — $1,824,008 of PAXG and $1,818,560 of XAU₮ at the spot reading taken on 2026-08-06. Kinesis, on about one eighty-seventh of their combined daily volume, is the only provider in this pool whose published floor is reachable by an ordinary buyer: 100 grams for 0.45% plus $100 plus delivery.

Key question

Who holds the metal, and has anyone independent actually weighed it?

Key question

What is the smallest amount you can redeem — and could you afford it?

Key question

Can you open the latest reserve report right now, without a fee or an appointment?

Current editor lead

Kinesis Gold (KAU)

One token per gram of allocated gold across third-party vaults in eleven named locations, redeemable from 100 grams, issued by a Cayman Islands VASP.

Data checked Aug 2026

One token per gram of allocated gold across third-party vaults in eleven named locations, redeemable from 100 grams, issued by a Cayman Islands VASP. Strongest on the smallest amount an ordinary holder can turn back into metal (9/10): Trust and security page, fetched 2026-08-06: "Take delivery of as little as 100g of gold or 200oz of silver, at some of the lowest costs in the industry", "We'll securely deliver your gold and silver bullion straight to your door, anywhere in the world, any time you want.", "Kinesis enables users to redeem as little… Weakest on whether you can open the latest reserve report right now (6/10): The audits page, fetched 2026-08-06, states "Independent third-party audits are conducted biannually by the leading global physical commodity audit and inspection specialist, Bureau Veritas." and lists a latest audit of April 2026. The report is reachable, but only as scanned page images — the April 2026 audit is… Published price: Kinesis fees page, fetched 2026-08-06: "Store your gold (KAU) and silver (KAG) on an allocated basis with Kinesis: 0% fee"; "Buy or sell gold (KAU) and silver (KAG) bullion at the quoted market price, via the Kinesis dashboard or the Kinesis Exchange: 0.22%…

Best for

The smallest amount an ordinary holder can turn back into metal — 9/10What a round trip really costs, fees plus spread — 8/10

Main tradeoff

The vaulting network that makes 0% storage possible belongs to Allocated Bullion Exchange, and ABX and Kinesis Money are signed by the same chief executive on facing pages of the same audit pack. The whole product also sits in the Cayman Islands: the site footer states "Access to this website is provided by Kinesis Cayman, an entity registered as a Virtual Asset Service Provider in the Cayman Islands, by the Cayman Islands Monetary Authority (reference number 1877923)." — a VASP registration, not a trust charter or a banking licence — and adds "This website and any information materials within are not intended to be accessed by UK-based persons."

Verify before signup

Kinesis fees page, fetched 2026-08-06: "Store your gold (KAU) and silver (KAG) on an allocated basis with Kinesis: 0% fee"; "Buy or sell gold (KAU) and silver (KAG) bullion at the quoted market price, via the Kinesis dashboard or the Kinesis Exchange: 0.22% fee"; "Send gold (KAU) and silver (KAG) to another Kinesis account: 0.45% fee"; "Send gold (KAU) and silver (KAG) to/from an external Wallet: 0.45% fee". The storage line is explained as "Storage fees on all fully allocated precious metals held by Kinesis are eliminated by the robust vaulting infrastructure of Kinesis' strategic partner, ABX, and a share of global transaction fees charged across the Kinesis system." Physical redemption is priced separately on the trust page: "Kinesis enables users to redeem as little as 100 grams of gold or 200 ounces of silver, with a fee of 0.45% + $100 USD + delivery costs." Note on method: kinesis.money returns HTTP 403 to scripted clients, so these pages were read in this session through a rendering fetcher rather than by direct download.

Weighted criteria

Who holds the metal, and who actually looked at it30%

Whether you can open the latest reserve report right now22%

The smallest amount an ordinary holder can turn back into metal26%

What a round trip really costs, fees plus spread22%

Leading options

Shared shortlist for this category

These providers are pulled from the same category comparison catalog used in validation, so the category page, comparison page, and provider reviews stay aligned.

Pax Gold (PAXG)

One token per fine troy ounce of London Good Delivery gold held by an OCC-chartered national trust bank, examined monthly by KPMG.

Editor lead

One token per fine troy ounce of London Good Delivery gold held by an OCC-chartered national trust bank, examined monthly by KPMG. Strongest on who holds the metal, and who actually looked at it (9/10): KPMG LLP Independent Accountants' Examination Report on the PAXG Redemption Assets Report as of June 30, 2026, downloaded and read in this session: "In our opinion, Management’s Assertion is fairly stated, in all material respects." Exhibit B names the parties: "The Company purchases their gold from StoneX Group Inc.… Weakest on the smallest amount an ordinary holder can turn back into metal (3/10): PAX Gold Terms and Conditions section 11.4, fetched 2026-08-06: "You must redeem a minimum of 430 PAXG tokens plus the fee set forth in the Paxos User Guide, per London Good Delivery gold bar", "You may be subject to additional due diligence if you choose to redeem your PAXG tokens into Allocated Gold" and "You are… Published price: Corrected during verification: the draft of this file stated that the fee schedule the contract incorporates by reference could not be reached. It can. PAX Gold Terms and Conditions, fetched 2026-08-06, section 15.1 points to "the Paxos User Guide at…

Best for: Who holds the metal, and who actually looked at it — 9/10

Tether Gold (XAU₮)

One token per fine troy ounce of London Good Delivery gold vaulted in Switzerland by an unnamed custodian, issued from El Salvador and assured quarterly by BDO.

One token per fine troy ounce of London Good Delivery gold vaulted in Switzerland by an unnamed custodian, issued from El Salvador and assured quarterly by BDO. Strongest on whether you can open the latest reserve report right now (8/10): The quarterly ISAE 3000R assurance report as of 30 June 2026, authorised and approved 31 July 2026, downloaded directly and opened in this session. BDO Advisory Services S.r.l., Viale Abruzzi, 94, Milano: "In our opinion, the TGRR as prepared by the Sole Director as of 30 June 2026, is, in all material respects… Weakest on the smallest amount an ordinary holder can turn back into metal (2/10): Fee Schedule footnote 2, read 2026-08-06: "Redemption of Gold Tokens for underlying gold can be effecutated in increments of 430 tokens. If a delivered bullion bar is smaller than 430 ounces, the number of Gold Tokens redeemed will be reduced accordingly to match bar size, to 3 decimal places." Footnote 4: "a… Published price: Gold Token Fee Schedule, "Last updated 27 January 2025", served at https://gold.tether.to/legal/feeschedule and read on 2026-08-06 from the site's single JavaScript bundle, which is where the text actually lives (the served HTML is a 3.9KB shell). Table row…

Best for: Whether you can open the latest reserve report right now — 8/10

Kinesis Gold (KAU)

One token per gram of allocated gold across third-party vaults in eleven named locations, redeemable from 100 grams, issued by a Cayman Islands VASP.

Best for: The smallest amount an ordinary holder can turn back into metal — 9/10

Browse this network

Methodology

How this category is reviewed

Reviewed on who holds the metal, and who actually looked at it, whether you can open the latest reserve report right now, the smallest amount an ordinary holder can turn back into metal, and what a round trip really costs, fees plus spread.

Reviewed on: Who holds the metal, and who actually looked at it, Whether you can open the latest reserve report right now, The smallest amount an ordinary holder can turn back into metal, What a round trip really costs, fees plus spread.

This page is a maintained category surface, not a static marketing block. Review freshness, provider positioning, and recommendation logic should stay consistent with quiz and provider pages.

Frequently asked

Questions people ask before choosing tokenised commodities

Who actually holds the gold, and who checks that it is there?

It varies more than the category's shared vocabulary suggests, and the largest product is the least specific. Tether Gold's Gold Token Risk Disclosure Statement, read 2026-08-06, states that "the Custodian is a related party to Tether Gold" and that "Tether Gold does not undertake to and has no legal obligation to monitor the performance of and safe keeping of Gold Reserves by the Custodian." The custodian is never named on the site — the definition reads "“Custodian” means the custodian(s) of the Gold Reserves". At Kinesis the audit pack shows the overlap on facing pages: page 1 is signed "Thomas Coughlin / CEO, Kinesis Money" and page 2, the inventory letter from the vaulting partner, is signed "Thomas Coughlin / CEO, Allocated Bullion Exchange". The Bureau Veritas certificate behind it is genuinely independent; the inventory it was handed came from the same person who commissioned it.

What is the smallest amount I can redeem for physical metal?

This is the number that separates the pool, and it is rarely on the marketing page. PAXG and XAU₮ both require 430 tokens before a single bar moves — $1,824,008 and $1,818,560 at the gold price read on 2026-08-06 — with Tether Gold's delivery confined to Switzerland and Paxos leaving delivery arrangements to the holder. Kinesis publishes 100 grams at 0.45% plus $100 plus delivery. Matrixdock advertises "physical redemption options in Hong Kong and Singapore" on a page whose own alert strings read "Hong Kong is one of our restricted jurisdictions." VNX is contradictory across its own domains: vnx.li says "You can always collect your LMBA certified gold directly from the vault", while vnx.io's onboarding step three offers only "the cash value of the underlying gold", and no minimum, fee or process for physical delivery is published on either.

Does "audited" mean what it sounds like in this category?

Usually not, and the documents say so themselves. VNX files under "Reserves Audit Reports" a document stating "This Agreed-Upon Procedures engagement is not a reasonable or limited assurance engagement. Accordingly, we do not express an opinion or an assurance conclusion", whose auditor confirms "our procedures did not include the observation of gold held by these custodian(s)". Kinesis's Bureau Veritas certificate covers "a sample of over 5.0% of the total weight" and finds "no non-conformities concerning the items that were weighed" — the other 95% rests on reconciliation. ComTech's transparency panel offers "Quarterly audits by Custodian based in UAE" and "On-demand verification for an onboarded entity" that is "Subject to Service fees applicable and prior appointment is required". Paxos's own knowledge base still names Withum as the auditor while its transparency page says reports since February 2025 are issued by KPMG LLP.

REVIEWEDApr 2026METHOD4 criteriaCATEGORYtokenised_commodities

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