I asked DeepResearch to help me create a research report on PAGX - Gold Token: The London premium delivery gold bars hosted by Paxos Gold (PAXG) are 'Allocated Storage' instead of 'Unallocated Storage'. ✅ What is' independent storage '? In the gold market, 'Allocated' means that each piece of gold has a clear allocation object and number, and physical gold bars are registered under the holder's name, isolated and stored by the vault, and can correspond to specific gold bar serial numbers. This approach ensures: The ownership of gold belongs to you, not to the custodian institution; Gold bars are kept exclusively and not shared with others; Even if the custodian or platform goes bankrupt, the gold will not be used to repay debts; You can query the specific gold bar number and storage vault corresponding to your PAXG through the system provided by Paxos. 🔒 PAXG is fully 'Allocated Gold' Paxos explicitly states that the gold behind PAXG is "allocated London Good Delivery bars", which are distributed London premium delivery gold bars. These gold: Stored in Brink's Treasury in London; Registered separately in the name of Paxos Trust Company; Each unit of PAXG can be traced back to specific gold bars (users can check their own gold bar information on the official website). 🚫 What does' shared storage 'mean? Unallocated "refers to gold stored in a vault but not allocated to a specific customer. This type of gold is more like a bank's "accounts receivable", where customers hold the right to claim compensation rather than specific physical assets. This storage method is common in the gold derivatives market (such as paper gold, certain bank precious metal accounts), and may lead to "runs" or "asset shortages" in systemic risk. Conclusion: The gold entrusted by PAXG is 100% independently stored (Allocated) high-quality London delivery gold bars, with the strongest legal protection and clear ownership. Compared to shared storage or paper gold, this model provides the holder with maximum security and sovereign control. 2- XAU is also an independent storage. But there are significant differences between PAXG and XAU, especially at the legal entity level: PAXG is a compliant financial product with clear beneficiary status for investors in the United States and is protected by the Trust Act; The legal ownership of XAU ₮ is ambiguous, making it difficult for investors to claim ownership of physical gold in court, more like 'you believe Tether is stored for you'. Please refer to the detailed diagram. Finally, Tether Gold (XAU ₮) and Tether, the company behind USDT, are two subsidiary brands/companies under the same parent company group (iFinex Inc.), but they are independent and not responsible for each other in terms of legal and asset aspects. Therefore, PAGX generally has a premium over XAU. https://(chatgpt.com)/s/dr_68190f87685881919fadbc8f6216898c