Pax Gold · PAXG/USD · Per Token (1 troy oz)

Because one PAXG is always redeemable for one ounce of vaulted gold, its market price is tethered to XAU spot by arbitrage rather than by decree. The gauge makes that tether visible: needle at centre means Binance PAXGUSDT and the spot reference agree; a swing into green is a premium, into red a discount, shown in both dollars and percent and clamped at ±1% so ordinary moves stay readable.

The interesting information is in persistence, not in single ticks. Premiums that refuse to fade suggest on-chain demand is outrunning fresh issuance from Paxos. Discounts rarely last, and the reason is mechanical: anyone can buy discounted tokens and turn them back into bullion, unallocated Loco London gold, or dollars at par through the Paxos platform, so the deeper the discount, the stronger the force closing it.

PAXG is allocated gold, which is the strongest custody claim the bullion world offers. Your tokens map to identified London Good Delivery bars, the 350 to 430 ounce, 99.5%+ purity format that central banks settle in, sitting in LBMA-accredited London vaults. Paste your Ethereum address into the allocation lookup on the Paxos site and it returns the actual serial number, weight and purity of the bar behind your balance. An ETF shareholder has a claim on a pooled trust; a PAXG holder can name their bar.

The accounting is deliberately simple: on-chain supply equals ounces in vault, currently around 452,000. Minting requires gold to arrive; redemption sends it out. Paxos publishes monthly attestations of that equivalence, its trust-company structure puts customer gold outside the corporate balance sheet, and the token count itself is readable by anyone from the ERC-20 contract, 0x45804880De22913dAFE09f4980848ECE6EcbAf78.

Pick your trade-off. If you want brokerage convenience, GLD costs 0.40% a year, IAU 0.25%, both settle T+2 and only trade weekday US market hours. If you want metal in hand, coins like the Krugerrand carry a 3–8% fabrication premium going in and $200–500 a year in storage after that. PAXG sits in the third corner: zero annual storage fee, settlement in a single Ethereum block of roughly 12 seconds, markets that never close, and an entry ticket of about 0.01 oz on the Paxos platform (around $40 at current prices), with Ethereum gas of a few dollars per transfer as the running cost.

The sharpest practical divide between the three is tax, and it is jurisdiction-specific: ETF shares usually fall under securities rules, physical bullion is often a collectible taxed at higher rates, and a gold token may be classed as property, a commodity, or a digital asset depending on where you file. Treat everything on this page as market data, not tax advice, and confirm your situation with an advisor.

A handful of order books and AMM pools carry essentially all PAXG flow. Binance's PAXGUSDT pair is the volume leader and the price source for this page's gauge, while Kraken matters disproportionately because its book is quoted in actual USD rather than USDT, which OTC desks care about. Gate.io, Bybit, OKX and KuCoin also list PAXG, but their APIs cannot be read directly from a web page, so the table above tracks the two order books it can poll honestly, Binance and Kraken, refreshed every 30 seconds.

On-chain, everything happens on Ethereum, and that concentration is a feature: no bridged wrappers, no fragmented liquidity, one contract. The Uniswap v3 PAXG/USDC pools (0.05% and 0.3% tiers, both tracked above) do the heavy lifting, while the Curve pool pairing PAXG with XAUT exists for one elegant purpose, swapping between the two big gold tokens directly, metal-to-metal, with no fiat leg in the middle.