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Tokenized metal premium: XAUT, PAXG and KAG against spot
What tokenized gold and silver cost against the metal itself, refreshed through the day. XAUT is −0.282% against spot, PAXG −0.389%, with each token's implied ounces published beside it so a unit error can never pass as a premium. Measured 2026-09-24 17:27 UTC.
A tokenized ounce is quoted in dollars everywhere and almost nowhere against the ounce it represents. This tracker prices XAUT, PAXG and Kinesis silver against live spot, so the question "am I paying over the metal to hold it on-chain" has a number rather than an opinion.
The premiums are small — that is the finding, not a disappointment. What costs real money when you buy tokenized metal is the venue spread and the exit, not the token drifting from spot, and the sections below say which is which.
Against spot, 2026-09-24 17:27 UTC
XAUT · Tether Gold
−0.282%
$4,262.73 vs $4,274.80 spot
PAXG · Pax Gold
−0.389%
$4,258.16 vs $4,274.80 spot
KAG · Kinesis Silver
−1.190%
$63.11 vs $63.87 spot
Each of these is one troy ounce of metal per token, so the number above is what you pay over — or under — the metal itself to hold it on-chain. Median across the 3 priced tokens is −0.389%. Small numbers are the normal state; the cost that matters is further down.
| Token | Issuer | Metal | Token price | Spot | Premium | Implied ozt | Market cap | 24h |
|---|---|---|---|---|---|---|---|---|
| XAUT | TG Commodities | gold | $4,262.73 | $4,274.80 | −0.282% | 0.9972 | $2.65B | −0.52% |
| PAXG | Paxos | gold | $4,258.16 | $4,274.80 | −0.389% | 0.9961 | $1.85B | −0.52% |
| KAG | Kinesis | silver | $63.11 | $63.87 | −1.190% | 0.9881 | $235M | −2.27% |
What this number is, and what it is not
It is a check that the token is tracking its metal. A tokenized ounce should sit within a fraction of a percent of spot, and the row above tells you whether it does right now. A token persistently and widely off spot is telling you something about its redemption mechanism or its venue.
It is not what the purchase costs you. The spread your venue charges, the network fee, and what an exit costs when you want dollars back are all larger than a tenth of a percent of drift, and none of them appear here. Read this page to confirm the token is sane, then price the route you would actually use.
Market cap is a size proxy, not liquidity. It says how much of a claim exists, not how much of it you could sell this afternoon.
XAUT versus PAXG, in numbers
The two are usually discussed in terms of issuer and regulation, which matters — but on price they are close enough that it is not the deciding factor. Right now XAUT is −0.282% against spot and PAXG is −0.389%, a gap of 0.107 percentage points. Where they differ more is size: $2.65B against $1.85B.
So the choice comes down to the things a price cannot show — issuer and jurisdiction, attestation scope and cadence, redemption terms, and which chains each one actually runs on. Those are laid out in PAXG vs XAUT.
Method
Token prices come from CoinGecko; spot comes from StackFi's own feed, captured at 2026-09-24 16:26 UTC. The premium is the token price over the spot price of one troy ounce, and the page refuses to publish at all if our spot is more than four hours old — a ratio between prices taken on different days is not a premium.
Each row also carries its implied ounces per token, which is the token price divided by spot with nothing assumed. When that disagrees with the issuer's declared unit by more than 5%, the premium is withheld rather than printed: a gram token mistaken for an ounce token would otherwise appear as a 96% discount and read as free money. On this snapshot every implied unit agrees with its declared one, which is the registry validating itself.
Registry 2026-09-24.v1 · Tokenized metal claims priced against the metal itself. Adding a token requires its unit to be verified against the issuer, not inferred from its price: a token whose declared unit is wrong would publish a premium that is really a unit error. The fetcher recomputes the implied unit on every run and refuses to quote a premium when the two disagree.
Holding it somewhere
A premium this small means the token is not where your money goes — the venue is. TopNod is self-custodial and reaches tokenized metals alongside tokenized equities, confirmed first-hand on 2026-09-12, with region and app version still unverified. StackFi records no commercial arrangement with it.
Listed because its reach was checked, not because it paid to be here. If you use another app that carries these tokens, tell us and it gets checked the same way and listed beside this one.
FAQ
Frequently asked questions
Is XAUT or PAXG trading at a premium right now?
XAUT is −0.282% against spot gold and PAXG is −0.389%, measured 2026-09-24 17:27 UTC. Both are one troy ounce of gold per token, so the comparison is direct. Premiums on tokenized gold normally sit within a fraction of a percent in either direction — if you are seeing several percent quoted somewhere, check what unit that price is in before believing it.
XAUT or PAXG — which is better?
They price almost identically, so the answer is not the premium. On this snapshot XAUT is −0.282% and PAXG −0.389%, a gap of 0.107 percentage points. Size differs more than price: XAUT is $2.65B against $1.85B for PAXG. The real differences are issuer, jurisdiction, attestation cadence, redemption terms and which chains each runs on, which is a mechanics question rather than a price one.
Does a premium mean I am overpaying for tokenized gold?
Not by itself, and it is rarely the largest cost. The token drifting a tenth of a percent from spot is small beside the spread your venue charges to buy it, the network fee to move it, and whatever an exit costs when you want dollars back. Read the premium as a sanity check that the token is tracking its metal, then go and price the route you would actually use.
How is the premium calculated?
Token price divided by the spot price of the metal it represents, minus one, with the token's declared unit applied. Every token here is one troy ounce. Spot comes from StackFi's own price feed rather than a third source, and the page refuses to publish if that feed is more than four hours old, because a premium between two prices taken on different days is not a premium.
How do you know the token unit is right?
Because the page checks rather than assumes. Alongside each row it publishes the implied ounces per token — the token price divided by spot — and when that disagrees with the declared unit by more than 5%, the premium is withheld instead of published. On this snapshot the implied units are XAUT 0.9972, PAXG 0.9961, KAG 0.9881, all within a whisker of one ounce, which is the registry validating itself. A gram token mistaken for an ounce token would show as a 96% discount and look like free money; this is the guard against printing that.
Is tokenized silver worth tracking too?
It is on the page for completeness — KAG at −1.190% — but the market is far smaller: $235M against billions for the gold tokens. A thin market means a quoted price moves more easily, so treat a silver-token premium as weaker evidence than a gold-token one, and weigh the exit before the entry.
Related Reading
The mechanics behind the numbers
RWA Tokens, Priced Against What They Claim
The same measurement applied across both categories we track — tokenized metals and tokenized US equities — and the four questions that price any RWA claim.
PAXG vs XAUT: The Full Comparison
Backing, issuer, attestation, redemption and custody — the mechanics behind the two numbers on this page.
How to Hold Gold On-Chain
What on-chain gold is, how it is backed, and what custody actually means once the token is in your wallet.
Physical Gold vs Gold ETF vs Tokenized Gold
One level up: which wrapper suits how you intend to hold gold, across cost, custody and liquidity.
Tokenized Stock Premium Tracker
The same measurement for tokenized US equities — 28 tokens across two issuers, priced against the shares they represent.