A practical thought experiment about denomination, everyday value and what usable gold infrastructure would require.
A practical thought experiment about denomination, everyday value and what usable gold infrastructure would require.
以下转载 Ronald Leung 于原刊日期发表的评论。观点、邀请及产品资料反映发表当时的情况，并不构成投资建议、要约、回报保证，亦不代表产品目前可供使用。
One gram of gold buys a pizza. A gold ETF buys you a redemption form.
Both get called "gold." Only one skips the step where you cash out first and buy the pizza with the proceeds — and that missing step is the whole distance between owning gold and owning an investment in it.
利益披露：Esperanza 经营代币化黄金业务。让我们翻开法例，每周带来新的解析。
Ronald Leung / YouTube · contributed research · 31 July 2026
Original founder recording. Commentary remains attributed to the speaker. Tony Chang's shared register records this YouTube post on 2026-07-31. This is a platform-post date, not a revision to the original video upload date.
