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.
以下轉載 Ronald Leung 於原刊日期發表的評論。觀點、邀請及產品資料反映發表當時的情況，並不構成投資建議、要約、回報保證，亦不代表產品目前可供使用。
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 經營代幣化黃金業務。讓我們翻開法例，每週帶來新的解析。
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.
