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Gold lease income, which powers the trade behind thUSD, starts with the businesses that need metal to operate.
In August, @AriPingle and @iggyioppe went to the India Gold Conference in Goa to meet them: refiners, mints, vaulting and logistics firms, exchanges and brokers.
Special thanks to our partners @Monetary_Metals, @StoneX_Official and @MarexGlobal, and everyone who came to our event.
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Theo retweeted
IGC had a fraction of the headcount of a crypto conference, but almost everyone in the room ran a refinery, a vault network or a bullion desk.
Metals events are built around people who have traded with each other for decades, and most of the real business happens in side meetings.
Pleasure doing business, IGC 🤝
Gold lease income, which powers the trade behind thUSD, starts with the businesses that need metal to operate.
In August, @AriPingle and @iggyioppe went to the India Gold Conference in Goa to meet them: refiners, mints, vaulting and logistics firms, exchanges and brokers.
Special thanks to our partners @Monetary_Metals, @StoneX_Official and @MarexGlobal, and everyone who came to our event.
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Gold lease income, which powers the trade behind thUSD, starts with the businesses that need metal to operate.
In August, @AriPingle and @iggyioppe went to the India Gold Conference in Goa to meet them: refiners, mints, vaulting and logistics firms, exchanges and brokers.
Special thanks to our partners @Monetary_Metals, @StoneX_Official and @MarexGlobal, and everyone who came to our event.
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An update on thUSD: silver has joined gold in the leasing leg.
The construction of thUSD remains the same: physical metal leased into commercial demand, hedged with short CME futures using T-bills as margin.
More details are coming soon.
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The leasing model isn't limited to gold.
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The commodities super cycle is the most crowded call in macro right now, and almost everyone expressing it holds instruments that pay nothing.
Silver posted its strongest year since 1979, set an all-time high in January, and is running a sixth consecutive annual supply deficit with industrial demand near record levels. Through all of it, the metal earns a lease rate. Refiners, mints, and fabricators pay to borrow it every day, and that income lands with bullion banks and dealers, never with the people holding the exposure.
Tokenized markets have barely touched this. Gold has multiple onchain products. Silver has almost nothing at institutional scale, and nothing that pays holders.
That gap won't exist for long.
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Theo retweeted
Sitting down with @CNBCTV18News' @Manisha3005 tomorrow morning.
We're talking gold financing, why India got there first, and what it takes to put idle metal to work.
Next week, our CIO @iggyioppe sits down with @CNBCTV18News.
On the agenda with Group Commodity Editor @Manisha3005: the gold credit desk banks walked away from, why India is ahead of the West on gold financing, and what it takes to put idle metal to work.
Exact date and time to be announced.
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Tom Lee (@fundstrat) sizes tokenization at $20T.
@beincrypto research counts $60B onchain as of May 31, with 56% of that value seeing no weekly transfers.
Theo CIO @iggyioppe was quoted in BeInCrypto on the gap: wrapping an asset and parking it is "tokenization theater."
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Next week, our CIO @iggyioppe sits down with @CNBCTV18News.
On the agenda with Group Commodity Editor @Manisha3005: the gold credit desk banks walked away from, why India is ahead of the West on gold financing, and what it takes to put idle metal to work.
Exact date and time to be announced.
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Onchain markets are open 5.3× longer than US equities.
Today is one of the days that gap gets wider.
Happy Labor Day.
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Our CIO @IggyIoppe on today's payrolls print, in @CryptoTimes_io:
"Gold was never about the next 25 basis points; it's a debt picture no rate hike fixes. Gold is held to earn, not just to hedge."
The market may be trading the next meeting, but gold is trading the next decade.
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Full article: cryptotimes.io/2026/09/04/us…
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