Let deepResearch help me create a research report on PAGX - Gold Token:

1 - The London Good Delivery gold bars held by Paxos Gold (PAXG) are **"Allocated Storage"** rather than "Unallocated Storage".

✅ What is "Allocated Storage"?

In the gold market, "Allocated" means that each piece of gold has a specific allocation and serial number, and the physical gold bars are registered in the name of the holder, isolated in a vault, and can be traced back to a specific bar serial number. This method ensures:

The ownership of the gold belongs to you, not to the custodian;

The bars are kept exclusively and not shared with others;

Even if the custodian or platform goes bankrupt, this gold will not be used to pay off debts;

You can check the specific bar number and storage vault corresponding to your PAXG through the system provided by Paxos.

🔒 PAXG is fully "Allocated Gold"

Paxos clearly states that the gold backing PAXG consists of "allocated London Good Delivery bars." These gold bars:

Are stored in the Brink's vault in London;

Are registered separately in the name of Paxos Trust Company;

Each unit of PAXG can be traced back to a specific bar (users can check their bar information on the official website).

🚫 What does "Unallocated Storage" mean?

"Unallocated" refers to gold stored in a vault but not allocated to specific clients. This gold is more like a bank's "receivables"; the customer holds a claim rather than a specific physical item. This storage method is common in the gold derivatives market (such as paper gold and certain bank precious metal accounts) and may experience "runs" or "asset shortages" in systemic risk situations.

Conclusion:

The gold held by PAXG is **100% Allocated Storage** of London Good Delivery bars, providing the strongest legal protection and clarity of ownership. Compared to unallocated storage or paper gold, this model offers the maximum security and sovereign control for holders.