Own an ounce of gold. Gold is the oldest exposure and the clearest test of the question this table asks: what do you actually own? A vault receipt, a fund unit, a token claim, or the metal itself.
| Venue & instrument | All-in to buy $1000 | Ongoing /yr | Hours | Settlement | What you own | Dividends | Who can buy | Protection | First trade |
|---|---|---|---|---|---|---|---|---|---|
| $0.100.01% | 0.25% | Extended hours | T+1 | Trust unit representing an interest in allocated gold | Paid in cash | US | SIPC $500k | Minutes to 1 day | |
| $0.100.01% | 0.40% | Extended hours | T+1 | Trust unit representing an interest in allocated gold | Paid in cash | US | SIPC $500k | Minutes to 1 day | |
| $1.100.11% | 0.12% | Extended hours | T+1 | Fund unit held in your name at a broker-dealer | Not passed through | EEA, UK, APACUS persons excluded | FSCS £85k / national schemes | Minutes to 1 day | |
| $2.000.20% | 0.00% | 24/7 | Instant | Title to one fine troy ounce of an allocated London Good Delivery bar | Not passed through | Most, incl. many US statesExcludes Sanctioned jurisdictions | None — NYDFS-regulated issuer, bankruptcy-remote custody | Minutes | |
| $2.500.25% | 0.00% | 24/7 | Instant | Token claim on allocated gold held in Switzerland by Tether | Not passed through | Most non-USUS persons excluded | None | Minutes | |
TradFiPhysical dealer (coin/bar)1oz bullion | $35.003.50% | 0.50% | 9:30–16:00 ET | T+1 | The metal itself, in your possession | Not passed through | Most | None — insure it yourself | Days (shipping) |
Costs from published schedules, verified 2026-08-14. Spread estimates are typical rather than guaranteed and widen off-hours, which matters most on the 24/7 rails.
| Route | Buy | 5y holding | Exit | Total |
|---|---|---|---|---|
| Paxos PAXG PAXG | $2.00 | $0.00 | $2.20 | $4.200.42% |
| Tether Gold XAUT XAUT | $2.50 | $0.00 | $2.50 | $5.000.50% |
| Interactive Brokers SGLN (UCITS) | $1.10 | $6.00 | $1.20 | $8.300.83% |
| Fidelity IAU | $0.10 | $12.50 | $0.20 | $12.801.28% |
| Charles Schwab GLD | $0.10 | $20.00 | $0.20 | $20.302.03% |
| Physical dealer (coin/bar) 1oz bullion | $35.00 | $25.00 | $30.00 | $90.009.00% |
GLD and IAU are liquid, cheap and boring in the best sense — pennies of spread, decades of track record, and no question about who holds the bars. Physical metal in your own possession is the only version with no counterparty at all, at the cost of a wide dealer spread and the problem of storing it.
PAXG and XAUT are the only versions of gold that settle in seconds, trade at 3am, and can be moved abroad in a wallet. PAXG is also redeemable for allocated London Good Delivery bars, which is closer to owning metal than an ETF share is.
ETFs carry fund and custodian risk and, for non-US investors, a currency conversion cost each way. Gold tokens carry issuer risk — Paxos is NYDFS-regulated and publishes attestations; Tether's XAUT is less transparent. Physical carries theft, insurance and a dealer spread that can exceed a decade of ETF fees.
Yes — each token represents one fine troy ounce of a London Good Delivery bar held in Brink's vaults, with monthly attestations and a published serial-number list. It is redeemable for the physical bar above a size threshold.
The ETF is cheaper to hold (0.25-0.40% a year versus PAXG's 0% holding fee but 0.02% transfer fees and wider spreads) and the token is cheaper to move. Which wins depends entirely on whether you plan to hold it still or send it somewhere.
Informational only, not financial advice. Terms, fees and availability change frequently — always verify on the provider's own site before committing funds. Some outbound links may be partner links; they never affect ranking or scoring.
Informational comparison only — not investment advice or a recommendation to trade. Jurisdiction exclusions are shown as published by each venue and change without notice.