# Ketju research: Pleasing Gold (PGOLD)

- URL: https://riadefi.com/rejections/pleasing-gold/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized commodity
- Reviewed: 2026-09-23
- Next review: 2026-12-23

## Research summary

One PGOLD is meant to be one troy ounce of 99.99% gold held in Hong Kong. The issuer is Pleasing Golden International Limited, a Hong Kong company formed on 25 June 2025 with one director. CoinGecko puts the token at about $85 million, but that figure is 19,505 tokens times the gold price, and on the issuer’s own count 99.91% of those tokens sat in 194 wallets belonging to the issuer or its owners. Outside holders had 16.95 ounces.

The adverse assessment rests on three facts. First, the holder is not shown to own any gold: the terms say a token is “intended to correspond to an undivided interest” in the metal, while the issuer’s board resolved that the gold “is owned by the Company.” Second, the reserve check does not reach the supply: the only report counted 9,920.56 ounces, 50.86% of the tokens, by counting pieces without weighing them or testing purity; it listed 38.9% as “still under shipping” and 10.24% as held by the issuer or its owners, neither of which was counted. Third, one private key on Arbitrum can mint without limit, blacklist any address, and burn any holder’s tokens without consent, and a second key can replace the contract. A client who wants gold is better served by a physically backed gold ETF or by PAX Gold, whose reserves are attested monthly by a large audit firm and whose holders own specific bars.

## Observable review triggers

- The terms grant PGOLD holders title to allocated metal, or name the custodians and the holder’s claim against them
- An independent attestation weighs and assays metal covering the full 19,505 PGOLD supply, or any later supply
- The issuer publishes a fee schedule and monthly reserve reports as its docs promise
- The Arbitrum owner 0x142a96da210dec495a76e56058563549ac12bab4 or proxy admin owner 0x7e5cc9bb562eae2356fae7c59ea04c4677f73986 changes, or either moves to a published multisig or timelock
- The owner blacklists an address or burns a holder’s balance
- Holders other than the issuer and its owners come to hold a material share of supply

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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