{
  "snapshot": {
    "date": "2026-07-25",
    "fetched_at": "2026-07-25T02:38:20.339Z",
    "total_market_cap_usd": 5036885057,
    "constituents_count": 21,
    "missing_count": 3,
    "constituents": [
      {
        "id": "tether-gold",
        "symbol": "XAUT",
        "name": "Tether Gold",
        "metal": "gold",
        "market_cap_usd": 2481900838,
        "price_usd": 4049.92,
        "volume_24h_usd": 150277325,
        "missing": false,
        "weight_pct": 49.274518078406096
      },
      {
        "id": "pax-gold",
        "symbol": "PAXG",
        "name": "PAX Gold",
        "metal": "gold",
        "market_cap_usd": 1801413215,
        "price_usd": 4049.31,
        "volume_24h_usd": 88951315,
        "missing": false,
        "weight_pct": 35.764429694429694
      },
      {
        "id": "kinesis-gold",
        "symbol": "KAU",
        "name": "Kinesis Gold",
        "metal": "gold",
        "market_cap_usd": 315788049,
        "price_usd": 132.34,
        "volume_24h_usd": 189817,
        "missing": false,
        "weight_pct": 6.2695107278879485
      },
      {
        "id": "kinesis-silver",
        "symbol": "KAG",
        "name": "Kinesis Silver",
        "metal": "silver",
        "market_cap_usd": 210563084,
        "price_usd": 56.59,
        "volume_24h_usd": 194746,
        "missing": false,
        "weight_pct": 4.180422654421514
      },
      {
        "id": "pleasing-gold",
        "symbol": "PGOLD",
        "name": "Pleasing Gold",
        "metal": "gold",
        "market_cap_usd": 79916304,
        "price_usd": 4097.21,
        "volume_24h_usd": 6.87,
        "missing": false,
        "weight_pct": 1.5866215547034668
      },
      {
        "id": "matrixdock-gold",
        "symbol": "XAUM",
        "name": "Matrixdock Gold",
        "metal": "gold",
        "market_cap_usd": 66210381,
        "price_usd": 4054.27,
        "volume_24h_usd": 307306,
        "missing": false,
        "weight_pct": 1.3145104613412661
      },
      {
        "id": "goldfish-gold",
        "symbol": "GGBR",
        "name": "Goldfish Gold",
        "metal": "gold",
        "market_cap_usd": 31154731,
        "price_usd": 4.05,
        "volume_24h_usd": 125146,
        "missing": false,
        "weight_pct": 0.6185317045641686
      },
      {
        "id": "streamex-gldy",
        "symbol": "GLDY",
        "name": "Streamex GLDY",
        "metal": "gold",
        "market_cap_usd": 12472722,
        "price_usd": 4052.58,
        "volume_24h_usd": 0,
        "missing": false,
        "weight_pct": 0.24762768772469923
      },
      {
        "id": "uranium",
        "symbol": "XU3O8",
        "name": "Uranium³O₈",
        "metal": "uranium",
        "market_cap_usd": 8580988,
        "price_usd": 5.37,
        "volume_24h_usd": 522248,
        "missing": false,
        "weight_pct": 0.17036299027857685
      },
      {
        "id": "gold-token-sa-dgld-tokenized-gold",
        "symbol": "DGLD",
        "name": "Gold Token SA DGLD",
        "metal": "gold",
        "market_cap_usd": 8107810,
        "price_usd": 4044.15,
        "volume_24h_usd": 24.51,
        "missing": false,
        "weight_pct": 0.16096873183024474
      },
      {
        "id": "vnx-gold",
        "symbol": "VNXAU",
        "name": "VNX Gold",
        "metal": "gold",
        "market_cap_usd": 5747556,
        "price_usd": 130.33,
        "volume_24h_usd": 10641.36,
        "missing": false,
        "weight_pct": 0.11410933414119401
      },
      {
        "id": "comtech-gold",
        "symbol": "CGO",
        "name": "Comtech Gold",
        "metal": "gold",
        "market_cap_usd": 5037769,
        "price_usd": 129.17,
        "volume_24h_usd": 837694,
        "missing": false,
        "weight_pct": 0.10001754939789169
      },
      {
        "id": "matrixdock-silver",
        "symbol": "XAGM",
        "name": "Matrixdock Silver",
        "metal": "silver",
        "market_cap_usd": 4008965,
        "price_usd": 60.74,
        "volume_24h_usd": 8527.34,
        "missing": false,
        "weight_pct": 0.0795921478181947
      },
      {
        "id": "gold-dao",
        "symbol": "GOLDAO",
        "name": "Gold DAO",
        "metal": "gold",
        "market_cap_usd": 2196645,
        "price_usd": 0.00323843,
        "volume_24h_usd": 335.2,
        "missing": false,
        "weight_pct": 0.0436111798292323
      },
      {
        "id": "kinka",
        "symbol": "XNK",
        "name": "Kinka",
        "metal": "gold",
        "market_cap_usd": 1952251,
        "price_usd": 4050.36,
        "volume_24h_usd": 65899,
        "missing": false,
        "weight_pct": 0.03875909372374625
      },
      {
        "id": "gold-token",
        "symbol": "GLDT",
        "name": "Gold Token",
        "metal": "gold",
        "market_cap_usd": 598132,
        "price_usd": 1.022,
        "volume_24h_usd": 416.2,
        "missing": false,
        "weight_pct": 0.01187503771142737
      },
      {
        "id": "gold-fgld-finest-tokenized-gold",
        "symbol": "FGLD",
        "name": "fGLD",
        "metal": "gold",
        "market_cap_usd": 193548,
        "price_usd": 125.52,
        "volume_24h_usd": 251.04,
        "missing": false,
        "weight_pct": 0.0038426130000925296
      },
      {
        "id": "tenbin-gold",
        "symbol": "TGLD",
        "name": "Tenbin Gold",
        "metal": "gold",
        "market_cap_usd": 1042069,
        "price_usd": 4033.53,
        "volume_24h_usd": 1.46,
        "missing": false,
        "weight_pct": 0.02068875879055026
      },
      {
        "id": "cobalt-xco",
        "symbol": "xCo",
        "name": "Trilitech Cobalt",
        "metal": "cobalt",
        "market_cap_usd": 0,
        "price_usd": 0,
        "volume_24h_usd": 0,
        "missing": true,
        "weight_pct": 0
      },
      {
        "id": "nickel-xni",
        "symbol": "xNi",
        "name": "Trilitech Nickel",
        "metal": "nickel",
        "market_cap_usd": 0,
        "price_usd": 0,
        "volume_24h_usd": 0,
        "missing": true,
        "weight_pct": 0
      },
      {
        "id": "rare-earths-basket-rare",
        "symbol": "RARE",
        "name": "Noemon Rare Earths Basket",
        "metal": "rare-earths",
        "market_cap_usd": 0,
        "price_usd": 0,
        "volume_24h_usd": 0,
        "missing": true,
        "weight_pct": 0
      }
    ]
  },
  "index": {
    "gmri": 95.93,
    "gmri_ew": 96.5,
    "base_total_mcap": 5250675836,
    "today_total_mcap": 5036885057,
    "active_constituents": 18,
    "universe_size": 21,
    "family": {
      "live": {
        "TS-GMRI-EW": {
          "code": "TS-GMRI-EW",
          "name": "TS-GMRI Equal-Weighted",
          "n": 18,
          "value": 96.5,
          "notes": "Each active constituent weighted 1/N at base."
        },
        "TS-GMRI-CAP20": {
          "code": "TS-GMRI-CAP20",
          "name": "TS-GMRI Issuer-Capped 20%",
          "n": 18,
          "value": 101.45,
          "notes": "Single-issuer weight capped at 20%; excess pro-rata to uncapped. Unverified issuers treated standalone."
        },
        "TS-GMRI-AU": {
          "code": "TS-GMRI-AU",
          "name": "TS-GMRI Gold",
          "n": 15,
          "value": 96.54,
          "notes": "Subset: tokens backed by physical gold."
        },
        "TS-GMRI-PRE": {
          "code": "TS-GMRI-PRE",
          "name": "TS-GMRI Precious",
          "n": 17,
          "value": 95.92,
          "notes": "Subset: gold + silver + platinum + palladium."
        },
        "TS-GMRI-AG": {
          "code": "TS-GMRI-AG",
          "name": "TS-GMRI Silver",
          "n": 2,
          "value": 83.81,
          "notes": "Subset: tokens backed by physical silver."
        }
      },
      "slots": [
        {
          "code": "TS-GMRI-BASE",
          "name": "TS-GMRI Base Metals",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "No live retail tokens for base metals as of base date. Methodology slot registered for prior art."
        },
        {
          "code": "TS-GMRI-BTR",
          "name": "TS-GMRI Battery Metals",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Battery metals are the dominant narrative in commodity tokenization (energy transition, EV supply chain). No live retail tokens as of base date 22 June 2026. Methodology registered for prior art."
        },
        {
          "code": "TS-GMRI-FE",
          "name": "TS-GMRI Bulk Ferrous",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Iron ore is the largest mined commodity by volume globally. Tokenization pilots discussed (e.g. SGX, Comex) but no live retail tokens at base date. Slot registered for prior art."
        },
        {
          "code": "TS-GMRI-CRT",
          "name": "TS-GMRI Critical Materials",
          "n": 1,
          "threshold": 3,
          "status": "Active constituents: 1. Publish threshold: N>=3.",
          "reason": "4 eligible constituents (XU3O8 uranium concentrate, xCo Trilitech cobalt, xNi Trilitech nickel, RARE Noemon rare-earths basket). 2 distinct issuers (Uranium Digital, Trilitech + Noemon via metals.io). Threshold met on 2026-07-02 after Trilitech xCo/xNi launch (25 June 2026) and RARE basket inclusion."
        },
        {
          "code": "TS-GMRI-FA",
          "name": "TS-GMRI Ferroalloys",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Ferroalloys are essential steelmaking inputs but trade physically. No live retail tokens at base date. Slot registered for prior art."
        },
        {
          "code": "TS-GMRI-LT",
          "name": "TS-GMRI Light Metals",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Light metals overlap partially with base metals (Al) and critical (Ti, Be). Dedicated slot allows aerospace/EV body-panel narrative segmentation. No live retail tokens at base date."
        },
        {
          "code": "TS-GMRI-MN",
          "name": "TS-GMRI Minor Metals",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Minor metals trade thinly, often as by-products. No retail tokenization exists at base date. Slot registered for prior art."
        },
        {
          "code": "TS-GMRI-REF",
          "name": "TS-GMRI Refractory Metals",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Refractory metals are strategic for high-temperature alloys and electronics. No live retail tokens at base date. Slot registered for prior art."
        },
        {
          "code": "TS-GMRI-STL",
          "name": "TS-GMRI Steel",
          "n": 0,
          "threshold": 3,
          "status": "Active constituents: 0. Publish threshold: N>=3.",
          "reason": "Steel is the most produced metal globally. SGX iron-ore-linked products and limited steel futures exist; no live retail tokenization at base date. Slot registered for prior art."
        },
        {
          "code": "TS-GMRI-JUR",
          "name": "TS-GMRI by Jurisdiction",
          "threshold_per_jurisdiction": 2,
          "max_verified_per_jurisdiction": 1,
          "status": "CH-vault/BVI-issuer: 1 verified issuer(s); US-NYDFS: 1 verified issuer(s); KY/LI: 1 verified issuer(s); SG: 1 verified issuer(s); LI: 1 verified issuer(s); AE-Dubai: 1 verified issuer(s)",
          "reason": "Awaiting issuer diversification — current map has 1 verified issuer per jurisdiction. Publish threshold: >=2 verified issuers per jurisdiction."
        }
      ]
    },
    "per_token": [
      {
        "symbol": "XAUT",
        "metal": "gold",
        "base_mcap": 2566854319,
        "today_mcap": 2481900838,
        "base_price": 4188.1,
        "today_price": 4049.92,
        "return_pct": -3.3096339114833895
      },
      {
        "symbol": "PAXG",
        "metal": "gold",
        "base_mcap": 1906909991,
        "today_mcap": 1801413215,
        "base_price": 4195.65,
        "today_price": 4049.31,
        "return_pct": -5.532341667824426
      },
      {
        "symbol": "KAU",
        "metal": "gold",
        "base_mcap": 306789740,
        "today_mcap": 315788049,
        "base_price": 128.57,
        "today_price": 132.34,
        "return_pct": 2.933054084533593
      },
      {
        "symbol": "KAG",
        "metal": "silver",
        "base_mcap": 251575935,
        "today_mcap": 210563084,
        "base_price": 66.61,
        "today_price": 56.59,
        "return_pct": -16.302374469958746
      },
      {
        "symbol": "PGOLD",
        "metal": "gold",
        "base_mcap": 81230358,
        "today_mcap": 79916304,
        "base_price": 4164.58,
        "today_price": 4097.21,
        "return_pct": -1.6176883031833955
      },
      {
        "symbol": "XAUM",
        "metal": "gold",
        "base_mcap": 64218820,
        "today_mcap": 66210381,
        "base_price": 4179.21,
        "today_price": 4054.27,
        "return_pct": 3.101210828850487
      },
      {
        "symbol": "GGBR",
        "metal": "gold",
        "base_mcap": 24140660,
        "today_mcap": 31154731,
        "base_price": 4.2,
        "today_price": 4.05,
        "return_pct": 29.05500926652378
      },
      {
        "symbol": "GLDY",
        "metal": "gold",
        "base_mcap": 12937920,
        "today_mcap": 12472722,
        "base_price": 4203.73,
        "today_price": 4052.58,
        "return_pct": -3.595616606069596
      },
      {
        "symbol": "XU3O8",
        "metal": "uranium",
        "base_mcap": 8605983,
        "today_mcap": 8580988,
        "base_price": 5.37,
        "today_price": 5.37,
        "return_pct": -0.2904374782055741
      },
      {
        "symbol": "DGLD",
        "metal": "gold",
        "base_mcap": 6703870,
        "today_mcap": 8107810,
        "base_price": 4180.29,
        "today_price": 4044.15,
        "return_pct": 20.942231875021445
      },
      {
        "symbol": "VNXAU",
        "metal": "gold",
        "base_mcap": 5953992,
        "today_mcap": 5747556,
        "base_price": 135.15,
        "today_price": 130.33,
        "return_pct": -3.467186385201726
      },
      {
        "symbol": "CGO",
        "metal": "gold",
        "base_mcap": 5275580,
        "today_mcap": 5037769,
        "base_price": 135.27,
        "today_price": 129.17,
        "return_pct": -4.507769761808178
      },
      {
        "symbol": "XAGM",
        "metal": "silver",
        "base_mcap": 4433126,
        "today_mcap": 4008965,
        "base_price": 67.18,
        "today_price": 60.74,
        "return_pct": -9.567988818725205
      },
      {
        "symbol": "GOLDAO",
        "metal": "gold",
        "base_mcap": 2037734,
        "today_mcap": 2196645,
        "base_price": 0.00300412,
        "today_price": 0.00323843,
        "return_pct": 7.798417261526769
      },
      {
        "symbol": "XNK",
        "metal": "gold",
        "base_mcap": 2026773,
        "today_mcap": 1952251,
        "base_price": 4204.92,
        "today_price": 4050.36,
        "return_pct": -3.676879453199744
      },
      {
        "symbol": "TGLD",
        "metal": "gold",
        "base_mcap": 74886,
        "today_mcap": 1042069,
        "base_price": 3793.5,
        "today_price": 4033.53,
        "return_pct": 1291.5404748551132
      },
      {
        "symbol": "GLDT",
        "metal": "gold",
        "base_mcap": 692969,
        "today_mcap": 598132,
        "base_price": 1.17,
        "today_price": 1.022,
        "return_pct": -13.685604983772725
      },
      {
        "symbol": "FGLD",
        "metal": "gold",
        "base_mcap": 213180,
        "today_mcap": 193548,
        "base_price": 138.25,
        "today_price": 125.52,
        "return_pct": -9.209119054320292
      }
    ],
    "date": "2026-07-25",
    "fetched_at": "2026-07-25T02:38:20.339Z",
    "base_date": "2026-06-22",
    "base_value": 100
  }
}