# TS-GMRI Methodology v1.5 Addendum — Clarification, TS-GMRI-PX and TS-GMRI-PEN

**Issued:** 23 October 2026
**Amended:** 24 October 2026 — launch of new members brought forward from 26 to 24 October 2026. Nothing else changed.
**Launch of new members:** 24 October 2026
**Base date:** 22 June 2026
**Status:** Live from the launch date
**Supersedes:** nothing. Methodology v1.0 and addenda v1.1, v1.3 and v1.4 remain in force and unchanged.

## 1. Clarification of the flagship TS-GMRI (no change to the formula)

TS-GMRI is a market-size benchmark. Each day it adds up the market capitalisation of its constituents (quantity of tokens × price) and compares the total with the base date:

TS-GMRI(t) = 100 × Σ MC(i,t) / Σ MC(i,0)

It therefore moves for two reasons: changes in token prices, and changes in the number of tokens in circulation (issuance and redemption). This was always the formula; this section only states it plainly. No published value changes.

## 2. TS-GMRI-PX — price return (new member)

**Question it answers:** what did prices alone do?

- Constituents: the same as the flagship TS-GMRI.
- Weight of each constituent: its share of the previous day's total market capitalisation.
- Daily step: PX(t) = PX(t−1) × Σ w(i,t−1) × P(i,t) / P(i,t−1), where w(i,t−1) = MC(i,t−1) / Σ MC(j,t−1) and P is the token price.
- Only constituents present on both days enter a daily step.
- Issuance and redemption of tokens do not move PX.
- Base: 100 on 22 June 2026. Rounded to 2 decimal places for display.
- The gap between TS-GMRI and TS-GMRI-PX shows how much of the market's change came from tokens being issued or redeemed.

## 3. TS-GMRI-PEN — tokenization penetration (new members)

TS-GMRI-PEN is a set of indices: one per metal, plus one for all metals together.

- **Live from the launch date:** TS-GMRI-AU-PEN (gold), TS-GMRI-AG-PEN (silver) and TS-GMRI-PEN (all metals, in US dollars).
- **Reserved (methodology slots, no value published):** one TS-GMRI-[symbol]-PEN for every other metal in the TS-GMRI family — PT, PD, CU, AL, NI, ZN, PB, SN, LI, CO, MN, C (natural graphite), FE, U, REE (rare earths), ND, CR, SI, MG, TI, BE, BI, SB, IN, GA, GE, SE, TE, CD, W, MO, TA, NB, RE, V. A reserved index goes live when tokens backed by that metal exist and can be measured in tonnes with public price data and the figures of its industry association.

**Question it answers:** how much metal sits inside tokens, compared with the metal's investment stock and one year of mine production?

PEN is a ratio in percent, not an index level. It is a scale yardstick, not a balance sheet: it does not claim that tokenized metal came from any particular year's production, and it does not model consumption or stock flows.

### 3.1 Metal in tokens (per metal, metric tonnes of fine metal)

- **XAUT and PAXG** (Ethereum): totalSupply, that is, every token issued and not yet redeemed, wherever it is held. XAUT contract 0x68749665FF8D2d112FA859AA293F07A622782F38; PAXG contract 0x45804880De22913dAFE09f4980848ECE6EcbAf78.
- One token of XAUT or PAXG = one fine troy ounce.
- Values are read from the public blockchain at the block nearest the daily snapshot time.
- **Other gold and silver tokens:** market capitalisation ÷ LBMA fix (USD per troy ounce) of the same day, or the latest earlier fix.
- 1 troy ounce = 31.1034768 g.

### 3.2 Yardsticks (denominators)

For each metal both yardsticks are taken from the figures its industry association already publishes. The stock yardstick is the certified investment metal that can move into tokens and back — bars, coins, fund holdings and official reserves — not all metal ever mined. The metal behind gold tokens is itself such metal (London Good Delivery bars in accredited vaults). At this stage TSM uses these published figures as a reference; it does not estimate stocks itself.

- **Gold** — World Gold Council.
  - Investment stock: certified investment gold — bars and coins (47,800 t), gold ETFs (4,000 t) and central banks (39,000 t) — 90,800 t at the end of Q2 2026. Jewellery (99,700 t) and other uses (22,100 t) are excluded. Source: https://www.gold.org/goldhub/data/how-much-gold
  - Mine production: 3,671.6 t in 2025. Source: https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025/supply
- **Silver** — The Silver Institute, World Silver Survey 2026 (published 15 April 2026).
  - Investment stock: identifiable silver bullion inventories, 1,394.5 Moz (43,374 t) at the end of 2025.
  - Mine production: 846.6 Moz (26,332 t) in 2025.
  - Source: https://www.silverinstitute.org/wp-content/uploads/2026/04/World-Silver-Survey-2026.pdf
- A new edition from an association applies from the day it is published. Earlier values are not rewritten; every value carries the edition it used.

### 3.3 Output

- Per metal (TS-GMRI-[symbol]-PEN): tonnes in tokens; % of investment stock; % of one year of world mine production.
- All metals together (TS-GMRI-PEN): computed in US dollars at the LBMA fix (tonnes of different metals are not added). There is no all-metals figure in tonnes.
- Coverage at launch: gold and silver. Other metals join with their own associations' figures when their tokens can be measured in tonnes.

## 4. History before launch

Values from 22 June 2026 to 25 October 2026 are recalculated from TSM's daily archived snapshots and from the public blockchain at historical blocks. No synthetic data are used. The archive has no snapshot for 29 September 2026; that day is missing in all series.

## 5. Publication

- Data files: /data/gmri/px.json and /data/gmri/pen.json, updated daily.
- Member pages: /gmri/ts-gmri-px/, /gmri/ts-gmri-pen/, /gmri/ts-gmri-au-pen/ and /gmri/ts-gmri-ag-pen/.
- Every data point carries a public source link.

TrueSource Metals. Information product, not investment advice.