# TS-GMRI Methodology v1.6 Addendum — TS-GMRI-PEN: metal in tokens

**Issued:** 24 October 2026
**Effective:** 24 October 2026 · history recalculated from 22 June 2026
**Applies to:** TS-GMRI-PEN, TS-GMRI-AU-PEN, TS-GMRI-AG-PEN (and every reserved PEN slot when it goes live)
**Does not change:** TS-GMRI, TS-GMRI-PX and every other member; the yardsticks in v1.5 §3.2

## 1. Why

Under v1.5, metal in tokens not read on-chain was estimated as market capitalisation ÷ LBMA fix. For thinly traded tokens the market price can move far from the metal price in a single day while the number of tokens stays the same. The estimate in tonnes then moves with the market price, not with the metal. Example: Kinesis Silver (KAG), about 3.7 million tokens throughout, showed daily moves of up to 44% in tonnes between June and October 2026.

## 2. Rule (replaces v1.5 §3.1, fourth bullet)

Metal in tokens, per token, in this order:

1. **On-chain:** XAUT and PAXG, totalSupply on Ethereum, as in v1.5. One token = one fine troy ounce.
2. **Issuer-stated metal per token:** number of tokens in circulation × metal per token as stated by the issuer. Number of tokens in circulation = market capitalisation ÷ token price, both from the same daily record. The price cancels out; only the number of tokens and the issuer's statement remain.
3. **Otherwise:** market capitalisation ÷ LBMA fix of the same day, or the latest earlier fix, as in v1.5.
4. **Not counted:** tokens that do not themselves represent metal (for example governance tokens of a gold ecosystem).

1 troy ounce = 31.1034768 g. The metal per token and the issuer statement used for each token are published with the data, with a link to the issuer's own page.

## 3. Issuer statements used at the effective date

- Kinesis Silver (KAG): 1 token = 1 troy ounce of silver — https://kinesis.money/silver/
- Kinesis Gold (KAU): 1 token = 1 gram of gold — https://kinesis.money/en-gb/gold/
- Matrixdock Gold (XAUm): 1 token = 1 troy ounce of gold — https://www.bit.com/knowledge-hub/matrixdock-gold-xaum
- DGLD: 1 token = 1 fine troy ounce of gold — https://dgld.ch/about-faq
- VNX Gold (VNXAU): 1 token = 1 gram of gold — https://vnx.io/precious-metals-access
- Comtech Gold (CGO): 1 token = 1 gram of gold — https://comtechgold.com/assets/pdf/cgo_whitepaper_v1.pdf
- Not counted: GOLDAO (governance token) — https://docs.gold-dao.org/other/faqs/gold-dao-ecosystem-tokens

A token moves from rule 3 to rule 2 on the day its issuer statement is added to the published list; earlier values are not rewritten.

## 4. History

Values of TS-GMRI-PEN, TS-GMRI-AU-PEN and TS-GMRI-AG-PEN from 22 June 2026 are recalculated under this rule from TSM's daily archived snapshots. No synthetic data are used. The archive has no snapshot for 29 September 2026; that day is missing in all series.

## 5. Note on v1.5

Following the launch-date amendment of v1.5 (24 October 2026), the recalculated history in v1.5 §4 runs from 22 June 2026 to 23 October 2026. Nothing else in v1.5 is changed.